Cash flow Boliden AB

Equities

BOL

SE0020050417

Specialty Mining & Metals

Market Closed - Nasdaq Stockholm Other stock markets 17:00:00 15/05/2026 BST			5-day change	1st Jan Change
515.20 ^SEK	-5.57%		+0.47%	-

05-15	Boliden faces public short seller	FW
05-13	AlphaValue/Baader Europe: Boliden's Recent Sell-off Creates 'Attractive' Entry Point; Price Target Up	MT

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Published financial data: BOLIDEN AB

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	68.64B	86.44B	78.55B	89.21B	93.51B
Total Revenues	68.64B	86.44B	78.55B	89.21B	93.51B
Cost of Goods Sold, Total	55.71B	68.29B	67.82B	76.3B	77.72B
Gross Profit	12.93B	18.15B	10.74B	12.9B	15.79B
Selling General & Admin Expenses, Total	1.15B	1.68B	1.84B	2.04B	1.96B
R&D Expenses	965M	1.05B	1.15B	1.14B	1.29B
Other Operating Expenses	83M	64M	-403M	-81M	-47M
Other Operating Expenses, Total	2.2B	2.8B	2.59B	3.1B	3.2B
Operating Income	10.73B	15.35B	8.15B	9.81B	12.58B
Interest Expense, Total	-118M	-251M	-693M	-954M	-1.09B
Interest And Investment Income	1M	49M	204M	218M	158M
Net Interest Expenses	-117M	-202M	-489M	-736M	-934M
Income (Loss) On Equity Invest.	-	-	-1M	-	4M
Currency Exchange Gains (Loss)	209M	437M	-	257M	239M
Other Non Operating Income (Expenses)	-13M	-24M	-58M	-111M	-76M
EBT, Excl. Unusual Items	10.81B	15.56B	7.6B	9.22B	11.82B
Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) On Sale Of Assets	6M	-	-	-	19M
Insurance Settlements	6M	20M	-	3.34B	65M
Other Unusual Items	16M	19M	-	-	-
EBT, Incl. Unusual Items	10.84B	15.6B	7.6B	12.56B	11.9B
Income Tax Expense	2.14B	3.19B	1.53B	2.53B	2.49B
Earnings From Continuing Operations	8.7B	12.41B	6.07B	10.03B	9.41B
Net Income to Company	8.7B	12.41B	6.07B	10.03B	9.41B
Minority Interest	-4M	-1M	-1M	-4M	-5M
Net Income - (IS)	8.7B	12.41B	6.07B	10.02B	9.4B
Net Income to Common Incl Extra Items	8.7B	12.41B	6.07B	10.02B	9.4B
Net Income to Common Excl. Extra Items	8.7B	12.41B	6.07B	10.02B	9.4B
Per Share Items
Net EPS - Basic	31.81	45.37	22.2	36.65	33.39
Basic EPS - Continuing Operations	31.81	45.37	22.2	36.65	33.39
Basic Weighted Average Shares Outstanding	274M	274M	274M	273M	282M
Net EPS - Diluted	31.81	45.37	22.2	36.65	33.39
Diluted EPS - Continuing Operations	31.81	45.37	22.2	36.65	33.39
Diluted Weighted Average Shares Outstanding	274M	274M	274M	273M	282M
Normalized Basic EPS	24.69	35.56	17.36	21.05	26.21
Normalized Diluted EPS	24.69	35.56	17.36	21.05	26.21
Dividend Per Share	10.5	15	7.5	-	11
Payout Ratio	44.8	23.14	67.56	20.46	-
American Depositary Receipts Ratio (ADR)	2	2	2	2	2
Supplemental Items
EBITDA	16.27B	21.41B	14.28B	16.41B	21.15B
EBITA	10.75B	15.37B	8.16B	9.82B	12.6B
