25 Biggest Nordic Companies

In this piece, we will take a look at the 25 biggest Nordic companies.

The Nordic countries refer to the nation states of Norway, Sweden, Finland, Denmark, and Iceland which are located in Northern Europe. They are among some of the most prosperous nations in the world, and have also made significant contributions to science and technology. Cumulatively, the Nordic countries have a $1.8 trillion GDP in purchasing power parity terms, with Sweden being the largest with its $684 billion GDP and Iceland being the smallest with a $24 billion GDP. The countries rely on both their natural resources and high technology companies to fuel their economic growth.

For instance, Norway is known for having large state owned enterprises and significant petroleum exports through which it earns a huge amount of foreign exchange. The country’s largest company is Equinor ASA (NYSE:EQNR), which is an oil company that has a market capitalization larger than several other Norwegian firms that follow it (for all of Norway’s biggest companies, take a look at 20 Biggest Norwegian Companies by Market Cap). On the other hand, most of Sweden’s companies are fully private and the public sector plays an insignificant role in the corporate sector. Some famous Swedish firms are Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC), Volvo Car AB (publ.) (OTCMKTS:VOLVY), and IKEA.

Similarly, Denmark is known all over the globe for its renowned biotechnology firms such as Novozymes A/S (OTCMKTS:NVZMY) and Novo Nordisk A/S (NYSE:NVO), while Iceland relies on primary products such as fish to earn most of its foreign exchange. Finland too is famous for some companies, with the most popular one being Nokia – a firm that reigned supreme in the personal communications equipment market before Apple Inc.’s (NASDAQ:AAPL) iPhone changed everything.

The Nordic countries are a diverse bunch, which focus on all kinds of resources, products, and companies for their growth. Yet, while Equinor might be Norway’s largest company, another smaller startup that you might have heard of lately is Boost.ai, a conversational AI platform that is used by several large companies such as Deloitte. Chatbot startups are in the limelight these days, especially after the launch of ChatGPT.

Our Methodology

We took a look at all Nordic companies to sift out the largest through their market capitalization. Exchange rates are of market close on December 29, 2022.

Biggest Nordic Companies

25. NIBE Industrier AB (publ) (STO:NIBE-B.ST)

Market Capitalization as of December 29, 2022: $19.4 billion

NIBE Industrier AB (publ) (STO:NIBE-B.ST) is an industrials company that primarily provides products to the construction industry. It has operations in Europe and North America. The firm was set up in 1939 and is headquartered in Markaryd, Sweden.

24.Telefonaktiebolaget LM Ericsson (publ) (NASDQ:ERIC)

Market Capitalization as of December 29, 2022: $19.86 billion

Telefonaktiebolaget LM Ericsson (publ) (NASDQ:ERIC) is a Swedish telecommunications company that is headquartered in Stockholm. The firm provides radio access network products, infrastructure solutions, and software products. It was set up in 1876.

23. Svenska Handelsbanken AB (publ) (FRA:SVHH.F)

Market Capitalization as of December 29, 2022: $19.97 billion

Svenska Handelsbanken AB (publ) (FRA:SVHH.F) is a Swedish bank that was set up in 1871. It offers accounts, loans, pensions, and other products. The firm has hundreds of branches all over the globe in countries such as the U.S., China, Germany, France, Poland, and Luxembourg.

22. Evolution AB (publ) (STO:EVO.ST)

Market Capitalization as of December 29, 2022: $20.65 billion

Evolution AB (publ) (STO:EVO.ST) is a gaming company that live streams poker and other casino games such as Craps and Baccarat to allow users to place bets. The firm is based in Stockholm, Sweden, and it was founded in 2006.

21. Epiroc AB (publ) (STO:EPI-A.ST)

Market Capitalization as of December 29, 2022: $21.32 billion

Epiroc AB (publ) (STO:EPI-A.ST) is a construction and agricultural equipment firm. It caters to the needs of heavy construction, by providing products for excavation, drilling, and other operations. The company was founded in 1873 and is based in Nacka, Sweden.

20. Sandvik AB (publ) (STO:SAND.ST)

Market Capitalization as of December 29, 2022: $22.66 billion

Sandvik AB (publ) (STO:SAND.ST) provides mining, excavation, machining, and other heavy industrial use products. The firm serves several different industries such as nuclear, mining, construction, and oil and gas exploration. It is based in Stockholm, Sweden.

