# AB SKF (publ) (SKF-B.ST)

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

Analysis as of: 2026-10-16T07:35:33.684Z. Financial observations: FY1996–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 266.10 per share; close as of 2026-10-15.

Estimated value: low SEK 163.15 per share, central SEK 178.49 per share, high SEK 198.91 per share. Buy at or below the central value SEK 178.49 per share. Valuation as of 2026-10-16T07:35:33.684Z; scenarios are not confidence intervals.

Expected annual return: 7.1% at the stated quote. About 7.1% 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: 0.14×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.10×

- FY2017: 0.11×

- FY2018: 0.13×

- FY2019: 0.11×

- FY2020: 0.09×

- FY2021: 0.13×

- FY2022: 0.09×

- FY2023: 0.11×

- FY2024: 0.10×

- FY2025: 0.08×

### moat: pass

- ROIC, median of available years: 19.3%

- ROIC, second-lowest year: 11.3%

- Typical minus recent gross margin: -1.7 pp

- Typical gross margin (annual median): 25.1%

- Recent gross margin (lower of latest and 3-year median): 26.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.4%

- ROIC including acquisitions, ten-year median: 10.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 20.2%

- FY2017: 24.0%

- FY2018: 29.7%

- FY2019: 20.7%

- FY2020: 18.3%

- FY2021: 21.2%

- FY2022: 11.3%

- FY2023: 16.8%

- FY2024: 14.0%

- FY2025: 10.2%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.90×

- Cash conversion uses consolidated totals: No

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

- Net income, five-year total: SEK 29B

- Return on incremental invested capital: 0.9%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 1.4 pp

- Working capital / revenue, final three-year average: 31.7%

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

- FY2021: 0.92×

- FY2022: 0.87×

- FY2023: 0.91×

- FY2024: 0.79×

- FY2025: 1.05×

### 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: 24.0% vs 14.0%

- Per-share earnings: 8.75 to 14.04 (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 36B

- Cumulative retained earnings: SEK 31B

- 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: 6.1%

- Per-share value change: SEK 5.29

- Per-share value, starting three-year median: SEK 8.75

- Per-share value, ending three-year median: SEK 14.04

- Average buyback yield: 0.3%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: SEK 3.2B

- Cumulative net income, 10 years: SEK 55B

- ROIC, first three-year median: 24.0%

- ROIC, last three-year median: 14.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: SEK 8.75

- FY2017: SEK 12.02

- FY2018: SEK 16.00

- FY2019: SEK 12.20

- FY2020: SEK 9.44

- FY2021: SEK 16.10

- FY2022: SEK 9.81

- FY2023: SEK 14.04

- FY2024: SEK 14.22

- FY2025: SEK 8.62

### accounting: pass

- Sloan accruals: -4.2%

- Receivables to sales index (DSRI): 0.93×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.14×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.27×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.8%

- FY2017: -1.2%

- FY2018: -1.2%

- FY2019: -4.1%

- FY2020: -4.4%

- FY2021: 2.1%

- FY2022: -1.1%

- FY2023: -6.6%

- FY2024: -3.6%

- FY2025: -4.2%

## Holders

## Price story

Price needs cash profits to grow 7.5% a year for ten years · sales -7.2%

Story as of 2026-10-16T10:00:05.562Z; price observation 2026-10-15.

Price needs cash profits to grow 7.5% a year for ten years

### Sales · FY2024–2025

sales -7.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: SEK 73B 

- FY2017: SEK 78B 

- FY2018: SEK 86B 

- FY2019: SEK 86B 

- FY2020: SEK 75B 

- FY2021: SEK 82B 

- FY2022: SEK 97B 

- FY2023: SEK 104B 

- FY2024: SEK 99B 

- FY2025: SEK 92B 

### Gross margin · FY2025

gross margin 26.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 24.5% 

- FY2017: 24.9% 

- FY2018: 24.4% 

- FY2019: 24.3% 

- FY2020: 22.7% 

- FY2021: 28.5% 

- FY2022: 25.2% 

- FY2023: 25.2% 

- FY2024: 27.7% 

- FY2025: 26.8% 

## Owner memo

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

### How it makes money

Operates in tools & accessories; annual sales are SEK 91.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:33.684Z); FY2025: revenue 91583000000; grossProfit 24525000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SKF-B.ST: AB SKF (publ) designs, manufactures, and sells bearings and units, seals, lubrication systems, condition monitoring, and services worldwide. It operates in two segments, Industrial and Automotive. The company offers rolling, mounted and housings, super-precision, slewing, plain, magnetic, and thin section bearings; industrial and automotive seals; lubricants, manual lubrication tools, lubricators, automatic lubrication systems, and lubrication system components; maintenance products, such as hydraulic, mechanical, and alignment tools, as well as heaters; belts, pulleys, chains, sprockets, bushings and hubs, couplings, and bolts and tightening systems; condition monitoring systems; test and measuring equipment, such as waviness and roundness analyzers, noise and vibration testers, and grease test rigs, as well as calibration with traceability, machine training and support, and upgrades and refurbishment services; and vehicle aftermarket products. It provides application engineering services consisting of technical consultancy, numerical simulation and design, and root cause analysis; asset management services, such as assessment and benchmarking, maintenance strategy review, spare parts and inventory management, and lubrication management; condition-based maintenance, including vibration analysis and diagnostics, thermography, lubrication analysis, and condition monitoring system installation; mechanical maintenance comprising mounting and dismounting, precision alignment, and balancing; remanufacturing and customization; and training solutions, which include instructor-led training, e-learning courses, and webinar recordings. It serves the aerospace, agriculture, automotive, construction, food and beverage, general machinery, machine tools, marine, material handling, metals, mining, mineral processing, ocean energy, pulp and paper, railways, and wind industries. The company was incorporated in 1907 and is headquartered in Gothenburg, Sweden.

