# Eqt (EQT.ST)

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

Analysis as of: 2026-10-16T07:34:10.003Z. Financial observations: FY2019–FY2025.

Listing currency: SEK. Reporting currency: EUR.

## 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 288.50 per share; close as of 2026-10-15.

Estimated value: low SEK 109.06 per share, central SEK 116.56 per share, high SEK 126.56 per share. Buy at or below the central value SEK 116.56 per share. Valuation as of 2026-10-16T07:34:10.003Z; scenarios are not confidence intervals.

Expected annual return: 4.8% at the stated quote. About 4.8% 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

- FY2023 operating-margin dip fully recovered the next year and stayed recovered; holding that year at the preceding margin meets the existing variation limit. Raw variation still determines the price discount.

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

- Financial history: 7 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.38×

- One fully recovered margin dip: Yes

- Variation with recovered dip held at prior margin: 0.33

- Recovered dip fiscal year: FY2023

Chart: Operating margin; fiscal year observations.

- FY2019: 0.30×

- FY2020: 0.43×

- FY2021: 0.55×

- FY2022: 0.21×

- FY2023: 0.15×

- FY2024: 0.33×

- FY2025: 0.40×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 43.3%

- ROIC, second-lowest year: 3.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.2%

- ROIC including acquisitions, ten-year median: 8.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 59.8%

- FY2020: 75.0%

- FY2021: 57.8%

- FY2022: 3.6%

- FY2023: 3.2%

- FY2024: 10.8%

- FY2025: 43.3%

### economics: pass

- Owner earnings / net income, 5-yr: 0.80×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 2.2B

- Net income, five-year total: EUR 2.8B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -5.6 pp

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

- FY2021: 0.66×

- FY2022: 1.79×

- FY2023: 3.20×

- FY2024: 0.52×

- FY2025: 0.49×

### management: pass

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 59.8% vs 10.8%

- Per-share earnings: 0.40 to 0.62 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 4.3%

- Diluted shares, 5-year annual growth: 4.3%

- Per-share value growth: 11.6%

- Per-share value change: EUR 0.22

- Per-share value, starting three-year median: EUR 0.40

- Per-share value, ending three-year median: EUR 0.62

- Buybacks concentrated in cheaper years (correlation): 0.20

- Average buyback yield: 0.6%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: 59.8%

- ROIC, last three-year median: 10.8%

Chart: Earnings per share; fiscal year observations.

- FY2019: EUR 0.17

- FY2020: EUR 0.40

- FY2021: EUR 0.93

- FY2022: EUR 0.17

- FY2023: EUR 0.14

- FY2024: EUR 0.66

- FY2025: EUR 0.62

### accounting: pass

- Sloan accruals: 2.6%

- Receivables to sales index (DSRI): 0.88×

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.59×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.58×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -5.9%

- FY2020: 12.8%

- FY2021: 7.7%

- FY2022: -3.9%

- FY2023: -6.9%

- FY2024: 2.7%

- FY2025: 2.6%

## Holders

## Price story

Down 46% since Nov 2021 · sales -0.8%

Story as of 2026-10-16T09:59:59.391Z; price observation 2026-10-15.

Price needs cash profits to grow 17.8% a year for ten years

### Sales · FY2024–2025

sales -0.8%; source https://filings.xbrl.org/213800U7P9GOIRKCTB34/2024-12-31/ESEF/SE/0/eqtab-2024-12-31-0-sv/reports/eqtab-2024-12-31-0-sv.xhtml; observed 2025-05-08.

- FY2019: EUR 564M 

- FY2020: EUR 709M 

- FY2021: EUR 1.6B 

- FY2022: EUR 1.5B 

- FY2023: EUR 2.1B 

- FY2024: EUR 2.7B 

- FY2025: EUR 2.6B 

### Gross margin · FY2025

gross margin 66.5%; source https://filings.xbrl.org/213800U7P9GOIRKCTB34/2024-12-31/ESEF/SE/0/eqtab-2024-12-31-0-sv/reports/eqtab-2024-12-31-0-sv.xhtml; observed 2025-05-08.

- FY2019: 61.6% 

- FY2022: 59.7% 

- FY2023: 51.9% 

- FY2024: 68.2% 

- FY2025: 66.5% 

## Owner memo

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

### How it makes money

Operates in asset management; annual sales are EUR 2.6 billion.

