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Sandvik AB
(SAND)
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Rating:65Neutral
Price Target:
kr362.00
▼(-8.31% Downside)
Action:Reiterated
Date:10/23/26
The score is primarily supported by strong financial performance, including resilient profitability, improving TTM growth, and moderate leverage. Offsetting this, technical indicators are weak (price below key moving averages and negative MACD), and valuation is only average due to a relatively high P/E and modest dividend yield.
Positive Factors
Recurring aftermarket revenue
Sandvik’s aftermarket, consumables, and service activities create recurring demand alongside equipment sales. Replacement wear parts, maintenance, repairs, and optimization services can make revenue more resilient through investment cycles and deepen customer relationships over time.
Negative Factors
Cyclical and uneven revenue growth
The recent growth pattern shows that Sandvik remains exposed to fluctuations in mining investment and industrial production. Although TTM growth has reaccelerated, the preceding declines indicate that demand can weaken over multiple periods and make revenue and earnings progression less predictable.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring aftermarket revenue
Sandvik’s aftermarket, consumables, and service activities create recurring demand alongside equipment sales. Replacement wear parts, maintenance, repairs, and optimization services can make revenue more resilient through investment cycles and deepen customer relationships over time.
Read all positive factors
Sandvik AB (SAND) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr437.91B
Dividend Yield1.69%
Average Volume (3M)1.84M
Price to Earnings (P/E)26.4
Beta (1Y)1.53
Revenue Growth6.31%
EPS Growth16.31%
CountrySE
Employees42,373
SectorGeneral
Sector StrengthN/A
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)15.21
Shares Outstanding1,254,385,900
10 Day Avg. Volume1,974,373
30 Day Avg. Volume1,842,987
Financial Highlights & Ratios
PEG Ratio1.28
Price to Book (P/B)4.05
Price to Sales (P/S)3.12
P/FCF Ratio23.45
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr402.58Price Target Upside1.97% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering12
EPS Forecast (FY)16.91
Revenue Forecast (FY)kr145.56B
Sandvik AB Business Overview & Revenue Model
Company Description
Sandvik AB (publ) is a global engineering conglomerate based in Stockholm, Sweden, specializing in providing cutting-edge solutions across various industrial domains. Its core operations encompass mining and rock excavation, mineral processing, so...
How the Company Makes Money
Sandvik makes money primarily by selling equipment, tools, and engineered materials, complemented by recurring aftermarket and services revenue.
1) Equipment and systems sales (capital expenditure driven)
- Mining and rock excavation: Revenue is ...
Sandvik AB Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
78
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 137.63B | 120.68B | 122.88B | 126.50B | 112.33B | 99.11B |
| Gross Profit | 55.52B | 49.00B | 49.14B | 52.05B | 45.37B | 40.17B |
| EBITDA | 35.39B | 28.86B | 26.99B | 30.06B | 26.09B | 23.75B |
| Net Income | 19.08B | 14.69B | 12.24B | 15.30B | 11.21B | 14.46B |
Balance Sheet | ||||||
| Total Assets | 200.53B | 169.86B | 184.38B | 174.21B | 176.68B | 155.52B |
| Cash, Cash Equivalents and Short-Term Investments | 4.03B | 4.96B | 4.53B | 4.36B | 10.49B | 13.59B |
| Total Debt | 43.71B | 37.12B | 42.76B | 45.08B | 52.06B | 34.35B |
| Total Liabilities | 90.74B | 76.62B | 87.39B | 86.51B | 95.41B | 78.19B |
| Stockholders Equity | 109.67B | 93.17B | 96.92B | 87.63B | 81.23B | 77.20B |
Cash Flow | ||||||
| Free Cash Flow | 18.52B | 16.08B | 15.77B | 13.44B | 5.93B | 9.60B |
| Operating Cash Flow | 22.41B | 19.91B | 20.61B | 18.80B | 10.46B | 13.18B |
| Investing Cash Flow | -10.40B | -7.09B | -7.67B | -8.51B | -20.30B | -26.19B |
| Financing Cash Flow | -11.60B | -11.90B | -12.99B | -16.21B | 6.22B | 2.49B |
Sandvik AB Technical Analysis
Negative
394.80
Price Trends
372.09
Negative
373.71
Negative
369.07
Negative
Market Momentum
-7.00
Positive
34.37
Neutral
23.16
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SAND, the sentiment is Negative. The current price of 394.8 is above the 20-day moving average (MA) of 361.36, above the 50-day MA of 372.09, and above the 200-day MA of 369.07, indicating a bearish trend. The MACD of -7.00 indicates Positive momentum. The RSI at 34.37 is Neutral, neither overbought nor oversold. The STOCH value of 23.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:SAND.