EBIT	10.73B	15.35B	8.15B	9.81B	12.58B
EBITDAR	16.83B	22.25B	15.42B	17.56B	22.27B
Effective Tax Rate - (Ratio)	19.7	20.45	20.08	20.14	20.94
Total Current Taxes	2.15B	3.24B	1.48B	1.77B	2.2B
Total Deferred Taxes	-18M	-51M	51M	758M	296M
Normalized Net Income	6.75B	9.73B	4.75B	5.76B	7.38B
Interest on Long-Term Debt	3M	4M	3M	6M	7M
Non-Cash Pension Expense	12M	7M	17M	24M	28M
Supplemental Operating Expense Items
Selling and Marketing Expenses	516M	651M	733M	756M	623M
General and Administrative Expenses	619M	1.01B	1.08B	1.26B	1.3B
Research And Development Expense From Footnotes	978M	1.07B	1.18B	1.18B	1.34B
Net Rental Expense, Total	562M	839M	1.13B	1.15B	1.12B
Imputed Operating Lease Interest Expense	86.15M	194M	487M	565M	484M
Imputed Operating Lease Depreciation	476M	645M	646M	585M	633M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	8.25B	12.16B	4.98B	7.05B	9.24B
Total Cash And Short Term Investments	8.25B	12.16B	4.98B	7.05B	9.24B
Accounts Receivable, Total	2.87B	3.83B	3.96B	5.56B	5.56B
Other Receivables	891M	1.12B	1.55B	3.01B	1.97B
Notes Receivable	-	-	-	-	-
Total Receivables	3.76B	4.95B	5.52B	8.57B	7.53B
Inventory	18B	22.28B	21.99B	22B	24.08B
Prepaid Expenses	182M	367M	293M	357M	209M
Other Current Assets, Total	161M	171M	318M	475M	407M
Total Current Assets	30.36B	39.93B	33.09B	38.45B	41.46B
Gross Property Plant And Equipment	103B	116B	130B	146B	173B
Accumulated Depreciation	-57.22B	-64.3B	-65.26B	-71.69B	-80.92B
Net Property Plant And Equipment	45.91B	52.04B	64.62B	73.82B	92B
Long-term Investments	15M	15M	13M	15M	20M
Goodwill	3.15B	3.3B	3.24B	3.28B	3.15B
Other Intangibles, Total	305M	60M	49M	40M	29M
Deferred Tax Assets Long-Term	174M	116M	136M	234M	103M
Deferred Charges Long-Term	158M	178M	248M	148M	5.77B
Other Long-Term Assets, Total	472M	750M	560M	208M	866M
Total Assets	80.55B	96.38B	102B	116B	143B
Liabilities
Accounts Payable, Total	8.81B	10.34B	10.92B	13.63B	14.17B
Accrued Expenses, Total	2.44B	2.84B	2.89B	3.5B	4.29B
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	-	350M	2.96B	4.86B	1.68B
Current Portion of Leases	38M	64M	50M	151M	152M
Current Income Taxes Payable	233M	728M	410M	291M	1.35B
Unearned Revenue Current, Total	-	-	-	-	378M
Other Current Liabilities	926M	1.52B	1.17B	650M	2.39B
Total Current Liabilities	12.44B	15.83B	18.4B	23.07B	24.4B
Long-Term Debt	5.99B	10.64B	11.46B	11.2B	21.76B
Long-Term Leases	131M	139M	108M	299M	206M
Pension & Other Post Retirement Benefits	1.18B	953M	1.13B	1.21B	1.17B
Deferred Tax Liability Non Current	3.36B	3.34B	3.45B	4.33B	5.94B
Other Non Current Liabilities	6.56B	7.15B	10.99B	11.07B	13.38B
Total Liabilities	29.67B	38.05B	45.54B	51.18B	66.86B
Common Stock, Total	579M	579M	579M	579M	602M
