# Skanska (SKA-B.ST)

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

Analysis as of: 2026-10-16T07:35:43.581Z. Financial observations: FY2002–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 265.10 per share; close as of 2026-10-15.

Estimated value: low SEK 138.60 per share, central SEK 153.53 per share, high SEK 173.41 per share. Buy at or below the central value SEK 153.53 per share. Valuation as of 2026-10-16T07:35:43.581Z; scenarios are not confidence intervals.

Expected annual return: 6.6% at the stated quote. About 6.6% 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: 0.33×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.03×

- FY2018: 0.03×

- FY2019: 0.04×

- FY2020: 0.08×

- FY2021: 0.06×

- FY2022: 0.06×

- FY2023: 0.03×

- FY2024: 0.04×

- FY2025: 0.04×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 16.1%

- ROIC, second-lowest year: 9.0%

- Typical minus recent gross margin: 0.7 pp

- Typical gross margin (annual median): 8.9%

- Recent gross margin (lower of latest and 3-year median): 8.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.4%

- ROIC including acquisitions, ten-year median: 12.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 38.8%

- FY2017: 16.9%

- FY2018: 18.8%

- FY2019: 17.5%

- FY2020: 33.1%

- FY2021: 15.4%

- FY2022: 14.6%

- FY2023: 8.6%

- FY2024: 11.0%

- FY2025: 9.0%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.83×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SEK 26B

- Net income, five-year total: SEK 31B

- Return on incremental invested capital: -1.0%

- Working capital / revenue, annual change: 4.0 pp

- Working capital / revenue, change between three-year averages: 30.3 pp

- Working capital / revenue, final three-year average: 46.1%

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

- FY2021: 0.95×

- FY2022: 0.89×

- FY2023: 0.75×

- FY2024: 0.75×

- FY2025: 0.73×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 18.8% vs 9.0%

- Per-share earnings: 11.62 to 13.38 (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 17B

- Cumulative retained earnings: SEK 30B

- 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: 1.8%

- Per-share value change: SEK 1.76

- Per-share value, starting three-year median: SEK 11.62

- Per-share value, ending three-year median: SEK 13.38

- Buybacks concentrated in cheaper years (correlation): 0.20

- Average buyback yield: 0.4%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: SEK 527M

- Cumulative net income, 10 years: SEK 62B

- ROIC, first three-year median: 18.8%

- ROIC, last three-year median: 9.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: SEK 14.01

- FY2017: SEK 10.01

- FY2018: SEK 11.21

- FY2019: SEK 14.65

- FY2020: SEK 23.93

- FY2021: SEK 16.63

- FY2022: SEK 19.90

- FY2023: SEK 12.08

- FY2024: SEK 13.38

- FY2025: SEK 13.72

### accounting: pass

- Sloan accruals: -1.0%

- Receivables to sales index (DSRI): 0.84×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.27×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 6.2%

- FY2017: 1.1%

- FY2018: -4.2%

- FY2019: -0.0%

- FY2020: -1.1%

- FY2021: -0.4%

- FY2022: 5.1%

- FY2023: 1.2%

- FY2024: -2.1%

- FY2025: -1.0%

## Holders

## Price story

Price needs cash profits to grow 9% a year for ten years · sales +0.1%

Story as of 2026-10-16T10:00:05.919Z; price observation 2026-10-15.

Price needs cash profits to grow 9% a year for ten years

- 2025-07-08: Skanska, FlatironDragados win $1B DC bridge upgrade ([finance.yahoo.com](https://finance.yahoo.com/news/skanska-flatirondragados-win-1b-dc-104000136.html))

- 2026-05-12: Skanska lands $1B Massachusetts rail bridge project ([finance.yahoo.com](https://finance.yahoo.com/sectors/technology/articles/skanska-lands-1b-massachusetts-rail-132414848.html))

### Sales · FY2024–2025

sales +0.1%; source https://filings.xbrl.org/549300UINV5RINHGMG07/2024-12-31/ESEF/SE/0/skan-2024-12-31-0-sv/reports/skan-2024-12-31-0-sv.xhtml; observed 2025-05-08.

