Husqvarna AB (publ) (HUSQ-B.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

+126.0%

SEK 73.02

vs SEK 32.31 price

Levered DCF

SEK 67.90

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.56

Distress zone

Rating

A-

Overall 4 / 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	15.05×	24.89×	21.78×	21.57×	18.67×	24.43×	16.97×	30.5×
P/B	1.13×	1.34×	1.99×	1.74×	3.83×	3.57×	2.48×	2.31×
P/S	0.57×	0.68×	0.89×	0.77×	1.76×	1.45×	1.02×	0.9×
EV / EBITDA	6.44×	8.02×	9.95×	10.4×	11.43×	11.3×	9.1×	12.61×
Gross margin	30.4%	29.6%	34.7%	27.0%	33.0%	30.0%	29.6%	25.6%
Operating margin	6.3%	5.4%	7.0%	5.6%	12.2%	8.7%	8.7%	5.0%
Net margin	3.8%	2.7%	4.1%	3.6%	9.4%	5.9%	6.0%	2.9%
Current ratio	1.74×	1.61×	1.45×	1.37×	1.17×	1.52×	1.61×	1.5×
Debt / equity	0.54×	0.59×	0.73×	0.79×	0.47×	0.64×	0.67×	0.61×
Interest coverage	3.77×	2.73×	3.44×	6.88×	29.02×	10.51×	6.64×	3.56×
Dividend yield	2.2%	5.2%	3.6%	4.1%	1.7%	2.1%	3.0%	3.5%
Payout ratio	32.4%	129.4%	78.7%	88.4%	31.0%	51.6%	50.9%	106.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.5%	5.4%	9.2%	8.1%	20.5%	14.6%	14.6%	7.6%
Return on invested capital	5.9%	4.5%	6.0%	4.8%	12.6%	8.3%	8.8%	5.3%
Return on assets	3.4%	2.3%	3.7%	3.1%	8.7%	5.7%	6.0%	3.1%
Free cash flow yield	7.3%	12.8%	9.4%	-9.7%	3.8%	10.0%	6.2%	-0.7%
Earnings yield	6.6%	4.0%	4.6%	4.6%	5.4%	4.1%	5.9%	3.3%
Enterprise value	SEK 37.6B	SEK 45.6B	SEK 63.1B	SEK 58.4B	SEK 90.7B	SEK 65.7B	SEK 52.5B	SEK 45.4B
Net debt / EBITDA	1.89×	2.21×	2.48×	2.97×	0.99×	0.82×	1.66×	2.34×
Cash conversion cycle (days)	133	130	165	159	117	93	116	111