# Trelleborg (TREL-B.ST)

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

Analysis as of: 2026-10-16T07:35:52.890Z. 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 462.80 per share; close as of 2026-10-15.

Estimated value: low SEK 204.50 per share, central SEK 249.18 per share, high SEK 289.32 per share. Buy at or below the central value SEK 249.18 per share. Valuation as of 2026-10-16T07:35:52.890Z; scenarios are not confidence intervals.

Expected annual return: 6.7% at the stated quote. About 6.7% 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

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.11×

- FY2017: 0.13×

- FY2018: 0.13×

- FY2019: 0.13×

- FY2020: 0.13×

- FY2021: 0.16×

- FY2022: 0.17×

- FY2023: 0.16×

- FY2024: 0.16×

- FY2025: 0.18×

### moat: pass

- ROIC, median of available years: 16.0%

- ROIC, second-lowest year: 11.9%

- Typical minus recent gross margin: -3.4 pp

- Typical gross margin (annual median): 33.0%

- Recent gross margin (lower of latest and 3-year median): 36.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.6%

- ROIC including acquisitions, ten-year median: 8.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 11.9%

- FY2017: 15.9%

- FY2018: 16.1%

- FY2019: 12.5%

- FY2020: 15.8%

- FY2021: 18.3%

- FY2022: 10.1%

- FY2023: 22.1%

- FY2024: 17.7%

- FY2025: 22.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.96×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SEK 25B

- Net income, five-year total: SEK 26B

- Return on incremental invested capital: 109.7%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 1.9 pp

- Working capital / revenue, final three-year average: 26.9%

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

- FY2021: 0.92×

- FY2022: 0.94×

- FY2023: 0.95×

- FY2024: 0.97×

- FY2025: 1.02×

### 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: 15.9% vs 22.1%

- Per-share earnings: 10.60 to 15.92 (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: -3.6%

- Market cap gain: SEK 40B

- Cumulative retained earnings: SEK 10B

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

- Diluted shares, 5-year annual growth: -3.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.2%

- Per-share value change: SEK 5.32

- Per-share value, starting three-year median: SEK 10.60

- Per-share value, ending three-year median: SEK 15.92

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 4.3%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- Acquisition spending: SEK 23B

- Cumulative net income, 10 years: SEK 42B

- ROIC, first three-year median: 15.9%

- ROIC, last three-year median: 22.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: SEK 24.29

- FY2017: SEK 10.60

- FY2018: SEK 11.77

- FY2019: SEK -0.73

- FY2020: SEK 10.00

- FY2021: SEK 13.71

- FY2022: SEK 20.38

- FY2023: SEK 15.28

- FY2024: SEK 43.13

- FY2025: SEK 15.92

### accounting: pass

- Sloan accruals: -3.1%

- Receivables to sales index (DSRI): 1.32×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.48×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.79×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 6.4%

- FY2017: -2.0%

- FY2018: -1.5%

- FY2019: -9.0%

- FY2020: -4.9%

- FY2021: -1.9%

- FY2022: 1.7%

- FY2023: -2.5%

- FY2024: 8.3%

- FY2025: -3.1%

## Holders

## Price story

Price needs cash profits to grow 10.7% a year for ten years · "Negative FX Impact: Over SEK100 million." (finance.yahoo.com, Jul 2025) · sales +0.1%

Story as of 2026-10-16T10:00:06.262Z; price observation 2026-10-15.

Price needs cash profits to grow 10.7% a year for ten years

### Sales · FY2024–2025

sales +0.1%; source https://filings.xbrl.org/213800XY16PAWG2PAD14/2024-12-31/ESEF/SE/0/trel-2024-12-31-0-sv/reports/trel-2024-12-31-0-sv.xhtml; observed 2025-05-08.

- FY2016: SEK 27B 

- FY2017: SEK 32B 

- FY2018: SEK 34B 

- FY2019: SEK 37B 

- FY2020: SEK 33B 

- FY2021: SEK 34B 

- FY2022: SEK 30B 

- FY2023: SEK 34B 

- FY2024: SEK 34B 

- FY2025: SEK 34B 

### Gross margin · FY2025

gross margin 37.6%; source https://filings.xbrl.org/213800XY16PAWG2PAD14/2024-12-31/ESEF/SE/0/trel-2024-12-31-0-sv/reports/trel-2024-12-31-0-sv.xhtml; observed 2025-05-08.

