# Sweco (SWEC-B.ST)

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

Analysis as of: 2026-10-16T07:37:39.445Z. Financial observations: FY2002–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 132.10 per share; close as of 2026-10-15.

Estimated value: low SEK 78.86 per share, central SEK 89.73 per share, high SEK 104.20 per share. Buy at or below the central value SEK 89.73 per share. Valuation as of 2026-10-16T07:37:39.445Z; scenarios are not confidence intervals.

Expected annual return: 7.7% at the stated quote. About 7.7% 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

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

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.09×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.08×

- FY2017: 0.08×

- FY2018: 0.08×

- FY2019: 0.09×

- FY2020: 0.08×

- FY2021: 0.09×

- FY2022: 0.09×

- FY2023: 0.08×

- FY2024: 0.10×

- FY2025: 0.10×

### moat: pass

- ROIC, median of available years: 37.6%

- ROIC, second-lowest year: 32.6%

- Typical minus recent gross margin: -1.2 pp

- Typical gross margin (annual median): 8.7%

- Recent gross margin (lower of latest and 3-year median): 9.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.3%

- ROIC including acquisitions, ten-year median: 14.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: 91.2%

- FY2018: 33.4%

- FY2019: 29.6%

- FY2020: 36.7%

- FY2021: 39.1%

- FY2022: 39.7%

- FY2023: 32.6%

- FY2024: 36.7%

- FY2025: 38.6%

### economics: pass

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

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SEK 11B

- Net income, five-year total: SEK 9.1B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.9 pp

- Working capital / revenue, change between three-year averages: -13.0 pp

- Working capital / revenue, final three-year average: 29.3%

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

- FY2021: 1.22×

- FY2022: 1.18×

- FY2023: 1.28×

- FY2024: 1.16×

- FY2025: 1.14×

### 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: 91.2% vs 36.7%

- Per-share earnings: 2.59 to 5.72 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.8%

- Ordinary dilution, 5-year annual growth: 0.3%

- Market cap gain: SEK 33B

- Cumulative retained earnings: SEK 6.9B

- Diluted shares, 10-year annual growth: 1.8%

- Diluted shares, 5-year annual growth: 0.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 10.4%

- Per-share value change: SEK 3.13

- Per-share value, starting three-year median: SEK 2.59

- Per-share value, ending three-year median: SEK 5.72

- Buybacks concentrated in cheaper years (correlation): 0.80

- Average buyback yield: 1.0%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: SEK 6.0B

- Cumulative net income, 10 years: SEK 15B

- ROIC, first three-year median: 91.2%

- ROIC, last three-year median: 36.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: SEK 2.59

- FY2017: SEK 3.41

- FY2018: SEK 3.53

- FY2019: SEK 3.94

- FY2020: SEK 3.64

- FY2021: SEK 4.14

- FY2022: SEK 4.60

- FY2023: SEK 4.64

- FY2024: SEK 5.72

- FY2025: SEK 6.17

### accounting: pass

- Sloan accruals: -6.0%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.80×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.98×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.7%

- FY2017: 1.1%

- FY2018: -1.5%

- FY2019: -4.7%

- FY2020: -9.8%

- FY2021: -3.6%

- FY2022: -3.9%

- FY2023: -3.3%

- FY2024: -7.0%

- FY2025: -6.0%

## Holders

## Price story

Down 29% since Feb 2025 · sales +3%

Story as of 2026-10-16T10:00:09.337Z; price observation 2026-10-15.

