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Ericsson

ERIC Technology Communication Equipment

Ericsson’s revenue for fiscal 2025 (year ended December 2025) was $24.2 billion, up 3.15% from fiscal 2024.

Revenue
−3.14%
EPS
−7.14%
Free cash flow
−89.2%
Total debt
−12.8%

Quarter to June 2026, against a year earlier

11.18 0.04 +0.36%
Market cap
$33.4B
P/E
14.3×
Fwd P/E
—
Dividend yield
2.86%
F-score
8/9
Altman Z
2.89
Beneish M
−2.53
Dividend safety
70/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 9.45%

Capital & Financial Ratios $m

Size
Market Cap 33,370.00
Revenue ttm 24,242.11
Net income ttm 2,549.37
Free cash flow ttm 3,083.92
Net debt Q (2,418.59)
Valuation
P/E 14.32
Forward P/E —
Price / sales 1.53
Forward P/S Powerpack
Price / FCF 12.00
Price / book 3.28
Financial health
Current ratio Q 1.12
Debt / equity Q 0.30 (at or below 0.5: strong)
Interest coverage Q 33.26
Growth
Revenue growth Q −3.14% (below 0%: shrinking)
Operating income growth Q −4.40% (below 0%: shrinking)
EPS, this year −35.86% (below 0%: weak)
EPS, next year A +9.56%
Revenue, next year A —
EPS, past 5 yrs +8.83%
EPS, next 5 yrs A −8.45% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.4×, against a ten-year median of 1.0×; over the ten years it ranged from 0.5× in 2016 to 1.7× in 2021.
P/E against its own 10 years 37.09%
10-year low 10-year high
P/S against its own 10 years 88.14%
10-year low 10-year high
P/B against its own 10 years 75.36%
10-year low 10-year high
EV/Sales against its own 10 years 88.40%
10-year low 10-year high
EV/FCF against its own 10 years 35.48%
10-year low 10-year high

Dividends raised 7 years running

Yield
2.86%
Annual rate
0.32
Payout ratio
41.0%
Growth, 2017–26
+12.4%/yr
  1. 0.11 ’17
  2. 0.12 ’18 +7%
  3. 0.11 ’19 −10%
  4. 0.16 ’20 +47%
  5. 0.23 ’21 +45%
  6. 0.25 ’22 +7%
  7. 0.25 ’23 +2%
  8. 0.26 ’24 +2%
  9. 0.29 ’25 +14%
  10. 0.32 ’26 +9%
paid

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 4,222 5,338 5,789 5,778
Receivables 6,237 6,038 5,736 5,774
Inventory 3,402 2,566 2,397 3,281
Other 754 655 749 878
14,615 14,597 14,671 15,712
2023 2024 2025 Q'26
Payables 2,619 2,854 2,691 3,089
ST’ Debt 1,665 581 362 1,011
Other 7,372 8,524 7,828 9,237
12,202 12,475 11,338 14,026

Compound Annual Growth %

10y 5y 3y
Sales (1.90%) (0.92%) (3.49%)
Cash Flow 3.25% 1.32% 3.26%
Earnings 6.09% 8.80% 16.12%
Book Value (4.30%) 3.95% (5.16%)

Earnings Trends EPS, adjusted, against the consensus

Sep 2026 Estimate 0.14 Actual 0.18

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Dec 2025 0.23 0.27 Beat by 0.04
Mar 2026 0.11 0.13 Beat by 0.02
Jun 2026 0.13 0.13 Met by 0.00
Sep 2026 0.14 0.18 Beat by 0.04
Dec 2026 0.23 — Reports 22 January 2027

