# Lifco (LIFCO-B.ST)

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

Analysis as of: 2026-10-16T07:35:10.764Z. Financial observations: FY2012–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 328.20 per share; close as of 2026-10-15.

Estimated value: low SEK 153.96 per share, central SEK 223.83 per share, high SEK 262.80 per share. Buy at or below the central value SEK 223.83 per share. Valuation as of 2026-10-16T07:35:10.764Z; scenarios are not confidence intervals.

Expected annual return: 7.8% at the stated quote. About 7.8% 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

- 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: 0.14×

- FY2017: 0.15×

- FY2018: 0.16×

- FY2019: 0.15×

- FY2020: 0.16×

- FY2021: 0.18×

- FY2022: 0.18×

- FY2023: 0.19×

- FY2024: 0.19×

- FY2025: 0.18×

### moat: pass

- ROIC, median of available years: 34.6%

- ROIC, second-lowest year: 31.3%

- Typical minus recent gross margin: -1.3 pp

- Typical gross margin (annual median): 42.3%

- Recent gross margin (lower of latest and 3-year median): 43.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.7%

- ROIC including acquisitions, ten-year median: 16.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 34.6%

- FY2017: 34.5%

- FY2018: 40.6%

- FY2019: 30.4%

- FY2020: 36.0%

- FY2021: 38.0%

- FY2022: 34.0%

- FY2023: 36.5%

- FY2024: 31.3%

- FY2025: 32.7%

### economics: pass

- Owner earnings / net income, 5-yr: 1.25×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SEK 19B

- Net income, five-year total: SEK 15B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 2.5 pp

- Working capital / revenue, final three-year average: 24.3%

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

- FY2021: 1.19×

- FY2022: 1.21×

- FY2023: 1.25×

- FY2024: 1.27×

- FY2025: 1.31×

### 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: 34.6% vs 32.7%

- Per-share earnings: 2.00 to 7.26 (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 139B

- Cumulative retained earnings: SEK 14B

- 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: 17.5%

- Per-share value change: SEK 5.27

- Per-share value, starting three-year median: SEK 2.00

- Per-share value, ending three-year median: SEK 7.26

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: SEK 22B

- Cumulative net income, 10 years: SEK 22B

- ROIC, first three-year median: 34.6%

- ROIC, last three-year median: 32.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: SEK 2.00

- FY2017: SEK 2.39

- FY2018: SEK 3.05

- FY2019: SEK 3.31

- FY2020: SEK 3.67

- FY2021: SEK 5.25

- FY2022: SEK 6.13

- FY2023: SEK 7.21

- FY2024: SEK 7.26

- FY2025: SEK 7.98

### accounting: pass

- Sloan accruals: -3.6%

- Receivables to sales index (DSRI): 1.12×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.41×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.40×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.7%

- FY2017: -2.0%

- FY2018: -1.0%

- FY2019: -2.8%

- FY2020: -6.3%

- FY2021: -2.2%

- FY2022: -1.0%

- FY2023: -3.5%

- FY2024: -3.0%

- FY2025: -3.6%

## Holders

## Price story

Price needs cash profits to grow 12.3% a year for ten years · sales +8.1%

Story as of 2026-10-16T10:00:03.980Z; price observation 2026-10-15.

Price needs cash profits to grow 12.3% a year for ten years

### Sales · FY2024–2025

sales +8.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: SEK 9.0B 

- FY2017: SEK 10B 

- FY2018: SEK 12B 

- FY2019: SEK 14B 

- FY2020: SEK 14B 

- FY2021: SEK 17B 

- FY2022: SEK 22B 

- FY2023: SEK 24B 

- FY2024: SEK 26B 

- FY2025: SEK 28B 

### Gross margin · FY2025

gross margin 43.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 39.9% 

- FY2017: 42.5% 

- FY2018: 42.8% 

- FY2019: 42.0% 

- FY2020: 42.2% 

- FY2021: 41.9% 

- FY2022: 41.8% 

- FY2023: 44.2% 

- FY2024: 44.3% 

- FY2025: 43.7% 

## Owner memo

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

### How it makes money

Operates in conglomerates; annual sales are SEK 28.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:10.764Z); FY2025: revenue 28251000000; grossProfit 12344000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LIFCO-B.ST: Lifco AB (publ) engages in the dental, demolition and tools, and systems solutions businesses in Sweden, Norway, Finland, Germany, rest of Europe, the United Kingdom, Asia, Australia, Italy, North America, and internationally. It is involved in the distribution of dental equipment, such as denture attachments, disinfectants, saliva ejectors, bite registration and dental impression materials, bonding agents, and other consumables, as well as develops and sells medical record systems. The company also operates dental laboratory; and offers technical and software services. In addition, it develops, manufactures, and sells demolition robots, forest machines, crane and excavator attachments to heavy machine manufacturing, construction, forestry, nuclear, cement, and process industries. Further, the company offers machinery and equipment for electrical installations and electricity production, electrical equipment, equipment for recycling of various materials, and interiors for service vehicles. Additionally, it provides contract manufacturing, such as electronic components, stainless steel, and galvanized products; environmental technology; infrastructure products in the areas of electrification, LED-lighting, lift safety, relining, lightning protection, measuring instruments, and telecommunication; special products, including coffee machines, cartooning and sleeving solutions, special instruments, and clothing; and transportation products comprising tarpaulin systems, advanced lifting systems, equipment for ground service of aircrafts, light bars for trucks, and vehicle racking systems for service vans. The company was founded in 1946 and is based in Enköping, Sweden. Lifco AB (publ) is a subsidiary of Carl Bennet AB.

