SKF SKF B
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Full analysis: 5 Apr 2026
Latest news check: 18 Jul 2026
General analysis — not personal advice.
HOLD
7/10
Confidence
Hold. Consider adding 10-20% on a sharp post-Q1 sell-off if the spin-off thesis remains intact.
Hold: Industrial fundamentals look solid, but near-term headwinds (FX and one-offs) are visible
- The spin-off is a strong catalyst, but investors need evidence of cost control and timeline clarity
- Wait for Q1 2026 as the first read-through under the new segment structure
Market sentiment
5/10
↓
Trend: Declining
Sentiment has softened after the post-Q2 sell-off despite better-than-expected margins, while the humanoid-robotics move adds a longer-term positive angle.
Risk assessment
5/10
Dilution:
Low
Strong cash flow, no equity raise signals
Jurisdiction:
Low
Sweden-based, diversified global operations
Execution:
Medium
Large spin-off with cost and timing risk
Recent changes
- Q2 delivered revenue of SEK 23,195m and organic growth of +1.4%, with adj. operating profit of SEK 3,223m and a 13.9% margin (above consensus). Cash flow was weaker YoY and the full-year tax rate was raised; the stock…
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Show all changes (2) — follow the company freeAbout the company
SKF is a global industrial group manufacturing bearings, seals, lubrication systems, and condition monitoring, with services for industrial and automotive customers. The company is profitable but cyclical, with higher margins in Industrial while Automotive is more pressured. A key value driver is the planned spin-off of the automotive business (SKF Vertevo) during 2026.
Sector:
Industrial components (bearings, seals and industrial services)
Type:
Industrial
Next report
21 Oct 2026
Q3
Catalysts
21 Oct 2026
Q3 2026 report
High
Q4 2026
Automotive separation/listing (SKF Vertevo)
High
Q4 2026
Leaderdrive JV becomes operational
Medium
Horizon:
Bull case
A stronger industrial mix and SIS margin delivery, plus value unlock from the planned Automotive separation, could support a re-rating as execution milestones are met.
Bear case
The earnings-day drop signals elevated expectations, and cash flow, tax headwinds and uncertain Automotive/EMEA demand could keep pressure on the shares.
Signal rationale (informational)
Hold: Industrial fundamentals look solid, but near-term headwinds (FX and one-offs) are visible
- The spin-off is a strong catalyst, but investors need evidence of cost control and timeline clarity
- Wait for Q1 2026 as the first read-through under the new segment structure
Recent news
- On 2 July SKF announced a China joint venture with Leaderdrive (SKF 60%) to make high-precision components for humanoid robot joints, targeted to be operational late 2026. Q2 results were released on 17 July: sales of SEK 23,195m and organic growth +1.4%, adjusted operating profit SEK 3,223m and margin 13.9% (above consensus), but cash flow was lower than last year and the full-year tax rate was raised; the share fell about 5–6% on the day, suggesting expectations had run ahead of the print.
Price & valuation
Last close
SEK 261
1 week
-1.4 %
3 months
+11.3 %
12 months
+10.5 %
From 52w high
-2.2 %
From 52w low
+23.6 %
Exchange
Stockholm
Type
Industrials
Sector
Industrial components (bearings, seals and industrial services)
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Firelda provides general information and analysis, not personal investment advice. Content does not consider your financial situation or goals. Investments can rise and fall in value. Always do your own research.