19. ASSA ABLOY AB (publ) (OTCMKTS:ASAZF)

Market Capitalization as of December 29, 2022: $23.95 billion

ASSA ABLOY AB (publ) (OTCMKTS:ASAZF) is a diversified door and security company that makes and sells locks, door frames, fire doors, and biometric identity management products. The firm was set up in 1954 and it is based in Stockholm, Sweden.

18. Coloplast A/S (FRA:CBHD.F)

Market Capitalization as of December 29, 2022: $24.52 billion

Coloplast A/S (FRA:CBHD.F) is a healthcare company with operations in several different countries such as the U.S., U.K., and France. Naturally, it is a Danish company, and the firm is primary involved in providing intimate healthcare products for problems such as incontinence.

17. Skandinaviska Enskilda Banken AB (publ) (FRA:SEBA.F)

Market Capitalization as of December 29, 2022: $24.91 billion

Skandinaviska Enskilda Banken AB (publ) (FRA:SEBA.F) is a Swedish bank that was set up in 1856 and is based in Stockholm. The firm serves the needs of retail, corporate, and institutional customers and also provides services to the real estate sector. Additionally, it also has a venture capital division.

16. EQT AB (publ) (STO:EQT.ST)

Market Capitalization as of December 29, 2022: $25.15 billion

EQT AB (publ) (STO:EQT.ST) is an asset management company. It invests in different areas such as venture capital, real estate, and private equity. The firm has $100 billion of assets under management and it is based in Stockholm, Sweden.

15. Nokia Oyj (NYSE:NOK)

Market Capitalization as of December 29, 2022: $26 billion

Nokia Oyj (NYSE:NOK) is a renowned Finnish telecommunications company that was set up in 1865. The firm sells smartphones under its own brand and other products such as cell tower equipment.

24 of the 920 hedge funds polled by Insider Monkey had bought Nokia Oyj (NYSE:NOK)’s shares during Q3 2022.

Nokia Oyj (NYSE:NOK)’s largest investor is Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital which owns 20 million shares that are worth $86 million.

14. KONE Oyj (HEL:KNEBV.HE)

Market Capitalization as of December 29, 2022: $26.83 billion

KONE Oyj (HEL:KNEBV.HE) is an industrial equipment company that sells products such as elevators, excavators, building doors, monitoring systems, communications systems, and maintenance solutions. It is based in Espoo, Finland.

13. Sampo Oyj (HEL:SAMPO.HE)

Market Capitalization as of December 29, 2022: $27.04 billion

Sampo Oyj (HEL:SAMPO.HE) is an insurance company that is based in Helsinki, Finland. It provides several different kinds of insurance products, such as accidental coverage, life, illness, workers’ compensation, marine, and property.

12. Hexagon AB (publ) (OTCMKTS:HXGBF)

Market Capitalization as of December 29, 2022: $28.34 billion

Hexagon AB (publ) (OTCMKTS:HXGBF) is a technology company that provides products to a host of different industries such as aerospace, natural resources, construction, and surveying. The firm was set up in 1975, and it is headquartered in Stockholm, Sweden.

11. Genmab A/S (NASDAQ:GMAB)

Market Capitalization as of December 29, 2022: $28.3 billion

Genmab A/S (NASDAQ:GMAB) is another Danish biotechnology firm. It develops treatments for several kinds of cancers such as skin cancer, blood cancer, gastric cancer, and solid tumors.

By the end of Q3 2022, 12 of the 920 hedge funds polled by Insider Monkey had bought Genmab A/S (NASDAQ:GMAB)’s shares.

Genmab A/S (NASDAQ:GMAB)’s largest investor is Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital which owns 1.4 million shares that are worth $47 million.

10. Vestas Wind Systems A/S (FRA:VWSB.F)

Market Capitalization as of December 29, 2022: $28.68 billion

Vestas Wind Systems A/S (FRA:VWSB.F) is a Danish firm that is one of the world’s premier suppliers of wind power generation products. The company’s products include wind turbines and spare parts for its products. It is based in Aarhus, Denmark.

9. DNB Bank ASA (OSE:DNB.OL)

Market Capitalization as of December 29, 2022: $30.23 billion

DNB Bank ASA (OSE:DNB.OL) is an old Norwegian bank that was set up in 1822. The firm is owned by the Norwegian government, and it is the largest bank in the country. It is based in Oslo, Norway.

8. DSV A/S (CPH:DSV.VI)

Market Capitalization as of December 29, 2022: $34 billion

DSV A/S (CPH:DSV.VI) is an industrials company that is headquartered in Denmark. The firm provides air, rail, road, and sea freight services. These cover all kinds of shipping items ranging from containers to groupage and document handling.

