# Ssab (SSAB-B.ST)

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

Analysis as of: 2026-10-16T07:35:51.728Z. 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 102.00 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 2

- Operating margin variation: 1.02×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.02×

- FY2017: 0.06×

- FY2018: 0.07×

- FY2019: 0.03×

- FY2020: -0.00×

- FY2021: 0.20×

- FY2022: -0.03×

- FY2023: 0.14×

- FY2024: 0.16×

- FY2025: 0.06×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 8.1%

- ROIC, second-lowest year: -0.7%

- Typical minus recent gross margin: 0.5 pp

- Typical gross margin (annual median): 10.8%

- Recent gross margin (lower of latest and 3-year median): 10.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.7%

- ROIC including acquisitions, ten-year median: 6.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 2.9%

- FY2017: 7.9%

- FY2018: 10.0%

- FY2019: 3.4%

- FY2020: -0.7%

- FY2021: 35.9%

- FY2022: -6.4%

- FY2023: 26.1%

- FY2024: 24.3%

- FY2025: 8.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.36×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SEK 47B

- Net income, five-year total: SEK 35B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 0.7 pp

- Working capital / revenue, final three-year average: 23.3%

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

- FY2021: 0.96×

- FY2022: -1.87×

- FY2023: 0.73×

- FY2024: 0.64×

- FY2025: -1.05×

### 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: 7.9% vs 24.3%

- Per-share earnings: 0.91 to 12.74 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.5%

- Ordinary dilution, 5-year annual growth: -0.7%

- Market cap gain: SEK 40B

- Cumulative retained earnings: SEK 8.1B

- Diluted shares, 10-year annual growth: 2.5%

- Diluted shares, 5-year annual growth: -0.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 39.1%

- Per-share value change: SEK 11.83

- Per-share value, starting three-year median: SEK 0.91

- Per-share value, ending three-year median: SEK 12.74

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 2.2%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: SEK 7.5B

- Cumulative net income, 10 years: SEK 42B

- ROIC, first three-year median: 7.9%

- ROIC, last three-year median: 24.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: SEK 0.91

- FY2017: SEK 2.23

- FY2018: SEK 3.45

- FY2019: SEK 1.04

- FY2020: SEK -0.48

- FY2021: SEK 14.24

- FY2022: SEK -10.56

- FY2023: SEK 12.74

- FY2024: SEK 13.07

- FY2025: SEK 4.92

### accounting: pass

- Sloan accruals: -4.9%

- Receivables to sales index (DSRI): 1.20×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.06×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.6%

- FY2017: -5.0%

- FY2018: -3.5%

- FY2019: -4.5%

- FY2020: -5.5%

- FY2021: -0.2%

- FY2022: -26.5%

- FY2023: -7.8%

- FY2024: 1.0%

- FY2025: -4.9%

## Holders

## Price story

Up 58% since Oct 2023 · "SSAB (OM:SSAB A) Is Up 6.4% After Rheinmetall Adopts Its Fossil-Free Steel At Scale" (finance.yahoo.com, Jan 2026) · sales -7%

Story as of 2026-10-16T10:00:06.244Z; price observation 2026-10-15.

- 2025-07-23: SSAB to Cut Production and Staffing Amid Tariff Uncertainty ([finance.yahoo.com](https://finance.yahoo.com/m/33d6bf87-4408-3f84-8fc6-7f69c9d7cd26/ssab-to-cut-production-and.html))

- 2026-01-27: SSAB (OM:SSAB A) Is Up 6.4% After Rheinmetall Adopts Its Fossil-Free Steel At Scale ([finance.yahoo.com](https://finance.yahoo.com/news/ssab-om-ssab-6-4-220951044.html))

### Sales · FY2024–2025

sales -7%; source https://filings.xbrl.org/529900329VS14ZIML164/2024-12-31/ESEF/SE/0/ssab-2024-12-31-sv/reports/ssab-2024-12-31-sv.xhtml; observed 2025-05-08.

- FY2016: SEK 55B 

- FY2017: SEK 66B 

- FY2018: SEK 75B 

- FY2019: SEK 76B 

- FY2020: SEK 65B 

- FY2021: SEK 96B 

- FY2022: SEK 125B 

- FY2023: SEK 119B 

- FY2024: SEK 103B 

- FY2025: SEK 96B 

### Gross margin · FY2025

gross margin 10.3%; source https://filings.xbrl.org/529900329VS14ZIML164/2024-12-31/ESEF/SE/0/ssab-2024-12-31-sv/reports/ssab-2024-12-31-sv.xhtml; observed 2025-05-08.

