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K

Karnov Group AB (publ) KAR.ST · SEK

Communication Services · Nasdaq Stockholm · 🇸🇪 Sweden

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81.50

0.00%

Close of 9 Nov 2026, in SEK

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At a glance

Figures in SEK, from our data supplier.

FY2025

Revenue

SEK 2.64bn

FY2016FY2025

Net income

SEK 970.8m

FY2016FY2025

Free cash flow

SEK 170.6m

FY2016FY2025

Shareholders' equity

SEK 3.25bn

FY2016FY2025

Income statement

Fiscal years

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
RevenueSEK 2.64bnSEK 2.59bnSEK 2.47bnSEK 1.11bnSEK 878.1mSEK 771.4mSEK 757.1mSEK 715.3mSEK 451.7mSEK 421.9m
Research and development——SEK 78.7mSEK 38.7mSEK 12.1mSEK 29.5mSEK 28.1mSEK 22.5mSEK 16.0m—
Operating incomeSEK 448.3mSEK 146.0mSEK 156.2mSEK 78.8mSEK 116.3mSEK 131.0mSEK 61.6mSEK 62.7mSEK 105.6mSEK 86.4m
Net incomeSEK 970.8m−SEK 33.1mSEK 38.2mSEK 59.9mSEK 84.9mSEK 99.9mSEK 2.6m−SEK 50.9mSEK 7.3m−SEK 84.6m
Diluted earnings per share8.98-0.310.350.560.791.020.03-0.520.07-0.87

Balance sheet

At each fiscal year end

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Total assetsSEK 7.38bnSEK 7.49bnSEK 6.93bnSEK 7.45bnSEK 4.52bnSEK 3.69bnSEK 3.40bnSEK 3.39bnSEK 2.40bnSEK 2.28bn
Cash and short-term investmentsSEK 931.8mSEK 402.8mSEK 450.6mSEK 671.2mSEK 951.5mSEK 552.9mSEK 52.0mSEK 201.8mSEK 93.9mSEK 131.8m
Total liabilitiesSEK 4.14bnSEK 5.12bnSEK 4.60bnSEK 5.13bnSEK 2.37bnSEK 2.14bnSEK 1.87bnSEK 2.77bnSEK 1.69bnSEK 1.61bn
DebtSEK 2.01bnSEK 2.87bnSEK 2.44bnSEK 2.75bnSEK 1.31bnSEK 1.30bnSEK 1.03bnSEK 1.44bnSEK 845.2mSEK 849.2m
Shareholders' equitySEK 3.25bnSEK 2.37bnSEK 2.34bnSEK 2.32bnSEK 2.15bnSEK 1.54bnSEK 1.53bnSEK 606.7mSEK 664.0mSEK 636.7m
Shares outstanding108m108m108m108m108m98m98m98m98m98m

Cash flow

Fiscal years

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash from operationsSEK 340.2mSEK 315.5mSEK 337.0mSEK 275.9mSEK 314.2mSEK 379.0mSEK 137.3mSEK 185.7mSEK 94.8mSEK 88.5m
Capital spending−SEK 169.6m−SEK 167.7m−SEK 163.0m−SEK 93.1m−SEK 63.4m−SEK 82.6m−SEK 124.6m−SEK 98.7m−SEK 53.5m−SEK 18.6m
Free cash flowSEK 170.6mSEK 147.8mSEK 174.0mSEK 182.9mSEK 250.8mSEK 296.4mSEK 12.7mSEK 87.0mSEK 41.2mSEK 69.9m
Dividends paid————−SEK 97.8m−SEK 44.0m−SEK 44.0m−SEK 44.0m−SEK 44.0m—

Latest quarters

By quarter end

Jun 2026Mar 2026Dec 2025Sept 2025Jun 2025Mar 2025Dec 2024Sept 2024
RevenueSEK 618.6mSEK 628.1mSEK 664.9mSEK 654.4mSEK 649.1mSEK 672.5mSEK 690.5mSEK 647.7m
Operating incomeSEK 100.1mSEK 94.9mSEK 895.7mSEK 88.7mSEK 47.0mSEK 91.6mSEK 43.6mSEK 23.1m
Net incomeSEK 37.9mSEK 58.7mSEK 842.1mSEK 43.4mSEK 7.9mSEK 77.4m−SEK 9.8m−SEK 12.3m
Diluted earnings per share0.370.577.790.400.070.72-0.09-0.11
Cash from operationsSEK 21.0mSEK 289.0mSEK 75.0m−SEK 11.0mSEK 9.0mSEK 266.0mSEK 209.0m−SEK 42.0m
Capital spending−SEK 90.0m−SEK 43.0m−SEK 53.0m−SEK 37.0m−SEK 43.0m−SEK 35.0m−SEK 46.0m—
Free cash flow−SEK 69.0mSEK 246.0mSEK 22.0m−SEK 48.0m−SEK 34.0mSEK 231.0mSEK 163.0m—
Total assetsSEK 6.74bnSEK 7.03bnSEK 7.38bnSEK 6.66bnSEK 6.89bnSEK 6.91bnSEK 7.49bnSEK 7.27bn
Cash and short-term investmentsSEK 182.9mSEK 505.3mSEK 931.8mSEK 44.9mSEK 88.2mSEK 139.9mSEK 402.8mSEK 370.7m
DebtSEK 151.1mSEK 2.03bnSEK 2.01bnSEK 2.16bnSEK 2.18bnSEK 2.12bnSEK 2.74bnSEK 2.69bn
Shareholders' equitySEK 2.57bnSEK 2.67bnSEK 3.25bnSEK 2.43bnSEK 2.40bnSEK 2.34bnSEK 2.37bnSEK 2.35bn

Financial ratios

Data as of 10 Oct 2026

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Operating margin17.0%6.3%7.5%7.2%13.8%18.5%——
Net margin36.8%-1.3%1.5%5.4%9.7%13.0%——
Return on equity29.9%-1.4%1.6%2.6%4.0%6.5%——
Return on assets13.1%-0.4%0.6%0.8%1.9%2.7%——
Free cash flow yield5.9%5.6%5.8%4.3%4.4%5.9%——
Revenue growth1.9%4.8%122.2%26.8%13.8%1.9%——
Earnings growth-3032.9%-186.6%-36.2%-29.5%-15.0%3711.6%——
Current ratio0.86x0.53x0.54x0.70x1.41x1.12x——
Debt to equity0.62x1.15x0.97x1.09x2.60x0.74x——
Equity ratio43.9%31.7%33.7%31.1%47.5%41.8%——
Interest coverage3.27x0.83x1.23x2.32x6.01x5.71x——
R&D as a share of sales——3.2%3.5%1.4%3.8%3.7%3.1%
Buybacks as a share of market value0.0%0.0%-0.2%0.2%-10.1%-0.2%——

Growth per year

Compound annual rate

3 years5 years10 years
Revenue31.5%33.9%—
Operating income78.5%27.9%—
Net income153.1%57.6%—

Valuation history

At each fiscal year end

FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Price to earnings11.2-268.8157.1105.285.358.5—
Price to sales4.33.72.65.710.710.09.5

Dividends and splits

Per share, in the currency the company pays

Paid for 0 years. Last went ex-dividend on 6 May 2021.

FY2021FY2020
Paid in the year1.000.45

Sources and methodology

Data on this tab
Our data supplier
Chart on the Overview
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