Sandvik AB (publ)

OM:SAND Stock Report

Market Cap: SEK 479.7b

Sandvik Future Growth

Future criteria checks 3/6

Sandvik is forecast to grow earnings and revenue by 12% and 8.2% per annum respectively. EPS is expected to grow by 12.1% per annum. Return on equity is forecast to be 18.1% in 3 years.

Key information

12.0%

Earnings growth rate

12.15%

EPS growth rate

Machinery earnings growth12.2%
Revenue growth rate8.2%
Future return on equity18.08%
Analyst coverage

Good

Last updated22 May 2026

Recent future growth updates

Analysis Article • Jan 31

Sandvik AB (publ) (STO:SAND) Just Reported And Analysts Have Been Lifting Their Price Targets

Investors in Sandvik AB (publ) ( STO:SAND ) had a good week, as its shares rose 5.6% to close at kr352 following the...

Recent updates

Narrative Update • May 08

SAND: Higher Multiple Expectations Will Likely Cap Returns Despite Mixed Sector Positioning

Analysts have lifted the Sandvik fair value estimate from SEK 329.30 to SEK 381.65. This reflects a series of recent price target increases in the SEK 12 to SEK 80 range and several upgrades that highlight expectations for higher revenue growth, slightly stronger margins and a higher future P/E multiple.
Narrative Update • Apr 24

SAND: Mining Upswing Orders And Restructuring Actions Will Drive Higher Fair Value

Sandvik's analyst fair value has moved from SEK 430 to SEK 450. This reflects analysts' updated models that balance higher assumed revenue growth and slightly lower profit margins with a broadly steady P/E framework, in the context of several recent price target increases and rating changes across major banks.
Narrative Update • Apr 09

SAND: Fair Value View Balances Mining Upswing Orders With Restructuring And Dividend

Sandvik's analyst fair value estimate has been updated from SEK 380 to SEK 430 as analysts factor in higher forecast revenue growth, slightly stronger margins, and a modestly lower assumed discount rate, in line with a series of recent price target revisions across the Street. Analyst Commentary Recent Street research on Sandvik shows a mix of views, but with a clear cluster of bullish analysts lifting price targets over the past few months.
Narrative Update • Mar 25

SAND: Elevated P/E Assumptions Will Expose Mining Cycle Execution Risk

The updated analyst price target for Sandvik now reflects a fair value estimate of SEK 226.86, up from SEK 216.17, with analysts pointing to higher Street targets in the SEK 355 to SEK 404 range and slightly revised assumptions for growth, profitability, and future P/E multiples. Analyst Commentary Recent Street research around Sandvik presents a split picture, with several higher price targets on one side and more cautious positioning on the other.
Narrative Update • Mar 11

SAND: Rising P/E Assumptions Will Heighten Execution Risk On Cyclical Margins

The analyst fair value estimate for Sandvik has edged up from SEK 212.0 to about SEK 216.2, supported by a series of higher Street price targets in the SEK 355 to SEK 404 range as analysts factor in updated assumptions on growth, margins, and future P/E. Analyst Commentary Street research around Sandvik has recently clustered around higher price targets in the SEK 355 to SEK 404 range, with several large banks adjusting their models on growth, margins, and future P/E assumptions.
Narrative Update • Feb 25

SAND: Higher Multiple Assumptions Will Likely Constrain Future Share Returns

Our updated fair value estimate for Sandvik moves to SEK 329.30 from SEK 282.56. This reflects analysts' refreshed price targets around SEK 350 and above, which are supported by assumptions of higher revenue growth, stronger profit margins, and a slightly richer future P/E multiple.
Analysis Article • Feb 13

Sandvik (STO:SAND) Has Announced That It Will Be Increasing Its Dividend To SEK6.00

Sandvik AB (publ)'s ( STO:SAND ) dividend will be increasing from last year's payment of the same period to SEK6.00 on...
Narrative Update • Feb 10

SAND: Medium Term Cash Generation And Orders Will Support Future Earnings Power

Narrative update Our analyst price target for Sandvik moves slightly higher from SEK 375 to SEK 380. This reflects updated assumptions on discount rate, revenue growth, profit margin and future P/E that are broadly in line with recent price target increases from several analysts, including those at Barclays, JPMorgan and Citi, alongside a more cautious stance from others.
Analysis Article • Jan 31

Sandvik AB (publ) (STO:SAND) Just Reported And Analysts Have Been Lifting Their Price Targets

Investors in Sandvik AB (publ) ( STO:SAND ) had a good week, as its shares rose 5.6% to close at kr352 following the...
Narrative Update • Jan 26

