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Systemair AB (publ)

SYSR.ST
58
Industrial - Machinery · Industrials
Also trades as: 0HDK.L GBP 0.86 (+0.93%)
Price
kr 86.60
+1.40 (+1.64%)
Market Cap
kr 17.97B
Exchange
Stockholm Stock Exchange
Winston Score
58
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 10, 2026 · filings through Jul 31, 2026

§How the score breaks down

Quality
Mixed
13/30
Growth
Good
11/20
Cash Flow
Strong
7/10
Stability
Exceptional
9/10
Valuation
Strong
7/10
Ownership
Good
10/15
Dividends
Weak
1/5

58 of 100 counted points = Winston Score 58.

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§Winston Score History

The full picture

Systemair is a Swedish company that makes ventilation equipment — things like fans, air handling units, and heating and cooling systems that move fresh air through buildings. Its customers include construction companies, building owners, and contractors who install equipment in offices, schools, hospitals, and homes. Systemair is one of the larger ventilation manufacturers in Europe and sells products under several brands across more than 50 countries.

The company earns money by selling ventilation hardware and related components, with revenue tied closely to construction activity and building renovation projects. Systemair operates mainly in Europe but also has a growing presence in North America, the Middle East, and Asia, giving it broad geographic reach for a mid-sized industrial company. Its wide distribution network and established brand recognition in Europe provide some competitive stability, but the business faces risk from slowdowns in construction spending, which can quickly reduce demand for new ventilation installations.

Growth Profile

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

Revenue Growth

+6.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+18.3% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

kr 0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

54.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 438M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth context

Systemair AB (publ) is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

−0.2% over 4y

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

Diluted shares outstanding: 208.0M (2022) → 207.6M (2026)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
36.5%
Modest — 36.5% gross margin
Profit after running costs
Operating Margin
9.2%
Modest — 9.2% operating margin
Return on the money invested
ROCE
14.3%
Good — 14.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+3.3%
Slow sales growth (+3.3% YoY)
Profit growth
EPS YoY
+20.4%
Earnings growing fast (+20.4% 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
142%
Turns 142% of profit into real cash
Spare cash per sale
FCF Margin
0.0%
Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.24
Conservative — low debt load (0.24)
Covers its interest
Interest Cover
14.76x
Comfortably covers interest (14.8x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
22.6x
Growth-priced — P/E 22.6

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

Cheaper or dearer next year
P/E vs Forward
+6.5
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (22.6 → 16.0)

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Dividends

Dividend
Dividend Yield
1.70%
Small dividend — 1.70% yield

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

Dividend record
Dividend Growth
-79.8%
Dividend cut (-79.8% YoY) — warning sign

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