# Boliden AB (BOL.ST)

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

Analysis as of: 2026-10-16T07:35:11.160Z. Financial observations: FY2002–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 528.20 per share; close as of 2026-10-15.

Estimated value: low SEK 542.45 per share, central SEK 771.70 per share, high SEK 905.19 per share. Buy at or below the central value SEK 771.70 per share. Valuation as of 2026-10-16T07:35:11.160Z; scenarios are not confidence intervals.

Expected annual return: 13.1% at the stated quote. About 13.1% 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

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.14×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.14×

- FY2017: 0.18×

- FY2018: 0.17×

- FY2019: 0.15×

- FY2020: 0.16×

- FY2021: 0.16×

- FY2022: 0.18×

- FY2023: 0.11×

- FY2024: 0.15×

- FY2025: 0.13×

### moat: fail

- Recent gross margin fell 4.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 15.7%

- ROIC, second-lowest year: 11.3%

- Typical minus recent gross margin: 4.4 pp

- Typical gross margin (annual median): 18.8%

- Recent gross margin (lower of latest and 3-year median): 14.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 11.7%

- ROIC including acquisitions, ten-year median: 13.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 12.8%

- FY2017: 20.3%

- FY2018: 20.0%

- FY2019: 14.1%

- FY2020: 16.1%

- FY2021: 19.5%

- FY2022: 23.4%

- FY2023: 10.6%

- FY2024: 15.4%

- FY2025: 11.3%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.73×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SEK 34B

- Net income, five-year total: SEK 47B

- Return on incremental invested capital: 15.7%

- Working capital / revenue, annual change: 0.0 pp

- Working capital / revenue, change between three-year averages: 1.5 pp

- Working capital / revenue, final three-year average: 19.4%

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: -0.44×

- FY2024: 0.96×

- FY2025: 0.65×

### 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: 20.0% vs 11.3%

- Per-share earnings: 15.49 to 33.11 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.4%

- Ordinary dilution, 5-year annual growth: 0.8%

- Market cap gain: SEK 81B

- Cumulative retained earnings: SEK 42B

- Diluted shares, 10-year annual growth: 0.4%

- Diluted shares, 5-year annual growth: 0.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 10.0%

- Per-share value change: SEK 17.62

- Per-share value, starting three-year median: SEK 15.49

- Per-share value, ending three-year median: SEK 33.11

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 2.6%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: SEK 533M

- Cumulative net income, 10 years: SEK 77B

- ROIC, first three-year median: 20.0%

- ROIC, last three-year median: 11.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: SEK 15.49

- FY2017: SEK 25.06

- FY2018: SEK 26.32

- FY2019: SEK 21.15

- FY2020: SEK 24.86

- FY2021: SEK 31.81

- FY2022: SEK 45.37

- FY2023: SEK 22.21

- FY2024: SEK 36.65

- FY2025: SEK 33.11

### accounting: pass

- Sloan accruals: -7.9%

- Receivables to sales index (DSRI): 0.89×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.20×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.04×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.1%

- FY2017: -10.5%

- FY2018: -7.8%

- FY2019: -5.5%

- FY2020: -6.1%

- FY2021: -5.5%

- FY2022: -4.1%

- FY2023: -6.0%

- FY2024: -6.6%

- FY2025: -7.9%

## Holders

## Price story

Down 26% since Feb 2026 · "Boliden Halts Mine Expansion Plans After New Finnish Mining Tax" (finance.yahoo.com, Mar 2026) · sales +4.8%

Story as of 2026-10-16T10:00:03.999Z; price observation 2026-10-15.

Price needs cash profits to grow 1.7% a year for ten years

- 2026-02-03: Boliden AB (BLIDF) Q4 2025 Earnings Call Highlights: Record Profits Amid Precious Metal Rally ([finance.yahoo.com](https://finance.yahoo.com/news/boliden-ab-blidf-q4-2025-150143175.html))

- 2026-03-04: Boliden Halts Mine Expansion Plans After New Finnish Mining Tax ([finance.yahoo.com](https://finance.yahoo.com/m/b9d3489b-618c-307e-937e-bb917df1fc7b/boliden-halts-mine-expansion.html))

- 2026-05-06: Assessing Boliden (OM:BOL) Valuation After Strong Q1 Results And New Dividend ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/assessing-boliden-om-bol-valuation-192801904.html))