- Source: https://eodhd.com/api/fundamentals/6EQ.F.json#2025-12-31 (filed 2025-05-08); FY2025: revenue 2632400000; grossProfit 1750800000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 51.9% to 68.2% during 2023–25; it earns 43.3% on its capital.

- Source: https://eodhd.com/api/fundamentals/6EQ.F.json#2023-12-31 (filed 2025-05-08); FY2023: grossProfit / revenue = 51.9%.

- Source: https://eodhd.com/api/fundamentals/6EQ.F.json#2024-12-31 (filed 2025-05-08); FY2024: grossProfit / revenue = 68.2%.

- Source: https://eodhd.com/api/fundamentals/6EQ.F.json#2025-12-31 (filed 2025-05-08); FY2025: grossProfit / revenue = 66.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); 7-year return on capital observations [[2019,0.5984904159569777],[2020,0.7501296652531908],[2021,0.5780221227284699],[2022,0.036076896344819975],[2023,0.032193808882907134],[2024,0.10838834764854369],[2025,0.4331294124002623]]; median 0.4331294124002623. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 7 years; bought back EUR 296 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2019: growth capex 0; upkeep 18600000; owner earnings 135240000. 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 8400000; owner earnings 163400000. 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 11500000; cash acquisitions 631600000; owner earnings 596700000. Growth capex plus acquisitions / owner earnings = 1.0584883526059996.

- Source: https://eodhd.com/api/fundamentals/6EQ.F.json#2022-12-31 (filed 2025-05-08); FY2022: growth capex 0; upkeep 31000000; cash acquisitions 1455500000; owner earnings 316400000. Growth capex plus acquisitions / owner earnings = 4.600189633375474.

- Source: https://eodhd.com/api/fundamentals/6EQ.F.json#2023-12-31 (filed 2025-05-08); FY2023: growth capex 0; upkeep 23600000; cash acquisitions 0; owner earnings 537400000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/EQT.ST?type=annualTotalRevenue%2CannualCostOfRevenue%2CannualGrossProfit%2CannualOperatingIncome%2CannualOperatingExpense%2CannualNetIncome%2CannualPretaxIncome%2CannualTaxProvision%2CannualDepreciationAndAmortization%2CannualStockBasedCompensation%2CannualOperatingCashFlow%2CannualCapitalExpenditure%2CannualCashDividendsPaid%2CannualRepurchaseOfCapitalStock%2CannualIssuanceOfCapitalStock%2CannualNetBusinessPurchaseAndSale%2CannualReceivables%2CannualInventory%2CannualAccountsPayable%2CannualCashCashEquivalentsAndShortTermInvestments%2CannualTotalDebt%2CannualCurrentDebt%2CannualStockholdersEquity%2CannualGoodwill%2CannualOtherIntangibleAssets%2CannualNetPPE%2CannualTotalAssets%2CannualTotalLiabilitiesNetMinorityInterest%2CannualCurrentAssets%2CannualCurrentLiabilities%2CannualDilutedAverageShares%2CannualDilutedEPS%2CannualRetainedEarnings&period1=1262304000&period2=1790802329 (filed 2025-05-08); FY2024: growth capex 0; upkeep 17500000; cash acquisitions 0; owner earnings 405900000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/6EQ.F.json#2025-12-31 (filed 2025-05-08); FY2025: growth capex 0; upkeep 34900000; owner earnings 355200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2019,30300000],[2020,196800000],[2021,233900000],[2022,291000000],[2023,298400000],[2024,372700000],[2025,461100000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/6EQ.F.json#2025-12-31 (filed 2025-05-08); FY2025: cash repurchases 296000000 EUR.