Additional Paid In Capital	5.94B	5.94B	5.94B	5.94B	9.67B
Retained Earnings	44.28B	49.58B	48.4B	56.37B	65.62B
Comprehensive Income and Other	66M	2.21B	1.49B	2.1B	627M
Total Common Equity	50.87B	58.31B	56.4B	64.99B	76.51B
Minority Interest	15M	14M	15M	19M	24M
Total Equity	50.88B	58.32B	56.42B	65.01B	76.54B
Total Liabilities And Equity	80.55B	96.38B	102B	116B	143B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	274M	274M	273M	273M	284M
ECS Total Common Shares Outstanding	274M	274M	273M	273M	284M
Book Value / Share	185.97	213.19	206.25	237.66	269.45
Tangible Book Value	47.41B	54.96B	53.12B	61.68B	73.33B
Tangible Book Value Per Share	173.33	200.93	194.23	225.53	258.25
Total Debt	6.16B	11.19B	14.58B	16.51B	23.8B
Net Debt	-2.09B	-967M	9.6B	9.46B	14.56B
Debt Equivalent of Unfunded Proj. Benefit Obligation	1.05B	827M	994M	1.07B	990M
Debt Equivalent Oper. Leases	4.5B	6.71B	9.06B	9.2B	8.94B
Minority Interest, Total (Incl. Fin. Div)	15M	14M	15M	19M	24M
Equity Method Investments, Total	9M	10M	9M	9M	12M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	10.82B	11.81B	11.01B	12.63B	14.94B
Inventories - Work In Process, Total	4.81B	8.32B	7.76B	5.9B	4.85B
Inventories - Finished Goods, Total	2.37B	2.15B	3.21B	3.46B	4.29B
Buildings, Total	14.92B	15.94B	16.37B	18.74B	20.45B
Machinery, Total	59.97B	63.74B	68.43B	75.12B	89.69B
Full Time Employees	6K	6.12K	6.16K	6.27K	8.15K
Part Time Employees	-	-	-	105	154

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	8.7B	12.41B	6.07B	10.02B	9.4B
Depreciation & Amortization - CF	5.58B	5.86B	6.19B	6.71B	8.71B
Amortization of Goodwill and Intangible Assets - (CF)	15M	16M	17M	17M	16M
Impairment of Oil, Gas & Mineral Properties - (CF)	-	259M	-	-	-
Depreciation & Amortization, Total	5.6B	6.13B	6.21B	6.73B	8.73B
Amortization of Deferred Charges, Total - (CF)	25M	31M	37M	53M	54M
Other Operating Activities, Total	-457M	577M	-858M	-1.07B	-1.49B
Change In Accounts Receivable	1.21B	-1.24B	-706M	-2.89B	2.38B
Change In Inventories	-2.95B	-3.88B	738M	1.72B	889M
Change in Other Net Operating Assets	1.02B	2.37B	690M	3.09B	724M
Cash from Operations	13.14B	16.4B	12.18B	17.66B	20.69B
Capital Expenditure	-5.96B	-9.97B	-15.42B	-14.97B	-15.44B
Sale of Property, Plant, and Equipment	-	-	-	-	-
Cash Acquisitions	-	-	-	-	-14.39B
Divestitures	-	-	-	-	-
Sale (Purchase) of Intangible assets	-32M	-58M	-111M	-22M	-52M
Investment in Marketable and Equity Securities, Total	-6M	-41M	-5M	-8M	-51M
Other Investing Activities, Total	-1M	-	-1M	-	1M
Cash from Investing	-6B	-10.07B	-15.54B	-15B	-29.94B
Long-Term Debt Issued, Total	-	5.56B	9.23B	14.95B	29.32B
Total Debt Issued	-	5.56B	9.23B	14.95B	29.32B
Long-Term Debt Repaid, Total	-60M	-870M	-5.81B	-13.48B	-21.46B
