# NIBE Industrier (NIBE-B.ST)

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

Analysis as of: 2026-10-16T07:36:08.581Z. Financial observations: FY2002–FY2026.

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 44.36 per share; close as of 2026-10-15.

## 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: 0.20×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.12×

- FY2018: 0.13×

- FY2019: 0.12×

- FY2020: 0.14×

- FY2021: 0.14×

- FY2022: 0.14×

- FY2023: 0.15×

- FY2024: 0.07×

- FY2025: 0.10×

- LTM to Jun 2026: 0.10×

### moat: pass

- ROIC, median of available years: 25.5%

- ROIC, second-lowest year: 12.7%

- Typical minus recent gross margin: -0.4 pp

- Typical gross margin (annual median): 33.1%

- Recent gross margin (lower of latest and 3-year median): 33.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.1%

- ROIC including acquisitions, ten-year median: 9.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 20.2%

- FY2017: 25.6%

- FY2018: 26.5%

- FY2019: 25.3%

- FY2020: 36.1%

- FY2021: 30.2%

- FY2022: 26.2%

- FY2023: 20.8%

- FY2024: 7.9%

- FY2025: 12.7%

### economics: pass

- Owner earnings / net income, 5-yr: 0.93×

- Cash conversion uses consolidated totals: No

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

- Net income, five-year total: SEK 16B

- Return on incremental invested capital: 25.4%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 2.2 pp

- Working capital / revenue, final three-year average: 29.9%

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

- FY2021: 0.93×

- FY2022: 0.93×

- FY2023: 0.90×

- FY2024: 0.48×

- FY2025: 1.24×

### management: fail

- 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: 25.6% vs 12.7%

- Per-share earnings: 0.73 to 1.13 (three-year endpoint medians)

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.3%

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

- Market cap gain: SEK 38B

- Cumulative retained earnings: SEK 18B

- Diluted shares, 10-year annual growth: 1.3%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.6%

- Per-share value change: SEK 0.40

- Per-share value, starting three-year median: SEK 0.73

- Per-share value, ending three-year median: SEK 1.13

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: SEK 22B

- Cumulative net income, 10 years: SEK 26B

- ROIC, first three-year median: 25.6%

- ROIC, last three-year median: 12.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: SEK 0.73

- FY2017: SEK 0.84

- FY2018: SEK 1.03

- FY2019: SEK 1.08

- FY2020: SEK 1.42

- FY2021: SEK 1.65

- FY2022: SEK 2.16

- FY2023: SEK 2.37

- FY2024: SEK 0.58

- FY2025: SEK 1.13

### accounting: pass

- Sloan accruals: -4.0%

- 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: 2.15×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.97×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.5%

- FY2017: -1.5%

- FY2018: 0.6%

- FY2019: -2.1%

- FY2020: -5.6%

- FY2021: 0.1%

- FY2022: 3.2%

- FY2023: 1.4%

- FY2024: -4.0%

- FY2025: -4.0%

## Holders

## Price story

Down 68% since Dec 2021 · sales +1.8%

Story as of 2026-10-16T10:00:06.932Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +1.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: SEK 19B 

