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Swedish maker of heavy trucks, buses, and construction equipment (not Volvo Cars, which is separately owned by Geely).
Swedish maker of heavy trucks, buses, and construction equipment (not Volvo Cars, which is separately owned by Geely).
Sells trucks, construction machines and buses through dealers, then earns steadier income from servicing, spare parts and finance on the installed base. North America, with Mack trucks, and Europe are the largest markets. It sold its car business to Ford in 1999, which is why Volvo Cars is a separate company.
In one line: A Swedish Paccar/Caterpillar hybrid.
Moat: narrow (brand, installed base, distribution). Strong truck brands and global dealer/service networks drive repeat commercial fleet purchases.
Headquarters: Gothenburg, Sweden · Founded: 1927 · Employees: 98,844
Size Volvo (VOLV-A.ST) is a Sweden Industrials company (Trucks/Construction/Farm Machinery) with a market value of $65.2B, the 3rd largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 314.80 on 6 Nov 2026.
Performance Over six months the shares fell 1.2%, against -10.3% for the median peer and +8.2% for the Sweden market (cap-weighted) — 6th highest of 15 in its peer set.
Growth Revenue fell 2.7% over the last twelve months (peer median +10.9%); the operating margin is 12.0% (peer median 13.1%).
Valuation It trades at 14.7× forward earnings against a peer median of 18.1× (6th cheapest of 15).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.5 points above its cost of capital (7.8% WACC).
Credit Volvo has 33 bonds outstanding ($13.2B), rated A by the agencies and trading like A- at a weighted spread of 76 bp.
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 480B | SEK 479B | SEK 527B | SEK 552B | SEK 473B |
| Revenue growth | — | -9% | -5% | +17% | — |
| Gross profit | SEK 124B | SEK 117B | SEK 144B | SEK 150B | SEK 112B |
| EBITDA | SEK 81.8B | SEK 66.7B | SEK 87.9B | SEK 99.0B | SEK 70.8B |
| Net income | SEK 39.1B | SEK 34.5B | SEK 50.4B | SEK 49.8B | SEK 32.7B |
| Free cash flow | SEK 34.5B | SEK 27.3B | SEK 32.6B | SEK 8.28B | SEK 12.8B |
| Capital expenditure | SEK 26.1B | SEK 26.1B | SEK 18.4B | SEK 18.4B | SEK 25.8B |
| Total debt | SEK 270B | SEK 248B | SEK 264B | SEK 237B | SEK 211B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Volvo VOLV-A.ST | $65.2B | -1% | -3% | 12% | 14.7× | 5.4% |
| Paccar PCAR | $53.7B | -11% | -1% | 11% | 15.4× | 11.2% |
| Daimler Truck DTG.DE | $34.7B | -1% | -14% | 5% | 10.6× | 9.8% |
| Traton 8TRA.DE | $18.9B | +2% | +1% | 6% | 6.1× | n/a |
| Caterpillar CAT | $257B | -38% | +20% | 19% | 18.8× | 18.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VOLV-A.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.5% | -7.1% | 4th highest of 15 |
| 6-month return | -1.2% | -10.3% | 6th highest of 15 |
| Distance from 52-week high | -15.9% | -21.2% | 5th highest of 15 |
| Revenue growth (TTM) | -2.7% | +10.9% | lowest of 15 |
| Operating margin | 12.0% | 13.1% | 7th lowest of 15 |
| Forward P/E | 14.7× | 18.1× | 6th cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | 5.4% | 10.3% | 5th least demanding of 15 |
| Growth delivered (Del g) | +7.2% | +9.4% | 5th lowest of 15 |
| Hurdle (Req g minus delivered) | -1.8 pp | +1.0 pp | 6th least demanding of 15 |
| ROIC minus cost of capital | +3.5 pp | +2.9 pp | 8th highest of 15 |
| EV / EBITDA | 10.4× | 14.5× | 3rd cheapest of 10 |
| Net debt / EBITDA | 2.6× | 1.5× | 3rd most indebted of 10 |
| Bond spread | 76 bp | 74 bp | 4th widest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Volvo VOLV-A.ST | Sweden | $65.2B | -1% | -3% | 12% | 14.7× | 5.4% | +7.2% |
| Paccar PCAR | United States | $53.7B | -11% | -1% | 11% | 15.4× | 11.2% | +8.7% |
| Wabtec WAB | United States | $47.6B | +7% | +13% | 18% | 23.8× | 17.0% | +8.1% |
| Sandvik SAND.ST | Sweden | $45.8B | -1% | +14% | 20% | 21.0× | 13.3% | +6.9% |
| China CSSC 600150.SS | China | $39.7B | -16% | +80% | 8% | 13.3× | -7.8% | +22.4% |
| Komatsu 6301.T | Japan | $32.2B | -12% | +9% | 13% | 13.1× | 9.5% | +13.6% |
| Epiroc EPI-A.ST | Sweden | $28.6B | -10% | +1% | 19% | 29.3× | 16.5% | +11.4% |
| CRRC 601766.SS | China | $27.0B | +10% | +2% | 6% | 13.0× | -6.4% | +3.8% |
| Sany Heavy Industry 600031.SS | China | $24.6B | -4% | +18% | 11% | 17.4× | -2.6% | -2.2% |
| Deere & DE | United States | $181B | +17% | +8% | 20% | 32.0× | 16.2% | +5.1% |
| Doosan Enerbility 034020.KS | South Korea | $21.1B | -65% | +9% | 5% | 82.3× | 22.7% | +13.2% |
| Hd Hyundai Heavy Industries 329180.KS | South Korea | $20.3B | -62% | +41% | 15% | 9.5× | -7.0% | +16.2% |
| Kubota 6326.T | Japan | $18.2B | 0% | +13% | 11% | 10.0× | 7.5% | +10.3% |
| Wartsila Oyj Abp WRT1V.HE | Finland | $17.1B | -25% | -2% | 13% | 23.5× | 7.2% | +8.5% |
| Caterpillar CAT | United States | $257B | -38% | +20% | 19% | 18.8× | 18.0% | +10.1% |
Volvo has 33 bonds outstanding with $13.2B face value. The agencies rate it A; its bonds trade like A-. Weighted yield 3.91%, a spread of 76 bp over government bonds.