FLSmidth & Co. A/S FLIDY

IndustrialsMetals & MiningDenmark

Last close 8.27 USD on Nov 2, 2026, +13.4% year to date

Quant rating

Quant rating A Rank 61 of 418 in Industrials

Growth C 196 of 418
Valuation C 214 of 418
Quality A 58 of 418
Revisions B 75 of 418
Momentum B 132 of 418

Wall Street consensus Buy (1.93)Average target 98.92 USD +1,096.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 5.1B
Enterprise value: 5.4B
52-week range: 6.70 – 9.49
3-year range: 3.98 – 9.49
Dividend yield: 0.74%
Beta (5 years): –
Shares outstanding: 57.6M
Next earnings: Nov 11, 2026

About the company

Flsmidth & Co A/S is a Denmark-based provider of equipment and services for cement and minerals industries. The Company supplies products from single machinery to complete cement plants and minerals processing solutions, including services before, during and after the construction. The Company’s activities are divided into four segments: Customer Services, Product Companies, Minerals and Cement. The Cement segment embraces cement projects, customized cement equipment, as well as cement operation and maintenance. The Minerals segment comprises mining projects and engineered mineral processing and handling equipment. The Customer Services segment services to installed base mainly delivered by the Cement and Minerals segments, and the Product Companies segment offers standardized products sold directly to end customers, peers and into FLSmidth Cement and Minerals projects. The Product Companies segment provides parts and other aftermarket services to its own installed base.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,298	2,185	3,569	3,145	2,688	–
Revenue growth	5.1%	−38.8%	13.5%	17.0%	−0.4%	−3.2%
EPS (basic, normalized)	0.00	2.51	1.25	0.87	1.10	–
EPS growth	–	100.5%	43.8%	−20.8%	–	–
Gross margin	35.0%	31.8%	25.3%	23.2%	23.7%	27.8%
Net margin	4.8%	5.0%	2.8%	1.7%	2.1%	3.3%
ROE	6.6%	7.0%	6.3%	3.5%	4.1%	5.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	99.6
Current ratio	1.34x
Long-term debt (mil)	410
Net debt (mil)	332
Total equity (mil)	1,602
Net debt / equity	0.21x
Net debt / EBITDA	0.82x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	2,298	+5.1%	2.3x	406	+27.5%	13.3x	0.00	−100.0%	–
2026	2,266	−1.4%	2.4x	464	+14.4%	11.6x	5.72	–	1.4x
2027	2,468	+8.9%	2.2x	470	+1.3%	11.5x	4.95	−13.5%	1.7x
2028	2,681	+8.7%	2.0x	519	+10.5%	10.4x	5.64	+13.9%	1.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	2,266	+0.1%	+1.7%	+1.9%	5.72	+4.3%	+2.3%	+23.7%
2027	2,468	+1.0%	+2.0%	+3.6%	4.95	+0.3%	+3.8%	+6.8%
2028	2,681	+1.8%	+3.3%	+5.0%	5.64	+1.6%	+5.1%	+7.4%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	4,839	4,958	5,059	5,331	4,729	3,378	3,453	4,073	3,279	3,944
Sales mean (mil)	5,318	5,277	4,989	5,229	4,553	3,555	3,627	3,818	3,557	3,610
Surprise	−9.0%	−6.0%	+1.4%	+2.0%	+3.9%	−5.0%	−4.8%	+6.7%	−7.8%	+9.2%
EPS reported	3.40	3.20	5.00	6.30	6.10	−8.00	7.00	−5.35	18.00	8.10
EPS mean	3.32	4.29	4.71	5.93	4.74	−1.01	5.15	6.06	12.06	5.79
Surprise	+2.4%	−25.4%	+6.2%	+6.1%	+28.8%	−688.2%	+35.9%	−188.3%	+49.3%	+39.8%

Peer comparison Metals & Mining

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
FLIDY FLSmidth & Co. A/S	5.1B	0.82x	4.8%	3.02x	1.4x	1.7x	11.6x	11.5x
PRU Perseus Mining Ltd	5.4B	–	28.9%	2.36x	9.8x	6.1x	5.0x	3.4x
SSRM SSR Mining Inc.	5.4B	−2.78x	24.3%	1.63x	6.8x	6.2x	2.7x	2.3x
SSRM SSR Mining Inc.	5.4B	−2.89x	24.3%	1.63x	6.7x	6.9x	2.7x	2.4x
OGC OceanaGold Corp	5.4B	−0.52x	33.2%	2.14x	6.1x	6.7x	2.8x	3.0x
OICT Oicintra Inc	5.1B	–	–	–	–	–	–	–
Mean		−1.35x	23.1%	2.15x	6.2x	5.5x	5.0x	4.5x
Median		−1.65x	24.3%	2.14x	6.7x	6.2x	2.8x	3.0x

