Lindab International AB (LIAB) AI Stock Analysis

• Market Cap: kr12.90B
• Dividend Yield: 2.61%
• Average Volume (3M): 116.04K
• Price to Earnings (P/E): 17.5
• Beta (1Y): 0.98
• Revenue Growth: -1.96%
• EPS Growth: -19.69%
• Country: SE
• Employees: 5,046
• Sector: General
• Sector Strength: N/A
• Industry: Construction
• EPS (TTM): 1.04
• Shares Outstanding: 78,842,820
• 10 Day Avg. Volume: 66,914
• 30 Day Avg. Volume: 116,036
• PEG Ratio: 0.15
• Price to Book (P/B): 2.19
• Price to Sales (P/S): 1.24
• P/FCF Ratio: 15.74
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 10.64
• Revenue Forecast (FY): kr12.86B

• Rating: 57 Neutral
• Price Target: kr177.00 ▼(-13.91% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is driven primarily by steady-to-improving financial performance (2025 profitability rebound and solid free cash flow) but held back by rising leverage and uneven earnings. Technicals are a major drag due to a strong downtrend and negative momentum, while reasonable valuation and a ~3.16% dividend provide partial support.

Positive Factors

Profitability rebound

The 2025 rebound in net income and EBIT margin indicates the company can restore operating profitability after a downturn. Sustained margin recovery reflects better cost control and price/mix benefits, supporting durable earnings power and reinvestment capacity.

Strong free cash flow

Meaningful FCF (~1.02bn) and high conversion of net income into cash provide structural ability to fund capex, dividends, and debt reduction. Reliable cash generation underpins financial flexibility and supports capital allocation even if earnings fluctuate.

Diversified, recurring revenue mix

A mix of manufactured products, ventilation systems, recurring services and strategic partnerships creates multiple revenue pillars. Recurring service contracts and large-project partnerships improve revenue resilience versus pure product cycles, aiding medium-term stability.

Negative Factors

Rising leverage

Material increase in debt over recent years reduces balance-sheet flexibility and raises financing risk. Higher leverage increases interest exposure, limits strategic optionality, and elevates vulnerability to demand slowdowns or margin pressure over the medium term.

Revenue and earnings volatility

Modest revenue decline and past profit swings signal inconsistency in top-line drivers and operating performance. Persistent volatility complicates forecasting, weakens confidence in sustained margin improvements, and can hamper disciplined long-term investment planning.

Weaker cash conversion vs. EBITDA

A large gap between EBITDA and operating cash flow points to working-capital or timing issues that constrain usable cash. Declining FCF and subpar cash conversion reduce ability to deleverage or finance growth internally, creating structural pressure on liquidity.

Lindab International AB Business Overview & Revenue Model

Company Description

Lindab International AB (publ) develops, manufactures, markets, distributes, and sells products and system solutions for construction and improved indoor climate. The company operates through three segments: Ventilation Systems, Profile Systems, and Building Systems. It offers products and systems for ventilation, cooling, and heating, as well as construction products and building solutions, such as steel rainwater systems; roof and wall cladding; and steel profiles for wall, roof and beam constructions, and buildings. The company also provides prefabricated steel construction systems, as well as proprietary IT software that simplify the project planning and quotation process for designers and contractors. In addition, it offers indoor climate products, such as air diffusers, water-borne climate systems, and acoustics. Lindab International AB (publ) offers its products through a network of approximately 128 branches, as well as through building contractors and retailers primarily in the Nordic region, Western Europe, Switzerland, Central and Eastern Europe/the Commonwealth of Independent States, and internationally. The company was formerly known as Lindab Intressenter AB and changed its name to Lindab International AB (publ) in May 2006. Lindab International AB (publ) was founded in 1959 and is headquartered in Bastad, Sweden.

How the Company Makes Money

Lindab generates revenue through multiple key streams, primarily by selling its extensive range of products to contractors, builders, and construction firms. The company’s revenue model is built around the manufacturing and distribution of building materials and ventilation solutions, which are critical in construction projects. Additionally, Lindab benefits from ongoing service contracts, maintenance, and support for its products, which provide a recurring revenue stream. Significant partnerships with key players in the construction and HVAC sectors further enhance its market reach and sales potential, allowing Lindab to capitalize on large-scale projects and installations.