### Sales · FY2024–2025

sales +4.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: SEK 40B 

- FY2017: SEK 50B 

- FY2018: SEK 52B 

- FY2019: SEK 50B 

- FY2020: SEK 56B 

- FY2021: SEK 69B 

- FY2022: SEK 86B 

- FY2023: SEK 79B 

- FY2024: SEK 89B 

- FY2025: SEK 94B 

### Gross margin · FY2025

gross margin 16.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 17.6% 

- FY2017: 21.3% 

- FY2018: 20.4% 

- FY2019: 18.9% 

- FY2020: 19.2% 

- FY2021: 18.8% 

- FY2022: 21.0% 

- FY2023: 13.7% 

- FY2024: 14.5% 

- FY2025: 16.9% 

## Owner memo

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

### How it makes money

Operates in other industrial metals & mining; annual sales are SEK 93.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.160Z); FY2025: revenue 93509000000; grossProfit 15787000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 13.7% to 16.9% during 2023–25; it earns 15.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.160Z); FY2023: grossProfit / revenue = 13.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.160Z); FY2024: grossProfit / revenue = 14.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.160Z); FY2025: grossProfit / revenue = 16.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.160Z); 10-year return on capital observations [[2016,0.1284400671477724],[2017,0.2033502650742563],[2018,0.2003423015443108],[2019,0.14063167284659675],[2020,0.1606363339447673],[2021,0.195053816951363],[2022,0.23393338966187632],[2023,0.10551646749265466],[2024,0.15363172534035574],[2025,0.11300792187969451]]; median 0.1571340296425615. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 56.1% of cash earnings on expansion; earns 15.7% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.160Z); FY2016: growth capex 0; upkeep 3989000000; owner earnings 4503000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.160Z); FY2017: growth capex 994000000; upkeep 4601000000; owner earnings 6854000000. Growth capex / owner earnings = 0.14502480303472426.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.160Z); FY2018: growth capex 1208000000; upkeep 4930000000; owner earnings 7198000000. Growth capex / owner earnings = 0.16782439566546262.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.160Z); FY2019: growth capex 0; upkeep 8827000000; owner earnings 2088400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.160Z); FY2020: growth capex 508000000; upkeep 5791000000; owner earnings 6758400000. Growth capex / owner earnings = 0.0751657196969697.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.160Z); FY2021: growth capex 270000000; upkeep 5719000000; owner earnings 8667200000. Growth capex / owner earnings = 0.03115192911205464.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.160Z); FY2022: growth capex 4199000000; upkeep 5829000000; owner earnings 12369400000. Growth capex / owner earnings = 0.33946674858926057.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.160Z); FY2024: growth capex 7890164374.5891905; upkeep 7097835625.4108095; owner earnings 9617164374.589191. Growth capex / owner earnings = 0.8204252383828292.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.160Z); FY2025: growth capex 3415095905.1533604; upkeep 12027904094.84664; owner earnings 6084495905.15336. Growth capex / owner earnings = 0.5612783636292517.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.160Z); Incremental return on capital 0.15657185115692623, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.160Z); Dividend observations: [[2016,889000000],[2017,1436000000],[2018,3829000000],[2019,3556000000],[2020,1915000000],[2021,3898000000],[2022,7111000000],[2023,7248000000],[2024,2051000000],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.160Z); FY2025: cash repurchases 91000000 SEK.

### Are managers owners

Insiders own 1.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BOL.ST SharesStats.PercentInsiders = 1.779 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 1.7% yearly over ten years; actual growth was 8.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.160Z); Ten-year compound average after fade. Initial solved rate 0.011042183613197865. Price 528.2; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 9.65225555662803 → FY2025 21.425405435543485. Closing-price date 2026-10-15.