Total Debt Repaid	-60M	-870M	-5.81B	-13.48B	-21.46B
Issuance of Common Stock	-	-	-	-	3.68B
Repurchase of Common Stock	-	-	-	-	-91M
Common Dividends Paid	-3.9B	-2.87B	-4.1B	-2.05B	-
Common & Preferred Stock Dividends Paid	-3.9B	-2.87B	-4.1B	-2.05B	-
Special Dividend Paid	-	-4.24B	-3.14B	-	-
Other Financing Activities, Total	1M	-1M	-	-	-1M
Cash from Financing	-3.96B	-2.42B	-3.83B	-590M	11.44B
Foreign Exchange Rate Adjustments	-	2M	-1M	1M	-6M
Miscellaneous Cash Flow Adjustments	-	-	1M	-1M	-
Net Change in Cash	3.19B	3.91B	-7.18B	2.07B	2.18B
Supplemental Items
Cash Interest Paid	114M	227M	674M	906M	1.02B
Cash Income Tax Paid (Refund)	1.86B	2.82B	1.76B	2.17B	1.45B
Levered Free Cash Flow	5B	2.92B	-5.01B	-3.28B	4.15B
Unlevered Free Cash Flow	5.07B	3.08B	-4.57B	-2.68B	4.83B
Change In Net Working Capital	1.27B	2.65B	380M	605M	-3.68B
Net Debt Issued / Repaid	-60M	4.69B	3.42B	1.46B	7.86B

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	8.77	10.85	5.14	5.62	6.06
Return on Total Capital	12.33	15.16	7.25	8.04	8.65
Return On Equity %	18.04	22.73	10.59	16.51	13.29
Return on Common Equity	18.03	22.73	10.59	16.51	13.29
Margin Analysis
Gross Profit Margin %	18.84	20.99	13.67	14.46	16.88
SG&A Margin	1.67	1.95	2.34	2.29	2.09
EBITDA Margin %	23.7	24.77	18.18	18.4	22.62
EBITA Margin %	15.66	17.78	10.39	11.01	13.47
EBIT Margin %	15.64	17.76	10.37	10.99	13.46
Income From Continuing Operations Margin %	12.68	14.36	7.73	11.24	10.06
Net Income Margin %	12.68	14.36	7.73	11.23	10.06
Net Avail. For Common Margin %	12.68	14.36	7.73	11.23	10.06
Normalized Net Income Margin	9.84	11.25	6.05	6.45	7.89
Levered Free Cash Flow Margin	7.29	3.38	-6.37	-3.67	4.44
Unlevered Free Cash Flow Margin	7.39	3.56	-5.82	-3.01	5.17
Asset Turnover
Asset Turnover	0.9	0.98	0.79	0.82	0.72
Fixed Assets Turnover	1.53	1.76	1.35	1.29	1.13
Receivables Turnover (Average Receivables)	21.11	25.79	20.16	18.73	16.82
Inventory Turnover (Average Inventory)	3.46	3.39	3.06	3.47	3.37
Short Term Liquidity
Current Ratio	2.44	2.52	1.8	1.67	1.7
Quick Ratio	0.97	1.08	0.57	0.68	0.69
Operating Cash Flow to Current Liabilities	1.06	1.04	0.66	0.77	0.85
Days Sales Outstanding (Average Receivables)	17.29	14.15	18.11	19.54	21.7
Days Outstanding Inventory (Average Inventory)	105.62	107.64	119.12	105.49	108.2
Average Days Payable Outstanding	47.32	48.15	57.43	58.85	63.57
Cash Conversion Cycle (Average Days)	75.59	73.64	79.8	66.19	66.33
Long Term Solvency
Total Debt/Equity	12.11	19.19	25.85	25.39	31.09
Total Debt / Total Capital	10.8	16.1	20.54	20.25	23.72
LT Debt/Equity	12.04	18.48	20.51	17.69	28.7
Long-Term Debt / Total Capital	10.74	15.5	16.3	14.11	21.89
Total Liabilities / Total Assets	36.83	39.48	44.66	44.05	46.63
