E 
96.48
+0.86%
Close of 9 Nov 2026, in SEK
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At a glance
Figures in SEK, from our data supplier.
Revenue
SEK 22.37bn
FY2016FY2025
Net income
SEK 5.96bn
FY2016FY2025
Free cash flow
−SEK 1.43bn
FY2016FY2025
Shareholders' equity
SEK 31.13bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 22.37bn | SEK 27.41bn | SEK 37.66bn | SEK 17.07bn | SEK 9.02bn | SEK 5.25bn | SEK 5.75bn | SEK 4.12bn | SEK 507.5m | SEK 301.9m |
| Research and development | — | — | SEK 2.38bn | SEK 1.04bn | — | — | — | — | — | — |
| Operating income | SEK 8.46bn | SEK 805.0m | SEK 554.0m | −SEK 1.15bn | SEK 270.3m | SEK 342.2m | SEK 574.6m | SEK 402.6m | SEK 188.4m | SEK 95.0m |
| Net income | SEK 5.96bn | −SEK 18.18bn | SEK 4.45bn | SEK 976.0m | SEK 287.0m | SEK 284.9m | SEK 397.4m | SEK 293.8m | SEK 139.2m | SEK 72.0m |
| Diluted earnings per share | 28.86 | -91.67 | 24.72 | 6.36 | 2.16 | 2.74 | 4.68 | 3.50 | 1.88 | 1.17 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SEK 42.13bn | SEK 95.70bn | SEK 116.07bn | SEK 92.42bn | SEK 33.75bn | SEK 10.64bn | SEK 8.61bn | SEK 6.40bn | SEK 1.33bn | SEK 464.9m |
| Cash and short-term investments | SEK 7.10bn | SEK 3.34bn | SEK 4.66bn | SEK 5.81bn | SEK 14.30bn | SEK 2.51bn | SEK 2.93bn | SEK 921.7m | SEK 626.5m | SEK 167.4m |
| Total liabilities | SEK 11.00bn | SEK 43.28bn | SEK 51.40bn | SEK 50.47bn | SEK 6.60bn | SEK 4.27bn | SEK 2.91bn | SEK 2.90bn | SEK 255.5m | SEK 119.8m |
| Debt | SEK 2.35bn | SEK 21.18bn | SEK 21.75bn | SEK 21.28bn | SEK 1.48bn | SEK 1.46bn | SEK 687.6m | — | SEK 109.8m | — |
| Shareholders' equity | SEK 31.13bn | SEK 52.42bn | SEK 64.67bn | SEK 41.95bn | SEK 27.15bn | SEK 6.37bn | SEK 5.70bn | SEK 3.50bn | SEK 1.07bn | SEK 345.1m |
| Shares outstanding | 207m | 198m | 180m | 154m | 133m | 104m | 85m | 84m | 74m | 61m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | SEK 2.32bn | SEK 4.49bn | SEK 5.38bn | SEK 4.07bn | SEK 3.90bn | SEK 1.73bn | SEK 1.36bn | SEK 579.2m | SEK 179.1m | SEK 99.2m |
| Capital spending | −SEK 3.74bn | −SEK 7.07bn | −SEK 7.00bn | −SEK 4.06bn | −SEK 2.21bn | −SEK 1.70bn | −SEK 1.48bn | — | −SEK 310.4m | −SEK 159.7m |
| Free cash flow | −SEK 1.43bn | −SEK 2.58bn | −SEK 1.61bn | SEK 9.0m | SEK 1.69bn | SEK 32.6m | −SEK 119.6m | SEK 579.2m | −SEK 131.3m | −SEK 60.5m |
| Dividends paid | — | — | — | — | — | — | — | — | — | −SEK 40.0m |
Latest quarters
By quarter end
| Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 5.18bn | SEK 3.85bn | SEK 3.35bn | SEK 5.39bn | SEK 7.36bn | SEK 8.55bn | SEK 7.93bn | SEK 8.88bn |
