Sandvik AB (publ) (SAND.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

-44.2%

SEK 199.32

vs SEK 357.50 price

Levered DCF

SEK 215.12

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

4.35

Safe 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	25.67×	20.32×	17.88×	15.08×	21.91×	28.92×	26.82×	12.4×
P/B	4.05×	2.57×	3.12×	2.91×	4.1×	3.88×	3.7×	2.7×
P/S	3.12×	2.02×	2.16×	2.1×	3.2×	2.92×	2.22×	1.58×
EV / EBITDA	14.18×	10.63×	10.46×	10.65×	14.22×	13.79×	9.82×	6.99×
Gross margin	40.6%	40.0%	41.1%	40.4%	40.5%	37.3%	40.3%	41.0%
Operating margin	17.3%	15.0%	17.7%	16.6%	19.1%	13.0%	13.0%	18.7%
Net margin	12.2%	10.0%	12.1%	10.0%	14.6%	10.1%	8.3%	12.7%
Current ratio	1.94×	1.79×	1.64×	1.73×	1.66×	2.29×	2.21×	2.43×
Debt / equity	0.4×	0.44×	0.51×	0.64×	0.44×	0.27×	0.33×	0.41×
Interest coverage	10.47×	6.61×	8.55×	10.9×	20.39×	10.22×	8.98×	16.27×
Dividend yield	1.9%	2.8%	2.3%	2.5%	2.6%	0.0%	2.3%	2.8%
Payout ratio	49.0%	56.2%	40.9%	53.1%	56.3%	0.0%	62.4%	34.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.8%	12.6%	17.5%	13.8%	18.7%	13.4%	13.8%	21.7%
Return on invested capital	11.3%	9.2%	12.2%	9.4%	12.0%	9.1%	10.2%	14.7%
Return on assets	8.6%	6.6%	8.8%	6.3%	9.3%	7.3%	7.1%	10.7%
Free cash flow yield	4.3%	6.3%	4.9%	2.5%	3.0%	4.8%	5.9%	7.0%
Earnings yield	3.9%	4.9%	5.6%	4.7%	4.6%	3.5%	3.7%	8.1%
Enterprise value	SEK 409.2B	SEK 287B	SEK 314.3B	SEK 277.9B	SEK 337.6B	SEK 246.6B	SEK 232.7B	SEK 163.4B
Net debt / EBITDA	1.11×	1.42×	1.35×	1.59×	0.87×	-0.33×	0.15×	0.24×
Cash conversion cycle (days)	109	209	176	217	201	171	169	178