EBIT / Interest Expense	90.96	61.16	11.76	10.28	11.52
EBITDA / Interest Expense	138.38	85.59	20.72	17.33	19.51
(EBITDA - Capex) / Interest Expense	87.9	45.87	-1.53	1.65	5.37
Total Debt / EBITDA	0.38	0.52	1.02	1	1.12
Net Debt / EBITDA	-0.13	-0.05	0.67	0.57	0.68
Total Debt / (EBITDA - Capex)	0.59	0.97	-13.72	10.51	4.06
Net Debt / (EBITDA - Capex)	-0.2	-0.08	-9.03	6.02	2.48
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	21.87	25.94	-9.12	13.56	4.82
Gross Profit, 1 Yr. Growth %	19.67	40.35	-40.83	20.16	22.36
EBITDA, 1 Yr. Growth %	14.71	31.61	-33.29	18.32	28.91
EBITA, 1 Yr. Growth %	25.03	42.98	-46.87	26.73	28.27
EBIT, 1 Yr. Growth %	25.12	43.04	-46.93	26.79	28.33
Earnings From Cont. Operations, 1 Yr. Growth %	28	42.57	-51.06	65.06	-6.15
Net Income, 1 Yr. Growth %	27.97	42.63	-51.06	65.03	-6.17
Normalized Net Income, 1 Yr. Growth %	27.05	44.01	-51.17	24.57	28.22
Diluted EPS Before Extra, 1 Yr. Growth %	27.97	42.63	-51.06	65.04	-8.89
Accounts Receivable, 1 Yr. Growth %	-20.88	33.31	3.5	40.34	-0.09
Inventory, 1 Yr. Growth %	26.42	23.77	-1.31	0.06	9.45
Net Property, Plant and Equip., 1 Yr. Growth %	5.29	13.33	24.18	14.23	24.63
Total Assets, 1 Yr. Growth %	11.11	19.65	5.79	13.96	23.41
Tangible Book Value, 1 Yr. Growth %	12.23	15.92	-3.35	16.12	18.9
Common Equity, 1 Yr. Growth %	11.49	14.64	-3.27	15.23	17.73
Cash From Operations, 1 Yr. Growth %	16.78	24.76	-25.7	44.95	17.14
Capital Expenditures, 1 Yr. Growth %	-4.78	67.37	54.66	-2.94	3.19
Levered Free Cash Flow, 1 Yr. Growth %	49.35	-41.54	-271.24	-37.74	-226.64
Unlevered Free Cash Flow, 1 Yr. Growth %	48.31	-39.3	-248.46	-44.5	-280.25
Dividend Per Share, 1 Yr. Growth %	27.27	42.86	-50	-	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	17.24	23.88	6.98	1.59	9.1
Gross Profit, 2 Yr. CAGR %	17.2	29.6	-8.87	-15.68	21.26
EBITDA, 2 Yr. CAGR %	15.29	22.87	-6.3	-12.45	23.5
EBITA, 2 Yr. CAGR %	21.61	33.71	-12.84	-20.05	27.5
EBIT, 2 Yr. CAGR %	21.68	33.78	-12.87	-20.08	27.56
Earnings From Cont. Operations, 2 Yr. CAGR %	22.64	35.09	-16.47	-10.12	24.46
Net Income, 2 Yr. CAGR %	22.63	35.1	-16.46	-10.13	24.44
Normalized Net Income, 2 Yr. CAGR %	21.68	35.27	-16.14	-23.07	26.38
Diluted EPS Before Extra, 2 Yr. CAGR %	22.64	35.1	-16.45	-10.13	22.63
Accounts Receivable, 2 Yr. CAGR %	16.44	2.7	17.46	20.52	18.41
Inventory, 2 Yr. CAGR %	16.5	25.09	10.52	-0.63	4.65
Net Property, Plant and Equip., 2 Yr. CAGR %	2.16	9.24	18.63	19.1	19.32
Total Assets, 2 Yr. CAGR %	10.12	15.3	12.51	9.8	18.59
Tangible Book Value, 2 Yr. CAGR %	11.83	14.06	5.85	5.94	17.5
Common Equity, 2 Yr. CAGR %	10.81	13.05	5.3	5.57	16.47
Cash From Operations, 2 Yr. CAGR %	17.99	20.7	-3.73	3.77	30.3
