# Indutrade AB (INDT.ST)

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

Analysis as of: 2026-10-16T07:35:55.768Z. Financial observations: FY2002–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 269.60 per share; close as of 2026-10-15.

Estimated value: low SEK 113.48 per share, central SEK 128.86 per share, high SEK 149.33 per share. Buy at or below the central value SEK 128.86 per share. Valuation as of 2026-10-16T07:35:55.768Z; scenarios are not confidence intervals.

Expected annual return: 6.3% at the stated quote. About 6.3% 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

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.11×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.10×

- FY2017: 0.09×

- FY2018: 0.11×

- FY2019: 0.11×

- FY2020: 0.12×

- FY2021: 0.13×

- FY2022: 0.13×

- FY2023: 0.13×

- FY2024: 0.12×

- FY2025: 0.12×

### moat: pass

- ROIC, median of available years: 20.6%

- ROIC, second-lowest year: 17.8%

- Typical minus recent gross margin: -0.6 pp

- Typical gross margin (annual median): 34.4%

- Recent gross margin (lower of latest and 3-year median): 35.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.8%

- ROIC including acquisitions, ten-year median: 14.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 18.6%

- FY2017: 17.7%

- FY2018: 21.5%

- FY2019: 17.8%

- FY2020: 20.1%

- FY2021: 21.2%

- FY2022: 21.0%

- FY2023: 23.6%

- FY2024: 21.4%

- FY2025: 20.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.26×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SEK 16B

- Net income, five-year total: SEK 13B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -0.9 pp

- Working capital / revenue, final three-year average: 27.8%

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

- FY2021: 1.22×

- FY2022: 1.17×

- FY2023: 1.25×

- FY2024: 1.32×

- FY2025: 1.36×

### 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: 18.6% vs 21.4%

- Per-share earnings: 2.60 to 7.54 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.1%

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: SEK 66B

- Cumulative retained earnings: SEK 12B

- Diluted shares, 10-year annual growth: 0.1%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 14.2%

- Per-share value change: SEK 4.94

- Per-share value, starting three-year median: SEK 2.60

- Per-share value, ending three-year median: SEK 7.54

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: SEK 11B

- Cumulative net income, 10 years: SEK 19B

- ROIC, first three-year median: 18.6%

- ROIC, last three-year median: 21.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: SEK 2.60

- FY2017: SEK 2.84

- FY2018: SEK 3.77

- FY2019: SEK 4.09

- FY2020: SEK 4.60

- FY2021: SEK 5.76

- FY2022: SEK 7.36

- FY2023: SEK 7.86

- FY2024: SEK 7.54

- FY2025: SEK 7.03

### accounting: pass

- Sloan accruals: -4.3%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.56×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.87×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.5%

- FY2017: -4.2%

- FY2018: 0.0%

- FY2019: -2.5%

- FY2020: -6.2%

- FY2021: -3.4%

- FY2022: 1.1%

- FY2023: -5.2%

- FY2024: -4.0%

- FY2025: -4.3%

## Holders

## Price story

Price needs cash profits to grow 10.3% a year for ten years · sales -1%

Story as of 2026-10-16T10:00:06.334Z; price observation 2026-10-15.

Price needs cash profits to grow 10.3% a year for ten years

### Sales · FY2024–2025

sales -1%; source https://filings.xbrl.org/549300FISLQ6CEFP1867/2024-12-31/ESEF/SE/0/indu-2024-12-31-0-sv/reports/indu-2024-12-31-0-sv.xhtml; observed 2025-05-08.

- FY2016: SEK 13B 

- FY2017: SEK 15B 

- FY2018: SEK 17B 

- FY2019: SEK 18B 

- FY2020: SEK 19B 

- FY2021: SEK 22B 

- FY2022: SEK 27B 

- FY2023: SEK 32B 

- FY2024: SEK 33B 

- FY2025: SEK 32B 

### Gross margin · FY2025

gross margin 35.4%; source https://filings.xbrl.org/549300FISLQ6CEFP1867/2024-12-31/ESEF/SE/0/indu-2024-12-31-0-sv/reports/indu-2024-12-31-0-sv.xhtml; observed 2025-05-08.

- FY2016: 33.6% 

- FY2017: 33.4% 

- FY2018: 34.1% 

- FY2019: 34.1% 

- FY2020: 34.0% 

- FY2021: 35.0% 

- FY2022: 34.7% 

- FY2023: 34.7% 

- FY2024: 35.0% 

- FY2025: 35.4% 

## Owner memo

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

### How it makes money

Operates in industrial distribution; annual sales are SEK 32.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: revenue 32229000000; grossProfit 11404000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); INDT.ST: Indutrade AB (publ) manufactures, develops, and sells components, systems, and services to various industries worldwide. It operates through five segments: Industrial & Engineering, Infrastructure & Construction, Life Science, Process, Energy & Water, and Technology & Systems Solutions. The company offers industrial equipment, tools, filters, hydraulics, fasteners, and chemical technology for general engineering and automotive industries; and flow technology products, including valves, pipes and pipe systems, and pumps, as well as measurement technology and industrial equipment for energy sector, water and wastewater, and process industries. It also provides measurement technology, sensors, control and regulating technology, as well as monitoring equipment to various industries; and materials, products, tools, and equipment for infrastructure and construction sectors. In addition, the company offers components; medical technology products, including products for diagnostics; and production equipment and system solutions to pharmaceutical, health care, and food sectors. Indutrade AB (publ) was incorporated in 1919 and is based in Kista, Sweden.