- FY2016: SEK 145B 

- FY2017: SEK 158B 

- FY2018: SEK 172B 

- FY2019: SEK 173B 

- FY2020: SEK 160B 

- FY2021: SEK 144B 

- FY2022: SEK 163B 

- FY2023: SEK 167B 

- FY2024: SEK 176B 

- FY2025: SEK 177B 

### Gross margin · FY2025

gross margin 8.2%; source https://filings.xbrl.org/549300UINV5RINHGMG07/2024-12-31/ESEF/SE/0/skan-2024-12-31-0-sv/reports/skan-2024-12-31-0-sv.xhtml; observed 2025-05-08.

- FY2016: 9.8% 

- FY2017: 8.1% 

- FY2018: 8.3% 

- FY2019: 9.4% 

- FY2020: 10.5% 

- FY2021: 10.9% 

- FY2022: 10.2% 

- FY2023: 8.0% 

- FY2024: 8.2% 

- FY2025: 8.2% 

## Owner memo

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

### How it makes money

Operates in engineering & construction; annual sales are SEK 176.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: revenue 176658000000; grossProfit 14521000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SKA-B.ST: Skanska AB (publ) operates as a construction and project development company in the Nordics, Europe, and the United States. It operates through four segments: Construction, Residential Development, Commercial Property Development, and Investment Properties. The Construction segment builds social infrastructure, including schools, hospitals, healthcare, and judicial buildings; mass transit comprising rails, subways, and airports; highways, bridges, and tunnels; data centers and advanced tech manufacturing buildings/facilities; energy; defense-related buildings and infrastructure; offices, manufacturing, and other commercial buildings; and residential multifamily buildings. Its Residential Development segment develops and builds single and multifamily homes. The Commercial Property Development segment initiates, develops, leases, and divests in offices, life-science, and logistics and commercial warehouses, as well as residential rental properties. Its Investment Properties segment invests and manages office properties. The company was formerly known as Skånska Cementgjuteriet and changed its name to Skanska AB (publ) in December 1983. Skanska AB (publ) was founded in 1887 and is headquartered in Stockholm, Sweden.

### Why customers stay

Margins ranged from 8% to 8.2% during 2023–25; it earns 16.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: grossProfit / revenue = 8%.

- Source: https://filings.xbrl.org/549300UINV5RINHGMG07/2024-12-31/ESEF/SE/0/skan-2024-12-31-0-sv/reports/skan-2024-12-31-0-sv.xhtml (filed 2025-05-08); FY2024: grossProfit / revenue = 8.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: grossProfit / revenue = 8.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); 10-year return on capital observations [[2016,0.38760358246519494],[2017,0.16913805213213398],[2018,0.18788049643296498],[2019,0.1748653389755901],[2020,0.3310142951362242],[2021,0.15350050157729767],[2022,0.14618347425246253],[2023,0.08636964569011105],[2024,0.1096376175585074],[2025,0.0895881578618261]]; median 0.1613192768547158. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 0.3% of cash earnings on expansion; 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 2030000000; owner earnings 5131000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2017: growth capex 544000000; upkeep 1587000000; owner earnings 4095000000. Growth capex / owner earnings = 0.13284493284493284.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2018: growth capex 629697995.0271287; upkeep 1946302004.9728713; owner earnings 4404697995.027128. Growth capex / owner earnings = 0.142960537984228.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2019: growth capex 0; upkeep 2682000000; owner earnings 4607800000. 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 1619000000; owner earnings 9754400000. 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 1928000000; owner earnings 6510000000. 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 2262000000; owner earnings 7326800000. 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 2575000000; owner earnings 3760800000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/549300UINV5RINHGMG07/2024-12-31/ESEF/SE/0/skan-2024-12-31-0-sv/reports/skan-2024-12-31-0-sv.xhtml (filed 2025-05-08); FY2024: growth capex 0; upkeep 2666000000; owner earnings 4172000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: growth capex 12146769.794780731; upkeep 3115853230.2052193; owner earnings 4174346769.7947807. Growth capex / owner earnings = 0.0029098612225207853.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2016,3075000000],[2017,3380000000],[2018,3373000000],[2019,2462000000],[2020,1340000000],[2021,3917000000],[2022,4124000000],[2023,3081000000],[2024,2257000000],[2025,3320000000]]. 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 89000000 SEK.

