# Epiroc (EPI-A.ST)

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

Analysis as of: 2026-10-16T07:34:17.265Z. Financial observations: FY2015–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 260.00 per share; close as of 2026-10-15.

Estimated value: low SEK 118.12 per share, central SEK 155.57 per share, high SEK 181.18 per share. Buy at or below the central value SEK 155.57 per share. Valuation as of 2026-10-16T07:34:17.265Z; 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: 0.08×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.17×

- FY2017: 0.19×

- FY2018: 0.19×

- FY2019: 0.20×

- FY2020: 0.20×

- FY2021: 0.23×

- FY2022: 0.22×

- FY2023: 0.22×

- FY2024: 0.19×

- FY2025: 0.20×

### moat: pass

- ROIC, median of available years: 30.0%

- ROIC, second-lowest year: 23.4%

- Typical minus recent gross margin: 0.2 pp

- Typical gross margin (annual median): 37.3%

- Recent gross margin (lower of latest and 3-year median): 37.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.6%

- ROIC including acquisitions, ten-year median: 25.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 21.0%

- FY2017: 28.1%

- FY2018: 31.3%

- FY2019: 29.8%

- FY2020: 33.9%

- FY2021: 35.4%

- FY2022: 30.7%

- FY2023: 30.2%

- FY2024: 23.4%

- FY2025: 26.2%

### economics: pass

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

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SEK 45B

- Net income, five-year total: SEK 42B

- Return on incremental invested capital: 59.1%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -2.2 pp

- Working capital / revenue, final three-year average: 44.2%

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

- FY2021: 1.06×

- FY2022: 1.07×

- FY2023: 1.05×

- FY2024: 1.07×

- FY2025: 1.06×

### management: pass

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 28.1% vs 26.2%

- Per-share earnings: 2.95 to 7.24 (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: 0.1%

- Market cap gain: SEK 153B

- Cumulative retained earnings: SEK 26B

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

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 11.9%

- Per-share value change: SEK 4.29

- Per-share value, starting three-year median: SEK 2.95

- Per-share value, ending three-year median: SEK 7.24

- Buybacks concentrated in cheaper years (correlation): -0.30

- Average buyback yield: 0.6%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: SEK 22B

- Cumulative net income, 10 years: SEK 66B

- ROIC, first three-year median: 28.1%

- ROIC, last three-year median: 26.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: SEK 2.67

- FY2017: SEK 3.56

- FY2018: SEK 4.49

- FY2019: SEK 4.89

- FY2020: SEK 4.48

- FY2021: SEK 5.85

- FY2022: SEK 6.96

- FY2023: SEK 7.81

- FY2024: SEK 7.24

- FY2025: SEK 7.10

### accounting: pass

- Sloan accruals: -3.0%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.28×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.52×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.2%

- FY2017: -3.2%

- FY2018: 3.1%

- FY2019: -3.3%

- FY2020: -6.7%

- FY2021: -1.1%

- FY2022: 4.6%

- FY2023: 3.4%

- FY2024: -2.1%

- FY2025: -3.0%

## Holders

## Price story

Price needs cash profits to grow 11.8% a year for ten years · sales -2.5%

Story as of 2026-10-16T09:59:59.984Z; price observation 2026-10-15.

Price needs cash profits to grow 11.8% a year for ten years

- 2026-04-13: Epiroc secures mining equipment contract from Mopani ([finance.yahoo.com](https://finance.yahoo.com/sectors/energy/articles/epiroc-secures-mining-equipment-contract-090019044.html))

### Sales · FY2024–2025

sales -2.5%; source https://filings.xbrl.org/5493004Q73OEYW1SPE91/2024-12-31/ESEF/SE/0/epirocab-2024-12-31-0-sv/reports/epirocab-2024-12-31-0-sv.xhtml; observed 2025-05-08.

- FY2016: SEK 27B 

- FY2017: SEK 31B 

- FY2018: SEK 38B 

- FY2019: SEK 41B 

- FY2020: SEK 36B 

- FY2021: SEK 40B 

- FY2022: SEK 50B 

- FY2023: SEK 60B 

- FY2024: SEK 64B 

- FY2025: SEK 62B 

### Gross margin · FY2025

gross margin 37.1%; source https://filings.xbrl.org/5493004Q73OEYW1SPE91/2024-12-31/ESEF/SE/0/epirocab-2024-12-31-0-sv/reports/epirocab-2024-12-31-0-sv.xhtml; observed 2025-05-08.

