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NCC AB (NCC.B) AI Stock Analysis

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SE:NCC.B

NCC AB

(Nasdaq OMX AB:NCC.B)

Select Model
Rating:63Neutral
Price Target:SEK 199.00â–²(6.59% Upside)
Action:reiterated
Date:11/06/26

The overall score reflects a highly polarized operational profile for NCC AB. The most significant risks are the recent top-line contraction and unprofitability, which severely impact traditional valuation metrics. However, these challenges are counterbalanced by a solid balance sheet, an attractive 5.9% dividend yield backed by excellent free cash flow generation, and bullish short-to-medium-term technical momentum.

Positive Factors
Strong cash generationTTM operating cash flow of about 2.4B and free cash flow of about 2.1B show strong recent cash conversion. This provides internally generated funding for projects, debt service and investment, improving resilience over the next several quarters despite earlier volatility.
Negative Factors
Revenue contractionThe recent revenue decline signals weaker activity or execution across NCC’s project base and reduces the scale available to cover operating costs. If this contraction persists, it can pressure utilization, tendering capacity and the company’s ability to rebuild earnings over coming quarters.

NCC AB (NCC.B) vs. iShares MSCI Sweden ETF (EWD)

-20%-15%-10%-5%0%5%10%15%20%SE:NCC.B-5.03%EWD+15.11%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
Market Cap
SEK 16.36B
Dividend Yield
5.89%
Average Volume (3M)
253.33K
Price to Earnings (P/E)
-1333.6
Beta (1Y)
0.91
Revenue Growth
-17.04%
EPS Growth
-100.97%
Country
Sweden
Employees
10,714
Sector
General
Sector Strength
55
Industry
Engineering & Construction

NCC AB Business Overview & Revenue Model

Company Description

NCC AB (publ) is a leading construction and real estate development enterprise operating throughout the Nordic region, specifically in Sweden, Norway, Denmark, and Finland. The company's diverse activities are structured across five key segments: NCC...

How the Company Makes Money

NCC makes money mainly by delivering contracted construction and infrastructure projects and by selling construction materials and related services. A major revenue stream comes from project-based contracting in its construction and civil engineering...

NCC AB Financial Statement Overview

Summary

Financial performance presents a mixed profile. While severe operational headwinds have led to revenue contraction, margin compression, and a recent net loss, the company maintains a highly resilient balance sheet with low leverage and robust cash flow generation.

Income Statement

30Negative

Balance Sheet

75Positive

Cash Flow

80Positive
Financial statement breakdown
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue49.87B55.72B61.61B56.93B54.20B53.41B
Gross Profit4.90B5.47B5.28B4.69B4.00B4.52B
EBITDA1.24B2.11B3.36B3.08B2.60B3.11B
Net Income-13.00M142.00M1.57B1.57B1.07B1.51B
Balance Sheet
Total Assets34.14B30.58B32.03B31.95B29.57B29.42B
Cash, Cash Equivalents and Short-Term Investments998.00M1.51B3.49B1.21B1.00B3.48B
Total Debt3.76B3.88B5.08B5.29B4.30B4.21B
Total Liabilities25.83B22.66B23.36B24.63B22.38B23.58B
Stockholders Equity8.32B7.92B8.66B7.32B7.18B5.84B
Cash Flow
Free Cash Flow2.07B1.54B4.16B99.00M-707.00M1.49B
Operating Cash Flow2.39B1.91B4.64B807.00M265.00M2.26B
Investing Cash Flow-706.00M-761.00M-647.00M-446.00M-401.00M-363.00M
Financing Cash Flow-1.62B-3.17B-1.79B-187.00M-1.90B-1.49B

NCC AB Technical Analysis

Technical Analysis SentimentPositive
Last Price186.70

Price Trends

50DMA174.68Positive
100DMA174.77Positive
200DMA187.09Negative

Market Momentum

MACD2.77Negative
RSI66.69Neutral
STOCH61.38Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:NCC.B, the sentiment is Positive. The current price of 186.70 is above the 20-day moving average (MA) of 174.91, above the 50-day MA of 174.68, and below the 200-day MA of 187.09, indicating a neutral trend. The MACD of 2.77 indicates Negative momentum. The RSI at 66.69 is Neutral, neither overbought nor oversold. The STOCH value of 61.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:NCC.B.

