Swedbank (SE:SWED.A)
:SWED.A
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Swedbank
(SWED.A)
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Rating:70Outperform
Price Target:
kr381.00
â–²(25.25% Upside)
Action:ReiteratedDate:01/31/26
The score is held back primarily by financial quality concerns—especially the sharp cash-flow volatility and negative 2025 operating/free cash flow—despite strong underlying profitability. Technicals are supportive with a clear uptrend versus moving averages, and valuation is favorable with a moderate P/E and high dividend yield.
Positive Factors
Sustained Profitability and ROE
Consistently strong operating and net margins indicate durable core earnings power. Mid‑teens ROE and high EBIT margins provide capacity to fund dividends, reinvest in digital channels, and absorb cyclical shocks, supporting long‑term shareholder returns and strategic flexibility.
Negative Factors
Highly Volatile Cash Generation
Frequent, large swings in operating and free cash flow reduce confidence in internal funding reliability. Negative OCF/FCF in a recent year undermines earnings quality, may force reliance on external funding and constrain dividends or capital deployment in adverse cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Profitability and ROE
Consistently strong operating and net margins indicate durable core earnings power. Mid‑teens ROE and high EBIT margins provide capacity to fund dividends, reinvest in digital channels, and absorb cyclical shocks, supporting long‑term shareholder returns and strategic flexibility.
Read all positive factors
Swedbank (SWED.A) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr341.14B
Dividend Yield6.87%
Average Volume (3M)1.44M
Price to Earnings (P/E)11.0
Beta (1Y)0.86
Revenue Growth-14.95%
EPS Growth-4.73%
CountrySE
Employees16,933
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)7.22
Shares Outstanding1,132,005,700
10 Day Avg. Volume1,629,072
30 Day Avg. Volume1,444,211
Financial Highlights & Ratios
PEG Ratio-1.85
Price to Book (P/B)1.60
Price to Sales (P/S)3.11
P/FCF Ratio-7.73
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr319.50Price Target Upside5.03% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering4
EPS Forecast (FY)26.93
Revenue Forecast (FY)kr70.03B
Swedbank Business Overview & Revenue Model
Company Description
Swedbank AB (publ) provides various banking products and services to individuals and companies. The company operates through Swedish Banking, Baltic Banking, and Large Corporates & Institutions segments. It offers savings accounts, mutual funds an...
How the Company Makes Money
Swedbank generates revenue through various key streams, primarily from interest income, fees, and commissions. The bank earns interest income by lending to customers at higher rates than the interest it pays on deposits. Additionally, it charges f...
Swedbank Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
66
Positive
Cash Flow
38
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 115.94B | 144.06B | 131.14B | 64.54B | 49.66B |
| Gross Profit | 69.49B | 73.33B | 72.25B | 51.29B | 46.70B |
| EBITDA | 43.48B | 47.15B | 45.63B | 29.58B | 27.50B |
| Net Income | 32.76B | 34.87B | 34.13B | 21.36B | 20.87B |
Balance Sheet | |||||
| Total Assets | 3.06T | 3.01T | 2.86T | 2.85T | 2.75T |
| Cash, Cash Equivalents and Short-Term Investments | 263.63B | 325.60B | 252.99B | 365.99B | 360.15B |
| Total Debt | 909.93B | 923.10B | 873.63B | 881.36B | 808.09B |
| Total Liabilities | 2.84T | 2.79T | 2.66T | 2.68T | 2.59T |
| Stockholders Equity | 225.80B | 218.87B | 198.76B | 176.06B | 161.67B |
Cash Flow | |||||
| Free Cash Flow | -46.68B | 80.41B | -146.00B | -18.98B | 49.16B |
| Operating Cash Flow | -46.19B | 80.82B | -145.15B | -18.62B | 49.41B |
| Investing Cash Flow | -3.82B | -147.00M | -418.00M | 691.00M | 628.00M |
| Financing Cash Flow | -1.43B | -12.64B | 32.17B | 10.02B | 14.15B |
Swedbank Technical Analysis
Positive
304.20
Price Trends
312.28
Negative
295.10
Positive
269.16
Positive
Market Momentum
-2.63
Positive
47.45
Neutral
-21.25
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SWED.A, the sentiment is Positive. The current price of 304.2 is below the 20-day moving average (MA) of 304.91, below the 50-day MA of 312.28, and above the 200-day MA of 269.16, indicating a neutral trend. The MACD of -2.63 indicates Positive momentum. The RSI at 47.45 is Neutral, neither overbought nor oversold. The STOCH value of -21.25 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:SWED.A.
