Lifco AB (publ) LFCBY

IndustrialsConsumer Goods ConglomeratesSweden

Last close 14.24 USD on Nov 2, 2026, −22.4% year to date

Quant rating

Quant rating A Rank 62 of 418 in Industrials

Growth A 58 of 418
Valuation B 144 of 418
Quality A 34 of 418
Revisions B 67 of 418
Momentum D 309 of 418

Wall Street consensus Buy (2.25)Average target 34.44 USD +141.8%

Historical valuation

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

Key data

Market cap: 12.0B
Enterprise value: 13.0B
52-week range: 13.65 – 18.98
3-year range: 9.49 – 24.07
Dividend yield: 1.02%
Beta (5 years): –
Shares outstanding: 424M
Next earnings: Feb 1, 2027

About the company

Lifco AB (publ), formerly Lifco AB, is a Sweden-based conglomerate of small and medium-sized companies. The Company offers a safe haven for small and medium-sized businesses. Business concept is to acquire and develop sustainable, niche businesses with the potential to deliver sustainable earnings growth and robust cash flows. Lifco AB (publ) operates in three segments: Dental, Demolition & Tools and Systems Solutions. Systems Solutions consists of a merger of those business areas which have similar economic characteristics and which do not individually meet the defined quantitative limits. The Company is involved in the distribution of dental equipment, such as denture attachments, disinfectants, saliva ejectors, bite registration and dental impression materials, bonding agents, and other consumables, as well as develops and sells medical record systems.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,071	2,364	2,429	2,071	1,934	–
Revenue growth	29.9%	−2.7%	17.3%	7.1%	15.3%	12.9%
EPS (basic, normalized)	0.90	0.66	0.69	0.58	0.57	–
EPS growth	36.8%	−4.7%	18.3%	1.7%	–	–
Gross margin	43.7%	44.3%	44.2%	41.8%	41.9%	43.2%
Net margin	12.9%	12.6%	13.4%	12.9%	13.7%	13.1%
ROE	19.4%	19.7%	23.0%	23.3%	24.8%	22.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	138
Current ratio	0.88x
Long-term debt (mil)	338
Net debt (mil)	976
Total equity (mil)	2,190
Net debt / equity	0.45x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	3,071	+29.9%	4.2x	4.73	+34.9%	3.0x	0.90	+36.8%	15.9x
2026	3,130	+1.9%	4.2x	5.02	+6.3%	2.8x	0.96	+7.2%	14.8x
2027	3,335	+6.5%	3.9x	5.67	+12.9%	2.5x	1.07	+11.0%	13.3x
2028	3,536	+6.0%	3.7x	6.37	+12.3%	2.2x	1.16	+8.3%	12.3x

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	3,130	−0.3%	−0.1%	+2.1%	0.96	+6.1%	+6.7%	+9.0%
2027	3,335	−2.8%	−2.2%	+2.3%	1.07	+2.3%	+3.2%	+9.0%
2028	3,536	−3.0%	−2.4%	+5.1%	1.16	+1.7%	+2.5%	+9.8%

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)	6,006	6,725	6,282	7,125	6,933	6,943	6,842	7,534	7,186	7,695
Sales mean (mil)	6,184	6,396	6,276	6,963	6,764	7,070	6,622	7,504	7,276	7,615
Surprise	−2.9%	+5.1%	+0.1%	+2.3%	+2.5%	−1.8%	+3.3%	+0.4%	−1.2%	+1.0%
EPS reported	1.52	1.98	1.64	2.13	1.84	1.91	1.96	2.28	1.98	2.25
EPS mean	1.59	2.00	1.85	2.10	1.87	2.16	1.80	2.34	1.96	2.21
Surprise	−4.4%	−0.8%	−11.2%	+1.4%	−1.4%	−11.4%	+8.7%	−2.6%	+0.9%	+1.7%

Peer comparison Consumer Goods Conglomerates

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
LFCBY Lifco AB (publ)	12.0B	1.24x	12.9%	5.76x	14.8x	13.3x	16.4x	15.2x
KPELY Keppel Ltd.	14.3B	–	–	–	–	–	–	–
KWHIY Kawasaki Heavy Industries, Ltd.	11.7B	–	4.7%	2.00x	–	–	–	–
PTAIY Astra International Tbk PT	10.9B	2.04x	10.1%	0.81x	131.6x	121.2x	6.4x	5.9x
SMGZY Smiths Group PLC	10.1B	–	–	–	27.0x	22.0x	–	–
SCVPY Siam Cement PCL	8.8B	5.08x	2.8%	0.82x	15.2x	18.1x	10.2x	10.5x
Mean		2.78x	7.6%	2.35x	47.1x	43.7x	11.0x	10.5x
Median		2.04x	7.4%	1.41x	21.1x	20.1x	10.2x	10.5x

