# FLSmidth & Co. (FLS.CO)

Canonical: https://gigainvestors.com/s/FLS.CO

Analysis as of: 2026-10-16T07:37:39.851Z. Financial observations: FY2000–FY2025.

Listing currency: DKK. Reporting currency: DKK.

## 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: DKK 584.00 per share; close as of 2026-10-15.

Estimated value: low DKK 97.54 per share, central DKK 110.07 per share, high DKK 126.73 per share. Buy at or below the central value DKK 110.07 per share. Valuation as of 2026-10-16T07:37:39.851Z; scenarios are not confidence intervals.

Expected annual return: 4.2% at the stated quote. About 4.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DK 10-year bond 3.2% + 4 points).

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.44×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.05×

- FY2018: 0.06×

- FY2019: 0.06×

- FY2020: 0.03×

- FY2021: 0.04×

- FY2022: 0.03×

- FY2023: 0.05×

- FY2024: 0.09×

- FY2025: 0.12×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 11.8%

- ROIC, second-lowest year: 7.8%

- Typical minus recent gross margin: -6.8 pp

- Typical gross margin (annual median): 25.1%

- Recent gross margin (lower of latest and 3-year median): 31.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.0%

- ROIC including acquisitions, ten-year median: 6.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 11.4%

- FY2017: 11.1%

- FY2018: 15.0%

- FY2019: 12.3%

- FY2020: 6.0%

- FY2021: 7.8%

- FY2022: 7.9%

- FY2023: 15.7%

- FY2024: 19.3%

- FY2025: 21.4%

### economics: pass

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

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: DKK 2.6B

- Net income, five-year total: DKK 2.4B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.7 pp

- Working capital / revenue, change between three-year averages: -8.4 pp

- Working capital / revenue, final three-year average: 37.3%

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

- FY2021: 1.89×

- FY2022: 1.77×

- FY2023: 0.91×

- FY2024: 0.72×

- FY2025: 0.33×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 11.4% vs 19.3%

- Per-share earnings: 10.36 to 8.76 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.1%

- Ordinary dilution, 5-year annual growth: 0.6%

- Market cap gain: DKK 9.7B

- Cumulative retained earnings: DKK 2.9B

- Diluted shares, 10-year annual growth: 1.1%

- Diluted shares, 5-year annual growth: 0.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -2.1%

- Per-share value change: DKK -1.60

- Per-share value, starting three-year median: DKK 10.36

- Per-share value, ending three-year median: DKK 8.76

- Buybacks concentrated in cheaper years (correlation): -0.68

- Average buyback yield: 0.9%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: DKK 2.5B

- Cumulative net income, 10 years: DKK 5.0B

- ROIC, first three-year median: 11.4%

- ROIC, last three-year median: 19.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: DKK 10.36

- FY2017: DKK 8.34

- FY2018: DKK 12.81

- FY2019: DKK 15.47

- FY2020: DKK 3.96

- FY2021: DKK 6.33

- FY2022: DKK 6.52

- FY2023: DKK 8.76

- FY2024: DKK 17.91

- FY2025: DKK 3.20

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -3.7%

- Receivables to sales index (DSRI): 1.92×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 5.69×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.82×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.9%

- FY2017: -2.9%

- FY2018: 1.2%

- FY2019: -0.7%

- FY2020: -5.9%

- FY2021: -4.7%

- FY2022: -2.0%

- FY2023: -0.5%

- FY2024: 1.4%

- FY2025: -3.7%

## Holders

## Price story

Price needs cash profits to grow 23% a year for ten years · sales -27.6%

Story as of 2026-10-16T10:00:09.359Z; price observation 2026-10-15.

Price needs cash profits to grow 23% a year for ten years

- 2025-05-14: FLSmidth raises its full-year 2025 financial guidance ([finance.yahoo.com](https://finance.yahoo.com/news/flsmidth-raises-full-2025-financial-052800935.html))

### Sales · FY2024–2025

sales -27.6%; source https://filings.xbrl.org/213800MXXDGQ3ITPXI41/2026-06-30/ESEF/DK/0/213800MXXDGQ3ITPXI41-2026-06-30-en/reports/213800MXXDGQ3ITPXI41-2026-06-30-en.xhtml; observed 2026-09-02.