Sandvik AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | kr101.68B | 27.30 | 10.20% | 1.74% | 0.11% | 7.71% | |
72 Outperform | kr296.72B | 35.29 | ― | 1.47% | -1.94% | -1.63% | |
69 Neutral | kr901.33B | 35.32 | 23.93% | 1.78% | -1.80% | -5.25% | |
67 Neutral | kr230.47B | 28.12 | 18.42% | 1.61% | 3.87% | 2.11% | |
65 Neutral | kr437.91B | 26.36 | 17.52% | 1.69% | 6.31% | 16.31% | |
63 Neutral | kr651.92B | 18.18 | 19.98% | 2.65% | -5.71% | -5.84% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
SE:SAND
Sandvik AB
336.50
53.49
18.90%
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Sandvik AB Corporate Events
Sandvik Delivers Record Cash Flow and Margin on Strong Q3 Growth
Oct 22, 2026
Sandvik reported a robust third quarter, with order intake up 20% to SEK 36.9 billion and revenues rising 29% to SEK 37.7 billion, driven by strong organic growth of 17% and 25% respectively. Adjusted EBITA jumped 53% to SEK 8.5 billion, lifting t...
Sandvik to Present Third-Quarter 2026 Results on October 22
Oct 5, 2026
Sandvik AB will release its third-quarter 2026 results on October 22, 2026, at around 08:00 AM CEST. The company will host a combined webcast and conference call for investors, analysts and financial media at 10:00 AM CEST, where President and CEO...
Sandvik Sets Tampere Capital Markets Day to Spotlight Strategy and Innovation
Oct 1, 2026
Sandvik AB will host a Capital Markets Day on November 24-25, 2026, at Sandvik Mining’s site in Tampere, Finland, giving institutional investors, financial analysts and media an in-depth update on the group’s equity story, achievements...
Sandvik Names Nomination Committee Ahead of 2027 AGM
Sep 21, 2026
Sandvik AB has appointed its Nomination Committee for the 2027 Annual General Meeting, in line with a previously adopted instruction that gives its four largest shareholders by voting power, together with the chairman of the board, the responsibil...
Sandvik’s Machining Head Nadine Crauwels to Exit as Group Enters New Strategic Phase
Sep 9, 2026
Sandvik AB, a global supplier of industrial equipment and digital solutions for machining and mining, operates across more than 150 countries, serving manufacturing, mining and infrastructure clients with a focus on productivity and sustainability...
Sandvik Sets November Capital Markets Day to Highlight Strategy and Innovation
Sep 2, 2026
Sandvik will host its Capital Markets Day on November 24–25, 2026 at Sandvik Mining’s site in Tampere, Finland, offering institutional investors, financial analysts and media an in-depth update on its equity story, achievements and str...
Sandvik closes Diemme Filtration deal to expand mining processing offering
Sep 1, 2026
Sandvik has finalized the acquisition of Italy-based Diemme Filtration, a specialist in high-performance filtration and dewatering solutions for the global mining industry. The acquired business, which operates a modern manufacturing and RD facili...
Sandvik Wins SEK 275 Million Mining Equipment Order for Kamoa-Kakula
Aug 25, 2026
Sandvik has secured a SEK 275 million order from Kamoa Copper S.A. for underground mining trucks and loaders, including AutoMine®-equipped units, for the Kamoa-Kakula copper mine in the Democratic Republic of the Congo. Deliveries will run fr...
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.