Sweco AB (SWEC.B) AI Stock Analysis

• Market Cap: kr50.48B
• Dividend Yield: 2.2%
• Average Volume (3M): 247.27K
• Price to Earnings (P/E): 24.4
• Beta (1Y): 0.77
• Revenue Growth: 2.79%
• EPS Growth: 14.00%
• Country: SE
• Employees: 21,022
• Sector: General
• Sector Strength: N/A
• Industry: Engineering & Construction
• EPS (TTM): 1.84
• Shares Outstanding: 332,236,270
• 10 Day Avg. Volume: 229,049
• 30 Day Avg. Volume: 247,272
• PEG Ratio: 3.35
• Price to Book (P/B): 4.38
• Price to Sales (P/S): 1.72
• P/FCF Ratio: 15.13
• 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): 7.34
• Revenue Forecast (FY): kr34.04B

• Rating: 65 Neutral
• Price Target: kr150.00 ▲(1.15% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is driven primarily by solid financial performance (steady growth history, improving earnings into 2024, and strong free cash flow), but is meaningfully held back by weak technical signals (price below major moving averages with negative momentum). Valuation is a modest offset, with a moderate dividend yield but a mid-to-high P/E.

Positive Factors

Strong free cash flow generation

Sweco's consistently strong free cash flow and high FCF-to-net-income ratio show durable cash conversion from earnings. Reliable FCF expansion into 2024–2025 supports reinvestment, debt service, and dividends, giving the company financial flexibility through project cycles and funding optionality for capex or M&A.

Multi-year revenue and profit expansion

A multi-year trend of revenue growth and rising net income through 2024 indicates underlying demand for Sweco's engineering and consulting services. Sustained top-line expansion with improving profitability points to resilient client pipelines and effective project delivery, supporting long-term earnings durability.

Growing equity base and strong ROE

Material equity growth plus consistently strong returns on equity reflect retained earnings and efficient capital deployment. High ROE across multiple years signals that management converts invested capital into profits effectively, which supports scalability and the capacity to fund projects or strategic initiatives without excessive dilution.

Negative Factors

Higher leverage in 2025

A noticeable step-up in total debt in 2025 elevates leverage and interest exposure, reducing financial flexibility. If revenue or margins slow, higher debt amplifies downside risk by increasing fixed financing costs and constraining the company's ability to invest or pursue opportunistic M&A without rebuilding balance sheet headroom.

Slowing revenue growth and margin uncertainty

A marked deceleration to low single-digit revenue growth in 2025 and absent margin disclosure raise questions about momentum and margin sustainability. Slower growth reduces leverage benefits from operating leverage and makes earnings more sensitive to project mix, contract pricing, and cost inflation over the medium term.

Operating cash flow volatility and contract concentration risk

Year-to-year swings in operating cash flow highlight timing and execution risk inherent in large project cycles. Combined with dependence on long-term public and private contracts, this creates potential revenue and cash volatility, making working capital and project execution a recurring governance and operational focus.

Sweco AB Business Overview & Revenue Model

Company Description

Sweco AB (publ) provides consulting services in engineering, environmental technology, and architecture fields worldwide. The company undertakes provides energy analysis and environmental certification, design of electrical, telecom and security systems, fire safety engineering and risk analysis, HVAC and sanitation, steel, timber, and glass structures design, building construction and industrial structures design, construction economics, urban planning, project and design management, property development, site supervision, systems development and big data, data coordination and BIM, 3D visualization and geographical analyses, and strategy and operational support. It also provides water and wastewater engineering services, water resource planning, urban water management, design of flood protection structures, waste management planning and advice, environmental studies and services, energy production studies, transmission and distribution planning, energy market analysis and optimization advice, process engineering services, plant design, and logistics planning and project management. In addition, the company offers road and land use planning, rock excavation design and geotechnical engineering, bridge design, port master planning, surveying, tracks, electricity, signalling, telecoms, operation and maintenance, capacity, accessibility, and strategic planning, and intelligent transportation systems. Additionally, the company offers electricity and automation, fire engineering and risk analysis, design for electrical, telecom, and security systems, environment, and energy; project management; and general, landscape, and interior architecture. Sweco AB (publ) is headquartered in Stockholm, Sweden.