- FY2018: SEK 23B 

- FY2019: SEK 25B 

- FY2020: SEK 27B 

- FY2021: SEK 31B 

- FY2022: SEK 40B 

- FY2023: SEK 47B 

- FY2024: SEK 41B 

- FY2025: SEK 41B 

- FY2026: SEK 42B 

### Gross margin · FY2025

gross margin 35.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 36.0% 

- FY2017: 34.5% 

- FY2018: 33.1% 

- FY2019: 32.8% 

- FY2020: 33.1% 

- FY2021: 33.1% 

- FY2022: 31.5% 

- FY2023: 33.5% 

- FY2024: 27.1% 

- FY2025: 35.4% 

## Owner memo

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

### How it makes money

Operates in building products & equipment; annual sales are SEK 40.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:08.581Z); FY2025: revenue 40841000000; grossProfit 14443000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NIBE-B.ST: NIBE Industrier AB (publ), together with its subsidiaries, develops, manufactures, markets, and sells energy-efficient solutions for indoor climate comfort, and components and solutions for intelligent heating and control. It operates through NIBE Climate Solutions, NIBE Element, and NIBE Stoves business areas. The NIBE Climate Solutions business area offers indoor climate comfort products, such as heat pumps, water heaters, refrigeration systems, accumulator tanks, ventilation systems, climate control systems, and district heating products for homes, apartment blocks, and commercial properties. The NIBE Element business area provides various components and solutions for heating and control, which include tubular, aluminum, foil, thick film, PTC, high-power, and ceramic elements, as well as opena spirals and tapes, heating cables and jackets, vacuum brazing, heat pump technology, resistors, heat exchangers, temperature sensors, heating cables, flexible hoses, and control equipment to domestic and household appliances; professional kitchens and the refrigeration industry; energy; transport; and advanced technology, as well as aviation sectors. The NIBE Stoves business area offers free-standing, wood-burning, gas, and electric stoves; heat-retaining products; and chimney systems, as well as inserts, fireplace cassettes, outdoor stoves, and accessories. It operates in Nordic countries, rest of Europe, North America, and internationally. The company was founded in 1949 and is headquartered in Markaryd, Sweden.

### Why customers stay

Margins ranged from 27.1% to 35.4% during 2023–25; it earns 25.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:08.581Z); FY2023: grossProfit / revenue = 33.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:08.581Z); FY2024: grossProfit / revenue = 27.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:08.581Z); FY2025: grossProfit / revenue = 35.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:08.581Z); 10-year return on capital observations [[2016,0.20249791127204034],[2017,0.2563673225288027],[2018,0.26512162457376787],[2019,0.25276144593588057],[2020,0.3614354928580634],[2021,0.30239172882736537],[2022,0.26173583188517224],[2023,0.20778625308970333],[2024,0.0791352441026344],[2025,0.1265818811404397]]; median 0.2545643842323416. 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 2026-10-16T07:36:08.581Z); FY2016: growth capex 0; upkeep 442000000; owner earnings 1476000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:08.581Z); FY2017: growth capex 0; upkeep 561000000; owner earnings 1782000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:08.581Z); FY2018: growth capex 26000000; upkeep 691000000; owner earnings 2074000000. Growth capex / owner earnings = 0.01253616200578592.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:08.581Z); FY2019: growth capex 0; upkeep 1003000000; owner earnings 2015200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:08.581Z); FY2020: growth capex 0; upkeep 1135000000; owner earnings 2776200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:08.581Z); FY2021: growth capex 27000000; upkeep 1297000000; owner earnings 3098600000. Growth capex / owner earnings = 0.008713612599238366.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:08.581Z); FY2022: growth capex 644000000; upkeep 1597000000; owner earnings 4037400000. Growth capex / owner earnings = 0.15950859464011494.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:08.581Z); FY2023: growth capex 1376398230.9456964; upkeep 1893601769.0543036; owner earnings 4318998230.945696. Growth capex / owner earnings = 0.31868460169392515.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:08.581Z); FY2024: growth capex 0; upkeep 2175000000; owner earnings 563600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:08.581Z); FY2025: growth capex 0; upkeep 1169000000; owner earnings 2814200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:08.581Z); Dividend observations: [[2016,369000000],[2017,444000000],[2018,530000000],[2019,656000000],[2020,707000000],[2021,784000000],[2022,1009000000],[2023,1310000000],[2024,1310000000],[2025,605000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 18.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NIBE-B.ST SharesStats.PercentInsiders = 18.779 percentage points; cache date 2026-10-16.

### What the price says

The price is 2.2 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:08.581Z); Closing price 44.36 SEK; reporting-to-trading FX 1; FY2025 annual sales per share 20.316313879164866; price multiple 2.183466954873779. FY2025 cash earnings/share 1.3999209255098006. Closing-price date 2026-10-15.

