Hexagon AB is the Swedish measurement technology group that became the world's largest supplier of dimensional metrology hardware by buying the category rather than inventing it. Founded in 1975 and headquartered in Stockholm, the group reported operating net sales of EUR 5,426.5 million in fiscal 2025, up 2% organically, with adjusted operating earnings of EUR 1,474.9 million, a gross margin of 67.2% and EBITDA of EUR 1,978.8 million. Hexagon employs around 24,500 people across 50 countries, spends 12% to 15% of revenue on research, and reports two structural facts that explain its position: software and services are 44% of revenue, and recurring revenue is 28% — figures closer to a technology platform than an instrument manufacturer.
Strengths: Hexagon owns the widest measurement franchise in the industry, assembled largely since 2000 from a Stockholm conglomerate that had invested across unrelated industries. Its Manufacturing Intelligence division produces bridge, gantry and horizontal-arm coordinate measuring machines under the Brown & Sharpe and DEA names, Leica Absolute Tracker laser trackers, ROMER portable arms and the PC-DMIS and QUINDOS metrology software that thousands of shops already run — a platform position that makes switching suppliers a re-validation project rather than a purchase decision. The Geosystems division extends the same measurement competence outdoors through Leica Geosystems total stations, terrestrial scanners and GNSS, so Hexagon sells geometry across the full range from a machined feature to a construction site. Manufacturing is genuinely vertical: more than thirty manufacturing bases, with capability running from granite cutting and optical sensor packaging to linear encoder scale ruling, and its Qingdao campus in China operates as the group's largest CMM plant. Segment adjusted earnings of EUR 476.0 million in Manufacturing Intelligence and EUR 398.6 million in Geosystems show that measurement, not software, still pays the bills. The 2026 spin-off of the software business as Octave Intelligence plc sharpened that focus, and the acquisition of Waygate Technologies added industrial CT and non-destructive testing to a portfolio that previously measured only what a probe or camera could reach.
Weaknesses: Hexagon is a serial acquirer, and the resulting portfolio is genuinely difficult to run as one company — coordinate measuring machines, laser trackers, total stations, mining software and autonomous mining equipment sit under a single management team, and the divestment of the software division was itself an admission that the span had become unwieldy. Organic growth of 2% in fiscal 2025 is modest for a group of this scale, which suggests the acquisition engine rather than the installed base is doing the growing. The China exposure is the sharpest single risk: the Qingdao plant is the group's largest CMM facility, which makes it both a competitive asset and a concentration, at a time when export controls and localisation mandates are reshaping industrial demand. Leica Geosystems revenue is tied to construction and mining capital cycles, which is precisely the demand that weakened for Topcon and FARO in the same period.
The practical consequence of that mix is that Hexagon competes differently on each of the two pages of this ranking. As a brand it sells an integrated proposition — one vendor for the measuring machine, the tracker, the survey instrument and the software that reconciles them — which is attractive to a large manufacturer standardising quality systems across dozens of plants. As a manufacturer it is judged on whether it still owns the processes that make those instruments accurate, and on that test the group passes: its plants cut granite, package optical sensors and rule encoder scales rather than assembling purchased subsystems. The tension between the two positions is the acquisition strategy itself. Every deal that widened the portfolio also made the group harder to run, and the 2026 separation of the software business is the clearest signal that management has concluded the measurement core is worth more when it is not surrounded by unrelated software lines.
Founded
1975
Workforce
24,500
Facilities
32 global manufacturing and assembly sites across Sweden, Switzerland, Germany, the United States and China
Presence
Approximately 50 countries
HQ
Stockholm, Sweden
Market cap
$30 B
Market
STO: HEXA.B