### Why customers stay

Margins ranged from 25.2% to 27.7% during 2023–25; it earns 19.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:33.684Z); FY2023: grossProfit / revenue = 25.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:33.684Z); FY2024: grossProfit / revenue = 27.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:33.684Z); FY2025: grossProfit / revenue = 26.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:33.684Z); 10-year return on capital observations [[2016,0.20209632781197076],[2017,0.2402331662513573],[2018,0.29716123738821065],[2019,0.2072542728018591],[2020,0.18335629728960384],[2021,0.21159070353054452],[2022,0.11274834797240424],[2023,0.16757211974037747],[2024,0.13983580972252638],[2025,0.10194070007553]]; median 0.19272631255078732. 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 2026-10-16T07:35:33.684Z); FY2016: growth capex 0; upkeep 2209000000; owner earnings 4077000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:33.684Z); FY2017: growth capex 148000000; upkeep 2260000000; owner earnings 5475000000. Growth capex / owner earnings = 0.027031963470319633.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:33.684Z); FY2018: growth capex 503000000; upkeep 2328000000; owner earnings 7285000000. Growth capex / owner earnings = 0.06904598490048044.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:33.684Z); FY2019: growth capex 63813268.10456133; upkeep 3637186731.8954387; owner earnings 4655613268.104561. Growth capex / owner earnings = 0.013706737314661365.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:33.684Z); FY2020: growth capex 0; upkeep 3371000000; owner earnings 3780200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:33.684Z); FY2021: growth capex 618000000; upkeep 3272000000; owner earnings 6779400000. Growth capex / owner earnings = 0.0911585096026197.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:33.684Z); FY2022: growth capex 1429000000; upkeep 3784000000; owner earnings 3884800000. Growth capex / owner earnings = 0.36784390444810544.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:33.684Z); FY2023: growth capex 1613000000; upkeep 4147000000; owner earnings 5827800000. Growth capex / owner earnings = 0.2767768283057071.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:33.684Z); FY2024: growth capex 0; upkeep 5091000000; owner earnings 5111800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:33.684Z); FY2025: growth capex 0; upkeep 3834000000; owner earnings 4138000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:33.684Z); Dividend observations: [[2016,2635000000],[2017,2618000000],[2018,2621000000],[2019,2790000000],[2020,1778000000],[2021,3012000000],[2022,3249000000],[2023,3357000000],[2024,3832000000],[2025,3613000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own <0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SKF-B.ST SharesStats.PercentInsiders = 0.048 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7.5% yearly over ten years; actual decline was 0.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:33.684Z); Ten-year compound average after fade. Initial solved rate 0.09459444070599099. Price 266.1; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 9.72436434215268 → FY2025 9.08749314539923. Closing-price date 2026-10-15.