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

- 2016-11: SEK 238.20 per share

- 2016-12: SEK 237.90 per share

- 2017-01: SEK 255.10 per share

- 2017-02: SEK 275.60 per share

- 2017-03: SEK 267.00 per share

- 2017-04: SEK 253.20 per share

- 2017-05: SEK 237.90 per share

- 2017-06: SEK 229.90 per share

- 2017-07: SEK 253.60 per share

- 2017-08: SEK 278.00 per share

- 2017-09: SEK 275.70 per share

- 2017-10: SEK 293.00 per share

- 2017-11: SEK 264.70 per share

- 2017-12: SEK 280.60 per share

- 2018-01: SEK 285.80 per share

- 2018-02: SEK 294.90 per share

- 2018-03: SEK 292.50 per share

- 2018-04: SEK 304.80 per share

- 2018-05: SEK 310.85 per share

- 2018-06: SEK 290.60 per share

- 2018-07: SEK 262.00 per share

- 2018-08: SEK 239.40 per share

- 2018-09: SEK 247.90 per share

- 2018-10: SEK 209.15 per share

- 2018-11: SEK 203.90 per share

- 2018-12: SEK 191.98 per share

- 2019-01: SEK 225.80 per share

- 2019-02: SEK 252.75 per share

- 2019-03: SEK 264.60 per share

- 2019-04: SEK 282.00 per share

- 2019-05: SEK 216.30 per share

- 2019-06: SEK 237.45 per share

- 2019-07: SEK 220.05 per share

- 2019-08: SEK 217.00 per share

- 2019-09: SEK 226.25 per share

- 2019-10: SEK 259.65 per share

- 2019-11: SEK 247.00 per share

- 2019-12: SEK 248.50 per share

- 2020-01: SEK 229.30 per share

- 2020-02: SEK 198.40 per share

- 2020-03: SEK 181.30 per share

- 2020-04: SEK 200.30 per share

- 2020-05: SEK 204.20 per share

- 2020-06: SEK 212.00 per share

- 2020-07: SEK 237.90 per share

- 2020-08: SEK 257.90 per share

- 2020-09: SEK 266.70 per share

- 2020-10: SEK 243.20 per share

- 2020-11: SEK 295.50 per share

- 2020-12: SEK 291.40 per share

- 2021-01: SEK 275.00 per share

- 2021-02: SEK 334.50 per share

- 2021-03: SEK 324.00 per share

- 2021-04: SEK 329.80 per share

- 2021-05: SEK 332.50 per share

- 2021-06: SEK 329.00 per share

- 2021-07: SEK 335.50 per share

- 2021-08: SEK 300.90 per share

- 2021-09: SEK 282.30 per share

- 2021-10: SEK 302.90 per share

- 2021-11: SEK 311.60 per share

- 2021-12: SEK 350.00 per share

- 2022-01: SEK 373.50 per share

- 2022-02: SEK 423.50 per share

- 2022-03: SEK 478.10 per share

- 2022-04: SEK 431.20 per share

- 2022-05: SEK 409.70 per share

- 2022-06: SEK 325.35 per share

- 2022-07: SEK 336.95 per share

- 2022-08: SEK 343.55 per share

- 2022-09: SEK 346.55 per share

- 2022-10: SEK 321.60 per share

- 2022-11: SEK 387.90 per share

- 2022-12: SEK 391.25 per share

- 2023-01: SEK 467.50 per share

- 2023-02: SEK 430.15 per share

- 2023-03: SEK 407.80 per share

- 2023-04: SEK 366.20 per share

- 2023-05: SEK 330.45 per share

- 2023-06: SEK 311.55 per share

- 2023-07: SEK 310.10 per share

- 2023-08: SEK 291.55 per share

- 2023-09: SEK 314.45 per share

- 2023-10: SEK 285.75 per share

- 2023-11: SEK 279.90 per share

- 2023-12: SEK 314.50 per share

- 2024-01: SEK 276.95 per share

- 2024-02: SEK 262.35 per share

- 2024-03: SEK 297.25 per share

- 2024-04: SEK 368.10 per share

- 2024-05: SEK 366.80 per share

- 2024-06: SEK 339.10 per share

- 2024-07: SEK 326.60 per share

- 2024-08: SEK 314.00 per share

- 2024-09: SEK 344.50 per share

- 2024-10: SEK 330.80 per share

- 2024-11: SEK 325.40 per share

- 2024-12: SEK 310.50 per share

- 2025-01: SEK 333.40 per share

- 2025-02: SEK 376.00 per share

- 2025-03: SEK 327.30 per share

- 2025-04: SEK 296.10 per share

- 2025-05: SEK 299.90 per share

- 2025-06: SEK 295.10 per share

- 2025-07: SEK 300.90 per share

- 2025-08: SEK 325.80 per share

- 2025-09: SEK 382.70 per share

- 2025-10: SEK 429.00 per share

- 2025-11: SEK 451.80 per share

- 2025-12: SEK 515.20 per share

- 2026-01: SEK 626.60 per share

- 2026-02: SEK 717.40 per share

- 2026-03: SEK 485.70 per share

- 2026-04: SEK 480.10 per share

- 2026-05: SEK 575.80 per share

- 2026-06: SEK 546.80 per share

- 2026-07: SEK 476.80 per share

- 2026-08: SEK 564.60 per share

- 2026-09: SEK 513.60 per share

- 2026-10: SEK 547.80 per share

## Annual estimated value (SEK per share)

- FY2016: low SEK 85.44 per share, central SEK 96.87 per share, high SEK 112.08 per share

- FY2017: low SEK 150.93 per share, central SEK 191.79 per share, high SEK 223.18 per share

- FY2018: low SEK 275.18 per share, central SEK 363.10 per share, high SEK 424.25 per share

- FY2019: low SEK 264.07 per share, central SEK 356.37 per share, high SEK 417.30 per share

- FY2020: low SEK 318.32 per share, central SEK 405.84 per share, high SEK 471.96 per share

- FY2021: low SEK 426.51 per share, central SEK 558.07 per share, high SEK 649.01 per share

- FY2022: low SEK 579.41 per share, central SEK 809.50 per share, high SEK 944.14 per share

- FY2023: low SEK 479.93 per share, central SEK 678.62 per share, high SEK 794.89 per share

- FY2024: low SEK 551.42 per share, central SEK 779.46 per share, high SEK 912.25 per share

- FY2025: low SEK 508.54 per share, central SEK 715.34 per share, high SEK 835.77 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

## Sources

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.