Price needs cash profits to grow 5.7% a year for ten years

### Sales · FY2024–2025

sales +3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: SEK 17B 

- FY2017: SEK 17B 

- FY2018: SEK 19B 

- FY2019: SEK 21B 

- FY2020: SEK 21B 

- FY2021: SEK 22B 

- FY2022: SEK 24B 

- FY2023: SEK 29B 

- FY2024: SEK 31B 

- FY2025: SEK 32B 

### Gross margin · FY2025

gross margin 10.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 8.4% 

- FY2017: 8.4% 

- FY2018: 8.5% 

- FY2019: 8.9% 

- FY2020: 8.5% 

- FY2021: 9.1% 

- FY2022: 9.0% 

- FY2023: 8.5% 

- FY2024: 9.9% 

- FY2025: 10.5% 

## Owner memo

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

### How it makes money

Operates in engineering & construction; annual sales are SEK 31.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.445Z); FY2025: revenue 31586000000; grossProfit 3314000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SWEC-B.ST: Sweco AB (publ) provides architecture and engineering consultancy services worldwide. The company operates through Buildings and Urban Areas; Water, Energy, and Industry; Transportation Infrastructure; and Architecture segments. It provides energy analysis and environmental certification, fire safety engineering and risk analysis, and HVAC and sanitation, as well as design of electrical, telecom, and security systems; building construction and industrial structures design, and construction economics, as well as steel, timber, and glass structures design; statistics and forecasts, analysis and strategy, studies, and planning and design; project and design management, property development and management, and site supervision; and systems development and big data, data coordination and BIM, 3D visualization and geographical analyses, and strategy and operational support services, as well as Twinfinity, a BIM platform. The company offers energy production studies, transmission and distribution planning, and energy market analysis and optimization advice; water and wastewater engineering, water resource planning, urban water management, and design of flood protection structures; waste management planning and advice, environmental studies and impact assessments, and chemical substances and associated legislation; and process engineering, plant design, and logistics planning services. It provides road and land use planning, rock excavation design and geotechnical engineering, bridge design, port master planning, and surveying; tracks, electricity, signaling, telecoms, and operation and maintenance; and capacity, accessibility, and strategic planning services, as well as intelligent transportation systems. The company also offers urban planning; landscape, building, and interior architecture; and cultural heritage and lighting design services. The company was founded in 1889 and is headquartered in Stockholm, Sweden.

### Why customers stay

Margins ranged from 8.5% to 10.5% during 2023–25; it earns 37.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.445Z); FY2023: grossProfit / revenue = 8.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.445Z); FY2024: grossProfit / revenue = 9.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.445Z); FY2025: grossProfit / revenue = 10.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.445Z); 10-year return on capital observations [[2016,1.0793065744920993],[2017,0.9118384785870801],[2018,0.33365659421376725],[2019,0.29621512437455316],[2020,0.36670446589950195],[2021,0.3905813548701525],[2022,0.39703314666198203],[2023,0.3262457266457105],[2024,0.3665022306951514],[2025,0.38619138836997136]]; median 0.3764479271347366. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 9% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.445Z); Gross margin observations: [[2021,0.09140969162995595],[2022,0.08964438590714521],[2023,0.08487886968411458]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.445Z); FY2016: growth capex 0; upkeep 252000000; owner earnings 1040000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.445Z); FY2017: growth capex 0; upkeep 271000000; owner earnings 1290000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.445Z); FY2018: growth capex 0; upkeep 321000000; owner earnings 1863000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.445Z); FY2019: growth capex 0; upkeep 268000000; owner earnings 1531000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.445Z); FY2020: growth capex 0; upkeep 233000000; owner earnings 1561800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.445Z); FY2021: growth capex 0; upkeep 243000000; owner earnings 1823800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.445Z); FY2022: growth capex 0; upkeep 322000000; owner earnings 1942400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.445Z); FY2023: growth capex 0; upkeep 370000000; owner earnings 2136000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.445Z); FY2024: growth capex 0; upkeep 374000000; owner earnings 2407800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.445Z); FY2025: growth capex 0; upkeep 417000000; owner earnings 2547600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.445Z); Dividend observations: [[2016,418000000],[2017,513000000],[2018,593000000],[2019,644000000],[2020,732000000],[2021,782000000],[2022,876000000],[2023,968000000],[2024,1059000000],[2025,1187000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 9.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SWEC-B.ST SharesStats.PercentInsiders = 9.797 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5.7% yearly over ten years; actual growth was 16%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.445Z); Ten-year compound average after fade. Initial solved rate 0.0693560726816419. Price 132.1; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.604387851296166 → FY2025 7.063646012516927. Closing-price date 2026-10-15.