- FY2016: 33.4% 

- FY2017: 32.2% 

- FY2018: 32.2% 

- FY2019: 32.0% 

- FY2020: 32.0% 

- FY2021: 32.5% 

- FY2022: 36.4% 

- FY2023: 36.4% 

- FY2024: 35.3% 

- FY2025: 37.6% 

## Owner memo

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

### How it makes money

Operates in specialty industrial machinery; annual sales are SEK 34.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: revenue 34329000000; grossProfit 12916000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TREL-B.ST: Trelleborg AB (publ) provides engineered polymer solutions for seal, damp, and protect critical applications worldwide. It offers antivibration solutions; automotive boots and noise damping; bearings and bushings; bridge expansion joints; cable and rubber compounds; electrical protection; embedded rail systems; and engineered coated fabrics and molded parts. The company also provides fenders, docking, and mooring; floatover solutions; fluid handling solutions; grout seals; inflatable products; medical solutions; hoses for milking equipment; and noise and vibration damping. In addition, it offers oil sand applications; pipe repair and seals; rubber flooring and sheeting; sealing profiles and solutions; ship fenders; squeegees; truck and diesel solutions; tunnel seals; and wear protection solutions. The company offers its solutions to aerospace; agriculture; automotive; building, construction, mining, and marine equipment; healthcare and medical; manufacturing; oil and gas; and rail and mass transit industry. Trelleborg AB (publ) was founded in 1905 and is headquartered in Trelleborg, Sweden.

### Why customers stay

Margins ranged from 35.3% to 37.6% during 2023–25; it earns 16% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: grossProfit / revenue = 36.4%.

- Source: https://filings.xbrl.org/213800XY16PAWG2PAD14/2024-12-31/ESEF/SE/0/trel-2024-12-31-0-sv/reports/trel-2024-12-31-0-sv.xhtml (filed 2025-05-08); FY2024: grossProfit / revenue = 35.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: grossProfit / revenue = 37.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); 10-year return on capital observations [[2016,0.11892709051780162],[2017,0.1587770464917843],[2018,0.16126397312503976],[2019,0.12524598228927517],[2020,0.15798268260787232],[2021,0.18259620031562507],[2022,0.10088237780537121],[2023,0.22089927878952423],[2024,0.17734331843354192],[2025,0.2276586596703518]]; median 0.16002050980841204. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back SEK 2.7 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2016: growth capex 77000000; upkeep 1071000000; owner earnings 6585000000. Growth capex / owner earnings = 0.011693242217160213.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2017: growth capex 153000000; upkeep 1284000000; owner earnings 2874000000. Growth capex / owner earnings = 0.05323590814196242.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2018: growth capex 650000000; upkeep 1293000000; owner earnings 3190000000. Growth capex / owner earnings = 0.20376175548589343.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2020: growth capex 0; upkeep 1220000000; owner earnings 2824200000. 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 1399000000; owner earnings 3406800000. 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 1298000000; owner earnings 4956200000. 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 1678000000; owner earnings 3565800000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/213800XY16PAWG2PAD14/2024-12-31/ESEF/SE/0/trel-2024-12-31-0-sv/reports/trel-2024-12-31-0-sv.xhtml (filed 2025-05-08); FY2024: growth capex 0; upkeep 1883000000; owner earnings 9777800000. 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 1609000000; owner earnings 3684600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2016,1084000000],[2017,1152000000],[2018,1220000000],[2019,1288000000],[2020,1355000000],[2021,1355000000],[2022,1481000000],[2023,1524000000],[2024,1617000000],[2025,1719000000]]. 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 2658000000 SEK.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TREL-B.ST SharesStats.PercentInsiders = 0.336 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 10.7% yearly over ten years; actual growth was 5.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Ten-year compound average after fade. Initial solved rate 0.14122235953127404. Price 462.8; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 9.602621888370535 → FY2025 16.317012187939245. Closing-price date 2026-10-15.

