# Atlas Copco AB Series A (ATCO-A.ST)

Canonical: https://gigainvestors.com/s/ATCO-A.ST

Analysis as of: 2026-10-16T07:33:42.070Z. Financial observations: FY2005–FY2025.

Listing currency: SEK. Reporting currency: SEK.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: SEK 199.60 per share; close as of 2026-10-15.

Estimated value: low SEK 87.59 per share, central SEK 124.68 per share, high SEK 146.03 per share. Buy at or below the central value SEK 124.68 per share. Valuation as of 2026-10-16T07:33:42.070Z; scenarios are not confidence intervals.

Expected annual return: 7.4% at the stated quote. About 7.4% 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

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.09×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.19×

- FY2017: 0.16×

- FY2018: 0.22×

- FY2019: 0.22×

- FY2020: 0.20×

- FY2021: 0.21×

- FY2022: 0.22×

- FY2023: 0.21×

- FY2024: 0.21×

- FY2025: 0.21×

### moat: pass

- ROIC, median of available years: 41.0%

- ROIC, second-lowest year: 35.0%

- Typical minus recent gross margin: -1.0 pp

- Typical gross margin (annual median): 41.8%

- Recent gross margin (lower of latest and 3-year median): 42.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.9%

- ROIC including acquisitions, ten-year median: 24.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 34.2%

- FY2017: 35.0%

- FY2018: 55.6%

- FY2019: 44.1%

- FY2020: 42.6%

- FY2021: 45.0%

- FY2022: 39.8%

- FY2023: 42.2%

- FY2024: 38.7%

- FY2025: 35.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.06×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SEK 133B

- Net income, five-year total: SEK 126B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 3.2 pp

- Working capital / revenue, final three-year average: 32.0%

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

- FY2021: 1.05×

- FY2022: 1.01×

- FY2023: 1.04×

- FY2024: 1.04×

- FY2025: 1.14×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 35.0% vs 38.7%

- Per-share earnings: 2.45 to 5.75 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: SEK 552B

- Cumulative retained earnings: SEK 59B

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 11.2%

- Per-share value change: SEK 3.30

- Per-share value, starting three-year median: SEK 2.45

- Per-share value, ending three-year median: SEK 5.75

- Buybacks concentrated in cheaper years (correlation): 0.79

- Average buyback yield: 0.8%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: SEK 51B

- Cumulative net income, 10 years: SEK 292B

- ROIC, first three-year median: 35.0%

- ROIC, last three-year median: 38.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: SEK 2.45

- FY2017: SEK 3.42

- FY2018: SEK 21.85

- FY2019: SEK 3.39

- FY2020: SEK 3.03

- FY2021: SEK 3.71

- FY2022: SEK 4.82

- FY2023: SEK 5.75

- FY2024: SEK 6.10

- FY2025: SEK 5.42

### accounting: pass

- Sloan accruals: -3.0%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.23×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.70×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.5%

- FY2017: -3.7%

- FY2018: 92.4%

- FY2019: 0.3%

- FY2020: -6.5%

- FY2021: -3.7%

- FY2022: 1.2%

- FY2023: -0.0%

- FY2024: -3.4%

- FY2025: -3.0%

## Holders

## Price story

Price needs cash profits to grow 13% a year for ten years · "Operating Profit: Lower due to negative revenue volumes and mix." (finance.yahoo.com, Apr 2025) · sales -4.8%

Story as of 2026-10-16T09:59:57.362Z; price observation 2026-10-15.

Price needs cash profits to grow 13% a year for ten years

### Sales · FY2024–2025

sales -4.8%; source https://filings.xbrl.org/213800T8PC8Q4FYJZR07/2024-12-31/ESEF/SE/1/atla-2024-12-31-0-en/reports/atla-2024-12-31-0-en.xhtml; observed 2025-05-08.