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

- 2016-10: SEK 60.37 per share

- 2016-11: SEK 60.00 per share

- 2016-12: SEK 60.07 per share

- 2017-01: SEK 64.37 per share

- 2017-02: SEK 66.57 per share

- 2017-03: SEK 68.07 per share

- 2017-04: SEK 73.23 per share

- 2017-05: SEK 75.53 per share

- 2017-06: SEK 69.43 per share

- 2017-07: SEK 65.77 per share

- 2017-08: SEK 66.73 per share

- 2017-09: SEK 66.50 per share

- 2017-10: SEK 59.70 per share

- 2017-11: SEK 56.80 per share

- 2017-12: SEK 60.60 per share

- 2018-01: SEK 59.27 per share

- 2018-02: SEK 60.03 per share

- 2018-03: SEK 57.50 per share

- 2018-04: SEK 59.60 per share

- 2018-05: SEK 67.60 per share

- 2018-06: SEK 70.40 per share

- 2018-07: SEK 78.80 per share

- 2018-08: SEK 77.67 per share

- 2018-09: SEK 78.07 per share

- 2018-10: SEK 68.80 per share

- 2018-11: SEK 66.17 per share

- 2018-12: SEK 65.63 per share

- 2019-01: SEK 61.87 per share

- 2019-02: SEK 72.87 per share

- 2019-03: SEK 74.67 per share

- 2019-04: SEK 80.80 per share

- 2019-05: SEK 81.47 per share

- 2019-06: SEK 84.93 per share

- 2019-07: SEK 90.00 per share

- 2019-08: SEK 85.53 per share

- 2019-09: SEK 93.20 per share

- 2019-10: SEK 113.20 per share

- 2019-11: SEK 111.67 per share

- 2019-12: SEK 120.40 per share

- 2020-01: SEK 124.00 per share

- 2020-02: SEK 102.80 per share

- 2020-03: SEK 94.53 per share

- 2020-04: SEK 112.00 per share

- 2020-05: SEK 131.67 per share

- 2020-06: SEK 139.47 per share

- 2020-07: SEK 167.33 per share

- 2020-08: SEK 178.00 per share

- 2020-09: SEK 165.93 per share

- 2020-10: SEK 149.47 per share

- 2020-11: SEK 149.30 per share

- 2020-12: SEK 151.00 per share

- 2021-01: SEK 139.30 per share

- 2021-02: SEK 121.40 per share

- 2021-03: SEK 142.60 per share

- 2021-04: SEK 151.00 per share

- 2021-05: SEK 145.90 per share

- 2021-06: SEK 155.70 per share

- 2021-07: SEK 137.70 per share

- 2021-08: SEK 151.30 per share

- 2021-09: SEK 138.20 per share

- 2021-10: SEK 136.70 per share

- 2021-11: SEK 155.70 per share

- 2021-12: SEK 170.20 per share

- 2022-01: SEK 130.30 per share

- 2022-02: SEK 133.20 per share

- 2022-03: SEK 137.00 per share

- 2022-04: SEK 139.70 per share

- 2022-05: SEK 115.70 per share

- 2022-06: SEK 106.30 per share

- 2022-07: SEK 113.00 per share

- 2022-08: SEK 100.70 per share

- 2022-09: SEK 93.60 per share

- 2022-10: SEK 83.00 per share

- 2022-11: SEK 101.50 per share

- 2022-12: SEK 99.85 per share

- 2023-01: SEK 113.10 per share

- 2023-02: SEK 123.00 per share

- 2023-03: SEK 131.50 per share

- 2023-04: SEK 137.20 per share

- 2023-05: SEK 122.80 per share

- 2023-06: SEK 118.70 per share

- 2023-07: SEK 108.40 per share

- 2023-08: SEK 106.80 per share

- 2023-09: SEK 102.20 per share

- 2023-10: SEK 102.50 per share

- 2023-11: SEK 125.70 per share

- 2023-12: SEK 135.10 per share

- 2024-01: SEK 122.30 per share

- 2024-02: SEK 110.40 per share

- 2024-03: SEK 120.50 per share

- 2024-04: SEK 118.80 per share

- 2024-05: SEK 147.00 per share

- 2024-06: SEK 145.40 per share

- 2024-07: SEK 172.90 per share

- 2024-08: SEK 168.90 per share

- 2024-09: SEK 172.10 per share

- 2024-10: SEK 179.70 per share

- 2024-11: SEK 163.70 per share

- 2024-12: SEK 164.70 per share

- 2025-01: SEK 173.70 per share

- 2025-02: SEK 184.80 per share

- 2025-03: SEK 179.80 per share

- 2025-04: SEK 169.30 per share

- 2025-05: SEK 166.50 per share

- 2025-06: SEK 164.00 per share

- 2025-07: SEK 154.30 per share

- 2025-08: SEK 159.60 per share

- 2025-09: SEK 156.80 per share

- 2025-10: SEK 171.60 per share

- 2025-11: SEK 160.80 per share

- 2025-12: SEK 150.90 per share

- 2026-01: SEK 147.50 per share

- 2026-02: SEK 144.60 per share

- 2026-03: SEK 132.70 per share

- 2026-04: SEK 126.20 per share

- 2026-05: SEK 135.00 per share

- 2026-06: SEK 127.10 per share

- 2026-07: SEK 134.10 per share

- 2026-08: SEK 128.60 per share

- 2026-09: SEK 129.20 per share

- 2026-10: SEK 132.10 per share

## Annual estimated value (SEK per share)

- FY2016: low SEK 38.94 per share, central SEK 52.15 per share, high SEK 60.83 per share

- FY2017: low SEK 38.26 per share, central SEK 50.62 per share, high SEK 59.15 per share

- FY2018: low SEK 48.39 per share, central SEK 68.64 per share, high SEK 80.43 per share

- FY2019: low SEK 59.60 per share, central SEK 84.84 per share, high SEK 99.53 per share

- FY2020: low SEK 62.98 per share, central SEK 85.81 per share, high SEK 99.87 per share

- FY2021: low SEK 68.27 per share, central SEK 99.01 per share, high SEK 116.15 per share

- FY2022: low SEK 60.22 per share, central SEK 68.38 per share, high SEK 79.25 per share

- FY2023: low SEK 66.49 per share, central SEK 75.45 per share, high SEK 87.39 per share

- FY2024: low SEK 75.61 per share, central SEK 85.64 per share, high SEK 98.99 per share

- FY2025: low SEK 78.88 per share, central SEK 89.43 per share, high SEK 103.47 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 2026-10-15T06:43:21.889Z 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.