Securitas has built a reputation as a solid, value tilted security provider, yet coming into Q3 2026 earnings the stock had barely moved over 90 days and was up only about 4% over the past month. Then the Q3 release hit, with basic earnings per share at SEK 3.68 and net income at SEK 2.1b, and the share price finished Friday at SEK 156.50. The real story sits in the margin progress and earnings power that now put the company on a 12 month P/E of 12.7x, even as investors reacted cautiously on the day.
Like the earnings power Securitas is putting up but unsure whether a value tilted security provider is the right place for fresh capital right now? Compare this setup against a curated group of peers with stronger balance sheets and fundamentals using our list of solid balance sheet and fundamentals stocks (205 results) .
Q3 2026 Earnings Summary
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Revenue (Q3 2026 vs. Q3 2025):SEK 38,566m vs. SEK 38,521m (flat top line with a slight uptick)
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Net Income (Excl. Extra Items, Q3 2026 vs. Q3 2025):SEK 2,109m vs. SEK 625m (very large year-on-year increase)
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Basic EPS (Q3 2026 vs. Q3 2025):SEK 3.68 vs. SEK 1.09 (earnings per share increased by more than three times)
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Net Profit Margin (TTM, 2026 vs. 2025):4.7% vs. 3.2% (profitability ratio improved over the past year)
Technology & Solutions now make up 35% of Securitas' sales. Ask Charlie what drives Securitas' shift to intelligence-led security .
Securitas Bull Case: Tech Mix Is Finally Showing Up
The bullish story on Securitas hinges on whether higher margin, tech led services really change the earnings mix rather than just sounding attractive in presentations.
"Bullish analysts expect Securitas to keep shifting its revenue mix toward technology, AI and intelligence-led services such as Security Risk Management and data center solutions."
Q3 moves this from theory to partial proof. Technology & Solutions reached 35% of sales with 6% real growth and record installation order intake, while North America and Ibero America posted strong tech pipelines. At the same time, Aviation and Pinkerton issues show the legacy guarding and risk businesses still dilute that mix. The transition is underway but not complete.
That disagreement has a full argument behind it. → Uncover the higher Fair Value this Narrative argues for .
Securitas Bear Case: Contract Fragility Still Visible
The cautionary view argues that Securitas is building its tech pivot on a narrow base of large, fragile contracts.
"However, the existing exposure to large contracts and the recent contract loss in the risk management unit suggest that any slowdown or repricing in these concentrated accounts could quickly translate into weaker organic revenue and tighter net margins than current expectations assume."
Q3 results give this some backing. Pinkerton growth was held back by the loss of a large temporary deal, and European Solutions suffered from contract terminations. Aviation weakness linked to changed contract models and reduced hours shows how volume reductions and repricing still leak into margins, even with a higher Technology & Solutions mix.
Hunt Fresh Value Setups Now
Securitas shows how far narrative and share price can diverge in a single quarter. The real opportunity is in studying stocks that could be undervalued before any gap potentially narrows.
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Company 1 - 22% below our estimate - turns strong semiconductor equipment orders into higher margin service contracts as customers prioritize uptime and process stability.
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Company 2 - 23% below our estimate - shifts its mix toward elastomer components for high value healthcare uses as GLP-1 demand and capsule platforms expand.
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Company 3 - 20% below our estimate - builds earnings power around complex injectables, biosimilars and backward integrated APIs as new biologics capacity starts operating.
That is three of the list. See every one of the 193 undervalued companies on it →
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include SECU-B.ST .
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