Swedbank AB SWDBY

FinancialsBanking ServicesSweden

Last close 39.89 USD on Nov 3, 2026, +30.0% year to date

Quant rating

Quant rating B Rank 87 of 304 in Financials

Growth D 230 of 304
Valuation C 194 of 304
Quality B 99 of 304
Revisions A 38 of 304
Momentum B 48 of 304

Wall Street consensus Hold (3.00)Average target 45.65 USD +14.4%

Historical valuation

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

Key data

Market cap: 45.4B
Enterprise value: 122.3B
52-week range: 28.95 – 42.36
3-year range: 15.89 – 42.36
Dividend yield: 5.46%
Beta (5 years): 0.72
Shares outstanding: 1,132M
Next earnings: Jan 27, 2027

About the company

Swedbank AB is a savings bank. The Company offers financial services and products in its home markets of Sweden, Estonia, Latvia and Lithuania. The Company's segments are Swedish Banking, Baltic Banking, Large corporates & Institutions, and Group Functions & Other. The Company offers products mainly in the areas of lending, payments and savings. The Swedish Banking segment offers its products to private customers and companies in the Swedish market. The Swedish Banking segment's services are sold through the Company's own branch network, the telephone Bank, the Internet Bank and the distribution network of the independent savings banks. The Baltic Banking segment offers its products to private customers and companies in Estonia, Latvia and Lithuania. The Baltic Banking segment's services are sold through its own branch network, the telephone Bank and the Internet Bank. The Large Corporates & Institutions segment offers its services to large companies and financial institutions.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	9,094	10,006	10,169	4,351	3,359	–
Revenue growth	−9.1%	−1.6%	133.7%	29.5%	−18.3%	17.2%
EPS (basic, normalized)	3.23	2.86	3.09	1.91	2.07	–
EPS growth	12.9%	−7.6%	62.3%	−8.0%	18.7%	13.1%
Gross margin	–	–	–	–	–	–
Net margin	39.2%	31.5%	33.3%	47.2%	68.7%	44.0%
ROE	15.2%	17.1%	18.2%	13.3%	–	16.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	–
Long-term debt (mil)	68,825
Net debt (mil)	–
Total equity (mil)	21,589
Net debt / equity	–

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	9,094	−9.1%	13.4x	–	–	–	2.96	+1.2%	13.5x
2026	7,180	−21.0%	17.0x	20.04	–	2.0x	2.82	−4.7%	14.2x
2027	7,893	+9.9%	15.5x	21.22	+5.9%	1.9x	3.18	+13.0%	12.5x
2028	8,479	+7.4%	14.4x	22.29	+5.1%	1.8x	3.77	+18.5%	10.6x

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	7,180	−1.2%	−2.6%	−2.6%	2.82	−0.5%	−1.9%	−1.8%
2027	7,893	−0.2%	+2.4%	+2.4%	3.18	+0.1%	+3.9%	+4.3%
2028	8,479	−0.2%	+6.1%	+6.1%	3.77	+0.4%	+22.2%	+22.2%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	0.72	0.71	0.80	0.70	–	–	–	–	–	–
EPS mean	–	–	0.68	0.61	–	–	–	–	–	–
Surprise	–	–	+17.2%	+14.1%	–	–	–	–	–	–

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
SWDBY Swedbank AB	45.4B	–	39.2%	0.72x	14.2x	12.5x	2.0x	1.9x
JPM JPMorgan Chase & Co.	898.4B	15.2%	28.8%	1.74x	13.6x	13.3x	2.5x	2.3x
HSBA HSBC Holdings PLC	288.9B	16.3%	21.6%	1.95x	10.0x	9.1x	1.6x	1.5x
BNPP BNP Paribas SA	107.9B	15.6%	16.1%	1.23x	7.5x	6.7x	0.8x	0.7x
NABZY National Australia Bank Limited	89.4B	–	12.0%	0.94x	19.7x	16.5x	–	–
ANZGY ANZ Group Holdings Ltd	85.1B	–	9.2%	1.14x	–	–	–	–
Mean		15.7%	21.1%	1.29x	13.0x	11.6x	1.7x	1.6x
Median		15.6%	18.8%	1.18x	13.6x	12.5x	1.8x	1.7x

