# Sandvik AB (SAND.ST)

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

Analysis as of: 2026-10-16T07:33:59.731Z. Financial observations: FY2000–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 352.70 per share; close as of 2026-10-15.

Estimated value: low SEK 145.83 per share, central SEK 165.83 per share, high SEK 192.44 per share. Buy at or below the central value SEK 165.83 per share. Valuation as of 2026-10-16T07:33:59.731Z; scenarios are not confidence intervals.

Expected annual return: 6.2% at the stated quote. About 6.2% 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

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.14×

- FY2017: 0.20×

- FY2018: 0.19×

- FY2019: 0.13×

- FY2020: 0.13×

- FY2021: 0.19×

- FY2022: 0.17×

- FY2023: 0.18×

- FY2024: 0.15×

- FY2025: 0.17×

### moat: pass

- ROIC, median of available years: 19.8%

- ROIC, second-lowest year: 16.6%

- Typical minus recent gross margin: -0.3 pp

- Typical gross margin (annual median): 40.3%

- Recent gross margin (lower of latest and 3-year median): 40.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.9%

- ROIC including acquisitions, ten-year median: 12.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 16.6%

- FY2017: 29.4%

- FY2018: 28.4%

- FY2019: 18.8%

- FY2020: 19.7%

- FY2021: 21.1%

- FY2022: 17.1%

- FY2023: 21.2%

- FY2024: 16.3%

- FY2025: 19.9%

### economics: pass

- Owner earnings / net income, 5-yr: 1.12×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SEK 76B

- Net income, five-year total: SEK 68B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -4.5 pp

- Working capital / revenue, final three-year average: 35.6%

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

- FY2021: 1.11×

- FY2022: 1.10×

- FY2023: 1.07×

- FY2024: 1.16×

- FY2025: 1.17×

### 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: 28.4% vs 19.9%

- Per-share earnings: 4.39 to 11.70 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

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

- Market cap gain: SEK 243B

- Cumulative retained earnings: SEK 55B

- Diluted shares, 10-year annual growth: 0.0%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 13.0%

- Per-share value change: SEK 7.31

- Per-share value, starting three-year median: SEK 4.39

- Per-share value, ending three-year median: SEK 11.70

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 0.1%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: SEK 58B

- Cumulative net income, 10 years: SEK 117B

- ROIC, first three-year median: 28.4%

- ROIC, last three-year median: 19.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: SEK 4.39

- FY2017: SEK 10.52

- FY2018: SEK 10.14

- FY2019: SEK 6.81

- FY2020: SEK 6.96

- FY2021: SEK 11.53

- FY2022: SEK 8.93

- FY2023: SEK 12.18

- FY2024: SEK 9.75

- FY2025: SEK 11.70

### accounting: pass

- Sloan accruals: -3.1%

- Receivables to sales index (DSRI): 1.11×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.36×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.67×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.3%

- FY2017: -1.0%

- FY2018: -1.9%

- FY2019: -7.6%

- FY2020: -5.6%

- FY2021: 0.8%

- FY2022: 0.4%

- FY2023: -2.0%

- FY2024: -4.5%

- FY2025: -3.1%

## Holders

## Price story

Price needs cash profits to grow 10.4% a year for ten years · "Sandvik wins major mining equipment order in Mongolia" (finance.yahoo.com, Jul 2025) · sales -1.8%

Story as of 2026-10-16T09:59:58.629Z; price observation 2026-10-15.

Price needs cash profits to grow 10.4% a year for ten years

- 2025-06-16: Sandvik wins major mining equipment order in Mexico ([finance.yahoo.com](https://finance.yahoo.com/news/sandvik-wins-major-mining-equipment-121200622.html))

- 2025-07-02: Sandvik wins major mining equipment order in Mongolia ([finance.yahoo.com](https://finance.yahoo.com/news/sandvik-wins-major-mining-equipment-122600244.html))

- 2025-09-24: Sandvik secures underground mining equipment order from Zimplats ([finance.yahoo.com](https://finance.yahoo.com/news/sandvik-secures-underground-mining-equipment-111442561.html))

- 2025-10-20: Sandvik AB (SDVKF) Q3 2025 Earnings Call Highlights: Strong Order Growth Amid Currency Challenges ([finance.yahoo.com](https://finance.yahoo.com/news/sandvik-ab-sdvkf-q3-2025-170049220.html))

- 2026-08-26: Sandvik wins equipment order worth $29m from Kamoa Copper ([finance.yahoo.com](https://finance.yahoo.com/markets/commodities/articles/sandvik-wins-equipment-order-worth-090958137.html))

### Sales · FY2024–2025

sales -1.8%; source https://filings.xbrl.org/5299008ZUAXN43LVZF54/2024-12-31/ESEF/SE/0/sand-2024-12-31-0-sv/reports/sand-2024-12-31-0-sv.xhtml; observed 2025-05-08.