- FY2016: DKK 18B 

- FY2017: DKK 18B 

- FY2018: DKK 19B 

- FY2019: DKK 21B 

- FY2020: DKK 16B 

- FY2021: DKK 18B 

- FY2022: DKK 22B 

- FY2023: DKK 24B 

- FY2024: DKK 20B 

- FY2025: DKK 15B 

### Gross margin · FY2025

gross margin 31.9%; source https://filings.xbrl.org/213800MXXDGQ3ITPXI41/2026-06-30/ESEF/DK/0/213800MXXDGQ3ITPXI41-2026-06-30-en/reports/213800MXXDGQ3ITPXI41-2026-06-30-en.xhtml; observed 2026-09-02.

- FY2016: 25.2% 

- FY2017: 25.5% 

- FY2018: 25.0% 

- FY2019: 23.5% 

- FY2020: 23.5% 

- FY2021: 23.8% 

- FY2022: 23.2% 

- FY2023: 25.3% 

- FY2024: 32.0% 

- FY2025: 31.9% 

## Owner memo

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

### How it makes money

Operates in specialty industrial machinery; annual sales are DKK 14.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: revenue 14612000000; grossProfit 4657000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FLS.CO: FLSmidth & Co. A/S provides flowsheet technology and service solutions for the mining industries in Denmark, the United States of America, Canada, Chile, Brazil, Peru, Australia, North and South America, Europe, the Middle East, Africa, and Asia. The company operates through three segments: Service; Products; and Pumps, Cyclones & Valves (PC&V). The company offers mineral processing equipment, such as hydrocyclones and REFLUX classifiers; cone and roll crushers, crushing stations, gyratory and jaw crushers, and sizers; centrifuges, thickeners and clarifiers, and filters; apron and belt feeders, buffalo and vibrating feeders, mine hoists, hybrid apron feeders, and mine shaft equipment; and attrition scrubbers, column and forced-air flotation cells, mixed and self-aspirated flotation cells, and REFLUX and coarse flotation cells. It also includes ball and vertical fine grinding mills, and SAG and AG mills; laboratory equipment, such as automated laboratories, crushing, dividing, drying, drying, pulverizing, and thermogravimetric analysis equipment; carbon ADR plants and regeneration kilns, precious metals electrowinning and refinery, gravity concentration, mercury retort and abatement systems, Merrill Crowe systems, and cyanide leaches; flash dryers and heaters, gas suspension calciners, gear drive rotary and temperature shaft kilns, indirectly heated rotary kilns, multiple hearth furnaces, and rotary dryers; screening equipment; and froth, heavy duty, high pressure, large solids, medium duty, mills, recessed impeller, split case, sump pumps, and valves. In addition, the company offers consumables; digital services; mining education; minerals testing laboratories; mining field services; process automation; service centers; spare parts; and upgrade, rebuild, and exchange services. The company was formerly known as FLS Industries and changed its name to FLSmidth & Co. A/S in January 2005. The company was founded in 1882 and is headquartered in Copenhagen, Denmark.