Technical analysis

1M−10.1%
3M−15.0%
1Y−26.5%
3Y+53.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Lifco AB (publ), fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,071	2,364	2,429	2,071	1,934	1,678
Cost of revenue	1,729	1,316	1,355	1,205	1,123	970
Gross profit	1,342	1,048	1,075	866	811	708
Selling, general & administrative expenses	584	449	452	373	355	335
Research & development	26.5	22.3	19.2	15.4	15.4	14.6
Depreciation/amortization	180	134	129	95.1	87.0	78.2
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0.4	3.4	5.2	3.5	4.6	2.6
Other operating expenses	−10.5	−3.9	−2.9	−1.4	1.3	1.5
Operating income	562	443	472	380	347	276
Net interest income (expense)	−44.5	−39.6	−36.9	−10.5	−7.5	−7.1
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−0.5	−0.4	−0.8	−0.2	−0.3	−0.5
Net income before taxes	517	403	434	369	340	269
Provision for taxes	118	100.0	104	97.4	70.9	63.5
Minority interest	−3.9	−4.4	−4.9	−4.2	−4.3	−2.4
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	395	299	325	267	264	203
Extraordinary items	–	–	–	–	–	–
Net income	395	299	325	267	264	203
EBIT, normalized	562	446	477	383	352	279
EBITDA, normalized	764	599	625	494	456	373
Basic EPS, normalized	0.90	0.66	0.69	0.58	0.57	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Lifco AB (publ), fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	204	137	158	164	167	142
Receivables	467	365	360	312	286	225
Total inventory	469	385	388	354	312	227
Prepaid expenses	20.0	17.6	13.9	11.4	10.5	8.4
Other current assets	0	−0.2	0	0	0	0
Total current assets	1,160	905	920	841	775	602
Property, plant & equipment	342	275	270	227	227	183
Goodwill	1,760	1,386	1,317	1,081	1,058	921
Intangibles	1,156	911	861	676	657	493
Long-term investments	4.8	2.7	2.9	–	–	–
Note receivable	–	–	–	1.4	1.4	1.3
Other long-term assets	46.0	38.4	34.9	33.6	34.0	22.9
Total assets	4,469	3,518	3,406	2,860	2,752	2,223
Liabilities
Accounts payable	199	151	139	139	143	96.9
Payable/accrued	–	–	–	–	–	–
Accrued expenses	124	96.7	109	91.7	88.6	91.4
Short-term debt	0	30.7	30.0	6.9	20.4	0.1
Current portion of long-term debt	611	586	594	524	393	322
Other current liabilities	240	169	173	158	212	111
Total current liabilities	1,173	1,033	1,045	919	857	622
Long-term debt	581	321	322	263	351	276
Minority interest	15.2	13.7	11.8	9.7	12.3	7.5
Other liabilities	619	499	516	396	354	269
Total liabilities	2,388	1,866	1,895	1,589	1,574	1,174
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2.0	1.6	1.8	1.7	2.0	2.2
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	2,078	1,650	1,509	1,270	1,176	1,046
Treasury stock	–	–	–	–	–	–
Other equity	0	−0.1	0.1	0	0	0
Total equity	2,080	1,651	1,511	1,272	1,178	1,049
Total liabilities & shareholders' equity	4,469	3,518	3,406	2,860	2,752	2,223

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Lifco AB (publ), fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	562	443	472	380	347	275
Depreciation, depletion & amortization	202	152	148	111	104	94.0
Deferred taxes	–	–	–	–	–	–
Non-cash items	−5.4	−14.5	0.1	0.6	−1.0	0.9
Changes in working capital	−202	−175	−177	−196	−125	−27.8
Cash from operations	557	406	443	295	325	342
Investing activities
Capital expenditures	−58.9	−48.5	−47.8	−33.4	−34.5	−32.1
Other investing cash flows	−358	−253	−365	−228	−329	−127
Cash from investing	−417	−302	−413	−261	−364	−159
Financing activities
Financing cash flow items	−21.4	−25.1	−0.2	1.3	−9.1	−7.7
Cash dividends paid	−118	−86.3	−96.7	−81.5	−60.3	−64.0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	54.2	−15.6	62.5	50.5	133	−49.8
Cash from financing	−85.7	−127	−34.4	−29.6	63.4	−121
Foreign exchange effects	−15.5	16.6	−6.7	14.4	12.7	−8.4
Net change in cash	39.1	−6.7	−11.2	18.6	37.5	53.7
Free cash flow	498	357	395	261	291	310

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.