# Hexagon (HEXA-B.ST)

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

Analysis as of: 2026-10-16T07:34:24.092Z. Financial observations: FY2002–FY2025.

Listing currency: SEK. Reporting currency: EUR.

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

Estimated value: low SEK 45.74 per share, central SEK 50.86 per share, high SEK 57.68 per share. Buy at or below the central value SEK 50.86 per share. Valuation as of 2026-10-16T07:34:24.092Z; scenarios are not confidence intervals.

Expected annual return: 6.0% at the stated quote. About 6.0% 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: 0.11×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.23×

- FY2017: 0.22×

- FY2018: 0.25×

- FY2019: 0.23×

- FY2020: 0.21×

- FY2021: 0.23×

- FY2022: 0.25×

- FY2023: 0.22×

- FY2024: 0.27×

- FY2025: 0.17×

### moat: pass

- ROIC, median of available years: 28.0%

- ROIC, second-lowest year: 25.4%

- Typical minus recent gross margin: -2.6 pp

- Typical gross margin (annual median): 63.8%

- Recent gross margin (lower of latest and 3-year median): 66.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 10.5%

- ROIC including acquisitions, ten-year median: 8.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 30.1%

- FY2017: 32.4%

- FY2018: 33.1%

- FY2019: 26.8%

- FY2020: 26.1%

- FY2021: 27.8%

- FY2022: 29.0%

- FY2023: 25.4%

- FY2024: 28.2%

- FY2025: 15.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.02×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 4.4B

- Net income, five-year total: EUR 4.3B

- Return on incremental invested capital: 32.3%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -1.6 pp

- Working capital / revenue, final three-year average: 31.1%

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

- FY2021: 1.14×

- FY2022: 0.96×

- FY2023: 0.93×

- FY2024: 0.91×

- FY2025: 1.25×

### 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: 32.4% vs 25.4%

- Per-share earnings: 0.23 to 0.32 (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: 1.0%

- Market cap gain: EUR 16B

- Cumulative retained earnings: EUR 4.5B

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

- Diluted shares, 5-year annual growth: 1.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 4.3%

- Per-share value change: EUR 0.09

- Per-share value, starting three-year median: EUR 0.23

- Per-share value, ending three-year median: EUR 0.32

- Buybacks concentrated in cheaper years (correlation): 0.71

- Average buyback yield: 0.2%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 9.1B

- Cumulative net income, 10 years: EUR 7.6B

- ROIC, first three-year median: 32.4%

- ROIC, last three-year median: 25.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.23

- FY2017: EUR 0.26

- FY2018: EUR 0.29

- FY2019: EUR 0.27

- FY2020: EUR 0.24

- FY2021: EUR 0.30

- FY2022: EUR 0.37

- FY2023: EUR 0.32

- FY2024: EUR 0.38

- FY2025: EUR 0.23

### accounting: pass

- Sloan accruals: -5.9%

- Receivables to sales index (DSRI): 1.08×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.62×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.18×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.5%

- FY2017: -2.5%

- FY2018: -2.3%

- FY2019: -3.4%

- FY2020: -6.4%

- FY2021: -3.7%

- FY2022: -2.0%

- FY2023: -3.0%

- FY2024: -3.2%

- FY2025: -5.9%

## Holders

## Price story

Down 27% since Dec 2021 · sales +0.4%

Story as of 2026-10-16T10:00:00.430Z; price observation 2026-10-15.

Price needs cash profits to grow 11.2% a year for ten years

### Sales · FY2024–2025

sales +0.4%; source https://filings.xbrl.org/549300WJFW6ILNI4TA80/2024-12-31/ESEF/SE/0/hexa-2024-12-31-0-sv/reports/hexa-2024-12-31-0-sv.xhtml; observed 2025-05-08.