- FY2016: SEK 82B 

- FY2017: SEK 91B 

- FY2018: SEK 100B 

- FY2019: SEK 103B 

- FY2020: SEK 86B 

- FY2021: SEK 99B 

- FY2022: SEK 112B 

- FY2023: SEK 127B 

- FY2024: SEK 123B 

- FY2025: SEK 121B 

### Gross margin · FY2025

gross margin 40.6%; source https://filings.xbrl.org/5299008ZUAXN43LVZF54/2024-12-31/ESEF/SE/0/sand-2024-12-31-0-sv/reports/sand-2024-12-31-0-sv.xhtml; observed 2025-05-08.

- FY2016: 38.8% 

- FY2017: 40.3% 

- FY2018: 41.0% 

- FY2019: 40.3% 

- FY2020: 37.3% 

- FY2021: 40.5% 

- FY2022: 40.4% 

- FY2023: 41.1% 

- FY2024: 40.0% 

- FY2025: 40.6% 

## Owner memo

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

### How it makes money

Operates in specialty industrial machinery; annual sales are SEK 120.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: revenue 120680000000; grossProfit 49002000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 40% to 41.1% during 2023–25; it earns 19.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: grossProfit / revenue = 41.1%.

- Source: https://filings.xbrl.org/5299008ZUAXN43LVZF54/2024-12-31/ESEF/SE/0/sand-2024-12-31-0-sv/reports/sand-2024-12-31-0-sv.xhtml (filed 2025-05-08); FY2024: grossProfit / revenue = 40%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: grossProfit / revenue = 40.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); 10-year return on capital observations [[2016,0.16599815583858035],[2017,0.29371095000247804],[2018,0.28423364034491655],[2019,0.18824356327305483],[2020,0.19662461141945378],[2021,0.21068945228663283],[2022,0.17123395383115503],[2023,0.21212813277234133],[2024,0.16317847693853413],[2025,0.19894116919221813]]; median 0.19778289030583596. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 40% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/5299008ZUAXN43LVZF54/2024-12-31/ESEF/SE/0/sand-2024-12-31-0-sv/reports/sand-2024-12-31-0-sv.xhtml (filed 2025-05-08); Gross margin observations: [[2021,0.4053579536854851],[2022,0.4038920343268169],[2023,0.41142897796890193]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back SEK 6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2016: growth capex 0; upkeep 3701000000; owner earnings 5879000000. 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 3590000000; owner earnings 13797000000. 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 3921000000; owner earnings 12984000000. 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 4136000000; owner earnings 8125000000. 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 3198000000; owner earnings 10465000000. 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 3578000000; owner earnings 16070600000. 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 4530000000; owner earnings 12309600000. 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 5354000000; owner earnings 16304400000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/5299008ZUAXN43LVZF54/2024-12-31/ESEF/SE/0/sand-2024-12-31-0-sv/reports/sand-2024-12-31-0-sv.xhtml (filed 2025-05-08); FY2024: growth capex 0; upkeep 4841000000; owner earnings 14160800000. 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 3830000000; owner earnings 17145400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2016,3136000000],[2017,3458000000],[2018,4390000000],[2019,5340000000],[2020,8140000000],[2021,8140000000],[2022,5955000000],[2023,6261000000],[2024,6880000000],[2025,7203000000]]. 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 6000000 SEK.

### Are managers owners

Insiders own 18.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SAND.ST SharesStats.PercentInsiders = 18.474 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 10.4% yearly over ten years; actual growth was 17.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Ten-year compound average after fade. Initial solved rate 0.13708198089571166. Price 352.7; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.6969369874982663 → FY2025 13.661401167307424. Closing-price date 2026-10-15.