Swedbank Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | kr73.74B | 22.39 | 39.30% | 3.01% | 2.54% | 4.51% | |
70 Outperform | kr341.14B | 11.02 | 15.50% | 6.87% | -14.95% | -4.73% | |
69 Neutral | kr53.83B | 21.13 | 37.34% | 3.34% | 7.33% | 23.01% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | kr236.02B | 11.21 | 12.67% | 11.24% | -18.75% | -11.69% | |
58 Neutral | kr343.48B | 12.51 | 13.73% | 4.41% | -13.83% | -12.61% |
* Financial Sector Average
SE:SWED.A
Swedbank
304.20
93.38
44.30%
SE:AZA
Avanza Bank Holding AB
341.10
43.08
14.46%
SE:SEB.A
Skandinaviska Enskilda Banken AB
170.45
24.29
16.62%
SE:SHB.A
Svenska Handelsbanken AB
120.55
20.35
20.31%
SE:SAVE
Nordnet AB
295.40
68.38
30.12%
Swedbank Corporate Events
Swedbank Posts Strong 2025 ROE, Boosts Payout and Expands via Acquisitions
Jan 29, 2026
Swedbank reported a solid 2025, with a full-year return on equity of 15.2% despite declines in total income and profit compared with 2024, while maintaining a strong capital position with a Common Equity Tier 1 ratio of 17.8%. The bank proposed a ...
Swedbank Launches SEK 1.1bn Share Buyback to Fund 2025 Incentive Plans
Jan 28, 2026
Swedbank’s board has resolved to initiate a share buyback of up to 2 million shares, totalling no more than SEK 1.1 billion, to secure the delivery of shares under its 2025 performance- and share-based remuneration programmes for employees. ...
Swedbank Sets 29 January Date for Full-Year 2025 Results and Investor Briefings
Jan 15, 2026
Swedbank has announced that it will publish its full-year 2025 financial report on 29 January, followed by a conference call for investors and analysts featuring President and CEO Jens Henriksson, CFO Jon Lidefelt and Head of Investor Relations Ma...
Swedbank Cleared by U.S. DOJ as New York AML Probe Continues
Jan 14, 2026
Swedbank said the U.S. Department of Justice has closed its investigation into the bank’s historical anti-money laundering practices without taking enforcement action, allowing the lender to draw a line under one of the major probes into pas...
Swedbank Nomination Committee Proposes Board Line-up and New Director for 2026 AGM
Jan 9, 2026
Swedbank’s Nomination Committee has proposed the re-election of ten existing board members and the election of banking veteran Rikard Josefson as a new board member, while confirming that current director Hans Eckerström will step down....
Swedbank Acquires Entercard, Expanding Nordic-Baltic Card Business
Dec 1, 2025
Swedbank has completed the acquisition of Entercard, making it the sole owner of one of the Nordic region’s leading credit market companies. This strategic move positions Swedbank as the largest card business in the Nordic-Baltic region, enh...
Swedbank Secures SEK 837 Million VAT Refund
Nov 18, 2025
Swedbank has been granted a VAT refund of SEK 837 million by the Swedish Tax Agency for overpayments made in 2019, 2020, 2022, and 2023. This decision follows the approval of a new method for calculating deductible VAT, reflecting positively on Sw...
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.