# Getinge AB ser. B (GETI-B.ST)

Canonical: https://gigainvestors.com/s/GETI-B.ST

Analysis as of: 2026-10-16T07:36:40.973Z. 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 259.20 per share; close as of 2026-10-15.

Estimated value: low SEK 128.32 per share, central SEK 145.32 per share, high SEK 167.95 per share. Buy at or below the central value SEK 145.32 per share. Valuation as of 2026-10-16T07:36:40.973Z; scenarios are not confidence intervals.

Expected annual return: 6.8% at the stated quote. About 6.8% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.49×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.08×

- FY2017: 0.07×

- FY2018: -0.01×

- FY2019: 0.09×

- FY2020: 0.16×

- FY2021: 0.16×

- FY2022: 0.13×

- FY2023: 0.12×

- FY2024: 0.08×

- FY2025: 0.13×

### moat: fail

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

- ROIC, median of available years: 22.4%

- ROIC, second-lowest year: 9.6%

- Typical minus recent gross margin: 2.3 pp

- Typical gross margin (annual median): 46.7%

- Recent gross margin (lower of latest and 3-year median): 44.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.1%

- ROIC including acquisitions, ten-year median: 7.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.6%

- FY2017: 12.2%

- FY2018: -2.1%

- FY2019: 14.7%

- FY2020: 45.0%

- FY2021: 51.3%

- FY2022: 34.2%

- FY2023: 25.5%

- FY2024: 19.4%

- FY2025: 29.7%

### economics: pass

- Owner earnings / net income, 5-yr: 1.27×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SEK 15B

- Net income, five-year total: SEK 12B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.4 pp

- Working capital / revenue, change between three-year averages: -10.2 pp

- Working capital / revenue, final three-year average: 34.7%

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

- FY2021: 1.23×

- FY2022: 1.25×

- FY2023: 1.18×

- FY2024: 1.46×

- FY2025: 1.28×

### management: pass

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 9.6% vs 25.5%

- Per-share earnings: 5.50 to 8.29 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.7%

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

- Market cap gain: SEK 34B

- Cumulative retained earnings: SEK 8.0B

- Diluted shares, 10-year annual growth: 0.7%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.3%

- Per-share value change: SEK 2.79

- Per-share value, starting three-year median: SEK 5.50

- Per-share value, ending three-year median: SEK 8.29

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: SEK 20B

- Cumulative net income, 10 years: SEK 18B

- ROIC, first three-year median: 9.6%

- ROIC, last three-year median: 25.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: SEK 4.69

- FY2017: SEK 5.57

- FY2018: SEK -3.55

- FY2019: SEK 4.49

- FY2020: SEK 11.89

- FY2021: SEK 10.90

- FY2022: SEK 9.15

- FY2023: SEK 8.86

- FY2024: SEK 6.01

- FY2025: SEK 8.29

### accounting: pass

- Sloan accruals: -3.0%

- Receivables to sales index (DSRI): 0.94×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.75×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.14×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.5%

- FY2017: -3.3%

- FY2018: -8.0%

- FY2019: -5.8%

- FY2020: -8.8%

- FY2021: -8.1%

- FY2022: -1.7%

- FY2023: -1.0%

- FY2024: -4.6%

- FY2025: -3.0%

## Holders

## Price story

Down 34% since Dec 2021 · sales +0.6%

Story as of 2026-10-16T10:00:07.891Z; price observation 2026-10-15.

Price needs cash profits to grow 8.4% a year for ten years

### Sales · FY2024–2025

sales +0.6%; source https://filings.xbrl.org/5493003PZ4F570G3W735/2024-12-31/ESEF/SE/0/geti-2024-12-31-0-sv/reports/geti-2024-12-31-0-sv.xhtml; observed 2025-05-08.

- FY2016: SEK 30B 

- FY2017: SEK 22B 

- FY2018: SEK 24B 

- FY2019: SEK 27B 

- FY2020: SEK 30B 

- FY2021: SEK 27B 

- FY2022: SEK 28B 

- FY2023: SEK 32B 

- FY2024: SEK 35B 

- FY2025: SEK 35B 

### Gross margin · FY2025

gross margin 44.5%; source https://filings.xbrl.org/5493003PZ4F570G3W735/2024-12-31/ESEF/SE/0/geti-2024-12-31-0-sv/reports/geti-2024-12-31-0-sv.xhtml; observed 2025-05-08.