How the Company Makes Money

Sweco AB generates revenue primarily through its consulting services, which include engineering, architecture, and environmental assessments. The company earns money by charging fees for its expertise on projects, often structured as hourly rates or fixed-price contracts. Key revenue streams come from long-term contracts with government agencies and private sector clients for large-scale infrastructure projects, as well as smaller, specialized consulting engagements. Additionally, Sweco benefits from partnerships with other firms and organizations that enable collaborative projects, further contributing to its earnings. The company's focus on sustainability and innovation also positions it favorably in securing funding and projects related to green energy and urban development.

Sweco AB Financial Statement Overview

Summary

Overall fundamentals are solid: steady multi-year revenue growth and improving profitability into 2024, supported by consistently strong free cash flow conversion. Offsetting this, 2025 revenue growth slowed and total debt increased notably in 2025, raising financial risk if momentum cools.

Income Statement

Revenue expanded steadily from 2020 to 2025 (annual revenue growth mostly positive, including 7.5% in 2024), and profitability improved into 2023–2024 with net income rising from 1.29B (2020) to 2.07B (2024). Margins are solid and relatively stable for the sector (2024 net margin ~6.8% and EBITDA margin ~14.5%). A key watch item is that 2025 shows only modest revenue growth (1.4%) and margin detail isn’t provided for that year, suggesting the growth trajectory may be moderating.

Balance Sheet

Equity has grown (from 7.55B in 2020 to 12.42B in 2025), supporting a larger asset base and indicating retained earnings strength. Leverage was moderate in 2021–2024 (debt-to-equity ~0.45–0.63), but total debt stepped up meaningfully in 2025 (to 9.32B from 6.78B in 2024), which increases financial risk if earnings momentum cools. Returns on equity were consistently strong in 2021–2024 (~16–17%), a clear positive for capital efficiency.

Cash Flow

Cash generation is a major strength: free cash flow has been consistently positive and high relative to earnings (free cash flow to net income ~0.86–0.93 in 2020–2024). Free cash flow also expanded strongly in 2024–2025 (growth of ~0.7% in 2024 and ~8.9% in 2025), supporting flexibility for reinvestment and shareholder returns. Operating cash flow dipped in 2023 versus 2022 before rebounding in 2024–2025, highlighting some year-to-year volatility but an overall healthy trend.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	31.59B	30.68B	28.52B	24.30B	21.79B
Gross Profit	3.23B	3.03B	2.42B	2.18B	1.99B
EBITDA	4.71B	4.45B	3.80B	3.37B	3.08B
Net Income	2.23B	2.07B	1.67B	1.65B	1.49B
Balance Sheet
Total Assets	29.89B	28.30B	25.51B	21.92B	19.66B
Cash, Cash Equivalents and Short-Term Investments	1.48B	1.65B	1.10B	850.00M	896.00M
Total Debt	9.32B	6.78B	6.64B	4.44B	4.42B
Total Liabilities	17.47B	16.37B	14.92B	11.97B	11.05B
Stockholders Equity	12.42B	11.92B	10.59B	9.94B	8.59B
Cash Flow
Free Cash Flow	3.59B	3.69B	2.15B	2.19B	1.96B
Operating Cash Flow	4.01B	4.06B	2.50B	2.52B	2.20B
Investing Cash Flow	-1.50B	-549.00M	-2.04B	-907.00M	-578.00M
Financing Cash Flow	-2.58B	-2.94B	-203.00M	-1.69B	-2.84B

Sweco AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 148.30
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SWEC.B, the sentiment is Negative. The current price of 148.3 is above the 20-day moving average (MA) of 142.97, above the 50-day MA of 146.04, and below the 200-day MA of 157.37, indicating a bearish trend. The MACD of -1.49 indicates Negative momentum. The RSI at 38.77 is Neutral, neither overbought nor oversold. The STOCH value of 63.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:SWEC.B.

Sweco AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SKA.B	68 Neutral	kr111.15B	18.26	10.45%	3.18%	6.02%	26.26%
SWEC.B	65 Neutral	kr50.48B	24.43	18.65%	2.20%	2.79%	14.00%
PEAB.B	61 Neutral	kr30.88B	17.86	10.55%	3.26%	-4.93%	10.91%
AFRY	59 Neutral	kr14.97B	21.23	6.97%	4.09%	-3.73%	-22.34%
BRAV	57 Neutral	kr20.43B	14.91	―	4.22%	-4.21%	10.63%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
NCC.B	54 Neutral	kr18.80B	151.66	20.30%	4.17%	5.68%	27.52%

Sweco AB Corporate Events

Sweco Delivers Strong 2025 Results and Ramps Up Acquisitions

Sweco reported a strong finish to 2025, delivering fourth-quarter net sales of SEK 8.55 billion and an EBITA margin of 11.5%, supported by 5% organic growth, higher average fees and improved billing. Profit for the period rose to SEK 662 million, earnings per share increased, and cash flow remained solid, reflecting successful operational improvements in key markets such as Germany, Belgium, Norway and the UK.

