HexagonHEXA B
Hexagon makes measurement technology and sensors: coordinate measuring machines and laser scanners for industry, equipment for surveying and construction, and systems for autonomous vehicles and machines. The software business Octave was distributed to shareholders in May 2026, and Design & Engineering was sold in February 2026.
Hexagon had revenue of EUR 5.4bn in 2025. That is 8% more a year since 2020.
Hardware is sold with software and service contracts, and a growing share of revenue is recurring. The annual report figures below cover the old Hexagon, with Octave and Design & Engineering. The latest report shows only what remains. The company reports in euros.
Latest report: January–September 2026, without Octave
| Now | Year before | |
|---|---|---|
| Operating net sales | EUR 3,063.1m | EUR 2,948.1m |
| EBITAC | EUR 745.8m, 24.3% | EUR 677.3m, 23.0% |
| Earnings before taxes | EUR 752.4m | EUR 673.2m |
| Adjusted earnings per share | 22.6 euro cents | 20.3 euro cents |
| Organic growth, third quarter | 13% | 5% |
Source: Hexagon, Interim Report 1 January – 30 September 2026, p. 2. 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, 17 became operating profit in 2025. Over the period it has ranged from 17 to 27.
| Year | Revenue | Operating profit | Margin | Net profit | Operating cash flow | Cash conversion |
|---|---|---|---|---|---|---|
| 2020 | EUR 3.8bn | EUR 787m | 20.9% | EUR 618m | EUR 1.3bn | 211% |
| 2021 | EUR 4.3bn | EUR 1.0bn | 23.3% | EUR 802m | EUR 1.3bn | 165% |
| 2022 | EUR 5.2bn | EUR 1.3bn | 24.9% | EUR 1.0bn | EUR 1.3bn | 132% |
| 2023 | EUR 5.4bn | EUR 1.2bn | 22.4% | EUR 859m | EUR 1.4bn | 160% |
| 2024 | EUR 5.4bn | EUR 1.4bn | 26.5% | EUR 1.0bn | EUR 1.6bn | 155% |
| 2025 | EUR 5.4bn | EUR 924m | 17.0% | EUR 617m | EUR 1.5bn | 238% |
On average, 177% 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 0.24 in 2020 to EUR 0.23 in 2025. Dividends took 38% of owner earnings over the last 5 years.
| Year | Owner earnings | Dividends | EPS | DPS | Shares |
|---|---|---|---|---|---|
| 2020 | EUR 910m | EUR 228m | EUR 0.24 | EUR 0.09 | 2,575m |
| 2021 | EUR 899m | EUR 238m | EUR 0.31 | EUR 0.09 | 2,603m |
| 2022 | EUR 763m | EUR 296m | EUR 0.37 | EUR 0.11 | 2,694m |
| 2023 | EUR 744m | EUR 323m | EUR 0.32 | EUR 0.12 | 2,684m |
| 2024 | EUR 956m | EUR 349m | EUR 0.38 | EUR 0.13 | 2,686m |
| 2025 | EUR 852m | EUR 376m | EUR 0.23 | EUR 0.14 | 2,684m |
The share count has risen 0.8% 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.
Net debt is EUR 489m, 0.3 times operating profit before depreciation.
Net debt was EUR 489m on 30 September 2026, after Octave was distributed and Design & Engineering sold. A year earlier it was EUR 3,724m. The figure in the 2025 annual report belongs to the old company.
Competitive advantages, our assessment
Return on capital employed = operating profit after 20.6% Swedish tax, divided by equity plus net debt at year end.
The annual reports describe a larger company than the one trading today, because Octave was distributed in May 2026. We work out what the price assumes once the first full year without Octave is reported.
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Where every number comes from
| Item | Amount | Period | Source |
|---|---|---|---|
| Revenue | EUR 5.4bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:Revenue |
| Operating profit | EUR 924m | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:ProfitLossFromOperatingActivities |
| Net profit, owners | EUR 617m | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:ProfitLossAttributableToOwnersOfParent |
| Cash flow from operations | EUR 1.5bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:CashFlowsFromUsedInOperatingActivities |
| Equity | EUR 10.2bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:EquityAttributableToOwnersOfParent |
| Cash | EUR 788m | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:CashAndCashEquivalents |
| Net debt | EUR 488.7m | 2026-09-30 | Interim Report 1 January – 30 September 2026, p. 9 |
| Octave separated | 22 May 2026 | Interim Report 1 January – 30 September 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 Hexagon: not disclosed. Data to 2025-12-31, price as of 2026-10-23.