Rankings Machinery & automation Atlas Copco
Atlas Copco
82
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- Multiples vs own history−7
- ROIC and earnings trend−3
- FCF yield−3
Strengths
- Record orders+2
- Pricing power+1
How the score is built
From 100 to 82, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 184.80 SEK
- Median analyst target
- 232.50 SEK
- Upside to median
- +25.8%
- Analysts
- 21
- Target range
- 165.00 – 260.00 SEK
- 52-week change
- +15%
- P/E (trailing)
- 32.6
- Forward P/E
- 24.5
- PEG
- 1.66
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−7 of −30
- −3ROIC and earnings trendROIC has fallen from 27.2% (2022) and 27.0% (2023) to 21.1% TTM; EPS fell 11% in 2025 to 5.42 and is 5.46 TTM vs 6.10 in 2024. Still far above a WACC of 9.8%, but returns have not become stronger.
- −2Quality of growthRevenue has been flat since 2023 (SEK 172.7bn in 2023, 168.3bn in 2025, 169.9bn TTM); the new lift comes mainly from semiconductor customers in Vacuum Technique (+59% organic order intake in Q2), while Compressor Technique has gone from 78.3bn to 75.8bn since 2024.
- −2MarginThe operating margin stood still at 20.6% in Q2 despite 26% organic order growth; Vacuum Technique fell to about 21% because of capacity expansion, and Compressor Technique to 24.1% from 25%, partly diluted by acquisitions. The group margin was 22.1% in 2023.
Price
Today's multiples against the company's own history and its peers. · 2 findings−10 of −35
- −7Multiples vs own historyP/E 37.3 (TTM) vs 24.7–29.6 in 2022–2025; forward P/E 28.9 at the top of 23.7–28.7; EV/EBITDA 21.9 vs 17.3–19.3; P/FCF 35.3 vs 24.3–33.5. Record multiples (apart from the 2021 bubble) after +34% in a year and a new record share price in July.
- −3FCF yieldFCF yield 2.8% (FCF of SEK 26.9bn on a market value of 951bn) and dividend yield 1.4%; analysts expect FCF of only 27.1bn in 2026.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 2 findings−4 of −35
- −3Semiconductor dependenceVacuum Technique now makes up 25% of 12-month orders, the customers are a few concentrated OEMs, and some plants must more than double output in a short time. If semiconductor investment turns, Atlas Copco is left with overcapacity and extra inventory.
- −1CurrencyAccording to management, the strong krona had 'rather negative' currency effects on revenue in Q2; revenue has fallen 1.8% TTM despite organic growth.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Record ordersRecord order intake of SEK 50,951m in Q2 (+26% organic) with double-digit order growth in all business areas; the order book grew about SEK 10bn.
- +1Pricing powerManagement confirmed positive price increases in all divisions in Q2, and the gross margin has been stable at 42–43.5% since 2021.
Caveats
What the score does not capture, or where the data is weak.
Scored on the A share (ATCO.A). Multiple history only 2021–2025 (stockanalysis); 2021 was a bubble price (P/E 40) and is excluded from the comparison. Net debt of SEK 21bn is low (0.8x EBITDA), so no debt deduction, but no plus for net cash either. Insider trades and litigation have not been examined in depth; Investor AB is the largest owner. Q3 report comes 22 October 2026.
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