# Aak Ab (AAK.ST)

Canonical: https://gigainvestors.com/s/AAK.ST

Analysis as of: 2026-10-16T07:37:33.336Z. Financial observations: FY2000–FY2025.

Listing currency: SEK. Reporting currency: SEK.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: SEK 191.80 per share; close as of 2026-10-15.

Estimated value: low SEK 103.46 per share, central SEK 117.23 per share, high SEK 135.56 per share. Buy at or below the central value SEK 117.23 per share. Valuation as of 2026-10-16T07:37:33.336Z; scenarios are not confidence intervals.

Expected annual return: 7.2% at the stated quote. About 7.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; SE 10-year bond 3.1% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.22×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.07×

- FY2017: 0.07×

- FY2018: 0.07×

- FY2019: 0.08×

- FY2020: 0.08×

- FY2021: 0.06×

- FY2022: 0.05×

- FY2023: 0.09×

- FY2024: 0.11×

- FY2025: 0.10×

### moat: fail

- ROIC median below threshold

- ROIC, median of available years: 15.0%

- ROIC, second-lowest year: 11.6%

- Typical minus recent gross margin: -0.2 pp

- Typical gross margin (annual median): 25.7%

- Recent gross margin (lower of latest and 3-year median): 25.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.7%

- ROIC including acquisitions, ten-year median: 10.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 14.0%

- FY2017: 15.2%

- FY2018: 14.7%

- FY2019: 13.6%

- FY2020: 15.6%

- FY2021: 11.6%

- FY2022: 10.5%

- FY2023: 18.3%

- FY2024: 19.2%

- FY2025: 16.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.88×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SEK 12B

- Net income, five-year total: SEK 13B

- Return on incremental invested capital: 15.3%

- Working capital / revenue, annual change: 1.4 pp

- Working capital / revenue, change between three-year averages: 9.8 pp

- Working capital / revenue, final three-year average: 31.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.98×

- FY2022: 0.92×

- FY2023: 0.81×

- FY2024: 0.86×

- FY2025: 0.90×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 14.7% vs 18.3%

- Per-share earnings: 3.95 to 13.16 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.3%

- Ordinary dilution, 5-year annual growth: 0.4%

- Market cap gain: SEK 43B

- Cumulative retained earnings: SEK 14B

- Diluted shares, 10-year annual growth: 0.3%

- Diluted shares, 5-year annual growth: 0.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 16.2%

- Per-share value change: SEK 9.20

- Per-share value, starting three-year median: SEK 3.95

- Per-share value, ending three-year median: SEK 13.16

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: SEK 1.2B

- Cumulative net income, 10 years: SEK 20B

- ROIC, first three-year median: 14.7%

- ROIC, last three-year median: 18.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: SEK 3.95

- FY2017: SEK 4.71

- FY2018: SEK 5.21

- FY2019: SEK 5.86

- FY2020: SEK 6.13

- FY2021: SEK 5.55

- FY2022: SEK 6.82

- FY2023: SEK 11.33

- FY2024: SEK 13.56

- FY2025: SEK 13.16

### accounting: pass

- Sloan accruals: 7.9%

- Receivables to sales index (DSRI): 1.16×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.25×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.12×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.2%

- FY2017: 0.6%

- FY2018: 1.3%

- FY2019: -0.3%

- FY2020: -2.1%

- FY2021: 3.4%

- FY2022: 5.4%

- FY2023: -7.8%

- FY2024: 3.4%

- FY2025: 7.9%

## Holders

## Price story

Down 42% since Sep 2024 · sales +2.2%

Story as of 2026-10-16T10:00:09.214Z; price observation 2026-10-15.

Price needs cash profits to grow 7.2% a year for ten years

### Sales · FY2024–2025

sales +2.2%; source https://filings.xbrl.org/549300GK4LGIDDWJWL07/2024-12-31/ESEF/SE/0/aakab-2024-12-31-0-sv/reports/aakab-2024-12-31-0-sv.xhtml; observed 2025-05-08.

- FY2016: SEK 22B 

- FY2017: SEK 26B 

- FY2018: SEK 28B 

- FY2019: SEK 29B 

- FY2020: SEK 28B 

- FY2021: SEK 35B 

- FY2022: SEK 50B 

- FY2023: SEK 46B 

- FY2024: SEK 45B 

- FY2025: SEK 46B 

### Gross margin · FY2025

gross margin 25.9%; source https://filings.xbrl.org/549300GK4LGIDDWJWL07/2024-12-31/ESEF/SE/0/aakab-2024-12-31-0-sv/reports/aakab-2024-12-31-0-sv.xhtml; observed 2025-05-08.

