Sandvik AB (SAND) fair value: what the stock is really worth
As of Oct 22, 2026: fair value (intrinsic value) of Sandvik AB stock SEK 194, price SEK 337, upside -42.2%, quality 70 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 22, 2026.
How to read this chart
60‑month range kr 132.65 – kr 411.80 · fair‑value band kr 128.40 – kr 258.79 · the kr 336.50 price screens above the kr 194.33 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 22, 2026.
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Sandvik AB (publ), an engineering company, provides products and solutions for mining and rock excavation, metal cutting, and materials technology worldwide.
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The company offers mining and rock excavation equipment, including drill rigs and bolters, underground loaders and trucks, mechanical cutting equipment, rock tools and rock drills, and mining automation; rock processing equipment, such as crushers, screens, hydraulic breakers, demolition tools, and breaker booms.
It provides cutting tools and tooling systems, and digital solutions and software; metal powder for additive manufacturing, and products made from controlled expansion alloys; and tungsten powders, as well as recycling services of secondary tungsten raw materials.
It serves aerospace, automotive, mining, general engineering, infrastructure, and other industries. Sandvik AB (publ) was founded in 1862 and is headquartered in Stockholm, Sweden.
Stock analysis
Sandvik AB (SAND) currently trades at kr 336.50, while our model-based Fair Value estimate is kr 194.33, 42.2% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of kr 199.07 per share, and 0 of the 23 models we run sit above the kr 336.50 price.
Bear case: the Economic Profit group reads lowest at kr 91.57, and 23 of the 23 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 128.40 (bear) to kr 258.79 (bull), the price of kr 336.50 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 70/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Sandvik AB reported revenue of 121B SEK in FY2025 versus 99.1B SEK in FY2021, a compound +5.0%/yr. Reported net income was 14.7B SEK in FY2025, compounding +0.4%/yr from FY2021.
Key figures
Market cap 422B SEK (≈ $42.6B) Large · P/E ratio 25.1 · P/S ratio 3.27 · EPS (TTM) kr 13.43 · Dividend yield 1.8% · Net margin 13.1% · Return on equity 17.9% · Return on assets (EBIT) 11.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 65 out of 100 (low confidence).
What moves the price
The share trades about 18% below its 52-week high and 23% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −48% fair-value upside, at −42%, SAND screens cheaper than that median.
Fair Value models
Bearkr 128.40Fair Value kr 194.33Bullkr 258.79
Price kr 336.50 · Upside -42.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 6.01 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.77/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−1.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.9%
Start year 2020 (pandemic). Over 10 years: +3.5% a year
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.1%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+12.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.0%
Dividend (yield on the price)1.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.11.0% vs 10.3%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.13% → 17%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes more growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+15.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+13.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about +13.4% a year for the price and +11.1% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (92 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Sandvik's main strength is the shift to recurring revenue via digital AI tools and subscriptions aimed at steadier earnings, while its core weakness remains the mining equipment segment's exposure to commodity swings and uneven demand.
Main risk: Commodity price swings and uneven project demand in the mining equipment segment threaten to destabilize earnings and margins.
Sandvik is expanding its digital mining and intelligent manufacturing offerings with AI copilots and subscription services aimed at higher margins and steadier earnings. At the same time its mining equipment segment remains exposed to commodity price swings and uneven project demand. Our models currently see the shares as overvalued. Will the recurring revenue from digital tools outweigh the cyclical pressures in the core business?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Industrial Machinery · 800 stocks
Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score70 · Top 25%
Fair Value upside−42.2% · Below median
Profitability
Return on equity (12 months)17.9% · Top 25%
Return on assets8.7% · Top 25%
Net margin (12 months)13.1% · Top 25%
Operating margin (12 months)19.7% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)23.7% · Top 25%
Dividend yield (12 months)1.8% · Above median
Balance sheet
Debt / equity0.30× · Highest 25%
Valuation Multiplesvs Specialty Industrial Machinery median · lower = cheaper
P/E (12 months)25.1× · Cheaper than median
P/B4.53× · Priciest 25%
P/S (12 months)3.27× · Pricier than median
Price / free cash flow26.3× · Pricier than median
EV/EBITDA15.2× · Pricier than median
PEG1.40× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 32
PAST (return on equity)72· sector 27
HEALTH (low debt)85· sector 95
DIVIDEND (yield)36· sector 27
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Sandvik AB Fair Value". https://www.fairvalue-calculator.com/stock/SAND
Frequently asked questions
Is Sandvik AB (SAND) overvalued or undervalued?
As of Oct 22, 2026, our model estimates a fair value of kr 194.33 versus a price of kr 336.50, about −42% upside (overvalued).
What is the fair value of SAND?
Our model-based fair value for Sandvik AB is kr 194.33 (as of Oct 22, 2026), built from audited fundamentals. The current price: kr 336.50.
What is the quality score of SAND?
Sandvik AB has a Quality Score of 70/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Sandvik AB (SAND)?
Our model-based price target is the fair value of kr 194.33 (as of Oct 22, 2026) from 23 valuation models. Cautious scenario kr 128.40, optimistic scenario kr 258.79. It is a calculation from audited fundamentals, not an analyst target.
What is the Sandvik AB stock forecast for 2026?
Our models put fair value at kr 194.33, about −42% upside versus a price of kr 336.50 (overvalued). Cautious scenario kr 128.40, optimistic scenario kr 258.79. The calculation is refreshed regularly with new filings.