- FY2016: 33.6% 

- FY2017: 35.9% 

- FY2018: 36.5% 

- FY2019: 37.5% 

- FY2020: 37.9% 

- FY2021: 39.0% 

- FY2022: 38.3% 

- FY2023: 38.4% 

- FY2024: 36.1% 

- FY2025: 37.1% 

## Owner memo

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

### How it makes money

Operates in farm & heavy construction machinery; annual sales are SEK 62 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: revenue 61998000000; grossProfit 22974000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EPI-A.ST: Epiroc AB (publ), together with its subsidiaries, develops and produces equipment for use in surface and underground applications in North America, South America, Europe, Africa, the Middle East, Asia, Australia, and India. It operates in two segments, Equipment & Service, and Tools & Attachments. The Equipment & Service segment offers equipment and solutions for rock drilling, rock excavation, rock reinforcement, loading and haulage, and ventilation systems; drilling equipment for exploration, and water and energy; and related spare parts and services for the mining and infrastructure industries. This segment also provides digital solutions, such as connectivity, collision avoidance systems, automation, and mine planning, as well as electrification. Its Tools & Attachments segment offers rock drilling tools, including tophammer, COPROD, down-the hole, rotary and raiseboring; drill string components comprising bits, rods, pipes, shanks, hammers, and other products; rock reinforcement tools, such as rock bolts, mesh, and accessories; and exploration drilling tools. This segment also provides hydraulic breakers, shears and pulverizers, concrete cutters and busters, quick couplers and thumbs, drum cutters, excavator grapples, excavator magnets, and crusher and screening buckets; ground engaging tools, including teeth, lip shrouds, and protective shrouds; and digital solutions for monitoring, optimization, loss detection and analytics. In addition, the company offers aftermarket services, such as replacement parts and kits, service agreements and audits, circular services, and custom-engineered solutions, as well as component remanufacturing, midlife upgrades, cost-per-meter contracts, and conversion kits. The company has a strategic collaboration with Sany Group Company Limited for the development of equipment and technology for mining applications. Epiroc AB (publ) was founded in 1873 and is headquartered in Nacka, Sweden.

### Why customers stay

Margins ranged from 36.1% to 38.4% during 2023–25; it earns 30% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: grossProfit / revenue = 38.4%.

- Source: https://filings.xbrl.org/5493004Q73OEYW1SPE91/2024-12-31/ESEF/SE/0/epirocab-2024-12-31-0-sv/reports/epirocab-2024-12-31-0-sv.xhtml (filed 2025-05-08); FY2024: grossProfit / revenue = 36.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: grossProfit / revenue = 37.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); 10-year return on capital observations [[2016,0.20962438422626362],[2017,0.28101523171987763],[2018,0.312674606641711],[2019,0.2983291973005422],[2020,0.33851108411212943],[2021,0.35414111652690533],[2022,0.3074381489116518],[2023,0.30181639957079726],[2024,0.23439528107570565],[2025,0.2616389814373925]]; median 0.3000727984356697. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 38% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/5493004Q73OEYW1SPE91/2024-12-31/ESEF/SE/0/epirocab-2024-12-31-0-sv/reports/epirocab-2024-12-31-0-sv.xhtml (filed 2025-05-08); Gross margin observations: [[2021,0.3897843359818388],[2022,0.3827222602326237],[2023,0.383573902523905]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2016: growth capex 0; upkeep 580000000; owner earnings 3872000000. 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 713000000; owner earnings 4854000000. 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 1036000000; owner earnings 5762000000. 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 1023000000; owner earnings 6327200000. 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 1005000000; owner earnings 5773400000. 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 926000000; owner earnings 7487600000. 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 1014000000; owner earnings 8982000000. 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 1687000000; owner earnings 9866200000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/5493004Q73OEYW1SPE91/2024-12-31/ESEF/SE/0/epirocab-2024-12-31-0-sv/reports/epirocab-2024-12-31-0-sv.xhtml (filed 2025-05-08); FY2024: growth capex 0; upkeep 1856000000; owner earnings 9346400000. 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 2037000000; owner earnings 9099200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2016,380000000],[2017,5178000000],[2018,2523000000],[2019,2523000000],[2020,2892000000],[2021,3016000000],[2022,3619000000],[2023,4103000000],[2024,4591000000],[2025,4594000000]]. Zero only counted when supported by a complete cash-flow statement.

### 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); EPI-A.ST SharesStats.PercentInsiders = 0.018000000000000002 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 11.8% yearly over ten years; actual growth was 7.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Ten-year compound average after fade. Initial solved rate 0.2099462893823788. Price 260; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.5451516051337886 → FY2025 7.514878082681993. Closing-price date 2026-10-15.