- FY2016: 9.2% 

- FY2017: 11.3% 

- FY2018: 12.8% 

- FY2019: 8.2% 

- FY2020: 5.8% 

- FY2021: 24.5% 

- FY2023: 18.9% 

- FY2024: 14.0% 

- FY2025: 10.3% 

## Owner memo

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

### How it makes money

Operates in steel; annual sales are SEK 96.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: revenue 96220000000; grossProfit 9944000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SSAB-B.ST: SSAB AB (publ) engages in the production and sale of steel products in Sweden, Finland, Germany, Poland, Denmark, Asia, the Rest of Europe, the United States, and internationally. It operates through five segments: SSAB Special Steels, SSAB Europe, SSAB Americas, Tibnor, and Ruukki Construction. The SSAB Special Steels segment offers quenched and tempered steels, and advanced high-strength steel products. The SSAB Europe segment provides strip, heavy plate, and tubular products. The SSAB Americas segment is involved in the sale of heavy plates. The Tibnor segment distributes a range of steel and non-ferrous metals in the Nordics and Baltics. The Ruukki Construction segment produces and sells building solutions. It also offers fossil free steel products. The company markets its steel products under the Strenx, Hardox, Docol, GreenCoat, Toolox, Armox, Duroxite, Cor-Ten, SSAB AM, SSAB Boron, SSAB Domex, SSAB Form, SSAB Laser, SSAB Weathering, and SSAB Multisteel brands. It serves heavy transport, automotive, material handling, construction machinery, energy, construction, protection, and tooling customers through its sales channels, service centers, and distributors. SSAB AB (publ) was founded in 1878 and is headquartered in Stockholm, Sweden.

### Why customers stay

Margins ranged from 10.3% to 18.9% during 2023–25; it earns 8.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: grossProfit / revenue = 18.9%.

- Source: https://filings.xbrl.org/529900329VS14ZIML164/2024-12-31/ESEF/SE/0/ssab-2024-12-31-sv/reports/ssab-2024-12-31-sv.xhtml (filed 2025-05-08); FY2024: grossProfit / revenue = 14%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: grossProfit / revenue = 10.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); 10-year return on capital observations [[2016,0.028641590517343156],[2017,0.07879782705500524],[2018,0.09981462348954864],[2019,0.033515285126506554],[2020,-0.006751396954092254],[2021,0.3588988698347342],[2022,-0.06378751260728083],[2023,0.26090911129206107],[2024,0.24258304540373526],[2025,0.0837700424849427]]; median 0.08128393476997398. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2016: growth capex 0; upkeep 1326000000; owner earnings 3343000000. 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 1603000000; owner earnings 4441000000. 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 2451000000; owner earnings 4864000000. 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 2939000000; owner earnings 1821200000. 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 2204000000; owner earnings 506400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2021: growth capex 125000000; upkeep 3257000000; owner earnings 14144000000. Growth capex / owner earnings = 0.008837669683257918.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2022: growth capex 0; upkeep 4948000000; owner earnings 20370200000. 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 6567000000; owner earnings 9553600000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/529900329VS14ZIML164/2024-12-31/ESEF/SE/0/ssab-2024-12-31-sv/reports/ssab-2024-12-31-sv.xhtml (filed 2025-05-08); FY2024: growth capex 0; upkeep 8215000000; owner earnings 8390800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2016,6000000],[2017,0],[2018,1030000000],[2019,1545000000],[2020,5406000000],[2021,5406000000],[2022,5406000000],[2023,8960000000],[2024,4983000000],[2025,2591000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 13.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SSAB-B.ST SharesStats.PercentInsiders = 13.059000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Closing price 102 SEK; reporting-to-trading FX 1; FY2025 annual sales per share 96.54826409793297; price multiple 1.0564664310954064. FY2025 cash earnings/share -5.160144491270319. Closing-price date 2026-10-15.