What is the revenue of Sandvik AB (SAND)?
Sandvik AB reported trailing-twelve-month revenue of about 129B SEK (latest available figure, as of Oct 22, 2026).
Does Sandvik AB pay a dividend?
Sandvik AB currently shows a dividend yield of 1.78% relative to its recent price (as of Oct 22, 2026).
What growth is priced into Sandvik AB (SAND)?
For today's price to be fair in a discounted-cash-flow model, Sandvik AB would have to grow free cash flow by +15.7 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.9 % per year. As of Oct 22, 2026.
What discount rate (WACC) does the fair value of SAND use?
Our models discount Sandvik AB at 9.7 %: a base by market capitalisation (large), damped by beta 1.30, country premium for Sweden. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Sandvik AB that is +15.7 % per year a year over ten years, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has Sandvik AB (SAND) delivered so far?
Over the past 5 years revenue at Sandvik AB grew +6.9 % a year. The price currently implies +15.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Sandvik AB (SAND) growing?
The median revenue growth in the sector is +7.5 % a year. That is the yardstick for the growth priced into Sandvik AB (+15.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Sandvik AB (SAND)?
The free-cash-flow yield on the price is 3.81 %: that much free cash flow Sandvik AB produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Sandvik AB (SAND)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Sandvik AB it is kr 194.33 per share (as of Oct 22, 2026), against a price of kr 336.50. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Sandvik AB stock overvalued or undervalued in 2026?
As of Oct 22, 2026, SAND trades above its calculated fair value: price kr 336.50, fair value kr 194.33, a gap of about −42% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SAND?
No. The price is what the market pays today (kr 336.50); the fair value is what the company's own numbers justify (kr 194.33). For Sandvik AB the two are kr 142.17 per share apart. That gap is exactly why we show both numbers side by side.
How much is Sandvik AB worth?
The market values Sandvik AB at about 422B SEK (market capitalisation, as of Oct 22, 2026). Per share that is kr 336.50; our models calculate a fair value of kr 194.33 per share.
What do the bullish and bearish scenarios say about SAND?
Our models span a range for Sandvik AB: cautious scenario kr 128.40, base kr 194.33, optimistic kr 258.79 per share (as of Oct 22, 2026, price kr 336.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SAND?
Sandvik AB trades at a price-to-earnings ratio of 25.1 (as of Oct 22, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 194.33 is built from several models across several years. Other multiples: PEG 1.4, P/B 4.5, P/S 3.3, EV/EBITDA 15.2.
What is the PEG ratio of SAND?
The PEG ratio of Sandvik AB is 1.40 (P/E divided by earnings growth, as of Oct 22, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Sandvik AB (SAND)?
Balance-sheet figures for Sandvik AB (as of Oct 22, 2026): return on equity 17.9%, debt of 0.30 per unit of equity. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is SAND from its 52-week high?
Sandvik AB trades at kr 336.50, about 18% below its 52-week high of kr 411.80 and 23% above the low of kr 272.77 (as of Oct 22, 2026). Distance from the high says nothing about value: that is what the fair value of kr 194.33 is for.
Which stocks are comparable to Sandvik AB?
From the same area (Industrials) we also value GE Vernova Inc, SIE, Eaton Corporation, Parker-Hannifin Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Sandvik AB stock attractive at the current price?
The data as of Oct 22, 2026: price kr 336.50, calculated fair value kr 194.33 (−42%), Quality Score 70/100, from 23 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SAND calculated?
We run Sandvik AB through 23 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 194.33, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.2 % above its aggregate fair value. Sandvik AB itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Sandvik AB (SAND)?
The closing price on Oct 22, 2026 was kr 336.50. Our model-based fair value is kr 194.33, about −42% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Sandvik AB right now?
A high-quality business (quality 70/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The price sits above even our optimistic bull case (kr 258.79). The favourable scenario is already priced in. A fairly wide model range (kr 128.40 to kr 258.79) leaves room in how you read the outcome.
Where does the earnings growth of Sandvik AB (SAND) come from?
Earnings per share at Sandvik AB grew +13.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.2 %, EBIT margin +4.6 %, tax rate +1.3 %, residual (interest, one-offs) +2.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Sandvik AB
How large is the market capitalisation of Sandvik AB (SAND)?
The market capitalisation of Sandvik AB is 422B SEK (≈ $42.6B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Sandvik AB (SAND)?
The price-to-sales ratio of Sandvik AB is 3.27 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Sandvik AB (SAND)?
Earnings per share at Sandvik AB are kr 13.43 (price ÷ EPS = P/E 25.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Sandvik AB (SAND)?
The dividend yield of Sandvik AB is 1.8% (payout 44.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Sandvik AB (SAND)?
The net margin of Sandvik AB is 13.1% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Sandvik AB (SAND)?
The return on equity (ROE) of Sandvik AB is 17.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Sandvik AB (SAND)?
On an EBIT basis the return on assets of Sandvik AB is 11.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Sandvik AB (SAND)?
The operating margin of Sandvik AB is 19.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Sandvik AB (SAND)?
Revenue at Sandvik AB is growing +23.7% versus a year earlier (3y avg +2.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Sandvik AB (SAND)?
Earnings per share at Sandvik AB are growing +62.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Sandvik AB (SAND) carry?
The net debt of Sandvik AB is 32.2B SEK (fiscal year 2025, ≈ 2.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Oct 22, 2026