- FY2016: EUR 3.1B 

- FY2017: EUR 3.4B 

- FY2018: EUR 3.8B 

- FY2019: EUR 3.9B 

- FY2020: EUR 3.8B 

- FY2021: EUR 4.3B 

- FY2022: EUR 5.2B 

- FY2023: EUR 5.4B 

- FY2024: EUR 5.4B 

- FY2025: EUR 5.4B 

### Gross margin · FY2025

gross margin 66.3%; source https://filings.xbrl.org/549300WJFW6ILNI4TA80/2024-12-31/ESEF/SE/0/hexa-2024-12-31-0-sv/reports/hexa-2024-12-31-0-sv.xhtml; observed 2025-05-08.

- FY2016: 60.4% 

- FY2017: 61.5% 

- FY2018: 62.1% 

- FY2019: 62.8% 

- FY2020: 63.1% 

- FY2021: 64.4% 

- FY2022: 65.1% 

- FY2023: 65.2% 

- FY2024: 66.8% 

- FY2025: 66.3% 

## Owner memo

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

### How it makes money

Operates in scientific & technical instruments; annual sales are EUR 5.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: revenue 5424600000; grossProfit 3596700000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HEXA-B.ST: Hexagon AB (publ) provides geospatial and industrial enterprise solutions worldwide. It operates in Manufacturing Intelligence, Geosystems, Autonomous Solutions and Octave segments. The company provides autonomy and perception, enterprise software for farms, GNSS positioning, and machine control; airborne and mobile mapping, geospatial content, laser scanning, ERIDAA imagin, lucaid, and M.app enterprise; and asset lifecycle information management, design and visualization, engineering and schematics, enterprise project performance, operations and maintenance, OT/ICS cyber security, and smart digital reality, as well as procurement, fabrication, and construction services. It offers automated measurement systems, CAD/CAM and production software, CAE software, coordinate measuring machines, metrology software, portable measuring systems, quality assurance software, and service and support services. In addition, the company provides evaluation, planning and design; drill and blast; load and haul; mine survey and monitoring; processing; reclamation; operational safety; autonomous operations; and multi-senor technology insights services. Further, it offers anti-jam systems, anti-jam systems, correction services, GNSS and SMART antennas, GNSS/INS receivers and post processing, resilience and integrity technology, and visualization software; HxGN Oncall, Connect, and dC3; forensics and investigations; and AEC software, documentation and verification solutions, total stations, GNNS systems, survey software, detection systems, digital realities platform, monitoring solutions, and airborne solutions. It serves agriculture, geospatial, industrial asset lifecycle, manufacturing, mining, positioning, safety, security, and surveillance industries. The company was founded in 1975 and is headquartered in Stockholm, Sweden.

### Why customers stay

Margins ranged from 65.2% to 66.8% during 2023–25; it earns 28% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: grossProfit / revenue = 65.2%.

- Source: https://filings.xbrl.org/549300WJFW6ILNI4TA80/2024-12-31/ESEF/SE/0/hexa-2024-12-31-0-sv/reports/hexa-2024-12-31-0-sv.xhtml (filed 2025-05-08); FY2024: grossProfit / revenue = 66.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: grossProfit / revenue = 66.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); 10-year return on capital observations [[2016,0.30076091744243294],[2017,0.3235434627241345],[2018,0.3305599397190808],[2019,0.2681599468692771],[2020,0.26101300113530607],[2021,0.2779052380573334],[2022,0.29036946221872645],[2023,0.2540783588122847],[2024,0.2817136822046008],[2025,0.158397259404083]]; median 0.2798094601309671. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 65% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/549300WJFW6ILNI4TA80/2024-12-31/ESEF/SE/0/hexa-2024-12-31-0-sv/reports/hexa-2024-12-31-0-sv.xhtml (filed 2025-05-08); Gross margin observations: [[2021,0.6443297781668241],[2022,0.6512934793140199],[2023,0.6518987341772152]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 28.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2016: growth capex 10782783.906934768; upkeep 250217216.09306523; owner earnings 556982783.9069347. Growth capex / owner earnings = 0.019359276836708194.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2017: growth capex 0; upkeep 281500000; owner earnings 669900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2018: growth capex 30657900.049927056; upkeep 360142099.95007294; owner earnings 653857900.049927. Growth capex / owner earnings = 0.046887710690023156.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2019: growth capex 16264444.125350058; upkeep 394235555.87464994; owner earnings 649944444.12535. Growth capex / owner earnings = 0.025024360577830026.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2020: growth capex 0; upkeep 394100000; owner earnings 715180000. 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 424900000; owner earnings 913080000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2022: growth capex 100500000; upkeep 467000000; owner earnings 966020000. Growth capex / owner earnings = 0.10403511314465538.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: growth capex 45821173.1615777; upkeep 580778826.8384223; owner earnings 798821173.1615777. Growth capex / owner earnings = 0.057360989794782824.