SAND: Medium Term Margin Expansion And Cash Generation Will Support Higher Future Earnings Power

Analysts have raised their fair value estimate for Sandvik from SEK 335 to about SEK 375, reflecting updated assumptions on margins and future P/E. Recent Street research has been mixed, with one firm setting a higher SEK 355 price target and another issuing a downgrade.
Narrative Update • Jan 11

SAND: Higher P/E Assumptions Will Expose Execution Risk Going Forward

Analysts have lifted their price target on Sandvik from about SEK 177 to SEK 212, reflecting updated assumptions on growth, profitability and P/E that are in line with recent target increases from Citi, RBC and Rothschild & Co Redburn. Analyst Commentary Recent Street research around Sandvik has centered on refreshed price targets and rating changes, giving you a clearer sense of how the market is framing risk and reward.
Analysis Article • Jan 03

Here's Why Sandvik (STO:SAND) Has Caught The Eye Of Investors

For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...
Narrative Update • Dec 27

SAND: Medium Term Margin Expansion And Cash Generation Will Drive Further Share Upside

The analyst price target for Sandvik has been increased modestly in SEK terms as analysts highlight slightly stronger revenue growth expectations, marginally higher profit margins and a marginally lower discount rate, offset by a small reduction in expected future P E multiples. Analyst Commentary Bullish analysts have become increasingly positive on Sandvik, with a series of price target hikes reflecting confidence in both the company’s execution and medium term growth profile.
Narrative Update • Dec 13

SAND: Medium Term Revenue Outlook Will Support Upside From Recent Buy Upgrades

We raise our Sandvik fair value estimate to SEK 335 from SEK 300, reflecting analysts' higher price targets and improved expectations for medium term revenue growth, which are partly offset by slightly lower margin assumptions and a marginally higher discount rate. Analyst Commentary Bullish analysts have recently reiterated a constructive stance on Sandvik, highlighting a combination of solid execution, improving end market conditions, and scope for further margin enhancement as key drivers of upside to the current share price.
Narrative Update • Nov 29

SAND: Price Upgrades Will Drive Near-Term Momentum Amid Sector Headwinds

Sandvik's analyst price target has been increased, with new targets ranging up to SEK 335, as analysts cite continued improvements in fundamentals and sustained positive momentum across recent research updates. Analyst Commentary Recent analyst research reflects a range of perspectives on Sandvik's outlook, marked chiefly by several upward price target revisions as well as a notable downgrade amid the broader sector context.
Narrative Update • Nov 15

SAND: Continued Execution Will Determine Fair Value Stability Amid Sector Shifts

Sandvik's analyst price target has increased modestly to SEK 282.56, as analysts cite a series of upward revisions from major institutions. This reflects continued optimism around the company's growth prospects.
Narrative Update • Oct 31

SAND: Recent Upgrades And Equipment Orders Will Shape Mining Outlook Ahead

Sandvik's analyst price target has increased from SEK 269.17 to SEK 282.56. Analysts cite recent upgrades and stronger growth expectations as reasons for the change.
Narrative Update • Oct 17

Electrification And Automation Products Will Shape Future Mining Markets

Sandvik's analyst price target has increased from SEK 257.06 to SEK 269.17. Analysts point to a series of recent upward target revisions, reflecting a more favorable outlook on the company's performance.
Analysis Article • Oct 17

Estimating The Intrinsic Value Of Sandvik AB (publ) (STO:SAND)

Key Insights Sandvik's estimated fair value is kr257 based on 2 Stage Free Cash Flow to Equity With kr273 share price...
Narrative Update • Oct 03

Electrification And Automation Products Will Shape Future Mining Markets

Sandvik's analyst price target has been revised upwards from SEK 250.67 to SEK 257.06. This reflects improved sentiment as analysts cite increased earnings confidence and recent sector upgrades.
Narrative Update • Sep 16

Electrification And Automation Products Will Shape Future Mining Markets

Sandvik’s consensus price target has been revised upward to SEK250.67, reflecting analysts’ increased confidence driven by improved earnings momentum, strong order intake, and sound margin management, though some caution remains on valuation after recent share price gains. Analyst Commentary Bullish analysts cite improved earnings momentum and strong order intake supporting upward revisions to price targets.
Analysis Article • Sep 09

Pinning Down Sandvik AB (publ)'s (STO:SAND) P/E Is Difficult Right Now

With a median price-to-earnings (or "P/E") ratio of close to 24x in Sweden, you could be forgiven for feeling...
Narrative Update • Aug 27

Electrification And Automation Products Will Shape Future Mining Markets

Analysts have raised Sandvik’s price target to SEK241.56, citing resilient demand in core markets, margin improvements, and continued strength in strategic segments such as mining and machining solutions. Analyst Commentary Bullish analysts have raised targets citing continued resilient demand in Sandvik's key end-markets.
Analysis Article • Aug 27

Is Sandvik (STO:SAND) A Risky Investment?

