Atlas CopcoATCO A
Atlas Copco makes compressors, vacuum pumps, industrial tools and equipment for power and flow. Its four business areas are Compressor Technique, Vacuum Technique, Industrial Technique and Power Technique.
Atlas Copco had revenue of SEK 168.3bn in 2025. That is 11% more a year since 2020.
The machines are sold to industry, but a large part of the profit comes from service, parts and consumables on the installed base, which keeps running when new sales fall. Vacuum pumps for the semiconductor industry are the most cyclical part.
Latest report: January–September 2026
| Now | Year before | |
|---|---|---|
| Orders received | SEK 148,684m | SEK 127,208m |
| Revenues | SEK 133,434m | SEK 125,561m |
| Operating profit | SEK 27,460m, 20.6% | SEK 25,644m, 20.4% |
| Profit for the period | SEK 21,058m | SEK 19,798m |
| Earnings per share | SEK 4.31 | SEK 4.07 |
| Orders received, third quarter | SEK 52,338m, +29% | SEK 40,517m |
| Return on capital employed | 24% | 25% |
Source: Atlas Copco, Third-quarter report 2026, p. 1. Interim reports are not filed in ESEF, so these figures are read by hand from the report.
Revenue from the group income statement in the annual report (ESEF). Growth is the average annual change.
Of every 100 in sales, 20 became operating profit in 2025. Over the period it has ranged from 19 to 22.
| Year | Revenue | Operating profit | Margin | Net profit | Operating cash flow | Cash conversion |
|---|---|---|---|---|---|---|
| 2020 | SEK 99.8bn | SEK 19.1bn | 19.2% | SEK 14.8bn | SEK 22.2bn | 150% |
| 2021 | SEK 110.9bn | SEK 23.6bn | 21.2% | SEK 18.1bn | SEK 23.2bn | 128% |
| 2022 | SEK 141.3bn | SEK 30.2bn | 21.4% | SEK 23.5bn | SEK 21.4bn | 91% |
| 2023 | SEK 172.7bn | SEK 37.1bn | 21.5% | SEK 28.0bn | SEK 28.1bn | 100% |
| 2024 | SEK 176.8bn | SEK 38.2bn | 21.6% | SEK 29.8bn | SEK 36.9bn | 124% |
| 2025 | SEK 168.3bn | SEK 34.1bn | 20.3% | SEK 26.4bn | SEK 32.6bn | 123% |
On average, 119% of profit arrived as cash over the period.
Operating margin = operating profit divided by revenue. Cash conversion = cash flow from operations divided by net profit.
Earnings per share went from SEK 3.04 in 2020 to SEK 5.43 in 2025. Dividends took 53% of owner earnings over the last 5 years.
| Year | Owner earnings | Dividends | EPS | DPS | Shares |
|---|---|---|---|---|---|
| 2020 | SEK 18.3bn | SEK 8.5bn | SEK 3.04 | SEK 1.75 | 4,862m |
| 2021 | SEK 18.6bn | SEK 8.9bn | SEK 3.72 | SEK 1.82 | 4,874m |
| 2022 | SEK 14.9bn | SEK 9.2bn | SEK 4.82 | SEK 1.90 | 4,871m |
| 2023 | SEK 20.8bn | SEK 11.2bn | SEK 5.76 | SEK 2.30 | 4,868m |
| 2024 | SEK 29.0bn | SEK 13.6bn | SEK 6.11 | SEK 2.80 | 4,874m |
| 2025 | SEK 24.4bn | SEK 14.6bn | SEK 5.43 | SEK 3.00 | 4,866m |
The share count has been roughly unchanged.
Owner earnings = cash flow from operations, minus investment in tangible and intangible assets, minus lease repayments. Share count is derived as net profit divided by earnings per share.
Return on capital employed was 21% after tax in 2025. Net debt is SEK 19.4bn.
Return on capital employed has ranged from 21% to 21% after tax over the period.
Interest-bearing borrowings including leases were SEK 34.9bn at the end of 2025, and cash SEK 15.5bn. Net debt comes to SEK 19.4bn excluding pensions, less than a year of operating profit.
Competitive advantages, our assessment
Customers are in almost every kind of manufacturing: cars, electronics, food, construction and semiconductors. They buy on reliability and energy use, as the compressor is often the largest power user in a factory.
Return on capital employed = operating profit after 20.6% Swedish tax, divided by equity plus net debt at year end.
Today's price needs owner earnings to grow 13% a year for ten years. Revenue has grown 11% a year.
| Required return | Growth needed |
|---|---|
| 8% | 11% |
| 9% | 13% |
| 10% | 16% |
Market value SEK 858bn, enterprise value SEK 877bn. Base: owner earnings of SEK 24.7bn a year on average over the last three years, an owner earnings yield of 2.8%.
Reverse discounted cash flow. Enterprise value = market value plus net debt. The base is average owner earnings over the last three years. Required return 9%, 10 years, then 2.5% growth.
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Where every number comes from
| Item | Amount | Period | Source |
|---|---|---|---|
| Revenue | SEK 168.3bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:Revenue |
| Operating profit | SEK 34.1bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:ProfitLossFromOperatingActivities |
| Net profit, owners | SEK 26.4bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:ProfitLossAttributableToOwnersOfParent |
| Cash flow from operations | SEK 32.6bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:CashFlowsFromUsedInOperatingActivities |
| Equity | SEK 110.2bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:EquityAttributableToOwnersOfParent |
| Cash | SEK 15.5bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:CashAndCashEquivalents |
| Borrowings, long and short term, incl. leases | SEK 28,428m + 6,471m | 2025-12-31 | Third-quarter report 2026, p. 11 |
| Cash and cash equivalents | SEK 15,523m | 2025-12-31 | Third-quarter report 2026, p. 11 |
| Net indebtedness incl. pensions | SEK 14,244m | 2026-09-30 | Third-quarter report 2026, p. 3 |
The figures come from the company's annual reports in the machine-readable ESEF format, via filings.xbrl.org and the Swedish financial regulator. The latest filing wins, so restated comparatives replace the originals. Anything not tagged in ESEF is given with its source and page.
General analysis and educational material, not personal investment advice and not a recommendation to buy or sell. The figures are mechanical and can be rebuilt from the company's public reports; the text is the author's judgement. Author's position in Atlas Copco: not disclosed. Data to 2025-12-31, price as of 2026-10-23.