- FY2016: 46.5% 

- FY2017: 47.1% 

- FY2018: 45.7% 

- FY2019: 46.9% 

- FY2020: 49.4% 

- FY2021: 50.2% 

- FY2022: 47.5% 

- FY2023: 45.5% 

- FY2024: 46.5% 

- FY2025: 44.5% 

## Owner memo

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

### How it makes money

Operates in medical devices; annual sales are SEK 35 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: revenue 34969000000; grossProfit 15544000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 44.5% to 46.5% during 2023–25; it earns 22.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: grossProfit / revenue = 45.5%.

- Source: https://filings.xbrl.org/5493003PZ4F570G3W735/2024-12-31/ESEF/SE/0/geti-2024-12-31-0-sv/reports/geti-2024-12-31-0-sv.xhtml (filed 2025-05-08); FY2024: grossProfit / revenue = 46.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: grossProfit / revenue = 44.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); 10-year return on capital observations [[2016,0.09587110196450448],[2017,0.12215676648666339],[2018,-0.021037037037037038],[2019,0.14739558091105245],[2020,0.4504560316640854],[2021,0.512707893516119],[2022,0.3424917588886273],[2023,0.2549021552856041],[2024,0.19363354902245025],[2025,0.29663621440898036]]; median 0.22426785215402717. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### 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 1425000000; owner earnings 1501000000. 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 1663000000; owner earnings 1624000000. 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 1220000000; owner earnings 1973400000. 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 1045000000; owner earnings 3680000000. 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 930000000; owner earnings 3646800000. 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 1136000000; owner earnings 3119200000. 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 1353000000; owner earnings 2856200000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/5493003PZ4F570G3W735/2024-12-31/ESEF/SE/0/geti-2024-12-31-0-sv/reports/geti-2024-12-31-0-sv.xhtml (filed 2025-05-08); FY2024: growth capex 0; upkeep 1309000000; owner earnings 2390000000. 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 1314000000; owner earnings 2897800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2016,685000000],[2017,495000000],[2018,424000000],[2019,298000000],[2020,433000000],[2021,858000000],[2022,1111000000],[2023,1158000000],[2024,1227000000],[2025,1253000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 15.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GETI-B.ST SharesStats.PercentInsiders = 15.201 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 8.4% yearly over ten years; actual growth was 11.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Ten-year compound average after fade. Initial solved rate 0.10708580510416954. Price 259.2; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.629524994060093 → FY2025 10.639204023938026. Closing-price date 2026-10-15.