- FY2016: 25.8% 

- FY2017: 23.5% 

- FY2018: 24.9% 

- FY2019: 27.2% 

- FY2020: 26.4% 

- FY2021: 21.9% 

- FY2022: 19.4% 

- FY2023: 25.5% 

- FY2024: 28.8% 

- FY2025: 25.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in packaged foods; annual sales are SEK 46 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: revenue 46021000000; grossProfit 11900000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AAK.ST: AAK AB (publ.) develops and sells plant-based oils and fats in Sweden and internationally. It operates through Food Ingredients, Chocolate & Confectionery Fats, and Technical Products & Feed segments. The company offers food ingredients for chocolate and confectionery; dairy and ice cream; bakery; lecithin; special nutrition; foodservice and retail; personal care; candles; technical products; and animal nutrition. It also provides natural emulsifiers; fatty acids; plant-based candle waxes; and animal feed, proteins, and fats products. AAK AB (publ.) was founded in 1871 and is headquartered in Malmö, Sweden.

### Why customers stay

Margins ranged from 25.5% to 28.8% during 2023–25; it earns 15% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: grossProfit / revenue = 25.5%.

- Source: https://filings.xbrl.org/549300GK4LGIDDWJWL07/2024-12-31/ESEF/SE/0/aakab-2024-12-31-0-sv/reports/aakab-2024-12-31-0-sv.xhtml (filed 2025-05-08); FY2024: grossProfit / revenue = 28.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: grossProfit / revenue = 25.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); 10-year return on capital observations [[2016,0.1396387483393165],[2017,0.15169864793553145],[2018,0.1474781702160199],[2019,0.1356189029009973],[2020,0.15576191801150066],[2021,0.11633247830713048],[2022,0.10545255074053758],[2023,0.1828703597864321],[2024,0.1916853949474982],[2025,0.1606437258527891]]; median 0.14958840907577567. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 5.5% of cash earnings on expansion; earns 15.3% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2016: growth capex 392586777.3995819; upkeep 584413222.6004181; owner earnings 848586777.3995819. Growth capex / owner earnings = 0.4626359823831204.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2017: growth capex 355000000; upkeep 462000000; owner earnings 1194000000. Growth capex / owner earnings = 0.29731993299832493.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2018: growth capex 173000000; upkeep 552000000; owner earnings 1322000000. Growth capex / owner earnings = 0.1308623298033283.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2019: growth capex 114000000; upkeep 687000000; owner earnings 1330000000. Growth capex / owner earnings = 0.08571428571428572.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2020: growth capex 0; upkeep 742000000; owner earnings 1402200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2021: growth capex 0; upkeep 619000000; owner earnings 1410800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2022: growth capex 408000000; upkeep 818000000; owner earnings 1625200000. Growth capex / owner earnings = 0.2510460251046025.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: growth capex 0; upkeep 1245000000; owner earnings 2397800000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/549300GK4LGIDDWJWL07/2024-12-31/ESEF/SE/0/aakab-2024-12-31-0-sv/reports/aakab-2024-12-31-0-sv.xhtml (filed 2025-05-08); FY2024: growth capex 0; upkeep 1245000000; owner earnings 3042800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: growth capex 170545880.7931161; upkeep 1132454119.206884; owner earnings 3086545880.793116. Growth capex / owner earnings = 0.05525460737660986.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Incremental return on capital 0.15269448731931748, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2016,328000000],[2017,370000000],[2018,412000000],[2019,469000000],[2020,536000000],[2021,590000000],[2022,646000000],[2023,714000000],[2024,960000000],[2025,1298000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 30.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AAK.ST SharesStats.PercentInsiders = 30.503000000000004 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7.2% yearly over ten years; actual growth was 14.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Ten-year compound average after fade. Initial solved rate 0.09070166454266013. Price 191.8; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.1787824729925127 → FY2025 11.843720775504163. Closing-price date 2026-10-15.