### Why customers stay

Margins ranged from 43.7% to 44.3% during 2023–25; it earns 34.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:10.764Z); FY2023: grossProfit / revenue = 44.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:10.764Z); FY2024: grossProfit / revenue = 44.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:10.764Z); FY2025: grossProfit / revenue = 43.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:10.764Z); 10-year return on capital observations [[2016,0.3463423644842438],[2017,0.34478111288607194],[2018,0.40592782924109994],[2019,0.30352945444133017],[2020,0.35952510448111036],[2021,0.3800543768210083],[2022,0.34027649639414337],[2023,0.3652202443625774],[2024,0.3127734504205932],[2025,0.3271951327543726]]; median 0.3455617386851579. 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 2026-10-16T07:35:10.764Z); FY2016: growth capex 0; upkeep 123000000; owner earnings 1010000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:10.764Z); FY2017: growth capex 0; upkeep 153000000; owner earnings 1250000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:10.764Z); FY2018: growth capex 0; upkeep 181000000; owner earnings 1600000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:10.764Z); FY2019: growth capex 0; upkeep 301000000; owner earnings 1739800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:10.764Z); FY2020: growth capex 0; upkeep 264000000; owner earnings 2063400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:10.764Z); FY2021: growth capex 0; upkeep 312000000; owner earnings 2846400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:10.764Z); FY2022: growth capex 0; upkeep 348000000; owner earnings 3379000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:10.764Z); FY2023: growth capex 0; upkeep 439000000; owner earnings 4081200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:10.764Z); FY2024: growth capex 0; upkeep 536000000; owner earnings 4207600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:10.764Z); FY2025: growth capex 0; upkeep 472000000; owner earnings 4755800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:10.764Z); Dividend observations: [[2016,285000000],[2017,337000000],[2018,383000000],[2019,490000000],[2020,526000000],[2021,643000000],[2022,848000000],[2023,973000000],[2024,1229000000],[2025,1090000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 47.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LIFCO-B.ST SharesStats.PercentInsiders = 47.623 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 12.3% yearly over ten years; actual growth was 18.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:10.764Z); Ten-year compound average after fade. Initial solved rate 0.2185828974607606. Price 328.2; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.8897486214879873 → FY2025 10.446264929825208. Closing-price date 2026-10-15.