Technical analysis

1M−10.2%
3M+7.4%
1Y+13.4%
3Y+90.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, FLSmidth & Co. A/S, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,298	2,185	3,569	3,145	2,688	2,699
Cost of revenue	1,494	1,490	2,668	2,415	2,050	2,067
Gross profit	804	695	901	731	638	632
Selling, general & administrative expenses	440	439	588	521	415	455
Research & development	–	–	–	–	–	–
Depreciation/amortization	81.3	63.3	83.1	98.0	103	111
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	71.2	36.3	23.7	1.3
Other operating expenses	−41.2	−6.5	−18.7	−14.1	−6.3	−5.9
Operating income	323	199	178	89.1	102	70.3
Net interest income (expense)	−13.1	−30.3	−21.6	−9.6	−12.4	−7.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	310	169	156	79.5	89.7	62.5
Provision for taxes	198	57.6	56.6	28.9	32.6	25.4
Minority interest	−1.3	−1.7	0.9	2.6	0.2	0.8
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	111	110	100	53.1	57.3	37.9
Extraordinary items	−111	31.8	−26.8	0.1	−2.6	−3.4
Net income	0	141	73.6	53.3	54.7	34.5
EBIT, normalized	361	226	249	154	126	71.6
EBITDA, normalized	443	289	332	252	229	183
Basic EPS, normalized	0.00	2.51	1.25	0.87	1.10	–

Balance sheet in millions of USD, fiscal years

Balance sheet, FLSmidth & Co. A/S, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	29.1	76.8	74.0	96.6	296	155
Receivables	950	1,158	1,254	1,392	1,145	1,085
Total inventory	540	496	511	572	377	389
Prepaid expenses	68.1	48.7	62.6	126	133	54.7
Other current assets	76.4	79.1	132	218	4.7	31.0
Total current assets	1,664	1,859	2,033	2,403	1,955	1,714
Property, plant & equipment	365	343	354	381	353	381
Goodwill	990	911	955	926	667	688
Intangibles	241	287	294	278	289	336
Long-term investments	14.9	12.8	20.3	31.1	32.3	33.2
Note receivable	–	–	–	–	–	–
Other long-term assets	199	327	343	277	228	205
Total assets	3,474	3,740	3,999	4,296	3,525	3,358
Liabilities
Accounts payable	407	491	596	625	515	501
Payable/accrued	–	–	–	–	–	–
Accrued expenses	0	0.4	0.3	0.3	0.3	0.5
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	28.2	18.3	22.9	105	18.5	48.6
Other current liabilities	926	1,128	1,259	1,365	1,004	807
Total current liabilities	1,361	1,638	1,878	2,095	1,538	1,358
Long-term debt	376	228	261	307	142	404
Minority interest	−1.9	−2.8	−4.3	−3.7	−0.5	−1.0
Other liabilities	243	239	256	341	260	262
Total liabilities	1,978	2,101	2,392	2,740	1,939	2,022
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	181	160	171	166	176	168
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	1,575	1,591	1,572	1,475	1,519	1,353
Treasury stock	–	–	–	–	–	–
Other equity	−261	−113	−135	−84.5	−110	−186
Total equity	1,496	1,639	1,607	1,557	1,586	1,335
Total liabilities & shareholders' equity	3,474	3,740	3,999	4,296	3,525	3,358

Cash flow statement in millions of USD, fiscal years

Cash flow statement, FLSmidth & Co. A/S, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	404	313	261	187	214	186
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	5.5	19.2	−89.6	62.8	−23.2	−4.9
Changes in working capital	−253	−244	−78.9	−111	30.6	52.0
Cash from operations	157	88.9	92.2	139	222	233
Investing activities
Capital expenditures	−92.0	−96.9	−73.9	−47.9	−45.1	−57.3
Other investing cash flows	10.7	26.4	35.8	−285	3.4	−4.4
Cash from investing	−81.3	−70.5	−38.1	−333	−41.7	−61.7
Financing activities
Financing cash flow items	–	0	−1.9	0	0.5	−2.3
Cash dividends paid	−72.0	−31.9	−25.2	−25.3	−15.4	0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−69.4	−25.4	−131	255	−27.2	−155
Cash from financing	−141	−57.3	−158	230	−42.2	−157
Foreign exchange effects	−8.8	−0.1	−11.5	−8.5	9.0	−18.7
Net change in cash	−74.9	−39.2	−115	28.1	147	−4.1
Free cash flow	64.6	−8.1	18.4	91.4	176	176

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.