| Operating income | SEK 722.0m | SEK 118.0m | −SEK 195.0m | SEK 8.24bn | SEK 748.0m | SEK 538.0m | −SEK 849.0m | −SEK 13.15bn |
| Net income | SEK 1.44bn | −SEK 20.0m | −SEK 418.0m | SEK 7.54bn | SEK 995.0m | −SEK 391.0m | −SEK 2.18bn | −SEK 18.13bn |
| Diluted earnings per share | 6.29 | -0.09 | -1.86 | 50.21 | 4.32 | -1.74 | -9.76 | -144.92 |
| Total assets | SEK 34.80bn | SEK 39.71bn | SEK 41.02bn | SEK 42.13bn | SEK 89.86bn | SEK 85.69bn | SEK 87.65bn | SEK 95.70bn |
| Cash and short-term investments | SEK 4.88bn | SEK 6.13bn | SEK 6.88bn | SEK 7.10bn | SEK 3.04bn | SEK 4.05bn | SEK 3.20bn | SEK 3.34bn |
| Debt | SEK 1.45bn | SEK 1.28bn | SEK 895.0m | SEK 1.56bn | SEK 6.37bn | SEK 7.35bn | SEK 3.11bn | SEK 11.85bn |
| Shareholders' equity | SEK 26.04bn | SEK 30.31bn | SEK 30.56bn | SEK 31.13bn | SEK 50.72bn | SEK 48.07bn | SEK 49.26bn | SEK 52.42bn |
Financial ratios
Data as of 3 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | -45.2% | 15.8% | -48.6% | 16.7% | -19.6% | 8.3% | — | — |
| Net margin | -36.6% | 26.7% | -43.1% | 11.8% | -25.2% | 3.2% | — | — |
| Return on equity | -29.8% | 19.2% | -34.7% | 6.9% | -9.6% | 1.1% | — | — |
| Return on assets | -21.7% | 14.2% | -19.0% | 3.8% | -4.6% | 0.9% | — | — |
| Free cash flow yield | 30.1% | 39.9% | 77.2% | 64.7% | 42.8% | 47.2% | — | — |
| Revenue growth | -28.9% | -47.0% | 12.1% | 121.1% | 88.8% | 71.9% | — | — |
| Earnings growth | -197.6% | -132.8% | -508.1% | -203.8% | -1595.2% | 0.7% | — | — |
| Current ratio | 1.66x | 1.87x | 0.84x | 1.20x | 0.69x | 4.70x | — | — |
| Debt to equity | 0.07x | 0.06x | 0.38x | 0.32x | 0.33x | 0.04x | — | — |
| Equity ratio | 72.7% | 73.9% | 54.8% | 55.7% | 47.7% | 80.4% | — | — |
| Interest coverage | -55.71x | 5.38x | -12.10x | 6.82x | -7.85x | 9.88x | — | — |
| R&D as a share of sales | — | — | 7.3% | 6.3% | 6.1% | 8.7% | 10.5% | 6.6% |
| Buybacks as a share of market value | -0.5% | 8.2% | -3.3% | 1.8% | -50.6% | -7.9% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 9.4% | 33.6% | 59.3% |
| Operating income | — | 90.0% | 62.3% |
| Net income | 82.8% | 83.7% | 60.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 18.6% | 8.3% | 7.8% | 8.2% |
| Net margin | -24.5% | -6.5% | -5.2% | -4.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 2.1 | -1.1 | 3.6 | 13.5 | 80.9 | 64.9 | 13.7 | 12.5 | 12.7 | 8.5 |
| Price to sales | 0.6 | 0.7 | 0.4 | 0.8 | 2.6 | 3.5 | 0.9 | 0.9 | 3.5 | 2.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 6-to-1 reverse split · 15 Jan 2025
- 2-for-1 split · 29 Sept 2021
- 3-for-1 split · 7 Oct 2019
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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