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

- 2016-10: SEK 23.98 per share

- 2016-11: SEK 29.95 per share

- 2016-12: SEK 28.79 per share

- 2017-01: SEK 29.43 per share

- 2017-02: SEK 29.89 per share

- 2017-03: SEK 29.38 per share

- 2017-04: SEK 31.47 per share

- 2017-05: SEK 28.95 per share

- 2017-06: SEK 31.25 per share

- 2017-07: SEK 33.34 per share

- 2017-08: SEK 32.68 per share

- 2017-09: SEK 32.33 per share

- 2017-10: SEK 33.75 per share

- 2017-11: SEK 32.36 per share

- 2017-12: SEK 36.61 per share

- 2018-01: SEK 40.98 per share

- 2018-02: SEK 40.95 per share

- 2018-03: SEK 38.48 per share

- 2018-04: SEK 39.83 per share

- 2018-05: SEK 37.72 per share

- 2018-06: SEK 33.78 per share

- 2018-07: SEK 34.87 per share

- 2018-08: SEK 31.95 per share

- 2018-09: SEK 36.06 per share

- 2018-10: SEK 29.69 per share

- 2018-11: SEK 26.39 per share

- 2018-12: SEK 24.92 per share

- 2019-01: SEK 30.22 per share

- 2019-02: SEK 30.39 per share

- 2019-03: SEK 28.29 per share

- 2019-04: SEK 30.59 per share

- 2019-05: SEK 26.19 per share

- 2019-06: SEK 28.26 per share

- 2019-07: SEK 24.64 per share

- 2019-08: SEK 24.54 per share

- 2019-09: SEK 24.47 per share

- 2019-10: SEK 24.26 per share

- 2019-11: SEK 26.91 per share

- 2019-12: SEK 30.52 per share

- 2020-01: SEK 27.79 per share

- 2020-02: SEK 27.68 per share

- 2020-03: SEK 21.97 per share

- 2020-04: SEK 22.98 per share

- 2020-05: SEK 22.93 per share

- 2020-06: SEK 24.70 per share

- 2020-07: SEK 24.79 per share

- 2020-08: SEK 26.73 per share

- 2020-09: SEK 28.61 per share

- 2020-10: SEK 24.06 per share

- 2020-11: SEK 23.62 per share

- 2020-12: SEK 26.18 per share

- 2021-01: SEK 32.25 per share

- 2021-02: SEK 33.20 per share

- 2021-03: SEK 42.23 per share

- 2021-04: SEK 42.41 per share

- 2021-05: SEK 40.16 per share

- 2021-06: SEK 37.43 per share

- 2021-07: SEK 43.99 per share

- 2021-08: SEK 41.03 per share

- 2021-09: SEK 37.67 per share

- 2021-10: SEK 42.82 per share

- 2021-11: SEK 39.37 per share

- 2021-12: SEK 45.61 per share

- 2022-01: SEK 48.00 per share

- 2022-02: SEK 51.82 per share

- 2022-03: SEK 63.10 per share

- 2022-04: SEK 58.64 per share

- 2022-05: SEK 56.18 per share

- 2022-06: SEK 42.32 per share

- 2022-07: SEK 46.34 per share

- 2022-08: SEK 50.00 per share

- 2022-09: SEK 47.84 per share

- 2022-10: SEK 51.34 per share

- 2022-11: SEK 58.38 per share

- 2022-12: SEK 54.20 per share

- 2023-01: SEK 70.92 per share

- 2023-02: SEK 71.74 per share

- 2023-03: SEK 73.92 per share

- 2023-04: SEK 69.12 per share

- 2023-05: SEK 67.16 per share

- 2023-06: SEK 74.70 per share

- 2023-07: SEK 64.34 per share

- 2023-08: SEK 60.68 per share

- 2023-09: SEK 60.10 per share

- 2023-10: SEK 64.72 per share

- 2023-11: SEK 77.58 per share

- 2023-12: SEK 77.08 per share

- 2024-01: SEK 79.80 per share

- 2024-02: SEK 81.08 per share

- 2024-03: SEK 78.90 per share

- 2024-04: SEK 62.30 per share

- 2024-05: SEK 60.80 per share

- 2024-06: SEK 57.56 per share

- 2024-07: SEK 54.20 per share

- 2024-08: SEK 48.89 per share

- 2024-09: SEK 52.00 per share

- 2024-10: SEK 50.12 per share

- 2024-11: SEK 49.35 per share

- 2024-12: SEK 43.91 per share

- 2025-01: SEK 52.52 per share

- 2025-02: SEK 64.58 per share

- 2025-03: SEK 60.90 per share

- 2025-04: SEK 60.06 per share

- 2025-05: SEK 56.90 per share

- 2025-06: SEK 55.88 per share

- 2025-07: SEK 55.50 per share

- 2025-08: SEK 53.66 per share

- 2025-09: SEK 54.60 per share

- 2025-10: SEK 59.10 per share

- 2025-11: SEK 66.20 per share

- 2025-12: SEK 69.66 per share

- 2026-01: SEK 73.62 per share

- 2026-02: SEK 79.88 per share

- 2026-03: SEK 73.46 per share

- 2026-04: SEK 83.24 per share

- 2026-05: SEK 95.18 per share

- 2026-06: SEK 89.58 per share

- 2026-07: SEK 100.05 per share

- 2026-08: SEK 103.95 per share

- 2026-09: SEK 102.55 per share

- 2026-10: SEK 102.00 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

## Sources

[Original ESEF filing](https://filings.xbrl.org/529900329VS14ZIML164/2024-12-31/ESEF/SE/0/ssab-2024-12-31-sv/reports/ssab-2024-12-31-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.