- FY2016: SEK 101B 

- FY2017: SEK 116B 

- FY2018: SEK 95B 

- FY2019: SEK 104B 

- FY2020: SEK 100B 

- FY2021: SEK 111B 

- FY2022: SEK 141B 

- FY2023: SEK 173B 

- FY2024: SEK 177B 

- FY2025: SEK 168B 

### Gross margin · FY2025

gross margin 42.9%; source https://filings.xbrl.org/213800T8PC8Q4FYJZR07/2024-12-31/ESEF/SE/1/atla-2024-12-31-0-en/reports/atla-2024-12-31-0-en.xhtml; observed 2025-05-08.

- FY2016: 38.1% 

- FY2017: 31.8% 

- FY2018: 41.7% 

- FY2019: 41.6% 

- FY2020: 41.3% 

- FY2021: 42.0% 

- FY2022: 42.0% 

- FY2023: 43.5% 

- FY2024: 42.8% 

- FY2025: 42.9% 

## Owner memo

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

### How it makes money

Operates in specialty industrial machinery; annual sales are SEK 168.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: revenue 168343000000; grossProfit 72212000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ATCO-A.ST: Atlas Copco AB (publ) provides compressed air and gas, air treatment systems, vacuum, industrial power tools and assembly systems, machine vision, and power and flow solutions in North America, South America, Europe, Africa, the Middle East, Asia, and Oceania. It operates through Compressor Technique, Vacuum Technique, Industrial Technique, and Power Technique segments. The company offers piston compressors, oil-free tooth and scroll compressors, rotary screw compressors, oil-free blowers, oil-free centrifugal compressors, gas and process compressors, air and gas treatment equipment, expanders and pumps, and medical air solutions. It also provides oil-sealed rotary vane, dry, and liquid ring vacuum pumps; turbomolecular and cryogenic pumps; abatement and integrated systems; industrial assembly tools and solutions; self-pierce riveting solutions; adhesive dispensing and flow drill fastening equipment; material removal tools, and drills and other pneumatic products; machine vision solutions; construction and demolition tools; mobile compressors, generators, and energy storage systems; and industrial flow, portable power, portable flow, and portable air products, as well as specialty rental services. The company serves the semiconductor and flat panel, industrial manufacturing, civil engineering, demolition, exploration drilling, automotive, off-highway vehicle producers, electronics, aerospace, energy, food, pharmaceutical, textile, and other industries. Atlas Copco AB (publ) was founded in 1873 and is headquartered in Nacka, Sweden.

### Why customers stay

Margins ranged from 42.8% to 43.5% during 2023–25; it earns 41% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: grossProfit / revenue = 43.5%.

- Source: https://filings.xbrl.org/213800T8PC8Q4FYJZR07/2024-12-31/ESEF/SE/1/atla-2024-12-31-0-en/reports/atla-2024-12-31-0-en.xhtml (filed 2025-05-08); FY2024: grossProfit / revenue = 42.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: grossProfit / revenue = 42.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); 10-year return on capital observations [[2016,0.3421919819379852],[2017,0.35007025700843875],[2018,0.5562189515149394],[2019,0.4414952462281461],[2020,0.4261469310978558],[2021,0.45042455099362716],[2022,0.3979487029464751],[2023,0.42247316551638003],[2024,0.3867564707897808],[2025,0.3497979417336133]]; median 0.41021093423142757. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 42% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/213800T8PC8Q4FYJZR07/2024-12-31/ESEF/SE/1/atla-2024-12-31-0-en/reports/atla-2024-12-31-0-en.xhtml (filed 2025-05-08); Gross margin observations: [[2021,0.4195848961338719],[2022,0.42019458694498496],[2023,0.43504725941713385]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back SEK 938 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2016: growth capex 0; upkeep 2396000000; owner earnings 13697000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2017: growth capex 0; upkeep 2763000000; owner earnings 18358000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2018: growth capex 0; upkeep 2846000000; owner earnings 106608000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2019: growth capex 0; upkeep 2678000000; owner earnings 17799400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2020: growth capex 0; upkeep 2796000000; owner earnings 16082200000. 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 3359000000; owner earnings 18986200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2022: growth capex 0; upkeep 5031000000; owner earnings 23815200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: growth capex 0; upkeep 5451000000; owner earnings 29201600000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/213800T8PC8Q4FYJZR07/2024-12-31/ESEF/SE/1/atla-2024-12-31-0-en/reports/atla-2024-12-31-0-en.xhtml (filed 2025-05-08); FY2024: growth capex 0; upkeep 6024000000; owner earnings 31112200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: growth capex 0; upkeep 4284000000; owner earnings 30190000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2016,7665000000],[2017,8252000000],[2018,8487000000],[2019,7653000000],[2020,8506000000],[2021,8889000000],[2022,9250000000],[2023,11203000000],[2024,13647000000],[2025,14606000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: cash repurchases 938000000 SEK.