NCC AB Peers Comparison

Overall Rating

UnderperformOutperform
Sector (55)

Financial Indicators

SE:NCC.B against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
SE:BRAVSE:BRAV83OutperformSEK 31.18B19.96―2.58%4.26%30.00%
SE:SWEC.BSE:SWEC.B79OutperformSEK 51.53B22.0818.37%2.55%6.16%9.75%
SE:AFRYSE:AFRY67NeutralSEK 14.85B17.456.63%4.54%-3.51%-7.54%
SE:SKA.BSE:SKA.B67NeutralSEK 117.86B17.6310.96%4.89%-2.38%9.81%
SE:PEAB.BSE:PEAB.B65NeutralSEK 27.24B11.9513.52%3.50%3.75%38.40%
SE:NCC.BSE:NCC.B63NeutralSEK 16.36B-1333.57-0.17%5.89%-17.04%-100.97%
Sector *55Neutral$6.65B3.83-15.92%6.20%10.91%7.18%

* General Sector Average

Performance Comparison

0%50%100%SE:NCC.BSE:PEAB.BSE:SKA.BSE:SWEC.BSE:AFRYSE:BRAVDec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
SE:NCC.B and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
SE:NCC.BNCC AB186.70-7.25-3.74%
SE:PEAB.BPeab AB94.2523.2232.70%
SE:SKA.BSkanska AB282.5053.8223.53%
SE:SWEC.BSweco AB145.30-12.08-7.67%
SE:AFRYAFRY AB Class B132.10-16.09-10.86%
SE:BRAVBravida Holding AB147.1070.7892.74%

NCC AB Corporate Events

NCC Secures SEK 260 Million Finnish Data Center Assignment

Nov 4, 2026

NCC and ASP DC have signed an agreement for preparatory work on a data center project at Pori Copper Industrial Park in western Finland. The contract covers earthwork, foundation engineering, construction roads, pile driving and the removal of excava...

NCC Wins SEK 290 Million Skogome Prison Contract

Nov 4, 2026

NCC is a leading Nordic construction company providing building and infrastructure services, asphalt and stone materials, and commercial property development. Its expertise includes complex and security-classified projects, supported by specialized t...

NCC Reports Stronger Orders and Advances Industry Divestment

Nov 3, 2026

NCC AB is a construction and contracting group, with operations organized around contracting and an Industry business area. The company said all business areas increased earnings in the third quarter, while stronger orders supported its market positi...

NCC Wins SEK 215 Million Contract for New Stiklestad National Cultural Center in Norway

Oct 29, 2026

NCC has secured a turnkey contract from Norwegian museum operator Museene Arven to renovate and expand the Stiklestad National Cultural Center, a key cultural and historical site in Norway. The project, valued at about SEK 215 million and booked in N...

NCC Wins SEK 470m Final-Phase Contract for Tidaholm High-Security Prison Expansion

Oct 28, 2026

NCC will continue its long-running expansion and renovation of the Swedish Prison and Probation Service’s highest-security correctional facility in Tidaholm under a turnkey partnering contract with Specialfastigheter. The new stage, valued at a...

NCC Wins SEK 680m Contract for New Framnäsbadet Swim Center in Lidköping

Oct 27, 2026

NCC has secured a turnkey partnering contract worth about SEK 680 million from Lidköping Municipality to build the new Framnäsbadet swim center, with an option for an adjacent outdoor facility. The technologically sustainable three-story ce...

NCC to Present Third-Quarter 2026 Interim Results in Webcast

Oct 21, 2026

NCC AB will release its interim report for the January–September period and the third quarter of 2026 on November 3, with publication scheduled for early morning on the company’s investor relations website. The update will provide stakeho...

NCC to Relocate Head Office to Bromma for SEK 50 Million in Annual Savings

Oct 20, 2026

NCC AB plans to relocate its head office from Solna to the Hangar 5 office complex in Bromma in the third quarter of 2027, halving its office space from about 16,000 to 8,000 square meters. The move is expected to align rent with market levels while...

NCC Wins SEK 680 Million Contract to Complete Öland Bridge Refurbishment

Oct 20, 2026

NCC has secured an expanded contract from the Swedish Transport Administration to continue and complete the refurbishment of the Öland Bridge, Sweden’s only land connection between Öland and the mainland. The project, valued at approx...

NCC Wins SEK 170 Million Heritage School Refurbishment in Helsinki

Oct 15, 2026

NCC has been commissioned by the City of Helsinki to refurbish and upgrade a heritage-listed elementary school and preschool in central Helsinki, in a project valued at approximately SEK 170 million. The historic building, whose oldest sections date...