### Why customers stay

Margins ranged from 25.3% to 32% during 2023–25; it earns 11.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2023: grossProfit / revenue = 25.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2024: grossProfit / revenue = 32%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: grossProfit / revenue = 31.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); 10-year return on capital observations [[2016,0.1138368552789693],[2017,0.11141121495327103],[2018,0.15045820556867284],[2019,0.12285217632549732],[2020,0.06012867327421318],[2021,0.07847235788239891],[2022,0.07875708422904046],[2023,0.1567209162145871],[2024,0.19327144092564383],[2025,0.21391454965357967]]; median 0.11834451580223332. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back DKK 1 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2016: growth capex 0; upkeep 262000000; owner earnings 933000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2017: growth capex 0; upkeep 265000000; owner earnings 799000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2018: growth capex 0; upkeep 508000000; owner earnings 738000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2019: growth capex 0; upkeep 419000000; owner earnings 1014400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2020: growth capex 0; upkeep 349000000; owner earnings 478600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2021: growth capex 0; upkeep 295000000; owner earnings 678200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2022: growth capex 0; upkeep 333000000; owner earnings 653400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2023: growth capex 0; upkeep 499000000; owner earnings 450400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2024: growth capex 0; upkeep 698000000; owner earnings 732400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: growth capex 0; upkeep 585000000; owner earnings 57000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Dividend observations: [[2016,197000000],[2017,296000000],[2018,421000000],[2019,450000000],[2020,14000000],[2021,101000000],[2022,176000000],[2023,170000000],[2024,230000000],[2025,458000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: cash repurchases 1033000000 DKK.

### Are managers owners

Insiders own 15.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FLS.CO SharesStats.PercentInsiders = 15.296999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 23% yearly over ten years; actual decline was 26.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Ten-year compound average after fade. Initial solved rate 0.322068132369954. Price 584; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 22.982865088128246 → FY2025 1.0425220987250137. Closing-price date 2026-10-15.