Lindab International AB Financial Statement Overview

Summary

Profitability rebounded in 2025 with higher net income and improved EBIT margin, and free cash flow remained solid. Offsetting this, earnings have been volatile, revenue slipped slightly in 2025, and leverage has increased materially, reducing balance-sheet flexibility.

Income Statement

Revenue has been relatively stable over the last few years but slipped slightly in 2025 (down ~1.3% vs. 2024) after modest growth in 2024. Profitability is mixed: 2025 showed a strong rebound in net income (760m vs. 315m in 2024) with improved operating profitability (EBIT margin ~8.7% vs. ~5.5% in 2024). However, margins remain below the stronger 2021–2022 levels, and earnings have been volatile (notably the 2024 profit dip), which tempers confidence in consistency.

Balance Sheet

The company has a solid equity base (equity ~7.3bn vs. assets ~14.6bn in 2025), but leverage has risen materially: total debt increased to ~5.84bn in 2025 from ~3.57–3.63bn in 2022–2023, pushing debt relative to equity up to ~0.80 (vs. ~0.50 in 2023 and ~0.35 in 2021). This increasing reliance on debt reduces balance sheet flexibility and raises risk if operating conditions weaken.

Cash Flow

Cash generation is generally supportive: operating cash flow has been consistently positive and free cash flow remained healthy in 2025 (~1.02bn), though it declined meaningfully (free cash flow down ~15% in 2025). Cash conversion is decent with free cash flow running at ~75% of net income in 2025 (and ~84% in 2024). A key watch item is that operating cash flow is only about half of EBITDA in 2024–2025, suggesting working-capital or other cash timing drag versus reported operating profitability.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	12.85B	13.32B	13.11B	12.37B	9.65B
Gross Profit	3.64B	3.69B	3.56B	3.46B	2.74B
EBITDA	1.87B	1.70B	1.79B	1.80B	1.65B
Net Income	760.00M	315.00M	849.00M	974.00M	537.00M
Balance Sheet
Total Assets	14.63B	15.43B	13.56B	12.96B	10.30B
Cash, Cash Equivalents and Short-Term Investments	442.00M	499.00M	587.00M	481.00M	542.00M
Total Debt	5.84B	4.73B	3.63B	3.57B	1.99B
Total Liabilities	7.31B	8.07B	6.32B	6.21B	4.66B
Stockholders Equity	7.32B	7.36B	7.24B	6.75B	5.65B
Cash Flow
Free Cash Flow	1.02B	1.21B	1.42B	332.00M	309.00M
Operating Cash Flow	1.35B	1.44B	1.71B	691.00M	704.00M
Investing Cash Flow	-508.00M	-1.60B	-760.00M	-1.34B	-404.00M
Financing Cash Flow	-873.00M	65.00M	-843.00M	556.00M	-319.00M

Lindab International AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 205.60
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:LIAB, the sentiment is Negative. The current price of 205.6 is above the 20-day moving average (MA) of 181.44, above the 50-day MA of 192.25, and above the 200-day MA of 202.41, indicating a bearish trend. The MACD of -6.10 indicates Positive momentum. The RSI at 34.92 is Neutral, neither overbought nor oversold. The STOCH value of 36.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:LIAB.

Lindab International AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
INWI	66 Neutral	kr9.52B	19.03	9.78%	3.37%	3.41%	-1.70%
SYSR	66 Neutral	kr17.08B	25.41	11.96%	1.55%	2.11%	13.90%
AQ	65 Neutral	kr16.86B	25.70	15.15%	0.83%	2.60%	3.05%
ALIG	61 Neutral	kr13.35B	22.15	9.59%	2.09%	-1.74%	26.36%
LIAB	57 Neutral	kr12.90B	17.54	7.36%	2.61%	-1.96%	-19.69%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
BERG.B	45 Neutral	kr7.37B	-109.34	-3.67%	1.25%	4.65%	-136.09%

Lindab International AB Corporate Events

Lindab’s Nomination Committee Proposes Board Re-Election and New Director

Lindab Group, a major European provider of ventilation systems and related building products, operates a vertically integrated model spanning manufacturing to logistics, with strong positions in Western Europe and the Nordics. The Sweden-based, Nasdaq Stockholm–listed company focuses on high-quality, easy-to-install solutions that support healthy indoor climates and sustainable construction.