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

- 2016-10: SEK 45.72 per share

- 2016-11: SEK 43.88 per share

- 2016-12: SEK 46.64 per share

- 2017-01: SEK 49.98 per share

- 2017-02: SEK 47.86 per share

- 2017-03: SEK 47.60 per share

- 2017-04: SEK 53.90 per share

- 2017-05: SEK 51.14 per share

- 2017-06: SEK 54.16 per share

- 2017-07: SEK 53.82 per share

- 2017-08: SEK 52.00 per share

- 2017-09: SEK 53.12 per share

- 2017-10: SEK 60.00 per share

- 2017-11: SEK 57.78 per share

- 2017-12: SEK 56.88 per share

- 2018-01: SEK 63.50 per share

- 2018-02: SEK 67.80 per share

- 2018-03: SEK 64.20 per share

- 2018-04: SEK 63.80 per share

- 2018-05: SEK 63.00 per share

- 2018-06: SEK 63.80 per share

- 2018-07: SEK 78.90 per share

- 2018-08: SEK 76.60 per share

- 2018-09: SEK 79.70 per share

- 2018-10: SEK 77.80 per share

- 2018-11: SEK 68.40 per share

- 2018-12: SEK 65.50 per share

- 2019-01: SEK 72.40 per share

- 2019-02: SEK 75.60 per share

- 2019-03: SEK 75.80 per share

- 2019-04: SEK 90.48 per share

- 2019-05: SEK 92.32 per share

- 2019-06: SEK 102.90 per share

- 2019-07: SEK 99.12 per share

- 2019-08: SEK 95.40 per share

- 2019-09: SEK 92.84 per share

- 2019-10: SEK 96.24 per share

- 2019-11: SEK 105.50 per share

- 2019-12: SEK 114.40 per share

- 2020-01: SEK 113.70 per share

- 2020-02: SEK 100.30 per share

- 2020-03: SEK 73.00 per share

- 2020-04: SEK 93.24 per share

- 2020-05: SEK 115.10 per share

- 2020-06: SEK 118.00 per share

- 2020-07: SEK 134.00 per share

- 2020-08: SEK 137.60 per share

- 2020-09: SEK 139.10 per share

- 2020-10: SEK 130.20 per share

- 2020-11: SEK 140.20 per share

- 2020-12: SEK 157.80 per share

- 2021-01: SEK 153.90 per share

- 2021-02: SEK 160.60 per share

- 2021-03: SEK 162.40 per share

- 2021-04: SEK 182.20 per share

- 2021-05: SEK 183.90 per share

- 2021-06: SEK 200.00 per share

- 2021-07: SEK 252.60 per share

- 2021-08: SEK 255.40 per share

- 2021-09: SEK 236.00 per share

- 2021-10: SEK 250.10 per share

- 2021-11: SEK 245.30 per share

- 2021-12: SEK 270.70 per share

- 2022-01: SEK 215.60 per share

- 2022-02: SEK 216.80 per share

- 2022-03: SEK 240.90 per share

- 2022-04: SEK 209.30 per share

- 2022-05: SEK 200.90 per share

- 2022-06: SEK 164.25 per share

- 2022-07: SEK 196.50 per share

- 2022-08: SEK 166.45 per share

- 2022-09: SEK 156.20 per share

- 2022-10: SEK 159.55 per share

- 2022-11: SEK 179.50 per share

- 2022-12: SEK 174.15 per share

- 2023-01: SEK 190.95 per share

- 2023-02: SEK 209.60 per share

- 2023-03: SEK 223.00 per share

- 2023-04: SEK 233.50 per share

- 2023-05: SEK 229.10 per share

- 2023-06: SEK 234.30 per share

- 2023-07: SEK 212.30 per share

- 2023-08: SEK 200.80 per share

- 2023-09: SEK 191.95 per share

- 2023-10: SEK 203.80 per share

- 2023-11: SEK 227.70 per share

- 2023-12: SEK 247.20 per share

- 2024-01: SEK 252.20 per share

- 2024-02: SEK 275.80 per share

- 2024-03: SEK 279.60 per share

- 2024-04: SEK 270.00 per share

- 2024-05: SEK 277.80 per share

- 2024-06: SEK 291.00 per share

- 2024-07: SEK 317.60 per share

- 2024-08: SEK 343.00 per share

- 2024-09: SEK 334.20 per share

- 2024-10: SEK 317.00 per share

- 2024-11: SEK 331.00 per share

- 2024-12: SEK 320.60 per share

- 2025-01: SEK 365.00 per share

- 2025-02: SEK 367.60 per share

- 2025-03: SEK 354.80 per share

- 2025-04: SEK 373.80 per share

- 2025-05: SEK 390.40 per share

- 2025-06: SEK 382.80 per share

- 2025-07: SEK 349.60 per share

- 2025-08: SEK 336.00 per share

- 2025-09: SEK 317.80 per share

- 2025-10: SEK 368.20 per share

- 2025-11: SEK 347.20 per share

- 2025-12: SEK 352.00 per share

- 2026-01: SEK 306.20 per share

- 2026-02: SEK 321.80 per share

- 2026-03: SEK 281.80 per share

- 2026-04: SEK 287.00 per share

- 2026-05: SEK 297.40 per share

- 2026-06: SEK 317.40 per share

- 2026-07: SEK 324.00 per share

- 2026-08: SEK 317.40 per share

- 2026-09: SEK 318.80 per share

- 2026-10: SEK 319.20 per share

## Annual estimated value (SEK per share)

- FY2016: low SEK 18.02 per share, central SEK 20.48 per share, high SEK 23.74 per share

- FY2017: low SEK 26.38 per share, central SEK 29.98 per share, high SEK 34.78 per share

- FY2018: low SEK 32.61 per share, central SEK 37.06 per share, high SEK 42.97 per share

- FY2019: low SEK 42.47 per share, central SEK 48.19 per share, high SEK 55.81 per share

- FY2020: low SEK 43.73 per share, central SEK 49.48 per share, high SEK 57.15 per share

- FY2021: low SEK 58.72 per share, central SEK 66.47 per share, high SEK 76.78 per share

- FY2022: low SEK 91.73 per share, central SEK 119.45 per share, high SEK 139.27 per share

- FY2023: low SEK 124.99 per share, central SEK 181.22 per share, high SEK 212.59 per share

- FY2024: low SEK 136.63 per share, central SEK 198.30 per share, high SEK 232.70 per share

- FY2025: low SEK 149.61 per share, central SEK 216.93 per share, high SEK 254.47 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 2026-10-15T06:40:54.926Z where newer inputs omit a numeric field or fiscal period.

## Sources

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.