SANDNasdaq StockholmIndustrialsIFRS · SEK

Sandvik

Sandvik is a Swedish industrial group that develops tools, equipment, software and service solutions for manufacturing, mining, rock excavation and related engineering applications. Its businesses span cutting tools, mining and rock-processing equipment, and digital manufacturing and automation solutions, with operations and customers across many global markets.

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Revenue120.7bn SEK
−1.8 %y/y
Operating profit (EBIT)20.8bn SEK
+13.0 %y/y
EBIT margin17.2%
+2.3 ppy/y
Net income4,200m SEK
−65.7 %y/y
Free cash flow15.4bn SEK
−9.7 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

050100150bn SEK2021: 99.1 bn SEK2021: EBIT 18.7 bn SEK20212022: 112.3 bn SEK2022: EBIT 18.6 bn SEK20222023: 126.5 bn SEK2023: EBIT 22.4 bn SEK20232024: 122.9 bn SEK2024: EBIT 18.4 bn SEK20242025: 120.7 bn SEK2025: EBIT 20.8 bn SEK2025120.720.8
RevenueOperating profit (EBIT)

Business

Share of revenue
Machining solutions40 %

Cutting tools, tooling systems, software and metrology used in industrial machining and precision manufacturing.

Mining and rock excavation35 %

Equipment, drilling tools and related solutions for mining, tunneling and surface excavation.

Rock processing15 %

Crushers, screening and demolition/recycling equipment for aggregates and construction materials.

Aftermarket and services10 %

Spare parts, consumables, maintenance and support services across installed equipment bases.

Customers

Sandvik sells to industrial customers that need precision machining, material removal, drilling, crushing and process efficiency. Its end markets include general industry, aerospace and defense, medical, electronics, transportation, mining, aggregates, demolition and recycling, with aftermarket demand supported by installed equipment fleets.

General industry manufacturing

Buys cutting tools and machining solutions for broad industrial production and is a core volume segment.

Mining and minerals

Buys drilling, excavation and aftermarket solutions for mine development, production and maintenance.

Aerospace and defense

Buys precision tooling and machining solutions for high-specification components.

Medical machining

Buys precision machining solutions for medical components and devices.

Aggregates, demolition and recycling

Buys crushing, screening and demolition equipment for construction-material processing.

Strategy

Sandvik is focused on growth through targeted investments in its core industrial niches, with emphasis on digital solutions, precision machining and selected high-growth end markets. The company also uses acquisitions to strengthen its position in adjacent technologies and to broaden its offering across manufacturing and industrial automation.

Accelerate growth in priority end marketsMedium term

Sandvik is targeting segments with higher technical requirements and attractive demand dynamics, such as medical machining, aerospace and defense.

Increase digital and software contentMedium term

Software and digital tools deepen customer integration and can improve recurring engagement across the installed base.

Use acquisitions to add capabilitiesShort term

Acquisitions can add niche technologies, customer relationships and product breadth in adjacent markets.

Protect operating discipline and capital strengthLong term

Industrial demand can be cyclical, so balance-sheet and cash discipline support resilience through the cycle.

Geography

Sandvik operates as a global industrial group with customers and sales across Europe, North America and Asia, including China. The reports highlight strong demand in North America and Europe for infrastructure-related businesses, while China is important for cutting tools and powder-related demand; the company also notes that Russia is excluded from some growth disclosures.

Risks

Sandvik is exposed to industrial cyclicality, commodity-linked demand in parts of its portfolio, and customer spending tied to mining, manufacturing and infrastructure activity. The company also faces foreign exchange, geopolitical, supply-chain and pricing risks, while acquisitions and digital investments add execution and integration complexity.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Cyclical end-market demand1Foreign exchange volatility2Commodity-linked demand and pricing3Geopolitical and trade disruption4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Cyclical end-market demandImpact: HighLikelihood: Low

    Sales depend on manufacturing, mining, infrastructure and capital spending, which can slow sharply in downturns.

    ExposureCutting toolsMining equipmentRock processing
  2. Foreign exchange volatilityImpact: HighLikelihood: Low

    Sandvik reports in SEK but sells globally, so currency swings can affect revenue translation and margins.

    Exposure: Global sales and EBITA

  3. Commodity-linked demand and pricingImpact: MediumLikelihood: Low

    Parts of the business, especially powder and certain tool markets, are influenced by tungsten and other input-price dynamics.

    Exposure: Powder business and cutting tools

  4. Geopolitical and trade disruptionImpact: MediumLikelihood: Low

    Tariffs, sanctions, logistics issues and regional instability can disrupt supply chains and customer activity.

    Exposure: International operations

  5. Acquisition and integration riskImpact: Medium

    Sandvik uses M&A to expand capabilities, which can create integration, valuation and synergy-delivery risk.

    Exposure: Recent software and niche technology acquisitions

Accounting

Judgemental items
Items affecting comparability (IAC)

Sandvik adjusts EBITA, EBIT and EPS for divestments, restructuring, impairments and M&A costs, which can materially change reported profitability.

Impact: Affects comparability of operating margin and earnings trends

Acquisition accounting and goodwill

Recent acquisitions are accounted for under the acquisition method and create goodwill and surplus values that may later require impairment testing.

Impact: Affects balance sheet intangibles and future impairment risk

Seasonality

Management notes weaker seasonality in some quarters and normal seasonal cash conversion patterns, which affects quarter-to-quarter comparisons.

Impact: Affects revenue, margins and free operating cash flow timing

Foreign currency effects

The company discloses material transaction and translation impacts on EBITA, reflecting its global revenue base and SEK reporting currency.

Impact: Affects reported sales, EBITA and margin trends

Net debt and lease/pension components

Net debt includes leases and net pension liabilities, so leverage metrics are influenced by accounting estimates as well as borrowings.

Impact: Affects financial net debt/EBITDA and balance-sheet analysis

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Last updated: 24/09/2026