### Why customers stay

Margins ranged from 34.7% to 35.4% during 2023–25; it earns 20.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: grossProfit / revenue = 34.7%.

- Source: https://filings.xbrl.org/549300FISLQ6CEFP1867/2024-12-31/ESEF/SE/0/indu-2024-12-31-0-sv/reports/indu-2024-12-31-0-sv.xhtml (filed 2025-05-08); FY2024: grossProfit / revenue = 35%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: grossProfit / revenue = 35.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); 10-year return on capital observations [[2016,0.18645208089813317],[2017,0.17686033707236043],[2018,0.2145951521402785],[2019,0.17796987309057857],[2020,0.2009172606069879],[2021,0.21234168084004368],[2022,0.20980775516627728],[2023,0.2364941194532229],[2024,0.21448249965330254],[2025,0.20209292922189795]]; median 0.20595034219408762. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 35% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/549300FISLQ6CEFP1867/2024-12-31/ESEF/SE/0/indu-2024-12-31-0-sv/reports/indu-2024-12-31-0-sv.xhtml (filed 2025-05-08); Gross margin observations: [[2021,0.3504029472714713],[2022,0.34653538643766657],[2023,0.34697659808386994]]; 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 334000000; owner earnings 1013000000. 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 251000000; owner earnings 1242000000. 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 321000000; owner earnings 1570000000. 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 423000000; owner earnings 1755800000. 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 427000000; owner earnings 2024400000. 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 374000000; owner earnings 2559200000. 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 547000000; owner earnings 3139000000. 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 560000000; owner earnings 3573800000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/549300FISLQ6CEFP1867/2024-12-31/ESEF/SE/0/indu-2024-12-31-0-sv/reports/indu-2024-12-31-0-sv.xhtml (filed 2025-05-08); FY2024: growth capex 0; upkeep 485000000; owner earnings 3621400000. 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 490000000; owner earnings 3485200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2016,360000000],[2017,384000000],[2018,453000000],[2019,544000000],[2020,655000000],[2021,655000000],[2022,837000000],[2023,946000000],[2024,1042000000],[2025,1092000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 27.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); INDT.ST SharesStats.PercentInsiders = 27.374 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 10.3% yearly over ten years; actual growth was 12.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Ten-year compound average after fade. Initial solved rate 0.13500199368420962. Price 269.6; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.85 → FY2025 9.564740106482244. Closing-price date 2026-10-15.

