Skanska AB (publ) (SKA-B) fair value: what the stock is really worth
As of Oct 19, 2026: fair value (intrinsic value) of Skanska AB (publ) stock SEK 230, price SEK 268, upside -14.2%, quality 60 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 13, 2026.
How to read this chart
60‑month range kr 112.85 – kr 285.50 · fair‑value band kr 161.02 – kr 299.04 · the kr 268.20 price screens above the kr 230.03 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 13, 2026.
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Skanska AB (publ) operates as a construction and project development company in the Nordics, Europe, and the United States. It operates through four segments: Construction, Residential Development, Commercial Property Development, and Investment Properties.
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The Construction segment builds social infrastructure, including schools, hospitals, healthcare, and judicial buildings; mass transit comprising rails, subways, and airports; highways, bridges, and tunnels; data centers and advanced tech manufacturing buildings/facilities; energy; defense-related buildings and infrastructure; offices, manufacturing, and other commercial buildings; and residential multifamily buildings.
Its Residential Development segment develops and builds single and multifamily homes. The Commercial Property Development segment initiates, develops, leases, and divests in offices, life-science, and logistics and commercial warehouses, as well as residential rental properties.
Its Investment Properties segment invests and manages office properties. The company was formerly known as Skånska Cementgjuteriet and changed its name to Skanska AB (publ) in December 1983. Skanska AB (publ) was founded in 1887 and is headquartered in Stockholm, Sweden.
Stock analysis
Skanska AB (publ) (SKA-B) currently trades at kr 268.20, while our model-based Fair Value estimate is kr 230.03, 14.2% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of kr 253.25 per share, and 6 of the 22 models we run sit above the kr 268.20 price.
Bear case: the Asset-Based group reads lowest at kr 73.37, and 16 of the 22 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 161.02 (bear) to kr 299.04 (bull), the price of kr 268.20 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 60/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Skanska AB (publ) reported revenue of 177B SEK in FY2025 versus 144B SEK in FY2021, a compound +5.3%/yr. Reported net income was 5.7B SEK in FY2025, compounding −4.5%/yr from FY2021.
Key figures
Market cap 112B SEK (≈ $11.2B) Large · P/E ratio 17.4 · P/S ratio 0.64 · EPS (TTM) kr 16.13 · Dividend yield 5.2% · Net margin 3.8% · Return on equity 11.1% · Return on assets (EBIT) 4.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 40 out of 100 (medium confidence).
What moves the price
The share trades about 6% below its 52-week high and 19% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −35% fair-value upside, at −14%, SKA-B screens cheaper than that median.
Fair Value models
Bearkr 161.02Fair Value kr 230.03Bullkr 299.04
Price kr 268.20 · Upside -14.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 1.71 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.57/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+0.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.0%
Start year 2020 (pandemic). Over 10 years: +1.4% a year
Revenue growth 23 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.0%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+1.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−3.6%
Dividend (yield on the price)5.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−3.6% vs 1.8%, slowing
Profit margin 2019 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.4% → 4%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+10.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about +8.6% a year for the price and +3.4% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (98 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Skanska gains improved backlog visibility from recent US wins in rail, naval and school projects yet faces uncertain earnings conversion amid ongoing commercial property softness.
Main risk: Ongoing softness in commercial property development risks weighing on margins and slowing overall earnings conversion from the expanding backlog.
Skanska's string of recent US wins in rail upgrades, naval facilities and schools is tilting its order book toward long-duration public and defense work. That strengthens backlog visibility across key markets yet leaves the pace of earnings conversion from those contracts uncertain, particularly while commercial property development faces ongoing softness. Does the infrastructure shift ultimately lift margins more than property risks weigh on them?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Engineering & Construction · 787 stocks
Beats the industry median on 8/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score60 · Top 25%
Fair Value upside−14.2% · Below median
Profitability
Return on equity (12 months)11.1% · Above median
Return on assets3.6% · Above median
Net margin (12 months)3.8% · Above median
Operating margin (12 months)5.0% · Below median
Growth and dividend
Revenue growth (quarter YoY)4.1% · Above median
Dividend yield (12 months)5.2% · Top 25%
Balance sheet
Debt / equity0.09× · Below median
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Skanska AB (publ) Fair Value". https://www.fairvalue-calculator.com/stock/SKA-B
Frequently asked questions
Is Skanska AB (publ) (SKA-B) overvalued or undervalued?
As of Oct 13, 2026, our model estimates a fair value of kr 230.03 versus a price of kr 268.20, about −14% upside (overvalued).
What is the fair value of SKA-B?
Our model-based fair value for Skanska AB (publ) is kr 230.03 (as of Oct 13, 2026), built from audited fundamentals. The current price: kr 268.20.
What is the quality score of SKA-B?
Skanska AB (publ) has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Skanska AB (publ) (SKA-B)?
Our model-based price target is the fair value of kr 230.03 (as of Oct 13, 2026) from 22 valuation models. Cautious scenario kr 161.02, optimistic scenario kr 299.04. It is a calculation from audited fundamentals, not an analyst target.
What is the Skanska AB (publ) stock forecast for 2026?
Our models put fair value at kr 230.03, about −14% upside versus a price of kr 268.20 (overvalued). Cautious scenario kr 161.02, optimistic scenario kr 299.04. The calculation is refreshed regularly with new filings.
What is the revenue of Skanska AB (publ) (SKA-B)?
Skanska AB (publ) reported trailing-twelve-month revenue of about 174B SEK (latest available figure, as of Oct 13, 2026).
Does Skanska AB (publ) pay a dividend?