For the full year 2025, net sales climbed to SEK 31.59 billion and EBITA rose to SEK 3.33 billion with a margin of 10.5%, while net debt fell and leverage stayed low at 0.4x. The company completed 13 acquisitions adding about SEK 2.1 billion in annual sales and more than 1,500 experts, extended major energy-sector contracts and won new infrastructure and water projects, prompting the board to propose a higher dividend and positioning Sweco on a strong platform for continued M&A and growth in 2026.

The most recent analyst rating on ($SE:SWEC.B) stock is a Hold with a SEK152.00 price target. To see the full list of analyst forecasts on Sweco AB stock, see the SE:SWEC.B Stock Forecast page.

Sweco Secures SEK 600 Million Framework Agreement with Vattenfall

Sweco has secured a new three-year framework agreement with Vattenfall, Sweden’s largest electricity provider, valued at approximately SEK 600 million. This collaboration will involve Sweco providing technical consulting services in various energy sectors, supporting Vattenfall’s goal of achieving net zero emissions by 2040 and contributing to Sweden’s green energy transition.

The most recent analyst rating on ($SE:SWEC.B) stock is a Hold with a SEK171.00 price target. To see the full list of analyst forecasts on Sweco AB stock, see the SE:SWEC.B Stock Forecast page.

Sweco AB Appoints New Business Area President for Sweden

Sweco AB has appointed Fredrik Wallner as the new Business Area President for Sweco Sweden, effective January 1, 2026. Wallner, who has a long-standing career in the built environment sector, will succeed Ann-Louise Lökholm Klasson. This leadership change is expected to further strengthen Sweco’s operations in Sweden, which is the largest business area of the group with over 7,000 employees and annual net sales of SEK 9.1 billion.

The most recent analyst rating on ($SE:SWEC.B) stock is a Hold with a SEK171.00 price target. To see the full list of analyst forecasts on Sweco AB stock, see the SE:SWEC.B Stock Forecast page.

Sweco to Enhance Ukraine’s Waste Management and Infrastructure

Sweco has entered into agreements to support Ukraine in rebuilding its critical infrastructure, focusing on wastewater and waste management projects. These initiatives, funded by Swedish and Danish authorities and the European Bank for Reconstruction and Development, aim to enhance Ukraine’s capacity for efficient waste management and restore essential services in Mykolaiv and Rivne. Sweco’s longstanding presence in Ukraine, with over 70 projects in energy, industrial, water, and wastewater sectors, positions it as a key partner in Ukraine’s sustainable development and recovery efforts.

The most recent analyst rating on ($SE:SWEC.B) stock is a Hold with a SEK171.00 price target. To see the full list of analyst forecasts on Sweco AB stock, see the SE:SWEC.B Stock Forecast page.

Sweco Secures Framework Agreements with Sida for Sustainable Development

Sweco has secured three framework agreements with the Swedish International Development Cooperation Agency (Sida) to provide consulting services in sustainable transport, responsible mining, renewable energy, and energy efficiency. These agreements, valued at a maximum of 140 million SEK over two years, aim to support sustainable development in low- and middle-income countries and align with Sida’s strategy to improve living conditions for those facing poverty and oppression.

The most recent analyst rating on ($SE:SWEC.B) stock is a Hold with a SEK183.00 price target. To see the full list of analyst forecasts on Sweco AB stock, see the SE:SWEC.B Stock Forecast page.

Sweco Secures Framework Agreement with Norway’s Largest Public Transport Provider

Sweco has secured a framework agreement with Sporveien, Norway’s largest public transport provider, to deliver technical and engineering services in rail, construction, and infrastructure. The agreement, valued at NOK 350–500 million, spans two years with potential extensions, and involves projects awarded through mini-competitions among six suppliers. This partnership enhances Sweco’s role in developing Oslo’s public transport infrastructure, providing essential expertise in engineering design and capacity, crucial for future infrastructure projects.

The most recent analyst rating on ($SE:SWEC.B) stock is a Hold with a SEK183.00 price target. To see the full list of analyst forecasts on Sweco AB stock, see the SE:SWEC.B Stock Forecast page.