Financial Trends -- 7/10
Revenue YoY accelerating off the 2024 trough (-4.9% Q4'24 → +6.8% Q1'26). Gross margin
expanding ~+180bps over 2 years (17.4% FY23 → 19.2% FY25). Share count declining ~3%/yr.
FCF positive and growing strongly (+48% FY25). Docked from 8+ because adj op margin expansion
is modest (+60bps), quarterly margin choppy, and Q1 FCF seasonally negative and deteriorating.
No penalty modifiers.
Weight: 25%
Quarterly Performance (Q1 2024 -- Q1 2026)
| Quarter | Net Sales ($M) | YoY | Gross Margin | Adj Op Margin | FCF ($M) | Diluted EPS |
|---|---|---|---|---|---|---|
| Q1 2024 | $2,615 | +4.9% | 16.9% | — | ($18) | $1.52 |
| Q2 2024 | $2,605 | -1.1% | 18.2% | — | $194 | $1.71 |
| Q3 2024 | $2,555 | -1.6% | 18.0% | — | $32 | $1.74 |
| Q4 2024 | $2,616 | -4.9% | 21.1% | 13.4% | $288 | $3.07 |
| Q1 2025 | $2,578 | -1.4% | 18.5% | 9.9% | ($16) | $2.14 |
| Q2 2025 | $2,714 | +4.2% | 18.5% | 9.3% | $163 | $2.16 |
| Q3 2025 | $2,706 | +5.9% | 19.3% | 10.0% | $153 | $2.28 |
| Q4 2025 | $2,817 | +7.7% | 20.3% | 12.0% | $434 | $2.97 |
| Q1 2026 | $2,753 | +6.8% | 19.1% | 8.9% | ($159) | $1.88 |
Key Trends
Revenue accelerating off 2024 trough.
Quarterly YoY trajectory: -4.9% → -1.4% → +4.2% → +5.9% → +7.7% → +6.8%.
The inflection from negative to positive growth in Q2 2025 has been sustained for four consecutive
quarters. Gross margin expanded 180bps over two years (FY23 17.4% → FY25
19.2%).
Adj op margin expansion modest and choppy.
Full-year adj op margin improved +60bps (FY24 9.7% → FY25 10.3%), guided to 10.5-11% for FY26.
Quarterly margin swings remain wide -- Q4 2025 hit 12.0% while Q1 2026 dropped to 8.9%.
Annual Financial Summary (FY2021 -- FY2025, FYE December 31)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net Sales ($M) | 8,230 | 8,842 | 10,475 | 10,390 | 10,815 |
| Rev YoY | +10.5% | +7.4% | +18.5% | -0.8% | +4.1% |
| Gross Margin | 18.4% | 15.8% | 17.4% | 18.5% | 19.2% |
| Free Cash Flow ($M) | 300 | 228 | 414 | 497 | 734 |
| FCF YoY | -41% | -24% | +82% | +20% | +48% |
| Diluted EPS | $3.27 | $3.42 | $5.87 | $8.32 | $9.85 |
| Shares Outstanding (M) | 87.5 | 86.2 | 82.6 | 77.7 | 76.6 |
| Total Debt ($M) | 1,582 | 1,582 | 2,328 | 2,079 | 1,830 |
Autoliv reports under US GAAP in USD. Fiscal year ends December 31. All figures in
millions except per-share data and shares outstanding. Adj metrics exclude capacity
alignments, antitrust-related items, and related tax effects. No penalty modifiers apply.
Penalty / Modifier Assessment
No penalty modifiers apply. The 7/10 score reflects the balance of accelerating revenue and strong
FCF growth against modest adj op margin expansion (+60bps), quarterly margin choppiness, and
seasonally negative Q1 FCF that is deteriorating (-$18 Q1'24 → -$16 Q1'25 → -$159 Q1'26).
Daloopa (company_id: 11, FYE December 31). All figures linked to source records.