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

- 2016-11: SEK 97.98 per share

- 2016-12: SEK 101.53 per share

- 2017-01: SEK 98.26 per share

- 2017-02: SEK 106.46 per share

- 2017-03: SEK 109.24 per share

- 2017-04: SEK 120.29 per share

- 2017-05: SEK 125.71 per share

- 2017-06: SEK 114.59 per share

- 2017-07: SEK 97.43 per share

- 2017-08: SEK 108.79 per share

- 2017-09: SEK 112.55 per share

- 2017-10: SEK 121.47 per share

- 2017-11: SEK 111.00 per share

- 2017-12: SEK 119.00 per share

- 2018-01: SEK 107.90 per share

- 2018-02: SEK 104.60 per share

- 2018-03: SEK 94.94 per share

- 2018-04: SEK 81.66 per share

- 2018-05: SEK 85.46 per share

- 2018-06: SEK 81.50 per share

- 2018-07: SEK 94.80 per share

- 2018-08: SEK 109.00 per share

- 2018-09: SEK 102.40 per share

- 2018-10: SEK 89.90 per share

- 2018-11: SEK 94.00 per share

- 2018-12: SEK 79.90 per share

- 2019-01: SEK 101.90 per share

- 2019-02: SEK 109.25 per share

- 2019-03: SEK 108.25 per share

- 2019-04: SEK 133.65 per share

- 2019-05: SEK 128.75 per share

- 2019-06: SEK 146.30 per share

- 2019-07: SEK 142.15 per share

- 2019-08: SEK 135.45 per share

- 2019-09: SEK 137.75 per share

- 2019-10: SEK 164.70 per share

- 2019-11: SEK 166.25 per share

- 2019-12: SEK 174.00 per share

- 2020-01: SEK 164.55 per share

- 2020-02: SEK 160.10 per share

- 2020-03: SEK 190.70 per share

- 2020-04: SEK 188.10 per share

- 2020-05: SEK 173.75 per share

- 2020-06: SEK 172.90 per share

- 2020-07: SEK 209.80 per share

- 2020-08: SEK 192.10 per share

- 2020-09: SEK 195.50 per share

- 2020-10: SEK 174.35 per share

- 2020-11: SEK 183.15 per share

- 2020-12: SEK 192.10 per share

- 2021-01: SEK 215.80 per share

- 2021-02: SEK 213.70 per share

- 2021-03: SEK 242.50 per share

- 2021-04: SEK 286.50 per share

- 2021-05: SEK 293.00 per share

- 2021-06: SEK 322.80 per share

- 2021-07: SEK 374.10 per share

- 2021-08: SEK 354.00 per share

- 2021-09: SEK 349.80 per share

- 2021-10: SEK 384.30 per share

- 2021-11: SEK 378.90 per share

- 2021-12: SEK 395.10 per share

- 2022-01: SEK 361.60 per share

- 2022-02: SEK 370.60 per share

- 2022-03: SEK 377.00 per share

- 2022-04: SEK 286.60 per share

- 2022-05: SEK 283.00 per share

- 2022-06: SEK 236.40 per share

- 2022-07: SEK 228.30 per share

- 2022-08: SEK 198.15 per share

- 2022-09: SEK 191.70 per share

- 2022-10: SEK 224.30 per share

- 2022-11: SEK 241.80 per share

- 2022-12: SEK 216.30 per share

- 2023-01: SEK 234.60 per share

- 2023-02: SEK 225.50 per share

- 2023-03: SEK 252.70 per share

- 2023-04: SEK 259.90 per share

- 2023-05: SEK 249.50 per share

- 2023-06: SEK 188.95 per share

- 2023-07: SEK 196.15 per share

- 2023-08: SEK 190.35 per share

- 2023-09: SEK 192.70 per share

- 2023-10: SEK 200.40 per share

- 2023-11: SEK 223.00 per share

- 2023-12: SEK 224.30 per share

- 2024-01: SEK 223.70 per share

- 2024-02: SEK 205.20 per share

- 2024-03: SEK 215.40 per share

- 2024-04: SEK 235.00 per share

- 2024-05: SEK 187.00 per share

- 2024-06: SEK 180.05 per share

- 2024-07: SEK 208.90 per share

- 2024-08: SEK 213.60 per share

- 2024-09: SEK 218.80 per share

- 2024-10: SEK 187.65 per share

- 2024-11: SEK 170.45 per share

- 2024-12: SEK 181.55 per share

- 2025-01: SEK 218.10 per share

- 2025-02: SEK 213.00 per share

- 2025-03: SEK 215.80 per share

- 2025-04: SEK 186.20 per share

- 2025-05: SEK 185.00 per share

- 2025-06: SEK 189.70 per share

- 2025-07: SEK 193.10 per share

- 2025-08: SEK 207.20 per share

- 2025-09: SEK 202.50 per share

- 2025-10: SEK 223.30 per share

- 2025-11: SEK 214.90 per share

- 2025-12: SEK 218.80 per share

- 2026-01: SEK 195.40 per share

- 2026-02: SEK 202.90 per share

- 2026-03: SEK 188.55 per share

- 2026-04: SEK 183.55 per share

- 2026-05: SEK 189.85 per share

- 2026-06: SEK 198.10 per share

- 2026-07: SEK 237.40 per share

- 2026-08: SEK 243.90 per share

- 2026-09: SEK 248.00 per share

- 2026-10: SEK 254.30 per share

## Annual estimated value (SEK per share)

- FY2016: low SEK 70.42 per share, central SEK 81.25 per share, high SEK 93.78 per share

- FY2017: low SEK 54.58 per share, central SEK 61.51 per share, high SEK 70.72 per share

- FY2018: low SEK 51.83 per share, central SEK 58.58 per share, high SEK 67.56 per share

- FY2019: low SEK 56.42 per share, central SEK 63.83 per share, high SEK 73.70 per share

- FY2020: low SEK 108.60 per share, central SEK 123.48 per share, high SEK 140.34 per share

- FY2021: low SEK 94.72 per share, central SEK 107.31 per share, high SEK 122.62 per share

- FY2022: low SEK 143.94 per share, central SEK 161.19 per share, high SEK 184.17 per share

- FY2023: low SEK 148.50 per share, central SEK 167.91 per share, high SEK 193.76 per share

- FY2024: low SEK 162.11 per share, central SEK 183.32 per share, high SEK 211.54 per share

- FY2025: low SEK 135.85 per share, central SEK 153.22 per share, high SEK 176.33 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 2026-10-15T06:42:25.079Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/5493003PZ4F570G3W735/2024-12-31/ESEF/SE/0/geti-2024-12-31-0-sv/reports/geti-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.

## Reported holder observations