### Are managers owners

Insiders own 15.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SKA-B.ST SharesStats.PercentInsiders = 15.262 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9% yearly over ten years; actual growth was 2.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Ten-year compound average after fade. Initial solved rate 0.11632697939690884. Price 265.1; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 8.170659968674336 → FY2025 10.046581966450912. Closing-price date 2026-10-15.

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

- 2016-10: SEK 196.20 per share

- 2016-11: SEK 212.00 per share

- 2016-12: SEK 215.10 per share

- 2017-01: SEK 214.00 per share

- 2017-02: SEK 215.20 per share

- 2017-03: SEK 211.00 per share

- 2017-04: SEK 211.90 per share

- 2017-05: SEK 206.90 per share

- 2017-06: SEK 199.90 per share

- 2017-07: SEK 183.60 per share

- 2017-08: SEK 179.50 per share

- 2017-09: SEK 188.70 per share

- 2017-10: SEK 183.70 per share

- 2017-11: SEK 183.60 per share

- 2017-12: SEK 170.00 per share

- 2018-01: SEK 160.15 per share

- 2018-02: SEK 165.65 per share

- 2018-03: SEK 170.65 per share

- 2018-04: SEK 171.30 per share

- 2018-05: SEK 162.35 per share

- 2018-06: SEK 162.80 per share

- 2018-07: SEK 165.60 per share

- 2018-08: SEK 171.70 per share

- 2018-09: SEK 174.55 per share

- 2018-10: SEK 144.05 per share

- 2018-11: SEK 143.05 per share

- 2018-12: SEK 141.00 per share

- 2019-01: SEK 158.15 per share

- 2019-02: SEK 166.60 per share

- 2019-03: SEK 168.90 per share

- 2019-04: SEK 165.30 per share

- 2019-05: SEK 155.50 per share

- 2019-06: SEK 167.70 per share

- 2019-07: SEK 180.75 per share

- 2019-08: SEK 183.90 per share

- 2019-09: SEK 199.40 per share

- 2019-10: SEK 205.50 per share

- 2019-11: SEK 211.60 per share

- 2019-12: SEK 211.70 per share

- 2020-01: SEK 223.00 per share

- 2020-02: SEK 208.90 per share

- 2020-03: SEK 151.45 per share

- 2020-04: SEK 187.15 per share

- 2020-05: SEK 188.10 per share

- 2020-06: SEK 189.50 per share

- 2020-07: SEK 176.50 per share

- 2020-08: SEK 176.20 per share

- 2020-09: SEK 189.80 per share

- 2020-10: SEK 167.30 per share

- 2020-11: SEK 203.80 per share

- 2020-12: SEK 209.70 per share

- 2021-01: SEK 216.60 per share

- 2021-02: SEK 204.80 per share

- 2021-03: SEK 219.00 per share

- 2021-04: SEK 229.60 per share

- 2021-05: SEK 233.20 per share

- 2021-06: SEK 227.00 per share

- 2021-07: SEK 243.00 per share

- 2021-08: SEK 248.50 per share

- 2021-09: SEK 220.70 per share

- 2021-10: SEK 218.00 per share

- 2021-11: SEK 208.50 per share

- 2021-12: SEK 234.20 per share

- 2022-01: SEK 226.10 per share

- 2022-02: SEK 215.50 per share

- 2022-03: SEK 211.40 per share

- 2022-04: SEK 189.55 per share

- 2022-05: SEK 168.40 per share

- 2022-06: SEK 156.80 per share

