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Financial targets

Sandvik has long-term financial targets focusing on growth, profitability, financial position and dividend.

Growth 7%


A growth of 7 percent through a business cycle, organically and through acquisitions.

Outcome 2023: 9%

A revenue growth (CAGR vs 2019) of 9 percent. In 2023, total growth at fixed exchange rates was 9 percent, of which organic growth was 6 percent. Revenue growth was 12 percent over a three-year period and 7 percent over a five-year period.

Read about how our solid financial position supports our shift to growth

EBITA margin range 20–22%


An adjusted EBITA margin range through a business cycle of 20–22 percent.

Outcome 2023: 20.0%

The adjusted EBITA margin amounted to 20.0 percent (20.0), in line with the target.

Read more about how we will achieve our trough EBIT margin target

Financial net debt/EBITDA <1.5


A financial net debt/EBITDA ratio (excluding transformational M&As) below 1.5.

Outcome 2023: 1.2

The target was achieved as the financial net debt/EBITDA ratio was 1.2.

Read more about debt and funding strategy

Dividend payout ratio* 50%


A dividend payout ratio of 50 percent of earnings per share, adjusted for items affecting comparability, through a business cycle.

Outcome 2023: 43%

A solid performance in 2022 resulted in a proposed dividend of SEK 6.3 billion A dividend payout ratio of 50 percent of earnings per share, adjusted for items affecting comparability, through a business cycle.

Read more about our commitment to generating maximum shareholder value

Target outcomes are 2023 results. All figures except financial net debt/EBITDA are excluding Alleima and other operations for previous years.

*The dividend payout ratio is only related to cash dividends and does not consider the distributed value from Alleima to shareholders in 2022. The ratio is calculated on adjusted earnings per share, diluted, for the total Group for all years except 2022 when it excludes earnings related to Alleima.

Sustainability targets

We have set sustainability goals in selected focus areas and we report on KPIs for our operations to track progress towards targets. In addition to our own operations, we also work with customers and suppliers to achieve the goals.

View our sustainability goals and progress

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