SandvikSAND
Sandvik makes machines, tools and software for mining and for metal cutting. Its business areas are Mining and Rock Solutions, Rock Processing Solutions and Manufacturing and Machining Solutions, which includes the cutting tools.
Sandvik had revenue of SEK 120.7bn in 2025. That is 7% more a year since 2020.
Mining machines are sold with service and wear parts that follow the machine for its whole life. Cutting tools are consumables that engineering companies buy all the time. Both follow the economy, but the aftermarket swings less than new sales.
Latest report: January–September 2026
| Now | Year before | |
|---|---|---|
| Order intake | SEK 111,503m | SEK 95,738m |
| Revenues | SEK 105,164m | SEK 88,219m |
| Adjusted EBITA | SEK 22,920m, 21.8% | SEK 16,936m, 19.2% |
| Profit for the period | SEK 14,885m | SEK 10,491m |
| Diluted earnings per share | SEK 11.86 | SEK 8.36 |
| Free operating cash flow | SEK 14,371m | SEK 14,502m |
| Revenues, third quarter | SEK 37,728m, +29% | SEK 29,218m |
Source: Sandvik, Interim report third quarter 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, 17 became operating profit in 2025. Over the period it has ranged from 13 to 20.
| Year | Revenue | Operating profit | Margin | Net profit | Operating cash flow | Cash conversion |
|---|---|---|---|---|---|---|
| 2020 | SEK 86.4bn | SEK 11.2bn | 13.0% | SEK 8.7bn | SEK 15.3bn | 176% |
| 2021 | SEK 85.7bn | SEK 17.3bn | 20.2% | SEK 14.5bn | SEK 13.2bn | 91% |
| 2022 | SEK 112.3bn | SEK 18.6bn | 16.6% | SEK 11.2bn | – | – |
| 2023 | SEK 126.5bn | SEK 22.4bn | 17.7% | SEK 15.3bn | SEK 18.8bn | 123% |
| 2024 | SEK 122.9bn | SEK 18.4bn | 15.0% | SEK 12.2bn | SEK 20.6bn | 168% |
| 2025 | SEK 120.7bn | SEK 20.8bn | 17.2% | SEK 14.7bn | SEK 19.2bn | 131% |
On average, 138% 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 6.96 in 2020 to SEK 11.71 in 2025. Dividends took 58% of owner earnings over the last 4 years.
| Year | Owner earnings | Dividends | EPS | DPS | Shares |
|---|---|---|---|---|---|
| 2020 | SEK 11.1bn | – | SEK 6.96 | – | 1,255m |
| 2021 | SEK 8.6bn | SEK 8.1bn | SEK 11.53 | SEK 6.49 | 1,254m |
| 2022 | – | – | SEK 8.95 | – | 1,253m |
| 2023 | SEK 12.1bn | SEK 6.3bn | SEK 12.20 | SEK 4.99 | 1,254m |
| 2024 | SEK 14.3bn | SEK 6.9bn | SEK 9.76 | SEK 5.48 | 1,254m |
| 2025 | SEK 13.9bn | SEK 7.2bn | SEK 11.71 | SEK 5.74 | 1,254m |
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 14% after tax in 2025. Net debt is SEK 27.1bn.
Return on capital employed has ranged from 11% to 15% after tax over the period.
Competitive advantages, our assessment
Mining companies, construction and civil engineering firms, and manufacturers in aerospace, cars and energy. Miners buy on productivity and safety, manufacturers on how fast and how precisely the tool cuts.
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 7% a year.
| Required return | Growth needed |
|---|---|
| 8% | 10% |
| 9% | 13% |
| 10% | 15% |
Market value SEK 435bn, enterprise value SEK 462bn. Base: owner earnings of SEK 13.5bn 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 120.7bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:Revenue |
| Operating profit | SEK 20.8bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:ProfitLossFromOperatingActivities |
| Net profit, owners | SEK 14.7bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:ProfitLossAttributableToOwnersOfParent |
| Cash flow from operations | SEK 19.2bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:CashFlowsFromUsedInOperatingActivities |
| Equity | SEK 93.2bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:EquityAttributableToOwnersOfParent |
| Cash | SEK 5.0bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:CashAndCashEquivalents |
| Financial net debt | SEK 30.4bn | 2026-09-30 | Interim report third quarter 2026, p. 5 |
| Financial net debt / EBITDA | 0.9 times | 2026-09-30 | Interim report third quarter 2026, p. 5 |
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 Sandvik: not disclosed. Data to 2025-12-31, price as of 2026-10-23.