EPS $

Mar Jun Sep Dec Year
’26 0.03 0.13 — — —
’25 0.12 0.14 0.35 0.27 0.87
’24 0.07 (0.31) 0.11 0.13 0.00
’23 0.04 (0.02) (0.85) 0.08 (0.75)
’22 0.09 0.14 0.15 0.17 0.56
’21 0.11 0.13 0.20 0.34 0.79
’20 0.07 0.08 0.18 0.26 0.57
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 5,397 5,627 — — —
’25 5,161 5,810 5,911 7,307 24,189
’24 5,125 5,590 5,932 6,803 23,449
’23 5,980 6,122 5,964 6,768 24,834
’22 5,897 6,359 6,457 8,197 26,910
’21 5,934 6,532 6,510 8,112 27,088
’20 5,154 5,747 6,483 7,947 25,331
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 810 187 — — —
’25 409 472 848 1,639 3,368
’24 488 853 1,419 1,616 4,376
’23 (557) (270) 151 1,353 677
’22 3 640 398 2,018 3,059
’21 382 705 1,674 1,793 4,555
’20 446 563 687 1,458 3,154
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 743 42 — — —
’25 315 388 770 1,529 3,002
’24 411 763 1,341 1,528 4,043
’23 (700) (395) 43 1,229 176
’22 (111) 514 277 1,789 2,469
’21 252 556 1,544 1,677 4,029
’20 306 411 539 1,346 2,603
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 26,023 23,613 24,267 24,039 25,331 27,088 26,910 24,834 23,449 24,189 24,242 (0.8%) — — — —
Gross margin, % 29.81 22.13 32.35 37.33 40.33 43.37 41.72 38.58 44.12 47.60 46.99 +17.8 pt
EBT 471 (4,613) (168) 927 2,966 3,411 2,439 (2,199) 245 3,914 3,450 +26.5%
EBT margin, % 1.81 (19.54) (0.69) 3.86 11.71 12.59 9.06 (8.85) 1.04 16.18 14.23 +14.4 pt
Net income 222 (4,113) (722) 195 1,921 2,679 1,894 (2,462) 35 2,935 2,549 +33.3%
Per share, $
Per share, $ Revenue 7.98 7.21 7.37 7.27 7.62 8.14 8.08 7.46 7.04 7.26 7.32 (1.0%)
Earnings 0.06 (1.26) (0.23) 0.07 0.57 0.80 0.56 (0.75) 0.00 0.87 0.78 +34.6%
Cash flow 0.50 0.34 0.33 0.54 0.95 1.37 0.92 0.20 1.31 1.01 1.05 +8.1%
Capex (0.36) (0.15) (0.16) (0.19) (0.17) (0.16) (0.18) (0.15) (0.10) (0.11) (0.12) (12.4%)
Free cash flow 0.14 0.19 0.17 0.35 0.78 1.21 0.74 0.05 1.21 0.90 0.93 +23.1%
Book value 5.03 3.59 3.07 2.62 2.79 3.75 3.97 2.76 2.64 3.38 3.38 (4.3%)
Shares, m 3,263 3,277 3,291 3,306 3,323 3,329 3,330 3,330 3,332 3,333 3,328 +0.2%
Valuation, ×
Valuation, × P/E 82.57 0.00 0.00 125.43 20.25 13.94 10.80 0.00 0.00 10.97 14.32 26.4
P/S 0.72 0.93 1.20 1.21 1.57 1.34 0.74 0.83 1.15 1.33 1.53 1.1
P/B 1.15 1.86 2.89 3.35 4.28 2.90 1.50 2.25 3.05 2.85 3.28 2.6
EV/Sales 0.62 0.88 1.15 1.15 1.48 1.18 0.68 0.84 1.07 1.23 1.43 1.0
EV/FCF 35.50 33.43 50.61 23.76 14.41 7.96 7.44 118.20 6.21 9.90 11.22 30.7
Cash, $m
Cash, $m Operating cash flow 1,638 1,126 1,075 1,785 3,154 4,555 3,059 677 4,376 3,368 3,484 +8.3%
Capex (1,184) (505) (526) (626) (551) (526) (589) (500) (333) (365) (400) (12.2%)
Free cash flow 454 621 550 1,159 2,603 4,029 2,469 176 4,043 3,002 3,084 +23.4%
Balance, $m
Balance, $m Working capital 9,470 6,714 5,784 3,925 3,867 5,580 2,793 2,413 2,122 3,333 1,686 (11.0%)
Net debt (2,759) (1,120) (1,368) (1,496) (2,210) (4,099) (1,403) 198 (1,740) (2,446) (2,419) (1.3%)
Shareholders’ equity 16,424 11,751 10,102 8,663 9,284 12,488 13,210 9,186 8,796 11,269 11,189 (4.1%)