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

- 2016-10: DKK 246.20 per share

- 2016-11: DKK 287.80 per share

- 2016-12: DKK 293.00 per share

- 2017-01: DKK 319.80 per share

- 2017-02: DKK 344.00 per share

- 2017-03: DKK 373.00 per share

- 2017-04: DKK 410.70 per share

- 2017-05: DKK 403.10 per share

- 2017-06: DKK 411.40 per share

- 2017-07: DKK 384.50 per share

- 2017-08: DKK 393.40 per share

- 2017-09: DKK 416.30 per share

- 2017-10: DKK 438.00 per share

- 2017-11: DKK 344.20 per share

- 2017-12: DKK 361.30 per share

- 2018-01: DKK 353.40 per share

- 2018-02: DKK 416.70 per share

- 2018-03: DKK 388.70 per share

- 2018-04: DKK 382.40 per share

- 2018-05: DKK 426.80 per share

- 2018-06: DKK 381.90 per share

- 2018-07: DKK 419.40 per share

- 2018-08: DKK 399.00 per share

- 2018-09: DKK 399.70 per share

- 2018-10: DKK 345.90 per share

- 2018-11: DKK 330.20 per share

- 2018-12: DKK 293.10 per share

- 2019-01: DKK 304.90 per share

- 2019-02: DKK 314.80 per share

- 2019-03: DKK 287.50 per share

- 2019-04: DKK 334.00 per share

- 2019-05: DKK 263.70 per share

- 2019-06: DKK 296.90 per share

- 2019-07: DKK 276.90 per share

- 2019-08: DKK 292.10 per share

- 2019-09: DKK 298.20 per share

- 2019-10: DKK 239.70 per share

- 2019-11: DKK 249.10 per share

- 2019-12: DKK 265.40 per share

- 2020-01: DKK 231.50 per share

- 2020-02: DKK 229.80 per share

- 2020-03: DKK 153.55 per share

- 2020-04: DKK 179.35 per share

- 2020-05: DKK 182.50 per share

- 2020-06: DKK 191.35 per share

- 2020-07: DKK 187.55 per share

- 2020-08: DKK 180.80 per share

- 2020-09: DKK 181.30 per share

- 2020-10: DKK 163.05 per share

- 2020-11: DKK 207.40 per share

- 2020-12: DKK 232.80 per share

- 2021-01: DKK 215.50 per share

- 2021-02: DKK 259.60 per share

- 2021-03: DKK 243.10 per share

- 2021-04: DKK 243.60 per share

- 2021-05: DKK 252.20 per share

- 2021-06: DKK 260.70 per share

- 2021-07: DKK 232.30 per share

- 2021-08: DKK 228.30 per share

- 2021-09: DKK 224.20 per share

- 2021-10: DKK 244.60 per share

- 2021-11: DKK 222.00 per share

- 2021-12: DKK 244.30 per share

- 2022-01: DKK 221.40 per share

- 2022-02: DKK 191.00 per share

- 2022-03: DKK 177.50 per share

- 2022-04: DKK 196.40 per share

- 2022-05: DKK 204.00 per share

- 2022-06: DKK 174.45 per share

- 2022-07: DKK 199.00 per share

- 2022-08: DKK 205.80 per share

- 2022-09: DKK 165.90 per share

- 2022-10: DKK 174.25 per share

- 2022-11: DKK 208.30 per share

- 2022-12: DKK 251.70 per share

- 2023-01: DKK 292.20 per share

- 2023-02: DKK 277.30 per share

- 2023-03: DKK 262.20 per share

- 2023-04: DKK 266.40 per share

- 2023-05: DKK 289.00 per share

- 2023-06: DKK 330.20 per share

- 2023-07: DKK 321.00 per share

- 2023-08: DKK 314.40 per share

- 2023-09: DKK 319.20 per share

- 2023-10: DKK 264.20 per share

- 2023-11: DKK 283.40 per share

- 2023-12: DKK 287.20 per share

- 2024-01: DKK 284.60 per share

- 2024-02: DKK 328.40 per share

- 2024-03: DKK 344.20 per share

- 2024-04: DKK 351.40 per share

- 2024-05: DKK 394.40 per share

- 2024-06: DKK 346.20 per share

- 2024-07: DKK 351.80 per share

- 2024-08: DKK 344.20 per share

- 2024-09: DKK 379.40 per share

- 2024-10: DKK 357.40 per share

- 2024-11: DKK 385.20 per share

- 2024-12: DKK 356.00 per share

- 2025-01: DKK 374.60 per share

- 2025-02: DKK 376.00 per share

- 2025-03: DKK 329.20 per share

- 2025-04: DKK 309.80 per share

- 2025-05: DKK 379.60 per share

- 2025-06: DKK 387.00 per share

- 2025-07: DKK 388.00 per share

- 2025-08: DKK 435.60 per share

- 2025-09: DKK 446.00 per share

- 2025-10: DKK 505.00 per share

- 2025-11: DKK 411.40 per share

- 2025-12: DKK 445.00 per share

- 2026-01: DKK 541.50 per share

- 2026-02: DKK 560.50 per share

- 2026-03: DKK 483.20 per share

- 2026-04: DKK 472.00 per share

- 2026-05: DKK 503.50 per share

- 2026-06: DKK 478.00 per share

- 2026-07: DKK 485.20 per share

- 2026-08: DKK 590.00 per share

- 2026-09: DKK 568.50 per share

- 2026-10: DKK 594.50 per share

## Annual estimated value (DKK per share)

- FY2016: low DKK 220.17 per share, central DKK 247.53 per share, high DKK 283.97 per share

- FY2017: low DKK 204.75 per share, central DKK 230.17 per share, high DKK 264.00 per share

- FY2018: low DKK 201.61 per share, central DKK 228.03 per share, high DKK 263.20 per share

- FY2019: low DKK 233.03 per share, central DKK 263.54 per share, high DKK 304.15 per share

- FY2020: low DKK 162.15 per share, central DKK 182.90 per share, high DKK 210.53 per share

- FY2021: low DKK 161.83 per share, central DKK 180.28 per share, high DKK 204.84 per share

- FY2022: low DKK 192.21 per share, central DKK 214.60 per share, high DKK 244.40 per share

- FY2023: low DKK 154.21 per share, central DKK 173.36 per share, high DKK 198.85 per share

- FY2024: low DKK 127.82 per share, central DKK 143.83 per share, high DKK 165.13 per share

- FY2025: low DKK 92.88 per share, central DKK 104.92 per share, high DKK 120.95 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 2026-10-15T06:43:25.692Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800MXXDGQ3ITPXI41/2026-06-30/ESEF/DK/0/213800MXXDGQ3ITPXI41-2026-06-30-en/reports/213800MXXDGQ3ITPXI41-2026-06-30-en.xhtml); period 2026-06-30, filed 2026-09-02.

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