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

- 2018-06: SEK 93.99 per share

- 2018-07: SEK 105.28 per share

- 2018-08: SEK 95.00 per share

- 2018-09: SEK 99.30 per share

- 2018-10: SEK 80.36 per share

- 2018-11: SEK 74.53 per share

- 2018-12: SEK 83.84 per share

- 2019-01: SEK 86.70 per share

- 2019-02: SEK 92.73 per share

- 2019-03: SEK 93.86 per share

- 2019-04: SEK 98.20 per share

- 2019-05: SEK 88.46 per share

- 2019-06: SEK 96.68 per share

- 2019-07: SEK 106.10 per share

- 2019-08: SEK 101.70 per share

- 2019-09: SEK 106.70 per share

- 2019-10: SEK 108.60 per share

- 2019-11: SEK 111.80 per share

- 2019-12: SEK 114.35 per share

- 2020-01: SEK 111.70 per share

- 2020-02: SEK 110.55 per share

- 2020-03: SEK 98.46 per share

- 2020-04: SEK 98.12 per share

- 2020-05: SEK 104.55 per share

- 2020-06: SEK 116.10 per share

- 2020-07: SEK 122.30 per share

- 2020-08: SEK 128.75 per share

- 2020-09: SEK 130.15 per share

- 2020-10: SEK 133.00 per share

- 2020-11: SEK 142.50 per share

- 2020-12: SEK 149.65 per share

- 2021-01: SEK 160.55 per share

- 2021-02: SEK 179.20 per share

- 2021-03: SEK 197.80 per share

- 2021-04: SEK 183.50 per share

- 2021-05: SEK 187.70 per share

- 2021-06: SEK 195.00 per share

- 2021-07: SEK 201.00 per share

- 2021-08: SEK 189.35 per share

- 2021-09: SEK 182.00 per share

- 2021-10: SEK 213.70 per share

- 2021-11: SEK 219.40 per share

- 2021-12: SEK 229.20 per share

- 2022-01: SEK 197.00 per share

- 2022-02: SEK 179.05 per share

- 2022-03: SEK 202.20 per share

- 2022-04: SEK 201.60 per share

- 2022-05: SEK 188.90 per share

- 2022-06: SEK 157.95 per share

- 2022-07: SEK 178.70 per share

- 2022-08: SEK 163.65 per share

- 2022-09: SEK 160.15 per share

- 2022-10: SEK 169.05 per share

- 2022-11: SEK 199.90 per share

- 2022-12: SEK 189.85 per share

- 2023-01: SEK 202.90 per share

- 2023-02: SEK 201.50 per share

- 2023-03: SEK 205.80 per share

- 2023-04: SEK 205.00 per share

- 2023-05: SEK 190.00 per share

- 2023-06: SEK 203.90 per share

- 2023-07: SEK 210.10 per share

- 2023-08: SEK 210.60 per share

- 2023-09: SEK 208.00 per share

- 2023-10: SEK 183.50 per share

- 2023-11: SEK 195.60 per share

- 2023-12: SEK 202.20 per share

- 2024-01: SEK 184.45 per share

- 2024-02: SEK 187.75 per share

- 2024-03: SEK 201.10 per share

- 2024-04: SEK 206.80 per share

- 2024-05: SEK 218.70 per share

- 2024-06: SEK 211.50 per share

- 2024-07: SEK 200.00 per share

- 2024-08: SEK 197.80 per share

- 2024-09: SEK 219.50 per share

- 2024-10: SEK 207.40 per share

- 2024-11: SEK 198.75 per share

- 2024-12: SEK 192.55 per share

- 2025-01: SEK 212.10 per share

- 2025-02: SEK 209.60 per share

- 2025-03: SEK 201.10 per share

- 2025-04: SEK 208.80 per share

- 2025-05: SEK 214.50 per share

- 2025-06: SEK 205.40 per share

- 2025-07: SEK 199.55 per share

- 2025-08: SEK 197.60 per share

- 2025-09: SEK 198.40 per share

- 2025-10: SEK 201.20 per share

- 2025-11: SEK 202.60 per share

- 2025-12: SEK 209.90 per share

- 2026-01: SEK 249.70 per share

- 2026-02: SEK 271.90 per share

- 2026-03: SEK 229.10 per share

- 2026-04: SEK 263.60 per share

- 2026-05: SEK 274.70 per share

- 2026-06: SEK 265.90 per share

- 2026-07: SEK 244.10 per share

- 2026-08: SEK 264.60 per share

- 2026-09: SEK 263.50 per share

- 2026-10: SEK 269.10 per share

## Annual estimated value (SEK per share)

- FY2019: low SEK 62.33 per share, central SEK 70.04 per share, high SEK 80.30 per share

- FY2020: low SEK 62.48 per share, central SEK 69.45 per share, high SEK 78.74 per share

- FY2021: low SEK 63.89 per share, central SEK 71.56 per share, high SEK 81.77 per share

- FY2022: low SEK 77.17 per share, central SEK 87.09 per share, high SEK 100.29 per share

- FY2023: low SEK 93.57 per share, central SEK 105.88 per share, high SEK 122.27 per share

- FY2024: low SEK 99.18 per share, central SEK 112.18 per share, high SEK 129.49 per share

- FY2025: low SEK 119.25 per share, central SEK 156.45 per share, high SEK 181.87 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 2026-10-15T06:40:01.190Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/5493004Q73OEYW1SPE91/2024-12-31/ESEF/SE/0/epirocab-2024-12-31-0-sv/reports/epirocab-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.