- 2022-07: SEK 172.40 per share

- 2022-08: SEK 158.15 per share

- 2022-09: SEK 139.50 per share

- 2022-10: SEK 171.80 per share

- 2022-11: SEK 168.45 per share

- 2022-12: SEK 165.00 per share

- 2023-01: SEK 183.80 per share

- 2023-02: SEK 190.60 per share

- 2023-03: SEK 158.55 per share

- 2023-04: SEK 167.40 per share

- 2023-05: SEK 143.00 per share

- 2023-06: SEK 151.15 per share

- 2023-07: SEK 167.80 per share

- 2023-08: SEK 160.60 per share

- 2023-09: SEK 180.00 per share

- 2023-10: SEK 167.35 per share

- 2023-11: SEK 168.50 per share

- 2023-12: SEK 182.35 per share

- 2024-01: SEK 181.15 per share

- 2024-02: SEK 191.00 per share

- 2024-03: SEK 190.50 per share

- 2024-04: SEK 191.85 per share

- 2024-05: SEK 185.25 per share

- 2024-06: SEK 190.80 per share

- 2024-07: SEK 209.10 per share

- 2024-08: SEK 207.30 per share

- 2024-09: SEK 211.80 per share

- 2024-10: SEK 216.20 per share

- 2024-11: SEK 227.50 per share

- 2024-12: SEK 232.70 per share

- 2025-01: SEK 238.00 per share

- 2025-02: SEK 254.80 per share

- 2025-03: SEK 220.90 per share

- 2025-04: SEK 223.90 per share

- 2025-05: SEK 227.90 per share

- 2025-06: SEK 220.20 per share

- 2025-07: SEK 228.10 per share

- 2025-08: SEK 234.80 per share

- 2025-09: SEK 243.90 per share

- 2025-10: SEK 259.60 per share

- 2025-11: SEK 242.20 per share

- 2025-12: SEK 252.30 per share

- 2026-01: SEK 270.90 per share

- 2026-02: SEK 278.00 per share

- 2026-03: SEK 252.60 per share

- 2026-04: SEK 247.50 per share

- 2026-05: SEK 250.40 per share

- 2026-06: SEK 259.20 per share

- 2026-07: SEK 266.70 per share

- 2026-08: SEK 272.40 per share

- 2026-09: SEK 276.70 per share

- 2026-10: SEK 267.20 per share

## Annual estimated value (SEK per share)

- FY2016: low SEK 106.62 per share, central SEK 121.21 per share, high SEK 136.05 per share

- FY2017: low SEK 105.61 per share, central SEK 119.18 per share, high SEK 136.45 per share

- FY2018: low SEK 142.29 per share, central SEK 167.55 per share, high SEK 192.22 per share

- FY2019: low SEK 139.79 per share, central SEK 167.42 per share, high SEK 193.01 per share

- FY2020: low SEK 161.14 per share, central SEK 188.80 per share, high SEK 213.59 per share

- FY2021: low SEK 121.11 per share, central SEK 135.11 per share, high SEK 153.75 per share

- FY2022: low SEK 209.28 per share, central SEK 235.89 per share, high SEK 271.32 per share

- FY2023: low SEK 238.83 per share, central SEK 273.46 per share, high SEK 312.31 per share

- FY2024: low SEK 287.79 per share, central SEK 330.35 per share, high SEK 373.30 per share

- FY2025: low SEK 147.11 per share, central SEK 162.25 per share, high SEK 182.42 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/549300UINV5RINHGMG07/2024-12-31/ESEF/SE/0/skan-2024-12-31-0-sv/reports/skan-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.