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

- 2016-10: SEK 16.80 per share

- 2016-11: SEK 17.11 per share

- 2016-12: SEK 17.95 per share

- 2017-01: SEK 18.04 per share

- 2017-02: SEK 18.15 per share

- 2017-03: SEK 17.91 per share

- 2017-04: SEK 19.63 per share

- 2017-05: SEK 20.29 per share

- 2017-06: SEK 19.89 per share

- 2017-07: SEK 19.26 per share

- 2017-08: SEK 18.29 per share

- 2017-09: SEK 20.51 per share

- 2017-10: SEK 20.94 per share

- 2017-11: SEK 19.95 per share

- 2017-12: SEK 19.65 per share

- 2018-01: SEK 19.18 per share

- 2018-02: SEK 19.67 per share

- 2018-03: SEK 19.76 per share

- 2018-04: SEK 22.40 per share

- 2018-05: SEK 22.42 per share

- 2018-06: SEK 24.04 per share

- 2018-07: SEK 24.72 per share

- 2018-08: SEK 26.31 per share

- 2018-09: SEK 26.63 per share

- 2018-10: SEK 23.90 per share

- 2018-11: SEK 23.58 per share

- 2018-12: SEK 22.73 per share

- 2019-01: SEK 25.68 per share

- 2019-02: SEK 28.89 per share

- 2019-03: SEK 29.76 per share

- 2019-04: SEK 31.90 per share

- 2019-05: SEK 29.89 per share

- 2019-06: SEK 33.99 per share

- 2019-07: SEK 34.18 per share

- 2019-08: SEK 30.70 per share

- 2019-09: SEK 31.21 per share

- 2019-10: SEK 33.00 per share

- 2019-11: SEK 36.60 per share

- 2019-12: SEK 40.60 per share

- 2020-01: SEK 41.78 per share

- 2020-02: SEK 38.85 per share

- 2020-03: SEK 36.15 per share

- 2020-04: SEK 45.71 per share

- 2020-05: SEK 52.25 per share

- 2020-06: SEK 51.48 per share

- 2020-07: SEK 52.50 per share

- 2020-08: SEK 60.75 per share

- 2020-09: SEK 57.78 per share

- 2020-10: SEK 53.65 per share

- 2020-11: SEK 60.40 per share

- 2020-12: SEK 67.43 per share

- 2021-01: SEK 69.88 per share

- 2021-02: SEK 66.33 per share

- 2021-03: SEK 67.70 per share

- 2021-04: SEK 77.45 per share

- 2021-05: SEK 90.22 per share

- 2021-06: SEK 90.02 per share

- 2021-07: SEK 102.80 per share

- 2021-08: SEK 120.30 per share

- 2021-09: SEK 110.65 per share

- 2021-10: SEK 127.85 per share

- 2021-11: SEK 129.00 per share

- 2021-12: SEK 136.75 per share

- 2022-01: SEK 87.56 per share

- 2022-02: SEK 84.92 per share

- 2022-03: SEK 105.05 per share

- 2022-04: SEK 97.44 per share

- 2022-05: SEK 85.10 per share

- 2022-06: SEK 76.80 per share

- 2022-07: SEK 101.80 per share

- 2022-08: SEK 100.25 per share

- 2022-09: SEK 100.10 per share

- 2022-10: SEK 88.10 per share

- 2022-11: SEK 97.98 per share

- 2022-12: SEK 97.10 per share

- 2023-01: SEK 112.35 per share

- 2023-02: SEK 108.40 per share

- 2023-03: SEK 117.80 per share

- 2023-04: SEK 114.50 per share

- 2023-05: SEK 103.55 per share

- 2023-06: SEK 102.40 per share

- 2023-07: SEK 94.74 per share

- 2023-08: SEK 82.18 per share

- 2023-09: SEK 71.80 per share

- 2023-10: SEK 64.18 per share

- 2023-11: SEK 61.96 per share

- 2023-12: SEK 70.80 per share

- 2024-01: SEK 62.74 per share

- 2024-02: SEK 57.78 per share

- 2024-03: SEK 52.56 per share

- 2024-04: SEK 51.60 per share

- 2024-05: SEK 53.38 per share

- 2024-06: SEK 44.94 per share

- 2024-07: SEK 47.01 per share

- 2024-08: SEK 50.64 per share

- 2024-09: SEK 55.66 per share

- 2024-10: SEK 51.44 per share

- 2024-11: SEK 46.22 per share

- 2024-12: SEK 43.24 per share

- 2025-01: SEK 44.59 per share

- 2025-02: SEK 40.24 per share

- 2025-03: SEK 37.93 per share

- 2025-04: SEK 40.78 per share

- 2025-05: SEK 39.27 per share

- 2025-06: SEK 40.34 per share

- 2025-07: SEK 45.12 per share

- 2025-08: SEK 38.82 per share

- 2025-09: SEK 37.04 per share

- 2025-10: SEK 37.11 per share

- 2025-11: SEK 34.90 per share

- 2025-12: SEK 35.62 per share

- 2026-01: SEK 34.10 per share

- 2026-02: SEK 37.07 per share

- 2026-03: SEK 38.59 per share

- 2026-04: SEK 41.32 per share

- 2026-05: SEK 36.27 per share

- 2026-06: SEK 36.02 per share

- 2026-07: SEK 38.14 per share

- 2026-08: SEK 42.75 per share

- 2026-09: SEK 45.17 per share

- 2026-10: SEK 43.98 per share

## Annual estimated value (SEK 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 2026-10-15T06:41:50.343Z 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.