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Analysis Article • Aug 13

What Is Sandvik AB (publ)'s (STO:SAND) Share Price Doing?

OM:SAND 1 Year Share Price vs Fair Value Explore Sandvik's Fair Values from the Community and select yours Today we're...
Analysis Article • Jun 21

A Look At The Fair Value Of Sandvik AB (publ) (STO:SAND)

Key Insights Sandvik's estimated fair value is kr238 based on 2 Stage Free Cash Flow to Equity Current share price of...
User avatar
New Narrative • Nov 07

Innovative Mining Solutions And Tactical Acquisitions Propel Future Growth

Sandvik's focus on mining automation and industry innovations supports revenue growth and enhances competitive positioning amid high metal prices.

Earnings and Revenue Growth Forecasts

OM:SAND - Analysts future estimates and past financials data (SEK Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/2028160,13924,40425,70429,79317
12/31/2027153,58122,61722,17525,71919
12/31/2026141,05920,03618,78323,27016
3/31/2026122,06414,83018,70622,251N/A
12/31/2025120,68014,69015,38419,189N/A
9/30/2025120,37014,78615,60219,750N/A
6/30/2025121,45814,48615,99820,506N/A
3/31/2025123,17714,73113,70118,366N/A
12/31/2024122,87812,24315,77320,607N/A
9/30/2024122,54312,20712,67117,836N/A
6/30/2024123,71312,86511,75717,011N/A
3/31/2024124,53712,73213,28418,667N/A
12/31/2023126,50315,30013,44918,797N/A
9/30/2023125,78014,47117,94923,418N/A
6/30/2023123,57113,96013,80619,014N/A
3/31/2023118,37813,27510,01714,916N/A
12/31/2022112,33112,8405,94110,465N/A
9/30/2022106,54912,8325374,830N/A
6/30/202299,00613,0482,8206,819N/A
3/31/202292,09313,5656,2729,984N/A
12/31/202185,70013,0649,61213,177N/A
9/30/202182,79712,27511,16314,222N/A
6/30/202181,21811,86212,52615,459N/A
3/31/202181,3129,80612,18715,301N/A
12/31/202086,4048,76712,14915,347N/A
9/30/202090,5796,05511,69915,128N/A
6/30/202095,5974,94112,92516,763N/A
3/31/2020101,8337,44512,68416,715N/A
12/31/2019103,2388,744N/A16,894N/A
9/30/2019102,62311,641N/A17,798N/A
6/30/2019101,74213,501N/A16,802N/A
3/31/2019101,41213,411N/A16,168N/A
12/31/2018100,07213,224N/A14,914N/A
9/30/201898,03316,823N/A14,239N/A
6/30/201895,35915,237N/A12,482N/A
3/31/201892,75413,907N/A12,666N/A
12/31/201790,82713,226N/A14,286N/A
9/30/201788,7168,919N/A13,245N/A
6/30/201786,8228,185N/A13,988N/A
3/31/201783,6117,690N/A13,772N/A
12/31/201681,5536,878N/A12,032N/A
9/30/201680,6754,620N/A11,068N/A
6/30/201681,7064,268N/A10,323N/A
3/31/201683,5854,384N/A11,035N/A
12/31/201585,8453,496N/A11,952N/A
9/30/201586,6095,228N/A12,827N/A
6/30/201586,7715,465N/A12,556N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: SAND's forecast earnings growth (12% per year) is above the savings rate (2%).

Earnings vs Market: SAND's earnings (12% per year) are forecast to grow faster than the Swedish market (8.7% per year).

High Growth Earnings: SAND's earnings are forecast to grow, but not significantly.

Revenue vs Market: SAND's revenue (8.2% per year) is forecast to grow faster than the Swedish market (0.02% per year).

High Growth Revenue: SAND's revenue (8.2% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: SAND's Return on Equity is forecast to be low in 3 years time (18.1%).

Discover growth companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/24 01:22
End of Day Share Price 2026/05/22 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Sandvik AB (publ) is covered by 48 analysts. 19 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
Vladimir SergievskiiBarclays
Robert BateBarclays