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

- 2016-10: SEK 153.10 per share

- 2016-11: SEK 166.00 per share

- 2016-12: SEK 167.60 per share

- 2017-01: SEK 176.00 per share

- 2017-02: SEK 171.90 per share

- 2017-03: SEK 177.30 per share

- 2017-04: SEK 194.60 per share

- 2017-05: SEK 177.80 per share

- 2017-06: SEK 170.70 per share

- 2017-07: SEK 160.60 per share

- 2017-08: SEK 158.80 per share

- 2017-09: SEK 177.50 per share

- 2017-10: SEK 194.70 per share

- 2017-11: SEK 189.20 per share

- 2017-12: SEK 182.20 per share

- 2018-01: SEK 194.75 per share

- 2018-02: SEK 174.45 per share

- 2018-03: SEK 170.50 per share

- 2018-04: SEK 178.05 per share

- 2018-05: SEK 171.25 per share

- 2018-06: SEK 166.70 per share

- 2018-07: SEK 180.80 per share

- 2018-08: SEK 175.75 per share

- 2018-09: SEK 175.35 per share

- 2018-10: SEK 147.00 per share

- 2018-11: SEK 143.70 per share

- 2018-12: SEK 134.45 per share

- 2019-01: SEK 151.85 per share

- 2019-02: SEK 155.45 per share

- 2019-03: SEK 154.40 per share

- 2019-04: SEK 175.75 per share

- 2019-05: SEK 147.50 per share

- 2019-06: SEK 170.75 per share

- 2019-07: SEK 158.90 per share

- 2019-08: SEK 158.35 per share

- 2019-09: SEK 162.70 per share

- 2019-10: SEK 174.55 per share

- 2019-11: SEK 182.90 per share

- 2019-12: SEK 189.40 per share

- 2020-01: SEK 176.70 per share

- 2020-02: SEK 168.00 per share

- 2020-03: SEK 136.70 per share

- 2020-04: SEK 155.55 per share

- 2020-05: SEK 172.80 per share

- 2020-06: SEK 173.15 per share

- 2020-07: SEK 161.45 per share

- 2020-08: SEK 172.60 per share

- 2020-09: SEK 185.70 per share

- 2020-10: SEK 182.20 per share

- 2020-11: SEK 211.20 per share

- 2020-12: SEK 213.40 per share

- 2021-01: SEK 229.40 per share

- 2021-02: SEK 230.10 per share

- 2021-03: SEK 248.20 per share

- 2021-04: SEK 218.60 per share

- 2021-05: SEK 223.90 per share

- 2021-06: SEK 217.90 per share

- 2021-07: SEK 228.80 per share

- 2021-08: SEK 220.00 per share

- 2021-09: SEK 207.60 per share

- 2021-10: SEK 199.00 per share

- 2021-11: SEK 207.30 per share

- 2021-12: SEK 214.50 per share

- 2022-01: SEK 202.80 per share

- 2022-02: SEK 175.80 per share

- 2022-03: SEK 153.95 per share

- 2022-04: SEK 162.35 per share

- 2022-05: SEK 172.30 per share

- 2022-06: SEK 150.50 per share

- 2022-07: SEK 170.20 per share

- 2022-08: SEK 160.55 per share

- 2022-09: SEK 150.25 per share

- 2022-10: SEK 159.80 per share

- 2022-11: SEK 173.35 per share

- 2022-12: SEK 159.15 per share

- 2023-01: SEK 184.35 per share

- 2023-02: SEK 199.35 per share

- 2023-03: SEK 204.00 per share

- 2023-04: SEK 185.30 per share

- 2023-05: SEK 171.90 per share

- 2023-06: SEK 187.60 per share

- 2023-07: SEK 200.60 per share

- 2023-08: SEK 177.75 per share

- 2023-09: SEK 182.15 per share

- 2023-10: SEK 180.10 per share

- 2023-11: SEK 197.10 per share

- 2023-12: SEK 201.30 per share

- 2024-01: SEK 205.90 per share

- 2024-02: SEK 225.80 per share

- 2024-03: SEK 218.50 per share

- 2024-04: SEK 230.00 per share

- 2024-05: SEK 229.30 per share

- 2024-06: SEK 212.80 per share

- 2024-07: SEK 198.95 per share

- 2024-08: SEK 194.25 per share

- 2024-09: SEK 202.00 per share

- 2024-10: SEK 201.30 per share

- 2024-11: SEK 209.50 per share

- 2024-12: SEK 207.60 per share

- 2025-01: SEK 224.80 per share

- 2025-02: SEK 231.80 per share

- 2025-03: SEK 202.20 per share

- 2025-04: SEK 189.55 per share

- 2025-05: SEK 210.80 per share

- 2025-06: SEK 217.10 per share

- 2025-07: SEK 228.70 per share

- 2025-08: SEK 242.70 per share

- 2025-09: SEK 233.20 per share

- 2025-10: SEK 245.00 per share

- 2025-11: SEK 247.00 per share

- 2025-12: SEK 245.80 per share

- 2026-01: SEK 232.60 per share

- 2026-02: SEK 259.60 per share

- 2026-03: SEK 224.20 per share

- 2026-04: SEK 229.60 per share

- 2026-05: SEK 242.90 per share

- 2026-06: SEK 248.80 per share

- 2026-07: SEK 257.80 per share

- 2026-08: SEK 278.00 per share

- 2026-09: SEK 271.40 per share

- 2026-10: SEK 266.10 per share

## Annual estimated value (SEK per share)

- FY2016: low SEK 122.95 per share, central SEK 136.99 per share, high SEK 155.67 per share

- FY2017: low SEK 128.82 per share, central SEK 149.82 per share, high SEK 171.83 per share

- FY2018: low SEK 161.26 per share, central SEK 188.12 per share, high SEK 215.43 per share

- FY2019: low SEK 149.84 per share, central SEK 178.72 per share, high SEK 204.89 per share

- FY2020: low SEK 129.50 per share, central SEK 143.37 per share, high SEK 161.85 per share

- FY2021: low SEK 164.22 per share, central SEK 183.22 per share, high SEK 208.52 per share

- FY2022: low SEK 146.33 per share, central SEK 163.70 per share, high SEK 186.81 per share

- FY2023: low SEK 177.63 per share, central SEK 221.90 per share, high SEK 255.12 per share

- FY2024: low SEK 146.34 per share, central SEK 168.21 per share, high SEK 192.41 per share

- FY2025: low SEK 129.89 per share, central SEK 145.59 per share, high SEK 166.48 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 2026-10-15T06:41:12.994Z 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.