Capital Expenditures, 2 Yr. CAGR %	-17.68	26.24	60.89	22.52	0.07
Levered Free Cash Flow, 2 Yr. CAGR %	101.44	-6.56	0.05	5.89	-11.21
Unlevered Free Cash Flow, 2 Yr. CAGR %	110.02	-5.12	-5.07	-6.7	0.02
Dividend Per Share, 2 Yr. CAGR %	22.47	34.84	-15.48	-	21.11
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	9.38	20.07	11.73	9.13	2.66
Gross Profit, 3 Yr. CAGR %	6.54	24.45	-0.21	-0.07	-4.54
EBITDA, 3 Yr. CAGR %	6.08	20.49	0.24	0.29	-0.4
EBITA, 3 Yr. CAGR %	7.09	28.35	-1.7	-2.96	-6.41
EBIT, 3 Yr. CAGR %	7.12	28.42	-1.7	-2.97	-6.41
Earnings From Cont. Operations, 3 Yr. CAGR %	6.53	28.95	-3.7	4.82	-8.82
Net Income, 3 Yr. CAGR %	6.53	28.96	-3.69	4.82	-8.83
Normalized Net Income, 3 Yr. CAGR %	7.36	28.71	-3.69	-5.19	-8.79
Diluted EPS Before Extra, 3 Yr. CAGR %	6.52	28.97	-3.69	4.83	-9.72
Accounts Receivable, 3 Yr. CAGR %	15.51	21.81	2.97	24.64	13.22
Inventory, 3 Yr. CAGR %	20.23	18.87	15.59	6.92	2.62
Net Property, Plant and Equip., 3 Yr. CAGR %	5.7	5.76	14.01	17.15	20.92
Total Assets, 3 Yr. CAGR %	11.11	13.21	12.04	12.99	14.16
Tangible Book Value, 3 Yr. CAGR %	10.11	13.18	7.93	9.17	10.09
Common Equity, 3 Yr. CAGR %	9.26	12.07	7.33	8.51	9.48
Cash From Operations, 3 Yr. CAGR %	3.75	20.2	2.68	10.34	8.05
Capital Expenditures, 3 Yr. CAGR %	-0.81	4.29	35.08	35.94	15.7
Levered Free Cash Flow, 3 Yr. CAGR %	9.58	33.37	14.35	-13.13	12.4
Unlevered Free Cash Flow, 3 Yr. CAGR %	9.38	38.86	10.15	-19.15	16.2
Dividend Per Share, 3 Yr. CAGR %	6.27	28.92	-3.13	-	-9.82
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	11.23	11.78	8.41	12.3	10.67
Gross Profit, 5 Yr. CAGR %	12.58	11.47	0.08	6.51	7.88
EBITDA, 5 Yr. CAGR %	10.94	9.8	0.94	6.04	8.33
EBITA, 5 Yr. CAGR %	14.21	11.62	-1.38	6.21	7.95
EBIT, 5 Yr. CAGR %	14.24	11.64	-1.37	6.23	7.97
Earnings From Cont. Operations, 5 Yr. CAGR %	15.47	12.6	-3.35	11.61	6.71
Net Income, 5 Yr. CAGR %	15.48	12.61	-3.34	11.61	6.7
Normalized Net Income, 5 Yr. CAGR %	15.09	12.27	-2.74	4.76	6.78
Diluted EPS Before Extra, 5 Yr. CAGR %	15.48	12.61	-3.34	11.62	6.08
Accounts Receivable, 5 Yr. CAGR %	7.33	10.51	16.29	21.29	8.89
Inventory, 5 Yr. CAGR %	12.3	18.59	16.25	10.65	11.08
Net Property, Plant and Equip., 5 Yr. CAGR %	5.67	7.46	10.7	10.91	16.1
Total Assets, 5 Yr. CAGR %	8.38	11.52	11.66	11.83	14.62
Tangible Book Value, 5 Yr. CAGR %	12.78	11.67	8.39	10.22	11.66
Common Equity, 5 Yr. CAGR %	11.6	10.72	7.66	9.42	10.89
Cash From Operations, 5 Yr. CAGR %	13.45	5.18	0.7	13.34	12.94
Capital Expenditures, 5 Yr. CAGR %	8.43	12.33	20.36	11.23	19.81
Levered Free Cash Flow, 5 Yr. CAGR %	16.83	-11.64	5.66	21.61	4.39
Unlevered Free Cash Flow, 5 Yr. CAGR %	16.45	-11.05	3.35	18.44	7.15
Dividend Per Share, 5 Yr. CAGR %	14.87	12.7	-3.04	-	5.92