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

- 2016-10: SEK 157.70 per share

- 2016-11: SEK 168.50 per share

- 2016-12: SEK 179.30 per share

- 2017-01: SEK 181.50 per share

- 2017-02: SEK 185.50 per share

- 2017-03: SEK 191.90 per share

- 2017-04: SEK 208.20 per share

- 2017-05: SEK 204.40 per share

- 2017-06: SEK 192.30 per share

- 2017-07: SEK 190.20 per share

- 2017-08: SEK 189.30 per share

- 2017-09: SEK 204.00 per share

- 2017-10: SEK 207.40 per share

- 2017-11: SEK 201.00 per share

- 2017-12: SEK 190.00 per share

- 2018-01: SEK 210.30 per share

- 2018-02: SEK 212.70 per share

- 2018-03: SEK 209.80 per share

- 2018-04: SEK 205.30 per share

- 2018-05: SEK 193.05 per share

- 2018-06: SEK 191.30 per share

- 2018-07: SEK 183.00 per share

- 2018-08: SEK 178.70 per share

- 2018-09: SEK 181.25 per share

- 2018-10: SEK 165.30 per share

- 2018-11: SEK 155.30 per share

- 2018-12: SEK 139.35 per share

- 2019-01: SEK 152.05 per share

- 2019-02: SEK 151.75 per share

- 2019-03: SEK 143.95 per share

- 2019-04: SEK 157.00 per share

- 2019-05: SEK 126.40 per share

- 2019-06: SEK 131.85 per share

- 2019-07: SEK 133.55 per share

- 2019-08: SEK 134.00 per share

- 2019-09: SEK 138.10 per share

- 2019-10: SEK 155.95 per share

- 2019-11: SEK 157.95 per share

- 2019-12: SEK 168.55 per share

- 2020-01: SEK 158.30 per share

- 2020-02: SEK 148.30 per share

- 2020-03: SEK 107.35 per share

- 2020-04: SEK 125.80 per share

- 2020-05: SEK 127.45 per share

- 2020-06: SEK 135.65 per share

- 2020-07: SEK 135.35 per share

- 2020-08: SEK 150.90 per share

- 2020-09: SEK 159.25 per share

- 2020-10: SEK 147.90 per share

- 2020-11: SEK 176.85 per share

- 2020-12: SEK 182.50 per share

- 2021-01: SEK 189.65 per share

- 2021-02: SEK 214.90 per share

- 2021-03: SEK 222.00 per share

- 2021-04: SEK 220.60 per share

- 2021-05: SEK 213.40 per share

- 2021-06: SEK 198.70 per share

- 2021-07: SEK 212.70 per share

- 2021-08: SEK 209.70 per share

- 2021-09: SEK 187.20 per share

- 2021-10: SEK 196.15 per share

- 2021-11: SEK 205.90 per share

- 2021-12: SEK 237.80 per share

- 2022-01: SEK 232.10 per share

- 2022-02: SEK 192.00 per share

- 2022-03: SEK 219.00 per share

- 2022-04: SEK 218.00 per share

- 2022-05: SEK 227.60 per share

- 2022-06: SEK 206.10 per share

- 2022-07: SEK 248.30 per share

- 2022-08: SEK 222.40 per share

- 2022-09: SEK 209.90 per share

- 2022-10: SEK 243.30 per share

- 2022-11: SEK 254.10 per share

- 2022-12: SEK 240.80 per share

- 2023-01: SEK 260.60 per share

- 2023-02: SEK 270.40 per share

- 2023-03: SEK 294.90 per share

- 2023-04: SEK 257.40 per share

- 2023-05: SEK 269.40 per share

- 2023-06: SEK 261.40 per share

- 2023-07: SEK 280.30 per share

- 2023-08: SEK 278.40 per share

- 2023-09: SEK 272.20 per share

- 2023-10: SEK 281.60 per share

- 2023-11: SEK 325.60 per share

- 2023-12: SEK 337.60 per share

- 2024-01: SEK 317.70 per share

- 2024-02: SEK 376.10 per share

- 2024-03: SEK 382.90 per share

- 2024-04: SEK 393.20 per share

- 2024-05: SEK 409.00 per share

- 2024-06: SEK 412.40 per share

- 2024-07: SEK 397.80 per share

- 2024-08: SEK 400.20 per share

- 2024-09: SEK 390.20 per share

- 2024-10: SEK 353.60 per share

- 2024-11: SEK 360.60 per share

- 2024-12: SEK 378.60 per share

- 2025-01: SEK 419.00 per share

- 2025-02: SEK 417.60 per share

- 2025-03: SEK 371.80 per share

- 2025-04: SEK 332.80 per share

- 2025-05: SEK 351.20 per share

- 2025-06: SEK 352.10 per share

- 2025-07: SEK 356.20 per share

- 2025-08: SEK 366.00 per share

- 2025-09: SEK 350.50 per share

- 2025-10: SEK 397.50 per share

- 2025-11: SEK 396.80 per share

- 2025-12: SEK 392.70 per share

- 2026-01: SEK 360.00 per share

- 2026-02: SEK 395.80 per share

- 2026-03: SEK 348.80 per share

- 2026-04: SEK 374.80 per share

- 2026-05: SEK 403.40 per share

- 2026-06: SEK 403.60 per share

- 2026-07: SEK 422.60 per share

- 2026-08: SEK 450.00 per share

- 2026-09: SEK 448.20 per share

- 2026-10: SEK 457.40 per share

## Annual estimated value (SEK per share)

- FY2016: low SEK 108.67 per share, central SEK 122.98 per share, high SEK 142.02 per share

- FY2017: low SEK 125.72 per share, central SEK 142.36 per share, high SEK 164.52 per share

- FY2018: low SEK 136.11 per share, central SEK 154.02 per share, high SEK 177.88 per share

- FY2019: low SEK 151.15 per share, central SEK 177.84 per share, high SEK 205.79 per share

- FY2020: low SEK 142.29 per share, central SEK 162.93 per share, high SEK 186.41 per share

- FY2021: low SEK 134.56 per share, central SEK 151.69 per share, high SEK 174.50 per share

- FY2022: low SEK 132.63 per share, central SEK 149.13 per share, high SEK 171.10 per share

- FY2023: low SEK 210.33 per share, central SEK 255.35 per share, high SEK 291.42 per share

- FY2024: low SEK 187.89 per share, central SEK 231.32 per share, high SEK 268.80 per share

- FY2025: low SEK 197.49 per share, central SEK 240.91 per share, high SEK 279.92 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 2026-10-15T06:41:36.099Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800XY16PAWG2PAD14/2024-12-31/ESEF/SE/0/trel-2024-12-31-0-sv/reports/trel-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