EQTEQT
EQT is one of the world's largest private markets firms. It raises money from pension funds, insurers and wealthy individuals into funds that buy and develop companies, infrastructure and real estate, and sell them after a few years.
EQT had revenue of EUR 2.6bn in 2025. That is 30% more a year since 2020.
Two kinds of income: management fees on fee-generating capital, which are steady and follow how much capital is managed, and carried interest when funds sell at a profit, which is large but lumpy. The company reports in euros. The operating profit in the tables below swings with carried interest.
Latest report: Third quarter 2026
| Now | Year before | |
|---|---|---|
| Fee-generating assets under management | EUR 195bn | EUR 139bn |
| Total assets under management | EUR 354bn | EUR 267bn |
| Of which from Coller Capital | EUR 34bn | |
| Agreement to buy Stockbridge (US real estate) | about USD 17bn of fee-generating capital | expected to close in Q1 2027 |
Source: EQT AB, Q3 Announcement 2026, 15 October 2026, pp. 2 and 6. 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, 36 became operating profit in 2025. Over the period it has ranged from 15 to 55.
| Year | Revenue | Operating profit | Margin | Net profit | Operating cash flow | Cash conversion |
|---|---|---|---|---|---|---|
| 2020 | EUR 709m | EUR 305m | 43.0% | EUR 379m | EUR 172m | 45% |
| 2021 | EUR 1.6bn | EUR 878m | 55.0% | EUR 909m | EUR 608m | 67% |
| 2022 | EUR 1.5bn | EUR 309m | 20.6% | EUR 176m | EUR 549m | 312% |
| 2023 | EUR 2.1bn | EUR 313m | 14.7% | EUR 168m | EUR 905m | 539% |
| 2024 | EUR 2.7bn | EUR 888m | 33.5% | EUR 776m | EUR 464m | 60% |
| 2025 | EUR 2.6bn | EUR 953m | 36.2% | EUR 728m | EUR 430m | 59% |
On average, 180% 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 EUR 0.40 in 2020 to EUR 0.62 in 2025. Dividends took 61% of owner earnings over the last 5 years.
| Year | Owner earnings | Dividends | EPS | DPS | Shares |
|---|---|---|---|---|---|
| 2020 | EUR 149m | EUR 197m | EUR 0.40 | EUR 0.21 | 953m |
| 2021 | EUR 579m | EUR 234m | EUR 0.93 | EUR 0.24 | 979m |
| 2022 | EUR 504m | EUR 291m | EUR 0.17 | EUR 0.28 | 1,031m |
| 2023 | EUR 850m | EUR 298m | EUR 0.14 | EUR 0.25 | 1,182m |
| 2024 | EUR 408m | EUR 373m | EUR 0.66 | EUR 0.31 | 1,183m |
| 2025 | EUR 356m | EUR 461m | EUR 0.62 | EUR 0.39 | 1,176m |
The share count has risen 4.3% a year, so each share owns a little less of the company every year.
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 8% after tax in 2025. Net debt is EUR 1.7bn, 1.2 times operating profit before depreciation.
Return on capital employed has ranged from 3% to 51% after tax over the period.
Competitive advantages, our assessment
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 22% a year for ten years. Revenue has grown 30% a year.
| Required return | Growth needed |
|---|---|
| 8% | 20% |
| 9% | 22% |
| 10% | 25% |
Market value EUR 36bn, enterprise value EUR 37bn. Base: owner earnings of EUR 538m a year on average over the last three years, an owner earnings yield of 1.4%.
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. The Stockholm price of SEK 319.00 is converted to EUR at 11.1219 kronor per EUR, because the company reports in EUR.
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Where every number comes from
| Item | Amount | Period | Source |
|---|---|---|---|
| Revenue | EUR 2.6bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:Revenue |
| Operating profit | EUR 953m | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:ProfitLossFromOperatingActivities |
| Net profit, owners | EUR 728m | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:ProfitLossAttributableToOwnersOfParent |
| Cash flow from operations | EUR 430m | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:CashFlowsFromUsedInOperatingActivities |
| Equity | EUR 7.5bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:EquityAttributableToOwnersOfParent |
| Cash | EUR 979m | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:CashAndCashEquivalents |
| Fee-generating assets under management | EUR 195bn | 2026-09-30 | Q3 Announcement 2026, p. 6 |
| Acquisition of Coller Capital completed | 31 August 2026 | Q3 Announcement 2026, p. 2 |
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 EQT: not disclosed. Data to 2025-12-31, price as of 2026-11-02.