# Securitas AB (SECU-B.ST)

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

Analysis as of: 2026-10-16T07:36:04.160Z. Financial observations: FY2001–FY2025.

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

Estimated value: low SEK 104.67 per share, central SEK 118.26 per share, high SEK 136.35 per share. Buy at or below the central value SEK 118.26 per share. Valuation as of 2026-10-16T07:36:04.160Z; scenarios are not confidence intervals.

Expected annual return: 8.0% at the stated quote. About 8.0% 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

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

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.21×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.05×

- FY2018: 0.04×

- FY2019: 0.05×

- FY2020: 0.04×

- FY2021: 0.04×

- FY2022: 0.05×

- FY2023: 0.03×

- FY2024: 0.06×

- FY2025: 0.07×

### moat: pass

- ROIC, median of available years: 26.1%

- ROIC, second-lowest year: 18.0%

- Typical minus recent gross margin: -3.2 pp

- Typical gross margin (annual median): 17.8%

- Recent gross margin (lower of latest and 3-year median): 21.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.7%

- ROIC including acquisitions, ten-year median: 8.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 32.4%

- FY2017: 31.7%

- FY2018: 29.0%

- FY2019: 24.7%

- FY2020: 24.6%

- FY2021: 26.9%

- FY2022: 18.0%

- FY2023: 13.0%

- FY2024: 25.4%

- FY2025: 29.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.19×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SEK 23B

- Net income, five-year total: SEK 19B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.8 pp

- Working capital / revenue, change between three-year averages: -5.1 pp

- Working capital / revenue, final three-year average: 12.0%

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

- FY2021: 1.16×

- FY2022: 1.06×

- FY2023: 1.53×

- FY2024: 1.22×

- FY2025: 1.19×

### 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: 31.7% vs 25.4%

- Per-share earnings: 7.24 to 8.93 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 4.6%

- Ordinary dilution, 5-year annual growth: 9.4%

- Market cap gain: SEK 41B

- Cumulative retained earnings: SEK 17B

- Diluted shares, 10-year annual growth: 4.6%

- Diluted shares, 5-year annual growth: 9.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 2.7%

- Per-share value change: SEK 1.69

- Per-share value, starting three-year median: SEK 7.24

- Per-share value, ending three-year median: SEK 8.93

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: SEK 49B

- Cumulative net income, 10 years: SEK 33B

- ROIC, first three-year median: 31.7%

- ROIC, last three-year median: 25.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: SEK 7.24

- FY2017: SEK 7.49

- FY2018: SEK 8.26

- FY2019: SEK 9.20

- FY2020: SEK 6.63

- FY2021: SEK 8.59

- FY2022: SEK 7.74

- FY2023: SEK 2.24

- FY2024: SEK 9.01

- FY2025: SEK 8.93

### accounting: pass

- Sloan accruals: -4.0%

- Receivables to sales index (DSRI): 0.98×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.85×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.43×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.3%

- FY2017: -2.4%

- FY2018: -1.5%

- FY2019: -3.8%

- FY2020: -9.6%

- FY2021: -4.5%

- FY2022: -1.1%

- FY2023: -5.3%

- FY2024: -2.3%

- FY2025: -4.0%

## Holders

## Price story

Price needs cash profits to grow 5.1% a year for ten years · sales -4.2%

Story as of 2026-10-16T10:00:06.673Z; price observation 2026-10-15.

Price needs cash profits to grow 5.1% a year for ten years

### Sales · FY2024–2025

sales -4.2%; source https://filings.xbrl.org/635400TTYKE8EIWDS617/2024-12-31/ESEF/SE/0/Securitas-2024-12-31-0-sv/reports/Securitas-2024-12-31-0-sv.xhtml; observed 2025-05-08.

- FY2016: SEK 88B 

- FY2017: SEK 92B 

- FY2018: SEK 101B 

- FY2019: SEK 111B 

- FY2020: SEK 108B 

- FY2021: SEK 108B 

- FY2022: SEK 133B 

- FY2023: SEK 157B 

- FY2024: SEK 162B 

- FY2025: SEK 155B 

### Gross margin · FY2025

gross margin 21%; source https://filings.xbrl.org/635400TTYKE8EIWDS617/2024-12-31/ESEF/SE/0/Securitas-2024-12-31-0-sv/reports/Securitas-2024-12-31-0-sv.xhtml; observed 2025-05-08.