### Are managers owners

Insiders own <0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ATCO-A.ST SharesStats.PercentInsiders = 0.029 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 13% yearly over ten years; actual growth was 8.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Ten-year compound average after fade. Initial solved rate 0.2345026891243947. Price 199.6; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.67771001024649 → FY2025 6.194980813822256. Closing-price date 2026-10-15.

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

- 2016-11: SEK 53.07 per share

- 2016-12: SEK 52.79 per share

- 2017-01: SEK 53.32 per share

- 2017-02: SEK 56.23 per share

- 2017-03: SEK 60.17 per share

- 2017-04: SEK 63.00 per share

- 2017-05: SEK 61.17 per share

- 2017-06: SEK 61.44 per share

- 2017-07: SEK 55.66 per share

- 2017-08: SEK 59.23 per share

- 2017-09: SEK 65.61 per share

- 2017-10: SEK 69.85 per share

- 2017-11: SEK 68.40 per share

- 2017-12: SEK 67.37 per share

- 2018-01: SEK 70.29 per share

- 2018-02: SEK 67.55 per share

- 2018-03: SEK 68.71 per share

- 2018-04: SEK 65.45 per share

- 2018-05: SEK 66.58 per share

- 2018-06: SEK 65.20 per share

- 2018-07: SEK 62.95 per share

- 2018-08: SEK 65.18 per share

- 2018-09: SEK 64.05 per share

- 2018-10: SEK 56.65 per share

- 2018-11: SEK 55.79 per share

- 2018-12: SEK 52.63 per share

- 2019-01: SEK 58.88 per share

- 2019-02: SEK 62.56 per share

- 2019-03: SEK 62.41 per share

- 2019-04: SEK 73.80 per share

- 2019-05: SEK 63.97 per share

- 2019-06: SEK 74.20 per share

- 2019-07: SEK 74.25 per share

- 2019-08: SEK 73.28 per share

- 2019-09: SEK 75.80 per share

- 2019-10: SEK 85.28 per share

- 2019-11: SEK 87.72 per share

- 2019-12: SEK 93.40 per share

- 2020-01: SEK 85.50 per share

- 2020-02: SEK 84.78 per share

- 2020-03: SEK 83.47 per share

- 2020-04: SEK 84.82 per share

- 2020-05: SEK 92.30 per share

- 2020-06: SEK 98.65 per share

- 2020-07: SEK 96.72 per share

- 2020-08: SEK 99.97 per share

- 2020-09: SEK 107.20 per share

- 2020-10: SEK 98.22 per share

- 2020-11: SEK 108.05 per share

- 2020-12: SEK 105.28 per share

- 2021-01: SEK 113.85 per share

- 2021-02: SEK 120.53 per share

- 2021-03: SEK 132.90 per share

- 2021-04: SEK 128.25 per share

- 2021-05: SEK 125.70 per share

- 2021-06: SEK 131.00 per share

- 2021-07: SEK 145.50 per share

- 2021-08: SEK 148.10 per share

- 2021-09: SEK 133.05 per share

- 2021-10: SEK 137.95 per share

- 2021-11: SEK 138.75 per share

- 2021-12: SEK 156.45 per share

- 2022-01: SEK 135.80 per share

- 2022-02: SEK 123.60 per share

- 2022-03: SEK 122.93 per share

- 2022-04: SEK 112.97 per share

- 2022-05: SEK 109.34 per share

- 2022-06: SEK 95.57 per share

- 2022-07: SEK 118.02 per share

- 2022-08: SEK 108.74 per share