The Nomination Committee of Lindab International AB has proposed re-election of all current Board members and the Chairman, Peter Nilsson, while adding Oras Invest CFO Joonas Sandholm as a new director. The move maintains continuity in governance while bringing in extensive industrial and financial expertise from a major shareholder, which may strengthen strategic oversight ahead of the upcoming Annual General Meeting.

The most recent analyst rating on (SE:LIAB) stock is a Hold with a SEK194.00 price target. To see the full list of analyst forecasts on Lindab International AB stock, see the SE:LIAB Stock Forecast page.

Lindab Lifts Profitability in 2025 Despite Lower Sales and Eastern Europe Exit

Lindab International AB reported lower sales but stronger profitability for full-year 2025, driven mainly by its Ventilation Systems division, which achieved organic growth and higher adjusted operating profit despite negative currency effects. Profile Systems, by contrast, continued to struggle with weak project volumes, prompting further restructuring, including the completed divestment of Hungarian profile operations and an agreed sale of Romanian activities.

For the fourth quarter, group net sales fell 5 percent to SEK 3,134m while the adjusted operating margin improved to 6.5 percent, lifting adjusted operating profit to SEK 203m and turning operating profit positive versus a loss a year earlier. Over the full year, net sales declined 4 percent to SEK 12,854m, but operating margin widened to 8.5 percent and profit more than doubled to SEK 760m, allowing the board to propose a slightly higher dividend, signalling confidence in the company’s profitability-focused strategy despite a softer market.

The most recent analyst rating on (SE:LIAB) stock is a Hold with a SEK194.00 price target. To see the full list of analyst forecasts on Lindab International AB stock, see the SE:LIAB Stock Forecast page.

Lindab finalises sale of Hungarian profile operations as part of Eastern Europe restructuring

Lindab Group has completed the divestment of its Hungarian profile operations, which produce roofs, walls and rainwater systems and generate annual sales of about SEK 100 million. The sale, effective 31 December 2025, is part of a broader restructuring of the Profile Systems business in Eastern Europe and will strengthen Lindab’s cash flow, while leaving its Hungarian Ventilation Systems operations unaffected. The buyer is a local Hungarian company owned by Slovakia-based ROVA-SK a.s., whose owners had earlier acquired Lindab’s Slovak subsidiary, and the new owner will continue to act as a distributor of many of Lindab’s profile products, preserving market access in the region despite the divestment.

The most recent analyst rating on (SE:LIAB) stock is a Hold with a SEK248.00 price target. To see the full list of analyst forecasts on Lindab International AB stock, see the SE:LIAB Stock Forecast page.

Lindab exits Romanian operations as it completes Eastern European Profile Systems restructuring

Lindab Group has agreed to divest its operations in Romania, completing the previously announced restructuring of its Profile Systems business in Eastern Europe and enabling the unit to focus squarely on Scandinavian markets while its Ventilation Systems operations in the region target markets with stronger prospects for profitable growth. The Romanian business, which has about 100 employees and annual sales of roughly SEK 210 million and includes production, warehousing and sales, will be acquired by Marián Kapusta Sr. and Jr., who will run it under the Rova brand as both distributor and licensed manufacturer of many Lindab profile products; the deal, expected to close in the first quarter of 2026, will also have a positive cash-flow effect and maintains Lindab’s presence in Romania through a partnership model rather than direct ownership.

The most recent analyst rating on (SE:LIAB) stock is a Hold with a SEK248.00 price target. To see the full list of analyst forecasts on Lindab International AB stock, see the SE:LIAB Stock Forecast page.