- FY2016: 17.6% 

- FY2017: 17.6% 

- FY2018: 17.6% 

- FY2019: 17.4% 

- FY2020: 16.8% 

- FY2021: 17.9% 

- FY2022: 19.4% 

- FY2023: 20.3% 

- FY2024: 21.0% 

- FY2025: 21.0% 

## Owner memo

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

### How it makes money

Operates in security & protection services; annual sales are SEK 155.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: revenue 155113000000; grossProfit 32578000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SECU-B.ST: Securitas AB (publ) provides security services in North America, Europe, Latin America, Africa, the Middle East, Asia, and Australia. The company operates through three segments: Securitas North America, Securitas Europe, and Securitas Ibero-America. It provides intelligence services, such as risk intelligence; safety and security services, including aviation security, fire and safety services, mobile security services, and on-site guarding; operation management security services, such as remote video solutions, smart security, and track and trace services; advisory security services comprising corporate risk management; and technology security services, which include electronic security. The company also operates operation centers. Securitas AB (publ) was founded in 1934 and is headquartered in Stockholm, Sweden.

### Why customers stay

Margins ranged from 20.3% to 21% during 2023–25; it earns 26.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: grossProfit / revenue = 20.3%.

- Source: https://filings.xbrl.org/635400TTYKE8EIWDS617/2024-12-31/ESEF/SE/0/Securitas-2024-12-31-0-sv/reports/Securitas-2024-12-31-0-sv.xhtml (filed 2025-05-08); FY2024: grossProfit / revenue = 21%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: grossProfit / revenue = 21%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); 10-year return on capital observations [[2016,0.32422746727490487],[2017,0.31713614302235177],[2018,0.28975621051561307],[2019,0.24696716168904911],[2020,0.24639756457290557],[2021,0.26861146660345936],[2022,0.17953662994681344],[2023,0.1295705422608976],[2024,0.253762961567759],[2025,0.29009421323521534]]; median 0.2611872140856092. 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 2025-05-08); FY2016: growth capex 141600000; upkeep 1516700000; owner earnings 2642000000. Growth capex / owner earnings = 0.053595760787282364.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2017: growth capex 3300000; upkeep 1700600000; owner earnings 2735600000. Growth capex / owner earnings = 0.0012063167129697323.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2018: growth capex 234400000; upkeep 1953400000; owner earnings 3015900000. Growth capex / owner earnings = 0.07772140986106967.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2019: growth capex 0; upkeep 2040000000; owner earnings 3567200000. 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 1756000000; owner earnings 2953000000. 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 1785000000; owner earnings 3648000000. 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 2276000000; owner earnings 4557200000. 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 2563000000; owner earnings 1964200000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/635400TTYKE8EIWDS617/2024-12-31/ESEF/SE/0/Securitas-2024-12-31-0-sv/reports/Securitas-2024-12-31-0-sv.xhtml (filed 2025-05-08); FY2024: growth capex 0; upkeep 2305000000; owner earnings 6273800000. 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 2281000000; owner earnings 6096800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2016,1277700000],[2017,1369000000],[2018,1460200000],[2019,1606000000],[2020,1752000000],[2021,1460000000],[2022,1604000000],[2023,1977000000],[2024,2177000000],[2025,2578000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 4.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SECU-B.ST SharesStats.PercentInsiders = 4.274 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5.1% yearly over ten years; actual growth was 4.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Ten-year compound average after fade. Initial solved rate 0.05955030925279858. Price 162.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 6.724120409062757 → FY2025 10.641669936479522. Closing-price date 2026-10-15.