- Source: https://filings.xbrl.org/549300WJFW6ILNI4TA80/2024-12-31/ESEF/SE/0/hexa-2024-12-31-0-sv/reports/hexa-2024-12-31-0-sv.xhtml (filed 2025-05-08); FY2024: growth capex 0; upkeep 632300000; owner earnings 927820000. 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 598000000; owner earnings 774040000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2016,155000000],[2017,173000000],[2018,191000000],[2019,215600000],[2020,227900000],[2021,238400000],[2022,295800000],[2023,322800000],[2024,349000000],[2025,383700000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: cash repurchases 28600000 EUR.

### Are managers owners

Insiders own 21.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HEXA-B.ST SharesStats.PercentInsiders = 21.542 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 11.2% yearly over ten years; actual growth was 3.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Ten-year compound average after fade. Initial solved rate 0.14807539215255638. Price 104.25; FX 11.157014925373135; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.19837356691070174 → FY2025 0.2861010143124431. Closing-price date 2026-10-15.

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

- 2016-11: SEK 46.67 per share

- 2016-12: SEK 46.50 per share

- 2017-01: SEK 49.43 per share

- 2017-02: SEK 52.09 per share

- 2017-03: SEK 51.43 per share

- 2017-04: SEK 55.10 per share

- 2017-05: SEK 54.39 per share

- 2017-06: SEK 57.21 per share

- 2017-07: SEK 57.00 per share

- 2017-08: SEK 55.70 per share

- 2017-09: SEK 57.67 per share

- 2017-10: SEK 61.33 per share

- 2017-11: SEK 58.74 per share

- 2017-12: SEK 58.70 per share

- 2018-01: SEK 67.04 per share

- 2018-02: SEK 69.53 per share

- 2018-03: SEK 70.86 per share

- 2018-04: SEK 72.57 per share

- 2018-05: SEK 70.96 per share

- 2018-06: SEK 71.36 per share

- 2018-07: SEK 76.60 per share

- 2018-08: SEK 77.60 per share

- 2018-09: SEK 74.43 per share

- 2018-10: SEK 64.09 per share

- 2018-11: SEK 64.76 per share

- 2018-12: SEK 58.29 per share

- 2019-01: SEK 63.09 per share

- 2019-02: SEK 69.40 per share

- 2019-03: SEK 69.29 per share

- 2019-04: SEK 74.00 per share

- 2019-05: SEK 63.04 per share

- 2019-06: SEK 73.66 per share

- 2019-07: SEK 67.14 per share

- 2019-08: SEK 62.29 per share

- 2019-09: SEK 67.80 per share

- 2019-10: SEK 70.41 per share

- 2019-11: SEK 77.34 per share

- 2019-12: SEK 75.00 per share

- 2020-01: SEK 75.03 per share

- 2020-02: SEK 73.23 per share

- 2020-03: SEK 60.57 per share

- 2020-04: SEK 69.59 per share

- 2020-05: SEK 73.89 per share

- 2020-06: SEK 77.71 per share

- 2020-07: SEK 81.26 per share

- 2020-08: SEK 89.49 per share

- 2020-09: SEK 96.83 per share

- 2020-10: SEK 92.91 per share

- 2020-11: SEK 101.69 per share

- 2020-12: SEK 107.11 per share

- 2021-01: SEK 104.57 per share

- 2021-02: SEK 100.51 per share

- 2021-03: SEK 115.09 per share

- 2021-04: SEK 115.34 per share

- 2021-05: SEK 118.20 per share

- 2021-06: SEK 126.80 per share

- 2021-07: SEK 142.50 per share

- 2021-08: SEK 149.50 per share

- 2021-09: SEK 135.95 per share

- 2021-10: SEK 138.00 per share