## Monthly share-price history (SEK per share)

- 2016-10: SEK 99.42 per share

- 2016-11: SEK 94.17 per share

- 2016-12: SEK 99.92 per share

- 2017-01: SEK 96.75 per share

- 2017-02: SEK 100.33 per share

- 2017-03: SEK 98.33 per share

- 2017-04: SEK 105.58 per share

- 2017-05: SEK 108.50 per share

- 2017-06: SEK 102.50 per share

- 2017-07: SEK 99.50 per share

- 2017-08: SEK 97.25 per share

- 2017-09: SEK 102.75 per share

- 2017-10: SEK 112.83 per share

- 2017-11: SEK 113.17 per share

- 2017-12: SEK 117.08 per share

- 2018-01: SEK 122.17 per share

- 2018-02: SEK 126.67 per share

- 2018-03: SEK 122.83 per share

- 2018-04: SEK 129.17 per share

- 2018-05: SEK 133.25 per share

- 2018-06: SEK 142.60 per share

- 2018-07: SEK 142.60 per share

- 2018-08: SEK 150.02 per share

- 2018-09: SEK 154.06 per share

- 2018-10: SEK 138.00 per share

- 2018-11: SEK 132.10 per share

- 2018-12: SEK 122.70 per share

- 2019-01: SEK 130.00 per share

- 2019-02: SEK 137.72 per share

- 2019-03: SEK 138.68 per share

- 2019-04: SEK 154.25 per share

- 2019-05: SEK 163.90 per share

- 2019-06: SEK 176.00 per share

- 2019-07: SEK 197.90 per share

- 2019-08: SEK 195.35 per share

- 2019-09: SEK 190.85 per share

- 2019-10: SEK 171.10 per share

- 2019-11: SEK 175.00 per share

- 2019-12: SEK 178.00 per share

- 2020-01: SEK 181.05 per share

- 2020-02: SEK 165.45 per share

- 2020-03: SEK 161.90 per share

- 2020-04: SEK 160.45 per share

- 2020-05: SEK 171.35 per share

- 2020-06: SEK 160.10 per share

- 2020-07: SEK 154.80 per share

- 2020-08: SEK 171.35 per share

- 2020-09: SEK 167.15 per share

- 2020-10: SEK 173.40 per share

- 2020-11: SEK 169.20 per share

- 2020-12: SEK 166.00 per share

- 2021-01: SEK 163.55 per share

- 2021-02: SEK 180.95 per share

- 2021-03: SEK 197.70 per share

- 2021-04: SEK 194.10 per share

- 2021-05: SEK 192.55 per share

- 2021-06: SEK 191.80 per share

- 2021-07: SEK 205.30 per share

- 2021-08: SEK 206.40 per share

- 2021-09: SEK 188.75 per share

- 2021-10: SEK 187.70 per share

- 2021-11: SEK 181.15 per share

- 2021-12: SEK 195.30 per share

- 2022-01: SEK 173.85 per share

- 2022-02: SEK 172.95 per share

- 2022-03: SEK 175.00 per share

- 2022-04: SEK 171.35 per share

- 2022-05: SEK 167.60 per share

- 2022-06: SEK 166.90 per share

- 2022-07: SEK 177.20 per share

- 2022-08: SEK 163.50 per share

- 2022-09: SEK 147.35 per share

- 2022-10: SEK 161.00 per share

- 2022-11: SEK 173.55 per share

- 2022-12: SEK 177.85 per share

- 2023-01: SEK 179.90 per share

- 2023-02: SEK 179.35 per share

- 2023-03: SEK 187.60 per share

- 2023-04: SEK 206.40 per share

- 2023-05: SEK 208.40 per share

- 2023-06: SEK 202.80 per share

- 2023-07: SEK 202.20 per share

- 2023-08: SEK 203.20 per share

- 2023-09: SEK 197.00 per share

- 2023-10: SEK 212.00 per share

- 2023-11: SEK 213.00 per share

- 2023-12: SEK 224.80 per share

- 2024-01: SEK 235.00 per share

- 2024-02: SEK 228.40 per share

- 2024-03: SEK 254.40 per share

- 2024-04: SEK 284.60 per share

- 2024-05: SEK 294.40 per share

- 2024-06: SEK 310.60 per share

- 2024-07: SEK 308.00 per share

- 2024-08: SEK 317.20 per share

- 2024-09: SEK 333.00 per share

- 2024-10: SEK 305.00 per share

- 2024-11: SEK 295.20 per share

- 2024-12: SEK 315.60 per share

- 2025-01: SEK 323.00 per share

- 2025-02: SEK 300.80 per share

- 2025-03: SEK 280.00 per share

- 2025-04: SEK 252.40 per share

- 2025-05: SEK 267.60 per share

- 2025-06: SEK 248.20 per share

- 2025-07: SEK 252.60 per share

- 2025-08: SEK 271.80 per share

- 2025-09: SEK 244.60 per share

- 2025-10: SEK 265.40 per share

- 2025-11: SEK 265.60 per share

- 2025-12: SEK 263.80 per share

- 2026-01: SEK 248.00 per share

- 2026-02: SEK 247.40 per share

- 2026-03: SEK 242.40 per share

- 2026-04: SEK 263.40 per share

- 2026-05: SEK 248.20 per share

- 2026-06: SEK 229.00 per share

- 2026-07: SEK 205.40 per share

- 2026-08: SEK 198.90 per share

- 2026-09: SEK 184.60 per share

- 2026-10: SEK 188.30 per share

## Annual estimated value (SEK per share)

- FY2016: low SEK 43.72 per share, central SEK 58.98 per share, high SEK 69.01 per share

- FY2017: low SEK 53.74 per share, central SEK 72.73 per share, high SEK 85.22 per share

- FY2018: low SEK 60.37 per share, central SEK 76.53 per share, high SEK 89.27 per share

- FY2019: low SEK 62.32 per share, central SEK 77.54 per share, high SEK 90.24 per share

- FY2020: low SEK 67.10 per share, central SEK 88.09 per share, high SEK 102.69 per share

- FY2021: low SEK 84.57 per share, central SEK 115.42 per share, high SEK 135.12 per share

- FY2022: low SEK 125.16 per share, central SEK 177.96 per share, high SEK 208.70 per share

- FY2023: low SEK 114.49 per share, central SEK 162.59 per share, high SEK 190.60 per share

- FY2024: low SEK 121.74 per share, central SEK 172.25 per share, high SEK 201.66 per share

- FY2025: low SEK 103.03 per share, central SEK 116.89 per share, high SEK 135.35 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:43:18.300Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300GK4LGIDDWJWL07/2024-12-31/ESEF/SE/0/aakab-2024-12-31-0-sv/reports/aakab-2024-12-31-0-sv.xhtml); period 2024-12-31, filed 2025-05-08.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations