ALFA — Alfa Laval ABIndustrials · Specialty Industrial MachineryOMXSTO

SEK 224.6B

Mkt Cap

SEK 238.5B

Ent. Value

-SEK 13.9B

Net Cash

SEK 543.40

52W SEK 388 – SEK 580

SEK 224.6B

Mkt Cap

SEK 238.5B

Ent. Value

-SEK 13.9B

Net Cash

27.5×

P/E TTM

1.22

PEG

34.9×

P/FCF

5.2×

P/Book

3.2×

P/Sales

16.7×

EV/EBITDA

20.3×

EV/EBIT

36.7×

EV/FCF

3.4×

EV/Sales

3.6%

Earn Yld

2.9%

FCF Yld

1.7%

Div Yld

SEK 543.40

All values in Swedish Krona (SEK)

SEK	FY2025	FY2024	FY2023	FY2022
Revenue	69.67B	66.95B	63.60B	52.13B
YoY Growth	+4.1%	+5.3%	+22.0%	—
Gross Profit	25.20B	23.21B	20.88B	17.65B
Gross Margin	36.2%	34.7%	32.8%	33.8%
R&D	1.74B	1.66B	1.56B	1.36B
SG&A	10.75B	10.28B	9.22B	7.94B
EBIT	11.75B	10.40B	9.20B	6.47B
EBIT Margin	16.9%	15.5%	14.5%	12.4%
D&A	2.50B	2.42B	2.52B	2.39B
EBITDA	14.27B	12.91B	11.68B	8.89B
EBITDA Margin	20.5%	19.3%	18.4%	17.1%
Net Income	8.27B	7.39B	6.33B	4.50B
Net Margin	11.9%	11.0%	10.0%	8.6%
EPS (diluted)	SEK 20.01	SEK 17.88	SEK 15.31	SEK 10.89
Shares (dil., M)	413	413	413	414

Company Brief

Alfa Laval AB (publ) provides heat transfer, separation, and fluid handling products and solutions worldwide. The company operates through three divisions: Energy, Food & Pharma, and Ocean. It offers ballast water management systems; oil/gas-fired steam and composite steam boilers, exhaust gas economizers, electric steam boilers, and exhaust gas steam boilers; and exhaust gas cleaning products, as well as decanters and separators. The company also provides sensing and control, cleaning validation, and condition monitoring automation products; hygienic fittings, hygienic tubes, ultrapure fittings, and ultrapure tubes; agitators, tank mixers, and powder mixers; and centrifugal pumps, circumferential piston pumps, rotary lobe pumps, twin screws, three screw pumps, gear pumps, and reciprocating pumps. In addition, it offers rotary jet heads, rotary spray heads, wall mounted cleaning devices for tank cleaning, and static spray balls; and tank covers and accessories, as well as valves. Further, the company provides plate heat exchangers, air cooled heat exchangers, scraped surface heat exchangers, and tubular heat exchangers. It serves energy and utilities, home and personal care, food, dairy and beverage, marine and transportation, pharma and biotech, and water and wastewater industries. Alfa Laval AB (publ) was founded in 1883 and is headquartered in Lund, Sweden.

CEOMr. Tom Erixon LL.B, MBAEmployees22,203IPO Date2002-05-17CountrySwedenWebsitewww.alfalaval.com

Margins (TTM)

Gross Margin	36.6%
EBITDA Margin	20.8%
EBIT Margin	16.9%
Net Margin	11.8%
FCF Margin	9.3%

Returns on Capital

ROIC	13.4%
ROCE	18.9%
ROE	18.8%
ROA	8.3%
Asset Turnover	0.70×

Earnings Quality

FCF / Net Income	78.7%
SBC / Net Income	—
SBC / Revenue	—
Capex / D&A	1.06×

Growth (CAGR)

Metric	3yr
Revenue	10.1%
EPS	22.5%
FCF	65.4%
Dividend	—

Ownership

Float	70.4%
Shares Out.	413.3M
Insiders %	—
Institutions %	—
Institutions (of float)	—
Institution holders	—
Insider net buy 6M	—

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Balance Sheet

Cash & ST Invest.	SEK 7.8B
Total Debt	SEK 21.0B
Net Cash / (Debt)	-SEK 13.9B
Total Assets	SEK 98.2B
Total Equity	SEK 43.4B
Goodwill & Intang.	SEK 36.4B
Tangible Book Value	SEK 7.0B
NCAV (Graham)	-SEK 11.8B
Tangible Book/sh	SEK 16.85
NCAV/sh	-SEK 28.52

Leverage

D/E Ratio	0.48×
Net Debt / EBITDA	0.97×
Interest Coverage	18.25×
Current Ratio	1.18×
Quick Ratio	0.78×

Capital Allocation (last FY)

Capex	SEK 2.7B
Capex / Revenue	3.8%
SBC	—
Dividends Paid	SEK 3.5B
Buybacks	—

Dividends

Annual DPS	SEK 9.00
Yield (fwd)	1.66%
Payout Ratio	43.0%
Ex-div Date	2026-04-23

Valuation vs History

P/E vs 4Y	27.5×
Div yield vs 10Y	164.0%vs 0.0% median

Buyback History

FY 2025—0.0%

FY 2024—0.0%

FY 2023—0.0%

FY 2022SEK 661.0M—

Margins (TTM)

Gross Margin	36.6%
EBITDA Margin	20.8%
EBIT Margin	16.9%
Net Margin	11.8%
FCF Margin	9.3%

Returns on Capital

ROIC	13.4%
ROCE	18.9%
ROE	18.8%
ROA	8.3%
Asset Turnover	0.70×

Earnings Quality

FCF / Net Income	78.7%
SBC / Net Income	—
SBC / Revenue	—
Capex / D&A	1.06×

Growth (CAGR)

Metric	3yr
Revenue	10.1%
EPS	22.5%
FCF	65.4%
Dividend	—

Ownership

Float	70.4%
Shares Out.	413.3M
Insiders %	—
Institutions %	—
Institutions (of float)	—
Institution holders	—
Insider net buy 6M	—

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SEK 543.40

All values in Swedish Krona (SEK)

SEK	FY2025	FY2024	FY2023	FY2022
Revenue	69.67B	66.95B	63.60B	52.13B
YoY Growth	+4.1%	+5.3%	+22.0%	—
Gross Profit	25.20B	23.21B	20.88B	17.65B
Gross Margin	36.2%	34.7%	32.8%	33.8%
R&D	1.74B	1.66B	1.56B	1.36B
SG&A	10.75B	10.28B	9.22B	7.94B
EBIT	11.75B	10.40B	9.20B	6.47B
EBIT Margin	16.9%	15.5%	14.5%	12.4%
D&A	2.50B	2.42B	2.52B	2.39B
EBITDA	14.27B	12.91B	11.68B	8.89B
EBITDA Margin	20.5%	19.3%	18.4%	17.1%
Net Income	8.27B	7.39B	6.33B	4.50B
Net Margin	11.9%	11.0%	10.0%	8.6%
EPS (diluted)	SEK 20.01	SEK 17.88	SEK 15.31	SEK 10.89
Shares (dil., M)	413	413	413	414

Company Brief

CEOMr. Tom Erixon LL.B, MBAEmployees22,203IPO Date2002-05-17CountrySwedenWebsitewww.alfalaval.com

Balance Sheet

Cash & ST Invest.	SEK 7.8B
Total Debt	SEK 21.0B
Net Cash / (Debt)	-SEK 13.9B
Total Assets	SEK 98.2B
Total Equity	SEK 43.4B
Goodwill & Intang.	SEK 36.4B
Tangible Book Value	SEK 7.0B
NCAV (Graham)	-SEK 11.8B
Tangible Book/sh	SEK 16.85
NCAV/sh	-SEK 28.52

Leverage

D/E Ratio	0.48×
Net Debt / EBITDA	0.97×
Interest Coverage	18.25×
Current Ratio	1.18×
Quick Ratio	0.78×

Capital Allocation (last FY)

Capex	SEK 2.7B
Capex / Revenue	3.8%
SBC	—
Dividends Paid	SEK 3.5B
Buybacks	—

Dividends

Annual DPS	SEK 9.00
Yield (fwd)	1.66%
Payout Ratio	43.0%
Ex-div Date	2026-04-23

Valuation vs History

P/E vs 4Y	27.5×
Div yield vs 10Y	164.0%vs 0.0% median

Buyback History

FY 2025—0.0%

FY 2024—0.0%

FY 2023—0.0%

FY 2022SEK 661.0M—

Not investment adviceUpdated 4/17/2026