- 2021-11: SEK 132.00 per share

- 2021-12: SEK 143.65 per share

- 2022-01: SEK 124.20 per share

- 2022-02: SEK 128.75 per share

- 2022-03: SEK 132.75 per share

- 2022-04: SEK 128.50 per share

- 2022-05: SEK 118.90 per share

- 2022-06: SEK 106.25 per share

- 2022-07: SEK 118.95 per share

- 2022-08: SEK 109.45 per share

- 2022-09: SEK 104.70 per share

- 2022-10: SEK 109.20 per share

- 2022-11: SEK 118.15 per share

- 2022-12: SEK 109.00 per share

- 2023-01: SEK 119.25 per share

- 2023-02: SEK 116.15 per share

- 2023-03: SEK 118.85 per share

- 2023-04: SEK 116.85 per share

- 2023-05: SEK 125.80 per share

- 2023-06: SEK 132.75 per share

- 2023-07: SEK 101.95 per share

- 2023-08: SEK 97.90 per share

- 2023-09: SEK 93.38 per share

- 2023-10: SEK 90.70 per share

- 2023-11: SEK 104.90 per share

- 2023-12: SEK 120.95 per share

- 2024-01: SEK 114.00 per share

- 2024-02: SEK 121.35 per share

- 2024-03: SEK 126.70 per share

- 2024-04: SEK 116.75 per share

- 2024-05: SEK 115.20 per share

- 2024-06: SEK 119.65 per share

- 2024-07: SEK 109.00 per share

- 2024-08: SEK 105.00 per share

- 2024-09: SEK 109.20 per share

- 2024-10: SEK 99.58 per share

- 2024-11: SEK 92.94 per share

- 2024-12: SEK 105.60 per share

- 2025-01: SEK 129.60 per share

- 2025-02: SEK 122.45 per share

- 2025-03: SEK 106.65 per share

- 2025-04: SEK 93.68 per share

- 2025-05: SEK 96.60 per share

- 2025-06: SEK 95.16 per share

- 2025-07: SEK 107.95 per share

- 2025-08: SEK 105.35 per share

- 2025-09: SEK 111.90 per share

- 2025-10: SEK 116.55 per share

- 2025-11: SEK 110.40 per share

- 2025-12: SEK 109.50 per share

- 2026-01: SEK 100.60 per share

- 2026-02: SEK 102.90 per share

- 2026-03: SEK 90.04 per share

- 2026-04: SEK 99.24 per share

- 2026-05: SEK 85.42 per share

- 2026-06: SEK 80.12 per share

- 2026-07: SEK 93.62 per share

- 2026-08: SEK 100.05 per share

- 2026-09: SEK 98.56 per share

- 2026-10: SEK 104.40 per share

## Annual estimated value (SEK per share)

- FY2016: low SEK 23.63 per share, central SEK 27.61 per share, high SEK 31.96 per share

- FY2017: low SEK 29.42 per share, central SEK 34.54 per share, high SEK 40.02 per share

- FY2018: low SEK 34.79 per share, central SEK 41.69 per share, high SEK 48.33 per share

- FY2019: low SEK 36.58 per share, central SEK 44.65 per share, high SEK 51.79 per share

- FY2020: low SEK 34.23 per share, central SEK 40.36 per share, high SEK 46.75 per share

- FY2021: low SEK 39.99 per share, central SEK 46.82 per share, high SEK 54.22 per share

- FY2022: low SEK 46.78 per share, central SEK 55.10 per share, high SEK 63.87 per share

- FY2023: low SEK 49.76 per share, central SEK 59.00 per share, high SEK 68.40 per share

- FY2024: low SEK 48.87 per share, central SEK 56.52 per share, high SEK 65.35 per share

- FY2025: low SEK 45.42 per share, central SEK 52.22 per share, high SEK 60.27 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 2026-10-15T06:40:09.566Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300WJFW6ILNI4TA80/2024-12-31/ESEF/SE/0/hexa-2024-12-31-0-sv/reports/hexa-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.