NCC wins SEK 250m contract for new swim and bowling center in Örkelljunga

Oct 15, 2026

NCC has signed a turnkey partnering contract with Örkelljunga Municipality to build a new swim center and bowling alley in the southern Swedish town, an order valued at approximately SEK 250 million. The project, which follows a joint planning a...

NCC Sells Nordic Industry Unit for SEK 8.2 Billion to Refocus on Contracting

Oct 7, 2026

NCC has agreed to sell its Industry business area, a leading Nordic producer of stone materials and asphalt, to Heidelberg Materials and CRH for an enterprise value of SEK 8.2 billion. Heidelberg Materials will take over operations in Sweden and Norw...

NCC Wins SEK 180 Million Project to Convert Historic Turku Factory into Rental Housing

Oct 5, 2026

NCC has signed an agreement with the Turku University Foundation to convert the culturally historic Sanitas factory in Turku into a modern rental housing complex, including a new extension and underground parking. The project, valued at approximately...

NCC Wins SEK 1 Billion Power Line Contract in Västra Götaland

Sep 25, 2026

NCC has secured a major infrastructure contract from Swedish grid operator Svenska kraftnät to build 70 kilometers of new 400 kV overhead power lines in Västra Götaland, along the corridor between the Breared substation in Halmstad Mun...

NCC Wins SEK 200 Million Contract for Sustainable Nursing Home in Turku

Sep 24, 2026

NCC has secured a contract from social infrastructure investor Hemsö to build a modern nursing home in Turku, Finland, for approximately SEK 200 million, strengthening its position in the Nordic care facilities segment. The 7,800-square-metre fa...

NCC Secures SEK 3–5 Billion Long-Term Deal for Security Classified Projects

Sep 22, 2026

NCC AB has entered a ten-year strategic partnering agreement with an undisclosed customer to deliver multiple security classified construction and civil engineering projects across Sweden. The framework, valued at an estimated SEK 3 to 5 billion, wil...

NCC wins SEK 150m sustainable care facility project in Turku

Sep 21, 2026

NCC has secured a SEK 150 million contract from Nordic Income+ (NIP), a fund managed by Urban Partners, to build a 4,600-square-meter residential care facility in Turku’s expanding Herttuankulma neighborhood, providing 114 care places. Develope...

NCC Wins SEK 1.2 Billion Office Redevelopment Contract in Denmark

Sep 17, 2026

Nordic construction group NCC has secured a major commission from pension provider Velliv to refurbish and expand a large office complex in Lyngby, north of Copenhagen, Denmark. The turnkey contract, conducted in partnering form with Velliv, architec...

NCC Wins SEK 440 Million Finnish Customs Contract in Vantaa

Sep 10, 2026

NCC AB has secured a SEK 440 million contract from state-owned Senate Properties to build new premises for Finnish Customs in Vantaa, north of Helsinki, in a technically demanding project adjacent to the Radiation and Nuclear Safety Authority of Finl...

NCC to Build New Artillery Regiment Base in Kristinehamn

Sep 8, 2026

NCC has entered into a partnering agreement with the Swedish Fortifications Agency to plan and later build a new artillery regiment base at Harberget in eastern Kristinehamn, re-establishing Swedish Armed Forces operations in the region. The base, pa...

NCC Wins SEK 220 Million Aalborg Housing Refurbishment Deal

Sep 4, 2026

NCC AB has secured a refurbishment contract from municipal housing company Himmerlands Boligförening to upgrade 350 residential units in Aalborg, Denmark, with an order value of approximately SEK 220 million. The project covers row houses and de...

NCC Intensifies Worksite Safety With Sixteenth Nordic Awareness Day

Sep 2, 2026

NCC is a major Nordic construction group serving Sweden, Denmark, Norway, and Finland with building and infrastructure projects, asphalt and stone materials, and commercial property development. The company’s scale, with SEK 56 billion in 2025...

NCC AB Adjusts Voting Rights Following August Share Conversions

Aug 31, 2026

NCC AB has announced a conversion of shares during August 2026, in line with its articles of association that allow holders of Series A shares to convert them into Series B shares, a process that reduces the company’s total voting rights. Follo...

NCC Wins SEK 300 Million Contract for New Junior High School in Turku

Aug 10, 2026

NCC has secured a partnering contract from municipal property company KOy Turun monitoimitilat to build the new St Olof’s School in Turku, Finland, an approximately 9,000-square-meter junior high facility for around 600 students. The project, v...

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 06, 2026