### Are managers owners

Insiders own 35.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EQT.ST SharesStats.PercentInsiders = 35.388999999999996 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 17.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Ten-year compound average after fade. Initial solved rate 0.2450031956655242. Price 288.5; FX 11.157014925373135; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2019-09: SEK 87.47 per share

- 2019-10: SEK 92.64 per share

- 2019-11: SEK 112.70 per share

- 2019-12: SEK 108.90 per share

- 2020-01: SEK 122.30 per share

- 2020-02: SEK 140.15 per share

- 2020-03: SEK 118.50 per share

- 2020-04: SEK 136.40 per share

- 2020-05: SEK 148.95 per share

- 2020-06: SEK 167.15 per share

- 2020-07: SEK 205.00 per share

- 2020-08: SEK 159.50 per share

- 2020-09: SEK 174.20 per share

- 2020-10: SEK 169.55 per share

- 2020-11: SEK 190.85 per share

- 2020-12: SEK 210.40 per share

- 2021-01: SEK 261.10 per share

- 2021-02: SEK 235.50 per share

- 2021-03: SEK 287.50 per share

- 2021-04: SEK 286.30 per share

- 2021-05: SEK 300.10 per share

- 2021-06: SEK 310.60 per share

- 2021-07: SEK 415.00 per share

- 2021-08: SEK 439.70 per share

- 2021-09: SEK 366.00 per share

- 2021-10: SEK 452.60 per share

- 2021-11: SEK 534.00 per share

- 2021-12: SEK 493.00 per share

- 2022-01: SEK 359.60 per share

- 2022-02: SEK 320.90 per share

- 2022-03: SEK 372.10 per share

- 2022-04: SEK 284.40 per share

- 2022-05: SEK 286.20 per share

- 2022-06: SEK 209.40 per share

- 2022-07: SEK 273.60 per share

- 2022-08: SEK 240.30 per share

- 2022-09: SEK 219.10 per share

- 2022-10: SEK 217.60 per share

- 2022-11: SEK 235.20 per share

- 2022-12: SEK 220.60 per share

- 2023-01: SEK 233.90 per share

- 2023-02: SEK 235.00 per share

- 2023-03: SEK 210.60 per share

- 2023-04: SEK 219.80 per share

- 2023-05: SEK 205.10 per share

- 2023-06: SEK 207.40 per share

- 2023-07: SEK 251.40 per share

- 2023-08: SEK 220.80 per share

- 2023-09: SEK 216.90 per share

- 2023-10: SEK 202.90 per share

- 2023-11: SEK 247.50 per share

- 2023-12: SEK 285.00 per share

- 2024-01: SEK 282.00 per share

- 2024-02: SEK 303.00 per share

- 2024-03: SEK 338.60 per share

- 2024-04: SEK 302.30 per share

- 2024-05: SEK 318.00 per share

- 2024-06: SEK 313.20 per share

- 2024-07: SEK 346.90 per share

- 2024-08: SEK 342.80 per share

- 2024-09: SEK 347.50 per share

- 2024-10: SEK 309.00 per share

- 2024-11: SEK 330.50 per share

- 2024-12: SEK 306.10 per share

- 2025-01: SEK 364.60 per share

- 2025-02: SEK 333.30 per share

- 2025-03: SEK 304.20 per share

- 2025-04: SEK 277.80 per share

- 2025-05: SEK 280.60 per share

- 2025-06: SEK 315.90 per share

- 2025-07: SEK 328.70 per share

- 2025-08: SEK 340.00 per share

- 2025-09: SEK 325.60 per share

- 2025-10: SEK 329.60 per share

- 2025-11: SEK 327.00 per share

- 2025-12: SEK 363.80 per share

- 2026-01: SEK 338.00 per share

- 2026-02: SEK 280.10 per share

- 2026-03: SEK 286.50 per share

- 2026-04: SEK 296.60 per share

- 2026-05: SEK 319.50 per share

- 2026-06: SEK 274.00 per share

- 2026-07: SEK 323.70 per share

- 2026-08: SEK 333.40 per share

- 2026-09: SEK 288.00 per share

- 2026-10: SEK 289.50 per share

## Annual estimated value (SEK per share)

- FY2023: low SEK 65.31 per share, central SEK 72.93 per share, high SEK 83.07 per share

- FY2024: low SEK 72.13 per share, central SEK 80.82 per share, high SEK 92.38 per share

- FY2025: low SEK 115.29 per share, central SEK 123.22 per share, high SEK 133.79 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 2026-10-15T06:39:55.593Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800U7P9GOIRKCTB34/2024-12-31/ESEF/SE/0/eqtab-2024-12-31-0-sv/reports/eqtab-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.