7. Neste Oyj (HEL:NESTE.HE)

Market Capitalization as of December 29, 2022: $35.78 billion

Neste Oyj (HEL:NESTE.HE) is a Finnish oil and gas exploration and production company. The company has several different divisions. Out of these, the conventional segment sells diesel, gasoline, aviation fuel, heavy fuel oils, bitumen, and other products. the renewable segment sells biodiesel and renewable jet fuels. Neste Oyj (HEL:NESTE.HE) has operations all over the world, including Europe, other Nordic countries, and the Americas.

6. AB Volvo (publ) (OTCMKTS:VOLVF)

Market Capitalization as of December 29, 2022: $37.44 billion

AB Volvo (publ) (OTCMKTS:VOLVF) is one of the most renowned car companies in the world. While it doesn’t sell cars anymore, it has strong roots in the automobile business that sees it sell a wide variety of products such as trucks, buses, engines, and construction equipment all over the world. AB Volvo (publ) (OTCMKTS:VOLVF) is headquartered in Gothenburg, Sweden, and was set up in 1915.

5. Ørsted A/S (OTCMKTS:DOGEF)

Market Capitalization as of December 29, 2022: $37.45 billion

Ørsted A/S (OTCMKTS:DOGEF) is a renewable energy company that is headquartered in Denmark. The firm focuses its efforts on developing wind and solar power plants, energy storage facilities, and power generation from biogas. It has operations all over the world, including countries such as Germany, Denmark, Taiwan, the United States, and Japan. Ørsted A/S (OTCMKTS:DOGEF) operates both onshore and offshore wind and solar power plants. The firm was set up in 1972.

4. Investor AB (publ) (FRA:IVS.F)

Market Capitalization as of December 29, 2022: $56.50 billion

Investor AB (publ) (FRA:IVS.F, as the name suggests, is a financial services firm. It is the largest publicly traded venture capital firm in Sweden and is headquartered in Stockholm. Investor AB (publ) (FRA:IVS.F) has operations in a host of different countries such as China, the U.S., and the Netherlands. It invests in financial technology, information technology, financial services, and health care. Additionally, the firm targets both startups and established companies that require additional capital to scale up growth.

3. Atlas Copco AB (STO:ATCO-B.ST)

Market Capitalization as of December 29, 2022: $55.65 billion

Atlas Copco AB (STO:ATCO-B.ST) is an industrial machinery company that is based in Nacka, Sweden. The firm’s primary customers are oil and gas, construction, manufacturing, demolition, and civil engineering firms. Its products include different kinds of compressors, vacuum and cryogenic pumps, blowers, assembly tools, adhesive dispensers, and software products. Atlas Copco AB (STO:ATCO-B.ST) operates through close to ten different subsidiaries, and its manufacturing facilities are located all over the world in countries including U.S., Germany, China, Japan, the U.K., and Czech Republic. Overall, it sells products in nearly every country out there, with sales in a total of 180 countries.

2. Equinor ASA (NYSE:EQNR)

Market Capitalization as of December 29, 2022: $115 billion

Equinor ASA (NYSE:EQNR) is a Norwegian state owned firm that is also the largest company in the country. It explores, produces, markets, and transports oil and gas products. The company also has its own refineries, alongside wind power plants and carbon capture storage projects. As of 2020, its proven oil reserves stood at 5.3 billion barrels. Equinor ASA (NYSE:EQNR) is headquartered in Stavanger, Norway.

By the end of this year’s third quarter, 17 of the 920 hedge funds polled by Insider Monkey had bought Equinor ASA (NYSE:EQNR)’s shares.

Out of these, Equinor ASA (NYSE:EQNR)’s largest hedge fund investor is Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital which owns 9.9 million shares that are worth $329 million.

1. Novo Nordisk A/S (NYSE:NVO)

Market Capitalization as of December 29, 2022: $299 billion

Novo Nordisk A/S (NYSE:NVO) is a Danish pharmaceutical giant. It is based in Bagsvaerd. The company primary sells treatments and medicine for obesity, diabetes, and growth disorders.

Insider Monkey took a look at 920 hedge fund portfolios and discovered that 40 had held a stake in Novo Nordisk A/S (NYSE:NVO) during Q3 2022.

Novo Nordisk A/S (NYSE:NVO)’s largest investor in our database is Jim Simons’ Renaissance Technologies which owns 15 million shares that are worth $1.5 billion.

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Disclosure: None. 25 Biggest Nordic Companies is originally published on Insider Monkey.