Returns, %
Returns, % ROA 0.60 (12.97) (2.44) 0.78 6.48 8.11 5.28 (7.96) 0.01 10.34 8.76 +9.7 pt
ROIC 3.37 (26.29) 1.02 9.75 26.78 27.61 14.17 (12.77) 3.61 27.97 25.09 +24.6 pt
ROE 1.18 (29.32) (6.88) 2.51 21.24 24.31 14.44 (22.27) 0.02 28.96 0.00 +27.8 pt
People
People Employees 111,464 100,735 95,359 99,417 100,824 101,322 105,529 99,952 94,326 88,826 — (2.5%)
Revenue/emp, $m 0.23 0.23 0.25 0.24 0.25 0.27 0.26 0.25 0.25 0.27 — +1.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Ericsson vs peers in Communication Equipment (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
LITE Lumentum Holdings Inc. $83.3B — (loss-making) 39.4× +109.34% (above 0%: growing) n/m +1,870.30% (above 0%: growing) 47.43% 27.76% Compare
MSI Motorola Solutions, Inc. $81.4B 38.3× 35.6× +13.31% (above 0%: growing) +9.09% (above 0%: growing) +84.00% (above 0%: growing) 53.56% 25.82% Compare
HPE Hewlett Packard Enterprise Company $78.2B 27.4× 19.7× +33.68% (above 0%: growing) +438.10% (above 0%: growing) +20.63% (above 0%: growing) 40.11% 11.41% Compare
NOK Nokia Corporation $52.7B 4.6× — +8.48% (above 0%: growing) n/m −624.57% (below 0%: shrinking) 44.57% (1.04%) Compare
CIEN Ciena Corporation $49.6B 69.3× 55.3× +37.05% (above 0%: growing) +437.14% (above 0%: growing) −13.59% (below 0%: shrinking) 45.43% 18.02% Compare
UI Ubiquiti Inc. $36.7B 35.7× 28.0× +23.47% (above 0%: growing) +6.80% (above 0%: growing) +134.17% (above 0%: growing) 45.80% 36.27% Compare
ERIC Ericsson $33.4B 14.3× — −3.14% (below 0%: shrinking) −7.14% (below 0%: shrinking) −89.23% (below 0%: shrinking) 45.78% 11.24%
ZBRA Zebra Technologies Corporation $17.9B 32.7× 24.3× +20.42% (above 0%: growing) +122.27% (above 0%: growing) +52.31% (above 0%: growing) 52.99% 20.62% Compare
ASTS AST SpaceMobile, Inc. $16.8B — (loss-making) — (loss-making) +2,626.64% (above 0%: growing) n/m −103.37% (below 0%: shrinking) 25.23% (944.09%) Compare
Median of peers $51.1B 34.2× 31.8× +28.58% +122.27% +36.47% 45.62% 19.32%

All 46 Communication Equipment stocks →

Ericsson (ERIC) Latest News

29 Oct

Impact 4 · · TheStreet
Impact 4 · · Business Wire

27 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Business Wire
Impact 3 · · Simply Wall St.

26 Oct

Impact 3 · · PR Newswire

24 Oct

Impact 4 · · Simply Wall St.

22 Oct

Impact 4 · · Business Wire
Impact 4 · · CNW Group
Impact 3 · · Stocktwits

19 Oct

Impact 3 · · Zacks
Impact 3 · · PR Newswire

16 Oct

Impact 4 · · The Motley Fool
Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.

15 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby
Impact 4 · · PR Newswire
Impact 4 · · MarketBeat
Impact 4 · · Bloomberg
Impact 4 · · PR Newswire
Impact 3 · · The Motley Fool
Impact 3 · · Proactive Investors
Impact 3 · · PR Newswire
Impact 3 · · Investing.com
Impact 3 · · Associated Press

13 Oct

Impact 3 · · Zacks

12 Oct

Impact 3 · · Zacks
Impact 3 · · PR Newswire
stockrow.com/ERIC · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com