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

- 2016-10: SEK 55.97 per share

- 2016-11: SEK 57.67 per share

- 2016-12: SEK 61.00 per share

- 2017-01: SEK 59.10 per share

- 2017-02: SEK 56.33 per share

- 2017-03: SEK 56.93 per share

- 2017-04: SEK 69.77 per share

- 2017-05: SEK 68.00 per share

- 2017-06: SEK 64.33 per share

- 2017-07: SEK 66.43 per share

- 2017-08: SEK 64.53 per share

- 2017-09: SEK 71.63 per share

- 2017-10: SEK 77.40 per share

- 2017-11: SEK 74.93 per share

- 2017-12: SEK 74.53 per share

- 2018-01: SEK 81.00 per share

- 2018-02: SEK 73.60 per share

- 2018-03: SEK 71.73 per share

- 2018-04: SEK 69.13 per share

- 2018-05: SEK 72.73 per share

- 2018-06: SEK 71.33 per share

- 2018-07: SEK 77.07 per share

- 2018-08: SEK 76.93 per share

- 2018-09: SEK 80.20 per share

- 2018-10: SEK 73.20 per share

- 2018-11: SEK 73.33 per share

- 2018-12: SEK 68.53 per share

- 2019-01: SEK 75.73 per share

- 2019-02: SEK 87.73 per share

- 2019-03: SEK 88.20 per share

- 2019-04: SEK 96.60 per share

- 2019-05: SEK 92.33 per share

- 2019-06: SEK 98.93 per share

- 2019-07: SEK 91.47 per share

- 2019-08: SEK 93.47 per share

- 2019-09: SEK 92.00 per share

- 2019-10: SEK 99.07 per share

- 2019-11: SEK 104.33 per share

- 2019-12: SEK 111.73 per share

- 2020-01: SEK 115.87 per share

- 2020-02: SEK 103.47 per share

- 2020-03: SEK 90.00 per share

- 2020-04: SEK 104.93 per share

- 2020-05: SEK 119.73 per share

- 2020-06: SEK 122.67 per share

- 2020-07: SEK 147.60 per share

- 2020-08: SEK 151.87 per share

- 2020-09: SEK 160.27 per share

- 2020-10: SEK 150.47 per share

- 2020-11: SEK 163.00 per share

- 2020-12: SEK 176.20 per share

- 2021-01: SEK 171.80 per share

- 2021-02: SEK 192.80 per share

- 2021-03: SEK 201.60 per share

- 2021-04: SEK 221.20 per share

- 2021-05: SEK 218.10 per share

- 2021-06: SEK 219.00 per share

- 2021-07: SEK 280.80 per share

- 2021-08: SEK 285.00 per share

- 2021-09: SEK 244.40 per share

- 2021-10: SEK 249.90 per share

- 2021-11: SEK 253.00 per share

- 2021-12: SEK 277.20 per share

- 2022-01: SEK 229.10 per share

- 2022-02: SEK 211.50 per share

- 2022-03: SEK 238.30 per share

- 2022-04: SEK 234.80 per share

- 2022-05: SEK 220.40 per share

- 2022-06: SEK 186.55 per share

- 2022-07: SEK 237.50 per share

- 2022-08: SEK 198.20 per share

- 2022-09: SEK 182.40 per share

- 2022-10: SEK 193.35 per share

- 2022-11: SEK 223.10 per share

- 2022-12: SEK 211.10 per share

- 2023-01: SEK 231.00 per share

- 2023-02: SEK 223.00 per share

- 2023-03: SEK 220.10 per share

- 2023-04: SEK 245.70 per share

- 2023-05: SEK 255.20 per share

- 2023-06: SEK 242.90 per share

- 2023-07: SEK 220.90 per share

- 2023-08: SEK 210.70 per share

- 2023-09: SEK 202.70 per share

- 2023-10: SEK 197.15 per share

- 2023-11: SEK 230.00 per share

- 2023-12: SEK 261.80 per share

- 2024-01: SEK 254.30 per share

- 2024-02: SEK 274.00 per share

- 2024-03: SEK 291.90 per share

- 2024-04: SEK 258.20 per share

- 2024-05: SEK 270.40 per share

- 2024-06: SEK 271.60 per share

- 2024-07: SEK 314.40 per share

- 2024-08: SEK 322.80 per share

- 2024-09: SEK 315.60 per share

- 2024-10: SEK 288.60 per share

- 2024-11: SEK 278.40 per share

- 2024-12: SEK 277.00 per share

- 2025-01: SEK 306.40 per share

- 2025-02: SEK 305.80 per share

- 2025-03: SEK 277.00 per share

- 2025-04: SEK 260.80 per share

- 2025-05: SEK 259.80 per share

- 2025-06: SEK 258.20 per share

- 2025-07: SEK 238.40 per share

- 2025-08: SEK 235.40 per share

- 2025-09: SEK 215.80 per share

- 2025-10: SEK 254.00 per share

- 2025-11: SEK 234.20 per share

- 2025-12: SEK 240.40 per share

- 2026-01: SEK 209.00 per share

- 2026-02: SEK 234.80 per share

- 2026-03: SEK 214.40 per share

- 2026-04: SEK 197.20 per share

- 2026-05: SEK 193.50 per share

- 2026-06: SEK 200.40 per share

- 2026-07: SEK 238.80 per share

- 2026-08: SEK 252.40 per share

- 2026-09: SEK 257.20 per share

- 2026-10: SEK 263.60 per share

## Annual estimated value (SEK per share)

- FY2016: low SEK 37.62 per share, central SEK 51.65 per share, high SEK 60.53 per share

- FY2017: low SEK 44.57 per share, central SEK 59.98 per share, high SEK 70.18 per share

- FY2018: low SEK 51.92 per share, central SEK 68.69 per share, high SEK 80.24 per share

- FY2019: low SEK 58.35 per share, central SEK 79.77 per share, high SEK 93.37 per share

- FY2020: low SEK 65.24 per share, central SEK 88.62 per share, high SEK 103.70 per share

- FY2021: low SEK 76.05 per share, central SEK 101.61 per share, high SEK 118.56 per share

- FY2022: low SEK 106.15 per share, central SEK 146.21 per share, high SEK 171.02 per share

- FY2023: low SEK 148.96 per share, central SEK 214.31 per share, high SEK 250.75 per share

- FY2024: low SEK 139.30 per share, central SEK 191.18 per share, high SEK 223.15 per share

- FY2025: low SEK 113.33 per share, central SEK 128.29 per share, high SEK 148.21 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

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300FISLQ6CEFP1867/2024-12-31/ESEF/SE/0/indu-2024-12-31-0-sv/reports/indu-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.