Skanska AB (publ) currently shows a dividend yield of 5.22% relative to its recent price (as of Oct 13, 2026).
What growth is priced into Skanska AB (publ) (SKA-B)?
For today's price to be fair in a discounted-cash-flow model, Skanska AB (publ) would have to grow free cash flow by +10.7 % per year for five years (discount rate 8.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.0 % per year. As of Oct 13, 2026.
What discount rate (WACC) does the fair value of SKA-B use?
Our models discount Skanska AB (publ) at 8.7 %: a base by market capitalisation (large), damped by beta 0.85, country premium for Sweden. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Skanska AB (publ) that is +10.7 % per year a year over ten years, using the same discount rate (8.7 %) and the same formula as our fair value.
How much growth has Skanska AB (publ) (SKA-B) delivered so far?
Over the past 5 years revenue at Skanska AB (publ) grew +2.0 % a year. The price currently implies +10.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Skanska AB (publ) (SKA-B) growing?
The median revenue growth in the sector is +7.5 % a year. That is the yardstick for the growth priced into Skanska AB (publ) (+10.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Skanska AB (publ) (SKA-B)?
The free-cash-flow yield on the price is 3.68 %: that much free cash flow Skanska AB (publ) produces per unit of market value. When it exceeds the discount rate of our models (8.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Skanska AB (publ) (SKA-B)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Skanska AB (publ) it is kr 230.03 per share (as of Oct 13, 2026), against a price of kr 268.20. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Skanska AB (publ) stock overvalued or undervalued in 2026?
As of Oct 13, 2026, SKA-B trades above its calculated fair value: price kr 268.20, fair value kr 230.03, a gap of about −14% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SKA-B?
No. The price is what the market pays today (kr 268.20); the fair value is what the company's own numbers justify (kr 230.03). For Skanska AB (publ) the two are kr 38.17 per share apart. That gap is exactly why we show both numbers side by side.
How much is Skanska AB (publ) worth?
The market values Skanska AB (publ) at about 112B SEK (market capitalisation, as of Oct 13, 2026). Per share that is kr 268.20; our models calculate a fair value of kr 230.03 per share.
What do the bullish and bearish scenarios say about SKA-B?
Our models span a range for Skanska AB (publ): cautious scenario kr 161.02, base kr 230.03, optimistic kr 299.04 per share (as of Oct 13, 2026, price kr 268.20). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SKA-B?
Skanska AB (publ) trades at a price-to-earnings ratio of 17.4 (as of Oct 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 230.03 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 17.8 (reported for FY2025: 19.5). Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 14.8. Other multiples: PEG 5.8, P/B 1.8, P/S 0.6, EV/EBITDA 12.2.
What is the PEG ratio of SKA-B?
The PEG ratio of Skanska AB (publ) is 5.82 (P/E divided by earnings growth, as of Oct 13, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Skanska AB (publ) (SKA-B)?
Balance-sheet figures for Skanska AB (publ) (as of Oct 13, 2026): return on equity 11.1%, debt of 0.09 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is SKA-B from its 52-week high?
Skanska AB (publ) trades at kr 268.20, about 6% below its 52-week high of kr 285.50 and 19% above the low of kr 225.85 (as of Oct 19, 2026). Distance from the high says nothing about value: that is what the fair value of kr 230.03 is for.
Which stocks are comparable to Skanska AB (publ)?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Skanska AB (publ) stock attractive at the current price?
The data as of Oct 13, 2026: price kr 268.20, calculated fair value kr 230.03 (−14%), Quality Score 60/100, from 22 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SKA-B calculated?
We run Skanska AB (publ) through 22 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 230.03, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.9 % above its aggregate fair value. Skanska AB (publ) itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Skanska AB (publ) (SKA-B)?
The closing price on Oct 19, 2026 was kr 268.20. Our model-based fair value is kr 230.03, about −14% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Skanska AB (publ) right now?
Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (kr 161.02 to kr 299.04) leaves room in how you read the outcome.
Where does the earnings growth of Skanska AB (publ) (SKA-B) come from?
Earnings per share at Skanska AB (publ) grew +1.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.8 %, EBIT margin −2.2 %, tax rate +0.1 %, residual (interest, one-offs) +1.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Skanska AB (publ)
How large is the market capitalisation of Skanska AB (publ) (SKA-B)?
The market capitalisation of Skanska AB (publ) is 112B SEK (≈ $11.2B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Skanska AB (publ) (SKA-B)?
The price-to-sales ratio of Skanska AB (publ) is 0.64 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Skanska AB (publ) (SKA-B)?
Earnings per share at Skanska AB (publ) are kr 16.13 (price ÷ EPS = P/E 17.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Skanska AB (publ) (SKA-B)?
The dividend yield of Skanska AB (publ) is 5.2% (payout 78.9%, on adjusted earnings, reported 86.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Skanska AB (publ) (SKA-B)?
The net margin of Skanska AB (publ) is 3.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Skanska AB (publ) (SKA-B)?
The return on equity (ROE) of Skanska AB (publ) is 11.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Skanska AB (publ) (SKA-B)?
On an EBIT basis the return on assets of Skanska AB (publ) is 4.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Skanska AB (publ) (SKA-B)?
The operating margin of Skanska AB (publ) is 5.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Skanska AB (publ) (SKA-B)?
Revenue at Skanska AB (publ) is growing +4.1% versus a year earlier (3y avg +2.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Skanska AB (publ) (SKA-B)?
Earnings per share at Skanska AB (publ) are growing +52.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Skanska AB (publ) (SKA-B) carry?
The net debt of Skanska AB (publ) is 5.4B SEK (fiscal year 2025, ≈ 1.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Oct 13, 2026