Afry AB (AFXXF)
NEUTRALFundamental
69
Price
$103.10
Market Cap
$11.63B
Part 1 · What the company is worth
Overview
AFRY is a Swedish engineering, design and advisory firm. It does not manufacture anything: it sells the expertise of roughly 18,000 engineers and consultants to clients building power plants, factories, roads, buildings and transport systems. Its work spans planning, technical design and project management for the energy transition and for industrial and infrastructure projects across the Nordics and internationally.
How it makes money
Revenue comes from billing clients for consulting hours and project work, either at hourly rates or as fixed-price contracts for a defined scope. Profitability depends heavily on utilization — how much of each consultant's time is billed to a client rather than idle — rather than on selling more of a physical product. Public-sector and utility clients tend to give a steadier project pipeline than industrial clients, whose spending follows their own capital-investment cycles.
Revenue by segment
Engineering and advisory work for industrial clients across sectors such as forestry, mining, chemicals and manufacturing.
Design and planning for buildings, cities, roads and rail and other transport infrastructure.
Engineering for power generation, grids and renewable-energy projects, tied to the broader energy transition.
What drives demand
CyclicalAFRY's order book follows its clients' capital-spending plans: when industrial companies and utilities are confident enough to commit to new plants, grids or factories, they hire engineering firms to design them, and when that confidence drops, projects are delayed or shelved. Full-year 2025 net sales fell as clients navigated what the company itself described as market uncertainty across several of its business areas.
The case for
Buyers argue that the energy transition and infrastructure renewal across the Nordics and Europe give AFRY a long runway of engineering work, and that its scale and breadth across Energy, Industry and Transportation & Places let it win large projects that smaller specialist firms cannot staff alone.
The case against
Sellers fear that a consulting business has little pricing power when client capital spending slows, as the 2025 sales decline showed, and that profitability rises and falls with staff utilization rates that management does not fully control once demand softens.
Written by the editors, published on August 18, 2026
Direct competitors
Who this company fights with for the same customers
Generated on August 23, 2026 with claude-opus-5 — shared with all users
Sweco is AFRY's closest Nordic rival, bidding for the same engineering, architecture and infrastructure design assignments from the same public authorities, utilities and property clients in Sweden, Finland, Norway and Denmark.
Ramboll, foundation-owned and based in Copenhagen, competes with AFRY across the whole Nordic region for engineering, environmental and energy consulting mandates, and increasingly for the same work in the rest of Europe.
Rejlers sells technical consulting in electrical power, automation and industrial engineering to the same Swedish, Finnish and Norwegian energy and industry clients that make up AFRY's Energy and Industry divisions.
Norconsult competes head-on with AFRY for community planning, transport infrastructure and building design contracts in Norway and Sweden, where both firms bid on the same public tenders.
COWI, the Danish foundation-owned consultancy, overlaps with AFRY on bridges, water, energy and industrial engineering projects across the Nordics and in international infrastructure work.
WSP runs one of Sweden's largest engineering consultancies and competes with AFRY for infrastructure, buildings and environmental design work both in the Nordics and on international projects.
Balance Sheet & Liquidity
Revenue
$24.22B
Trailing 12 months to the last reported quarter — estimated from per-share metrics
Net Income
$761M
Trailing 12 months to the last reported quarter — estimated from per-share metrics
Free Cash Flow
$2.49B
Total Equity
$12.27B
Total Liabilities
$7.30B
Current Ratio
1.03
Interest Coverage
-
Debt/EBITDA
3.94
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$120.22
Current Price
$103.10
Margin of Safety
+14.2%
Fair Value Range
$78.14 - $162.29
Estimation Methods
Valuation Metrics
P/E Ratio
14.72
ROE
6.3%
P/B Ratio
0.92
P/FCF
4.50
Gross Margin
79.3%
ROIC
5.9%
Profitability Radar
Value Creation (Economic Moat)
ROIC
5.9%
WACC
6.5%
ROIC − WACC
-0.6 pp
ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.
Fundamental Analysis Criteria
Passed (15)
- ROIC 5.9%
- Gross Margin 79.3%
- P/FCF 4.50
- P/B Ratio 0.92
- Debt/Equity ratio
- Operating Margin 5.5%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Debt/EBITDA
- Price below Graham Number
- DCF valuation (Undervalued)
- Revenue Growth 5Y 6.3%
- Analyst Consensus 75% Buy
- Earnings Quality (OCF/NI) 3.13
Failed (5)
- Price CAGR -4.13%
- ROE 6.3%
- Earnings Surprise avg -23.9%
- Net Margin Trend 3.1% vs 4.5%
- Piotroski F-Score 2/9
Unavailable (7)
- EPS data insufficient
- Dividend Payout NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- PEG Ratio (need PE > 0 and growth > 0)
- Share Dilution (missing shares data)
Piotroski F-Score
Serious financial concerns
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Buying back shares. Shareholder friendly
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Ms. Linda Palsson | President & CEO | 51 |
| Mr. Bo Sandstrom | Executive VP & CFO | 50 |
| Ebba Vassallo | Head of Investor Relations | - |
| Ms. Susan Gustafsson | Executive VP & Group General Counsel | 52 |
| Ms. Prima Gamukama | Compliance & Ethics Officer | - |
| Mr. Henrik Tegner | EVP of Commercial & Communications | 55 |
| Daniela Spetz | EVP of Corporate Development and M&A | 35 |
| Sara Klingenborg | Executive VP of People & Culture | 52 |
| Mr. Nicholas Oksanen | EVP of Global Division Industry | 58 |
| Helena Paulsson | Head of Urban Development | - |
Audit Risk
2
Board Risk
4
Compensation Risk
8
Shareholder Rights Risk
8
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Latest News
Recent headlines for AFXXF, sourced from Markets Gazette.