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

- 2016-10: SEK 97.74 per share

- 2016-11: SEK 103.93 per share

- 2016-12: SEK 107.26 per share

- 2017-01: SEK 112.31 per share

- 2017-02: SEK 116.87 per share

- 2017-03: SEK 127.44 per share

- 2017-04: SEK 135.34 per share

- 2017-05: SEK 129.63 per share

- 2017-06: SEK 126.11 per share

- 2017-07: SEK 121.16 per share

- 2017-08: SEK 124.96 per share

- 2017-09: SEK 133.72 per share

- 2017-10: SEK 145.52 per share

- 2017-11: SEK 136.77 per share

- 2017-12: SEK 136.77 per share

- 2018-01: SEK 147.66 per share

- 2018-02: SEK 147.04 per share

- 2018-03: SEK 145.09 per share

- 2018-04: SEK 142.76 per share

- 2018-05: SEK 145.62 per share

- 2018-06: SEK 151.33 per share

- 2018-07: SEK 153.09 per share

- 2018-08: SEK 152.33 per share

- 2018-09: SEK 150.14 per share

- 2018-10: SEK 137.91 per share

- 2018-11: SEK 128.49 per share

- 2018-12: SEK 120.25 per share

- 2019-01: SEK 137.34 per share

- 2019-02: SEK 144.43 per share

- 2019-03: SEK 143.71 per share

- 2019-04: SEK 167.17 per share

- 2019-05: SEK 139.48 per share

- 2019-06: SEK 162.37 per share

- 2019-07: SEK 141.95 per share

- 2019-08: SEK 133.96 per share

- 2019-09: SEK 145.95 per share

- 2019-10: SEK 162.13 per share

- 2019-11: SEK 165.75 per share

- 2019-12: SEK 173.84 per share

- 2020-01: SEK 167.65 per share

- 2020-02: SEK 150.76 per share

- 2020-03: SEK 134.43 per share

- 2020-04: SEK 144.00 per share

- 2020-05: SEK 148.38 per share

- 2020-06: SEK 165.70 per share

- 2020-07: SEK 154.75 per share

- 2020-08: SEK 161.61 per share

- 2020-09: SEK 167.41 per share

- 2020-10: SEK 150.85 per share

- 2020-11: SEK 183.07 per share

- 2020-12: SEK 191.59 per share

- 2021-01: SEK 198.72 per share

- 2021-02: SEK 215.76 per share

- 2021-03: SEK 227.09 per share

- 2021-04: SEK 199.20 per share

- 2021-05: SEK 208.05 per share

- 2021-06: SEK 208.05 per share

- 2021-07: SEK 213.48 per share

- 2021-08: SEK 209.38 per share

- 2021-09: SEK 191.49 per share

- 2021-10: SEK 207.00 per share

- 2021-11: SEK 213.57 per share

- 2021-12: SEK 240.41 per share

- 2022-01: SEK 230.61 per share

- 2022-02: SEK 196.92 per share

- 2022-03: SEK 191.30 per share

- 2022-04: SEK 179.17 per share

- 2022-05: SEK 190.35 per share

- 2022-06: SEK 157.85 per share

- 2022-07: SEK 177.17 per share

- 2022-08: SEK 166.95 per share

- 2022-09: SEK 152.55 per share

- 2022-10: SEK 172.60 per share

- 2022-11: SEK 191.00 per share

- 2022-12: SEK 188.40 per share

- 2023-01: SEK 215.40 per share

- 2023-02: SEK 215.80 per share

- 2023-03: SEK 219.80 per share

- 2023-04: SEK 208.50 per share

- 2023-05: SEK 190.65 per share

- 2023-06: SEK 210.20 per share

- 2023-07: SEK 213.80 per share

- 2023-08: SEK 207.40 per share

- 2023-09: SEK 201.60 per share

- 2023-10: SEK 189.60 per share

- 2023-11: SEK 207.00 per share

- 2023-12: SEK 218.10 per share

- 2024-01: SEK 219.40 per share

- 2024-02: SEK 232.90 per share

- 2024-03: SEK 237.70 per share

- 2024-04: SEK 222.70 per share

- 2024-05: SEK 230.50 per share

- 2024-06: SEK 212.40 per share

- 2024-07: SEK 219.20 per share

- 2024-08: SEK 218.30 per share

- 2024-09: SEK 226.90 per share

- 2024-10: SEK 209.00 per share

- 2024-11: SEK 201.70 per share

- 2024-12: SEK 198.30 per share

- 2025-01: SEK 230.00 per share

- 2025-02: SEK 232.70 per share

- 2025-03: SEK 210.00 per share

- 2025-04: SEK 200.10 per share

- 2025-05: SEK 209.40 per share

- 2025-06: SEK 216.90 per share

- 2025-07: SEK 239.20 per share

- 2025-08: SEK 239.10 per share

- 2025-09: SEK 261.80 per share

- 2025-10: SEK 288.50 per share

- 2025-11: SEK 285.10 per share

- 2025-12: SEK 300.60 per share

- 2026-01: SEK 351.70 per share

- 2026-02: SEK 399.40 per share

- 2026-03: SEK 357.40 per share

- 2026-04: SEK 383.10 per share

- 2026-05: SEK 376.50 per share

- 2026-06: SEK 399.90 per share

- 2026-07: SEK 356.00 per share

- 2026-08: SEK 384.40 per share

- 2026-09: SEK 375.80 per share

- 2026-10: SEK 364.60 per share

## Annual estimated value (SEK per share)

- FY2016: low SEK 53.82 per share, central SEK 60.45 per share, high SEK 69.28 per share

- FY2017: low SEK 62.30 per share, central SEK 69.69 per share, high SEK 79.53 per share

- FY2018: low SEK 75.69 per share, central SEK 84.35 per share, high SEK 95.89 per share

- FY2019: low SEK 87.13 per share, central SEK 103.20 per share, high SEK 118.31 per share

- FY2020: low SEK 108.75 per share, central SEK 121.32 per share, high SEK 138.06 per share

- FY2021: low SEK 121.29 per share, central SEK 136.74 per share, high SEK 157.31 per share

- FY2022: low SEK 126.50 per share, central SEK 144.81 per share, high SEK 167.22 per share

- FY2023: low SEK 134.78 per share, central SEK 153.16 per share, high SEK 177.63 per share

- FY2024: low SEK 135.16 per share, central SEK 158.48 per share, high SEK 184.09 per share

- FY2025: low SEK 137.49 per share, central SEK 156.17 per share, high SEK 181.03 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/5299008ZUAXN43LVZF54/2024-12-31/ESEF/SE/0/sand-2024-12-31-0-sv/reports/sand-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.