Atlas Copco AB (ATCO-A.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-56.1%

SEK 80.92

vs SEK 184.40 price

Levered DCF

SEK 68.94

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

6.15

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	30.58×	27.64×	29.69×	25.54×	39.17×	32.25×	25.59×	2.24×
P/B	7.34×	7.24×	9.11×	7.49×	10.49×	8.96×	7.94×	5.61×
P/S	4.8×	4.66×	4.82×	4.24×	6.4×	4.78×	4.07×	2.49×
EV / EBITDA	18.97×	17.7×	18.98×	16.99×	24.52×	20.12×	16.17×	9.58×
Gross margin	42.9%	42.8%	43.5%	42.0%	42.0%	41.3%	41.6%	41.7%
Operating margin	20.6%	21.4%	21.5%	21.7%	21.4%	20.3%	21.7%	21.9%
Net margin	15.7%	16.8%	16.2%	16.6%	16.3%	14.8%	15.9%	111.3%
Current ratio	1.55×	1.72×	1.59×	1.31×	1.67×	1.62×	1.77×	1.53×
Debt / equity	0.32×	0.31×	0.36×	0.45×	0.37×	0.46×	0.44×	0.48×
Interest coverage	78.42×	44.82×	42.49×	77.71×	68.2×	57.85×	54.14×	43.04×
Dividend yield	1.8%	1.7%	1.3%	1.5%	1.3%	1.8%	1.8%	3.6%
Payout ratio	55.3%	45.8%	40.0%	39.4%	49.0%	57.6%	46.3%	8.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	24.0%	26.2%	30.7%	29.4%	26.8%	27.8%	31.0%	250.2%
Return on invested capital	17.8%	19.1%	21.8%	19.4%	18.4%	18.7%	20.9%	24.2%
Return on assets	13.0%	14.3%	15.3%	13.6%	13.3%	13.0%	14.8%	109.8%
Free cash flow yield	3.5%	3.8%	2.7%	2.7%	2.8%	4.1%	3.2%	5.9%
Earnings yield	3.3%	3.6%	3.4%	3.9%	2.6%	3.1%	3.9%	44.6%
Enterprise value	SEK 827.8B	SEK 838.7B	SEK 854.8B	SEK 624.3B	SEK 715.6B	SEK 489.7B	SEK 431.3B	SEK 241.7B
Net debt / EBITDA	0.44×	0.33×	0.48×	0.68×	0.2×	0.53×	0.32×	0.16×
Cash conversion cycle (days)	134	136	134	137	109	93	97	93