Technical analysis

1M−1.5%
3M−1.0%
1Y+46.8%
3Y+211.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Swedbank AB, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	9,094	10,006	10,169	4,351	3,359	4,113
Total interest expense	4,311	5,550	5,110	1,167	367	845
Net interest income	4,783	4,456	5,059	3,185	2,992	3,269
Loan loss provision	−3.7	−24.2	166	142	18.8	528
Net interest income after loan loss provision	4,787	4,481	4,893	3,043	2,973	2,741
Non-interest income	4,139	3,796	3,173	2,770	3,303	3,292
Non-interest expense	−4,441	−4,279	−3,732	−3,241	−3,420	−3,991
Net income before taxes	4,485	3,997	4,333	2,571	2,856	2,043
Provision for taxes	924	843	943	518	547	469
Minority interest & equity in affiliates	0.3	0.3	−0.2	−0.3	−0.1	0
Other	0	0	0	0	0	0
Net income before extraordinary items	3,561	3,154	3,390	2,053	2,309	1,574
Extraordinary items	–	–	–	–	–	–
Net income	3,561	3,154	3,390	2,053	2,309	1,574
Basic weighted average shares (mil)	1,124	1,125	1,125	1,123	1,121	1,120
Diluted weighted average shares (mil)	1,131	1,130	1,127	1,126	1,125	1,123
Basic EPS excluding extraordinary items	3.17	2.80	3.01	1.83	2.06	1.41
Basic EPS, normalized	3.23	2.86	3.09	1.91	2.07	1.75

Balance sheet in millions of USD, fiscal years

Balance sheet, Swedbank AB, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	32,134	32,504	31,816	40,601	44,061	39,844
Other earning assets	88,995	71,838	66,167	54,327	69,512	70,013
Net loans	205,033	163,197	180,803	174,790	185,707	199,766
Property, plant & equipment	665	470	551	524	611	660
Goodwill	1,584	1,282	1,369	1,323	1,494	1,622
Intangibles	879	606	661	587	662	613
Long-term investments	807	823	822	752	852	887
Other long-term assets	545	352	217	249	12.5	15.1
Other assets	2,304	1,174	1,245	1,126	1,387	2,429
Total assets	332,947	272,245	283,651	274,279	304,299	315,850
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	669	523	533	447	532	492
Total deposits	146,938	121,955	129,039	132,141	149,737	156,027
Other bearing liabilities	–	–	–	–	–	–
Short-term borrowings	27,954	24,461	26,882	30,707	18,824	17,533
Current portion of long-term debt	13,353	11,188	11,565	12,731	19,127	15,939
Long-term debt	58,474	47,940	48,687	41,123	51,792	62,336
Minority interest	2.7	2.5	3.0	2.8	2.9	3.0
Other liabilities	61,010	46,378	47,199	40,213	46,398	44,632
Total liabilities	308,401	252,447	263,908	257,364	286,413	296,961
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2,707	2,253	2,474	2,393	2,755	3,032
Additional paid-in capital	1,878	1,195	1,312	1,269	1,461	1,608
Retained earnings (accumulated deficit)	19,657	15,507	15,114	12,476	12,982	14,052
Treasury stock	–	–	–	–	–	–
Other equity	304	844	844	778	688	198
Total equity	24,546	19,798	19,744	16,915	17,885	18,889
Total liabilities & shareholders' equity	332,947	272,245	283,651	274,279	304,299	315,850

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Swedbank AB, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	4,485	3,997	4,333	2,629	2,856	2,043
Depreciation, depletion & amortization	242	196	199	271	187	192
Deferred taxes	–	–	–	–	–	–
Non-cash items	−366	−571	−593	−139	−422	−155
Changes in working capital	−9,399	3,688	−18,357	−4,549	2,845	11,217
Cash from operations	−5,038	7,310	−14,418	−1,789	5,466	13,298
Investing activities
Capital expenditures	−53.3	−36.8	−84.6	−34.9	−28.0	−44.3
Other investing cash flows	−346	23.5	43.1	101	97.5	213
Cash from investing	−399	−13.3	−41.5	66.4	69.5	168
Financing activities
Financing cash flow items	–	–	–	–	–	–
Cash dividends paid	−2,652	−1,542	−1,089	−1,214	−1,804	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	2,496	398	4,285	2,176	3,370	−1,059
Cash from financing	−155	−1,144	3,196	962	1,566	−1,059
Foreign exchange effects	−1,145	415	39.0	1,321	238	−414
Net change in cash	−6,737	6,568	−11,225	561	7,339	11,994
Free cash flow	−5,091	7,274	−14,503	−1,824	5,438	13,253

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 3, 2026 after market close.