Afry AB (AFXXF)
NEUTRAL基本面
69
价格
$103.10
市值
$11.63B
第一部分 · 这家公司值多少
概览
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.
盈利方式
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.
分部营收
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.
需求驱动因素
周期性AFRY'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.
看多理由
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.
看空理由
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 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年8月23日 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.
资产负债表与流动性
营收
$24.22B
截至最近已公布季度的最近12个月 — 根据每股指标估算
净利润
$761M
截至最近已公布季度的最近12个月 — 根据每股指标估算
自由现金流
$2.49B
股东权益合计
$12.27B
负债合计
$7.30B
流动比率
1.03
利息覆盖率
-
债务/EBITDA
3.94
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$120.22
当前价格
$103.10
安全边际
+14.2%
公允价值区间
$78.14 - $162.29
估算方法
估值指标
市盈率（P/E）
14.72
ROE
6.3%
市净率（P/B）
0.92
P/FCF
4.50
毛利率
79.3%
ROIC
5.9%
盈利能力雷达图
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.
基本面分析标准
通过（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
未通过（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
不可用（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-评分
存在严重财务隐患
盈利质量
高质量：盈利有现金流支撑
股权稀释
正在回购股份，对股东友好
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| 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 | - |
审计风险
2
董事会风险
4
薪酬风险
8
股东权利风险
8
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Latest News
Recent headlines for AFXXF, sourced from Markets Gazette.