- 2022-09: SEK 104.80 per share

- 2022-10: SEK 118.04 per share

- 2022-11: SEK 129.16 per share

- 2022-12: SEK 123.10 per share

- 2023-01: SEK 123.34 per share

- 2023-02: SEK 124.68 per share

- 2023-03: SEK 131.54 per share

- 2023-04: SEK 148.10 per share

- 2023-05: SEK 158.05 per share

- 2023-06: SEK 155.40 per share

- 2023-07: SEK 149.70 per share

- 2023-08: SEK 144.95 per share

- 2023-09: SEK 147.25 per share

- 2023-10: SEK 144.20 per share

- 2023-11: SEK 161.90 per share

- 2023-12: SEK 173.55 per share

- 2024-01: SEK 166.95 per share

- 2024-02: SEK 179.75 per share

- 2024-03: SEK 180.80 per share

- 2024-04: SEK 195.45 per share

- 2024-05: SEK 200.80 per share

- 2024-06: SEK 199.20 per share

- 2024-07: SEK 190.60 per share

- 2024-08: SEK 186.15 per share

- 2024-09: SEK 196.45 per share

- 2024-10: SEK 175.40 per share

- 2024-11: SEK 174.15 per share

- 2024-12: SEK 168.85 per share

- 2025-01: SEK 186.20 per share

- 2025-02: SEK 182.75 per share

- 2025-03: SEK 159.40 per share

- 2025-04: SEK 149.85 per share

- 2025-05: SEK 153.90 per share

- 2025-06: SEK 152.85 per share

- 2025-07: SEK 149.40 per share

- 2025-08: SEK 151.00 per share

- 2025-09: SEK 158.90 per share

- 2025-10: SEK 160.15 per share

- 2025-11: SEK 160.20 per share

- 2025-12: SEK 166.05 per share

- 2026-01: SEK 183.75 per share

- 2026-02: SEK 195.05 per share

- 2026-03: SEK 163.15 per share

- 2026-04: SEK 174.20 per share

- 2026-05: SEK 177.45 per share

- 2026-06: SEK 196.15 per share

- 2026-07: SEK 201.10 per share

- 2026-08: SEK 206.00 per share

- 2026-09: SEK 206.30 per share

- 2026-10: SEK 210.60 per share

## Annual estimated value (SEK per share)

- FY2016: low SEK 35.63 per share, central SEK 41.15 per share, high SEK 47.59 per share

- FY2017: low SEK 40.92 per share, central SEK 45.93 per share, high SEK 52.61 per share

- FY2018: low SEK 34.11 per share, central SEK 38.47 per share, high SEK 44.26 per share

- FY2019: low SEK 51.42 per share, central SEK 73.78 per share, high SEK 86.26 per share

- FY2020: low SEK 39.54 per share, central SEK 44.79 per share, high SEK 51.79 per share

- FY2021: low SEK 53.60 per share, central SEK 68.27 per share, high SEK 79.26 per share

- FY2022: low SEK 68.16 per share, central SEK 90.85 per share, high SEK 106.12 per share

- FY2023: low SEK 87.19 per share, central SEK 124.63 per share, high SEK 146.13 per share

- FY2024: low SEK 91.34 per share, central SEK 130.56 per share, high SEK 152.84 per share

- FY2025: low SEK 87.07 per share, central SEK 123.87 per share, high SEK 145.06 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 2026-10-15T06:39:27.052Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800T8PC8Q4FYJZR07/2024-12-31/ESEF/SE/1/atla-2024-12-31-0-en/reports/atla-2024-12-31-0-en.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.