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AQ Group AB
(AQ)
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Rating:76Outperform
Price Target:
kr271.00
▲(46.17% Upside)
Action:Upgraded
Date:04/24/26
The score is driven primarily by strong financial performance (low leverage, solid ROE, and sharp recent revenue growth) and supportive technical momentum (price above key moving averages and positive MACD). The main constraint is valuation, with a relatively high P/E and a modest dividend yield, plus some risk from margin and cash-flow volatility.
Positive Factors
Low leverage and improving balance sheet
Debt-to-equity near 0.12 (down from ~0.33 in 2021–22) and steady equity growth give AQ durable financial flexibility. Lower leverage supports investment in capacity, cushions cyclicality in industrial demand, and preserves ability to pursue M&A or capex without stressing returns.
Negative Factors
Gross margin volatility
Year-to-year swings in gross margin point to sensitivity to product mix, pricing power, and procurement effectiveness. Persistent volatility undermines forecastability of operating income and ROIC, requiring ongoing discipline in pricing, sourcing, and mix management to sustain margins long term.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage and improving balance sheet
Debt-to-equity near 0.12 (down from ~0.33 in 2021–22) and steady equity growth give AQ durable financial flexibility. Lower leverage supports investment in capacity, cushions cyclicality in industrial demand, and preserves ability to pursue M&A or capex without stressing returns.
Read all positive factors
AQ Group AB (AQ) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr18.99B
Dividend Yield0.83%
Average Volume (3M)182.69K
Price to Earnings (P/E)27.5
Beta (1Y)1.17
Revenue Growth6.03%
EPS Growth6.43%
CountrySE
Employees7,733
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)7.53
Shares Outstanding91,732,790
10 Day Avg. Volume186,650
30 Day Avg. Volume182,688
Financial Highlights & Ratios
PEG Ratio17.66
Price to Book (P/B)3.87
Price to Sales (P/S)1.99
P/FCF Ratio26.56
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)8.05
Revenue Forecast (FY)kr9.67B
AQ Group AB Business Overview & Revenue Model
Company Description
AQ Group AB (publ) is a Swedish enterprise specializing in the manufacturing and distribution of industrial components and systems. The company serves a diverse client base across Sweden, other European nations, and globally. Its operations are st...
How the Company Makes Money
AQ makes money primarily by selling manufactured components, assemblies, and complete subsystems to OEM and industrial customers under business-to-business supply agreements. Revenue is generated through (1) serial production: recurring sales from...
AQ Group AB Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
84
Very Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.14B | 9.07B | 8.55B | 8.97B | 7.05B | 5.47B |
| Gross Profit | 3.76B | 804.00M | 4.29B | 741.00M | 3.29B | 2.67B |
| EBITDA | 1.19B | 1.18B | 1.16B | 1.08B | 769.00M | 691.00M |
| Net Income | 690.00M | 676.00M | 665.00M | 632.00M | 410.00M | 366.00M |
Balance Sheet | ||||||
| Total Assets | 7.25B | 6.91B | 6.57B | 5.96B | 5.70B | 4.70B |
| Cash, Cash Equivalents and Short-Term Investments | 1.12B | 992.00M | 919.00M | 426.00M | 231.00M | 283.00M |
| Total Debt | 419.00M | 565.00M | 635.00M | 717.00M | 1.04B | 844.00M |
| Total Liabilities | 2.33B | 2.22B | 2.16B | 2.20B | 2.52B | 2.07B |
| Stockholders Equity | 4.90B | 4.67B | 4.39B | 3.74B | 3.16B | 2.62B |
Cash Flow | ||||||
| Free Cash Flow | 755.00M | 680.00M | 1.01B | 727.00M | -80.00M | 46.00M |
| Operating Cash Flow | 1.02B | 921.00M | 1.20B | 980.00M | 208.00M | 238.00M |
| Investing Cash Flow | -236.00M | -307.00M | -265.00M | -252.00M | -283.00M | -391.00M |
| Financing Cash Flow | -580.00M | -509.00M | -448.00M | -528.00M | 12.00M | -26.00M |
AQ Group AB Technical Analysis
Negative
185.40
Price Trends
226.16
Negative
209.73
Negative
197.84
Positive
Market Momentum
-5.14
Positive
35.32
Neutral
13.03
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:AQ, the sentiment is Negative. The current price of 185.4 is below the 20-day moving average (MA) of 220.49, below the 50-day MA of 226.16, and below the 200-day MA of 197.84, indicating a neutral trend. The MACD of -5.14 indicates Positive momentum. The RSI at 35.32 is Neutral, neither overbought nor oversold. The STOCH value of 13.03 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:AQ.
AQ Group AB Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | kr18.99B | 27.49 | 15.15% | 0.83% | 6.03% | 6.43% | |
70 Outperform | kr24.06B | 36.85 | 15.97% | 1.03% | 0.50% | 10.05% | |
69 Neutral | kr16.60B | 21.74 | 11.96% | 1.55% | 1.64% | 12.06% | |
64 Neutral | kr12.13B | 15.44 | 6.31% | 4.09% | -6.24% | -29.72% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | kr12.12B | 21.04 | 9.59% | 2.09% | -4.27% | -16.12% | |
53 Neutral | kr7.87B | 34.62 | -3.67% | 1.25% | ― | ― |
* Industrials Sector Average
SE:AQ
AQ Group AB
207.00
23.05
12.53%
SE:AFRY
AFRY AB Class B
107.80
-49.79
-31.60%
SE:BERG.B
Bergman & Beving AB Class B
297.00
5.54
1.90%
SE:SYSR
Systemair AB
79.80
-10.00
-11.14%
SE:ALIG
Alimak Group AB
113.00
-37.01
-24.67%
SE:BUFAB
Bufab AB
126.40
33.35
35.85%
AQ Group AB Corporate Events
AQ Group acquires UK electrical cabinet maker Time 24 to expand industrial offerings
May 11, 2026
AQ Group AB, a Swedish-based global manufacturer of industrial components and systems, continues to build its presence in key manufacturing markets through a network of specialized operating companies. The group, listed on Nasdaq Stockholm, serves...
AQ Group AGM Approves Dividend, Board Changes and New Incentive Program
Apr 23, 2026
AQ Group AB’s annual general meeting in Västerås approved the 2025 financial statements and confirmed a total dividend of SEK 1.80 per share, with SEK 165.1 million distributed to shareholders and more than SEK 1.08 billion carried...
AQ Group Delivers Stronger Profits and Cash Flow in Q1 2026
Apr 23, 2026
AQ Group AB reported modest growth for the first quarter of 2026, with net sales up 3% to SEK 2,358 million and operating profit rising 5% to SEK 225 million. Profit before tax increased by 9%, lifting the margin to 9.4%, while net profit reached ...
AQ Group Emphasizes Reliability and Customer-Focused Production in 2025 Report
Mar 26, 2026
AQ Group AB highlights its identity as a reliable, production-focused industrial group with a long-term business horizon. The company underscores its commitment to meeting customer expectations on quality, delivery reliability, technology and serv...
AQ Group convenes 2026 AGM with key votes on capital, governance and incentives
Mar 13, 2026
AQ Group AB has called shareholders to its annual general meeting in Västerås on 23 April 2026, offering participation in person, by proxy or through postal and electronic voting in line with its articles of association. Shareholders mus...
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.