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Sandvik AB (publ)

SDVKY
65
Industrial - Machinery · Industrials
Price
$39.87
+0.26 (+0.66%)
Market Cap
$50.01B
Exchange
Other OTC
Winston Score
65
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Sep 12, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
Growth
Good
Cash Flow
Exceptional
Stability
Strong
Valuation
Strong
Dividends
Weak
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§Winston Score History

The full picture

Sandvik is a Swedish industrial company that makes cutting tools, mining equipment, and advanced materials used in manufacturing and resource extraction. Its customers include automakers, aerospace firms, construction companies, and mining operations around the world. It is one of the largest makers of metal-cutting tools globally, competing in markets where precision and durability matter most.

Sandvik earns revenue by selling equipment, consumable tools, spare parts, and related services. The consumable nature of cutting tools creates steady repeat business, which is a key part of its competitive moat. Headquartered in Stockholm, the company operates in over 150 countries and has a market cap around $50 billion. Growth depends on industrial production trends and the global push for automation and electrification, while cyclical downturns in mining and manufacturing remain the primary risk to earnings.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+23.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+62.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

kr 4.3B/ year

↓ Declining (-11% vs prior year)

3.8% of revenue

In line with sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

18.4%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

kr 14.7B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Sandvik AB (publ) is a rare growth stock that's already generating positive cash flow while growing at 24%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 1.26B (2021) → 1.26B (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
40.9%
Healthy — 40.9% gross margin
Profit after running costs
Operating Margin
19.7%
Healthy — 19.7% operating margin
Return on the money invested
ROCE
16.3%
Strong — 16.3% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+6.0%
Slow sales growth (+6.0% YoY)
Profit growth
EPS YoY
+15.9%
Earnings growing fast (+15.9% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
129%
Turns 129% of profit into real cash
Spare cash per sale
FCF Margin
13.1%
Converts sales into free cash efficiently (13.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.37
Conservative — low debt load (0.37)
Covers its interest
Interest Cover
12.08x
Comfortably covers interest (12.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
28.7x
Growth-priced — P/E 28.7

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+10.2
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (28.7 → 18.4)

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Dividends

Dividend
Dividend Yield
1.63%
Small dividend — 1.63% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
-4.9%
Dividend cut (-4.9% YoY) — warning sign

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