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

- 2016-10: SEK 116.08 per share

- 2016-11: SEK 112.67 per share

- 2016-12: SEK 119.24 per share

- 2017-01: SEK 115.75 per share

- 2017-02: SEK 114.58 per share

- 2017-03: SEK 116.41 per share

- 2017-04: SEK 121.73 per share

- 2017-05: SEK 115.16 per share

- 2017-06: SEK 118.07 per share

- 2017-07: SEK 111.84 per share

- 2017-08: SEK 108.59 per share

- 2017-09: SEK 113.42 per share

- 2017-10: SEK 122.15 per share

- 2017-11: SEK 122.23 per share

- 2017-12: SEK 119.07 per share

- 2018-01: SEK 121.27 per share

- 2018-02: SEK 118.82 per share

- 2018-03: SEK 117.87 per share

- 2018-04: SEK 118.07 per share

- 2018-05: SEK 118.16 per share

- 2018-06: SEK 122.61 per share

- 2018-07: SEK 131.63 per share

- 2018-08: SEK 135.29 per share

- 2018-09: SEK 128.68 per share

- 2018-10: SEK 130.50 per share

- 2018-11: SEK 127.47 per share

- 2018-12: SEK 118.28 per share

- 2019-01: SEK 120.78 per share

- 2019-02: SEK 120.44 per share

- 2019-03: SEK 124.93 per share

- 2019-04: SEK 138.03 per share

- 2019-05: SEK 130.75 per share

- 2019-06: SEK 135.45 per share

- 2019-07: SEK 124.73 per share

- 2019-08: SEK 122.19 per share

- 2019-09: SEK 125.39 per share

- 2019-10: SEK 128.38 per share

- 2019-11: SEK 132.04 per share

- 2019-12: SEK 134.25 per share

- 2020-01: SEK 126.18 per share

- 2020-02: SEK 108.43 per share

- 2020-03: SEK 89.34 per share

- 2020-04: SEK 96.00 per share

- 2020-05: SEK 103.77 per share

- 2020-06: SEK 104.40 per share

- 2020-07: SEK 108.55 per share

- 2020-08: SEK 102.36 per share

- 2020-09: SEK 114.12 per share

- 2020-10: SEK 104.73 per share

- 2020-11: SEK 117.24 per share

- 2020-12: SEK 110.38 per share

- 2021-01: SEK 107.47 per share

- 2021-02: SEK 107.64 per share

- 2021-03: SEK 123.48 per share

- 2021-04: SEK 120.11 per share

- 2021-05: SEK 110.38 per share

- 2021-06: SEK 112.34 per share

- 2021-07: SEK 126.22 per share

- 2021-08: SEK 119.11 per share

- 2021-09: SEK 115.62 per share

- 2021-10: SEK 118.07 per share

- 2021-11: SEK 108.59 per share

- 2021-12: SEK 103.65 per share

- 2022-01: SEK 93.00 per share

- 2022-02: SEK 95.58 per share

- 2022-03: SEK 88.51 per share

- 2022-04: SEK 97.24 per share

- 2022-05: SEK 86.60 per share

- 2022-06: SEK 73.27 per share

- 2022-07: SEK 85.19 per share

- 2022-08: SEK 77.83 per share

- 2022-09: SEK 77.60 per share

- 2022-10: SEK 90.34 per share

- 2022-11: SEK 85.38 per share

- 2022-12: SEK 86.96 per share

- 2023-01: SEK 95.34 per share

- 2023-02: SEK 90.38 per share

- 2023-03: SEK 92.28 per share

- 2023-04: SEK 91.80 per share

- 2023-05: SEK 79.92 per share

- 2023-06: SEK 88.46 per share

- 2023-07: SEK 89.56 per share

- 2023-08: SEK 89.26 per share

- 2023-09: SEK 86.66 per share

- 2023-10: SEK 89.26 per share

- 2023-11: SEK 94.44 per share

- 2023-12: SEK 98.58 per share

- 2024-01: SEK 101.35 per share

- 2024-02: SEK 111.35 per share

- 2024-03: SEK 110.35 per share

- 2024-04: SEK 111.45 per share

- 2024-05: SEK 107.80 per share

- 2024-06: SEK 105.20 per share

- 2024-07: SEK 115.10 per share

- 2024-08: SEK 120.00 per share

- 2024-09: SEK 128.90 per share

- 2024-10: SEK 125.00 per share

- 2024-11: SEK 137.95 per share

- 2024-12: SEK 136.90 per share

- 2025-01: SEK 141.45 per share

- 2025-02: SEK 155.90 per share

- 2025-03: SEK 141.95 per share

- 2025-04: SEK 153.50 per share

- 2025-05: SEK 141.75 per share

- 2025-06: SEK 141.50 per share

- 2025-07: SEK 145.50 per share

- 2025-08: SEK 144.75 per share

- 2025-09: SEK 141.60 per share

- 2025-10: SEK 140.20 per share

- 2025-11: SEK 144.00 per share

- 2025-12: SEK 147.20 per share

- 2026-01: SEK 147.10 per share

- 2026-02: SEK 160.70 per share

- 2026-03: SEK 157.80 per share

- 2026-04: SEK 154.10 per share

- 2026-05: SEK 154.20 per share

- 2026-06: SEK 159.20 per share

- 2026-07: SEK 153.00 per share

- 2026-08: SEK 152.00 per share

- 2026-09: SEK 154.20 per share

- 2026-10: SEK 160.50 per share

## Annual estimated value (SEK per share)

- FY2016: low SEK 90.78 per share, central SEK 114.83 per share, high SEK 133.84 per share

- FY2017: low SEK 96.86 per share, central SEK 120.35 per share, high SEK 139.69 per share

- FY2018: low SEK 106.20 per share, central SEK 136.45 per share, high SEK 158.97 per share

- FY2019: low SEK 114.49 per share, central SEK 143.11 per share, high SEK 166.31 per share

- FY2020: low SEK 106.60 per share, central SEK 124.65 per share, high SEK 143.91 per share

- FY2021: low SEK 112.05 per share, central SEK 138.01 per share, high SEK 159.84 per share

- FY2022: low SEK 93.82 per share, central SEK 109.28 per share, high SEK 126.02 per share

- FY2023: low SEK 105.43 per share, central SEK 118.73 per share, high SEK 136.44 per share

- FY2024: low SEK 117.28 per share, central SEK 138.69 per share, high SEK 160.24 per share

- FY2025: low SEK 108.58 per share, central SEK 122.54 per share, high SEK 141.12 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/635400TTYKE8EIWDS617/2024-12-31/ESEF/SE/0/Securitas-2024-12-31-0-sv/reports/Securitas-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.

## Reported holder observations