LifcoLIFCO B
Lifco owns and buys small and mid-sized companies in niches across dental, demolition and tools, and systems solutions for areas such as environmental technology, forestry machines and control systems. A couple of hundred subsidiaries are run on their own.
Lifco had revenue of SEK 28.3bn in 2025. That is 15% more a year since 2020.
The subsidiaries hold strong positions in small markets and earn high margins. Lifco steers on profitability rather than size, takes the cash flow and buys more companies with it. Most of the growth comes from acquisitions.
Latest report: January–September 2026
| Now | Year before | |
|---|---|---|
| Net sales | SEK 22,288m | SEK 20,717m |
| EBITA | SEK 5,072m, 22.8% | SEK 4,600m, 22.2% |
| Net profit for the period | SEK 2,930m | SEK 2,624m |
| Earnings per share | SEK 6.38 | SEK 5.71 |
| Cash flow from operating activities | SEK 3,514m | SEK 3,138m |
| Organic growth | 2.5% |
Source: Lifco, Interim report January–September 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, 18 became operating profit in 2025. Over the period it has ranged from 16 to 19.
| Year | Revenue | Operating profit | Margin | Net profit | Operating cash flow | Cash conversion |
|---|---|---|---|---|---|---|
| 2020 | SEK 13.8bn | SEK 2.3bn | 16.5% | SEK 1.7bn | SEK 2.8bn | 169% |
| 2021 | SEK 17.5bn | SEK 3.1bn | 18.0% | SEK 2.4bn | SEK 2.9bn | 123% |
| 2022 | SEK 21.6bn | SEK 4.0bn | 18.3% | SEK 2.8bn | SEK 3.1bn | 110% |
| 2023 | SEK 24.5bn | SEK 4.8bn | 19.4% | SEK 3.3bn | SEK 4.5bn | 136% |
| 2024 | SEK 26.1bn | SEK 4.9bn | 18.7% | SEK 3.3bn | SEK 4.6bn | 140% |
| 2025 | SEK 28.3bn | SEK 5.2bn | 18.3% | SEK 3.6bn | SEK 5.1bn | 141% |
On average, 137% 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 3.67 in 2020 to SEK 8.00 in 2025. Dividends took 26% of owner earnings over the last 5 years.
| Year | Owner earnings | Dividends | EPS | DPS | Shares |
|---|---|---|---|---|---|
| 2020 | SEK 2.5bn | SEK 526m | SEK 3.67 | SEK 1.16 | 454m |
| 2021 | SEK 2.6bn | SEK 643m | SEK 5.26 | SEK 1.42 | 454m |
| 2022 | SEK 2.7bn | SEK 848m | SEK 6.13 | SEK 1.87 | 454m |
| 2023 | SEK 4.0bn | SEK 973m | SEK 7.21 | SEK 2.14 | 454m |
| 2024 | SEK 3.8bn | SEK 954m | SEK 7.27 | SEK 2.10 | 454m |
| 2025 | SEK 4.2bn | SEK 1.1bn | SEK 8.00 | SEK 2.40 | 454m |
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 15% after tax in 2025. Net debt is SEK 9.1bn.
Return on capital employed has ranged from 14% to 16% 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 13% a year for ten years. Revenue has grown 15% a year.
| Required return | Growth needed |
|---|---|
| 8% | 10% |
| 9% | 13% |
| 10% | 15% |
Market value SEK 127bn, enterprise value SEK 136bn. Base: owner earnings of SEK 4.0bn a year on average over the last three years, an owner earnings yield of 2.9%.
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 28.3bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:RevenueFromContractsWithCustomers |
| Operating profit | SEK 5.2bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:ProfitLossFromOperatingActivities |
| Net profit, owners | SEK 3.6bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:ProfitLossAttributableToOwnersOfParent |
| Cash flow from operations | SEK 5.1bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:CashFlowsFromUsedInOperatingActivities |
| Equity | SEK 19.1bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:EquityAttributableToOwnersOfParent |
| Cash | SEK 1.9bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:CashAndCashEquivalents |
| Net debt | SEK 12,321m | 2026-09-30 | Interim report January–September 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 Lifco: not disclosed. Data to 2025-12-31, price as of 2026-10-23.