M 
Micro Systemation AB (publ) MSAB B.ST · SEK
Information Technology · Nasdaq Stockholm · 🇸🇪 Sweden
101.00
+2.02%
Close of 9 Nov 2026, in SEK
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At a glance
Figures in SEK, from our data supplier.
Revenue
SEK 461.8m
FY2016FY2025
Net income
SEK 49.2m
FY2016FY2025
Free cash flow
SEK 72.1m
FY2016FY2025
Shareholders' equity
SEK 150.2m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 461.8m | SEK 404.7m | SEK 416.9m | SEK 363.0m | SEK 333.0m | SEK 310.1m | SEK 307.6m | SEK 303.9m | SEK 301.8m | SEK 242.4m |
| Research and development | — | — | — | — | — | SEK 68.2m | SEK 68.4m | SEK 56.7m | SEK 51.3m | SEK 44.0m |
| Operating income | SEK 67.9m | SEK 46.3m | SEK 40.9m | SEK 18.8m | SEK 44.3m | SEK 22.8m | SEK 6.9m | SEK 32.6m | SEK 68.8m | SEK 58.4m |
| Net income | SEK 49.2m | SEK 37.4m | SEK 30.0m | SEK 17.1m | SEK 34.8m | SEK 16.3m | SEK 5.1m | SEK 27.7m | SEK 52.9m | SEK 45.2m |
| Diluted earnings per share | 2.66 | 2.02 | 1.67 | 0.93 | 1.89 | 0.88 | 0.28 | 1.50 | 2.87 | 2.46 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SEK 318.1m | SEK 287.0m | SEK 278.3m | SEK 288.8m | SEK 206.5m | SEK 188.7m | SEK 190.1m | SEK 192.5m | SEK 200.3m | SEK 179.3m |
| Cash and short-term investments | SEK 159.5m | SEK 138.2m | SEK 132.9m | SEK 104.4m | SEK 66.0m | SEK 101.3m | SEK 64.0m | SEK 98.8m | SEK 127.4m | SEK 123.2m |
| Total liabilities | SEK 167.8m | SEK 156.5m | SEK 162.4m | SEK 172.7m | SEK 115.8m | SEK 100.4m | SEK 114.1m | SEK 82.4m | SEK 85.6m | SEK 74.9m |
| Debt | SEK 16.2m | SEK 45.1m | SEK 45.6m | SEK 55.5m | SEK 9.9m | SEK 19.3m | SEK 28.3m | SEK 47.2m | SEK 47.8m | SEK 41.2m |
| Shareholders' equity | SEK 150.2m | SEK 130.4m | SEK 115.9m | SEK 116.1m | SEK 90.8m | SEK 88.3m | SEK 76.1m | SEK 110.1m | SEK 114.6m | SEK 104.4m |
| Shares outstanding | 18m | 18m | 18m | 18m | 18m | 19m | 19m | 19m | 18m | 18m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | SEK 101.8m | SEK 43.0m | SEK 75.0m | SEK 50.8m | SEK 10.2m | SEK 52.0m | SEK 17.8m | SEK 5.2m | SEK 47.9m | SEK 52.1m |
| Capital spending | −SEK 29.7m | −SEK 2.8m | −SEK 640,000 | −SEK 893,000 | −SEK 158,000 | −SEK 635,000 | −SEK 1.5m | −SEK 1.5m | −SEK 874,000 | −SEK 655,000 |
| Free cash flow | SEK 72.1m | SEK 40.2m | SEK 74.4m | SEK 49.9m | SEK 10.0m | SEK 51.4m | SEK 16.3m | SEK 3.7m | SEK 47.0m | SEK 51.5m |
| Dividends paid | −SEK 27.7m | −SEK 27.7m | −SEK 27.7m | — | −SEK 36.9m | −SEK 36.9m | −SEK 40.6m | −SEK 40.4m | −SEK 40.4m | −SEK 40.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 122.5m | SEK 101.2m | SEK 140.6m | SEK 146.6m | SEK 80.5m | SEK 94.1m | SEK 117.6m | SEK 115.2m |
| Operating income | SEK 12.6m | −SEK 7.3m | SEK 40.6m | SEK 45.7m | −SEK 17.5m | −SEK 1.2m | SEK 27.5m | SEK 31.0m |
| Net income | SEK 9.4m | −SEK 5.8m | SEK 31.2m | SEK 35.1m | −SEK 14.4m | −SEK 2.7m | SEK 24.4m | SEK 23.5m |
| Diluted earnings per share | 0.51 | -0.31 | 1.69 | 1.90 | -0.78 | -0.15 | 1.32 | 1.27 |
| Cash from operations | SEK 22.0m | SEK 1.0m | SEK 91.0m | SEK 3.0m | SEK 10.0m | −SEK 3.0m | SEK 24.0m | −SEK 1.0m |
| Capital spending | −SEK 2.0m | −SEK 13.0m | −SEK 2.0m | −SEK 2.0m | −SEK 24.0m | — | −SEK 2.0m | — |
| Free cash flow | SEK 20.0m | −SEK 12.0m | SEK 89.0m | SEK 1.0m | −SEK 14.0m | — | SEK 22.0m | — |
| Total assets | SEK 354.2m | SEK 374.5m | SEK 318.1m | SEK 282.1m | SEK 240.8m | SEK 270.4m | SEK 287.0m | SEK 275.9m |
| Cash and short-term investments | SEK 145.3m | SEK 145.6m | SEK 159.5m | SEK 85.8m | SEK 90.0m | SEK 127.0m | SEK 138.2m | SEK 126.0m |
| Debt | SEK 9.1m | SEK 9.1m | SEK 16.2m | SEK 39.3m | SEK 42.1m | SEK 45.9m | SEK 45.1m | SEK 41.2m |
| Shareholders' equity | SEK 142.5m | SEK 148.7m | SEK 150.2m | SEK 128.0m | SEK 92.5m | SEK 124.3m | SEK 130.4m | SEK 113.5m |
Financial ratios
Data as of 5 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | 15.3% | 12.3% | 9.8% | 5.2% | 13.4% | 7.4% | — | — | — | — | — |
| Net margin | 10.7% | 9.2% | 7.2% | 4.7% | 10.5% | 5.2% | — | — | — | — | — |
| Return on equity | 32.8% | 28.7% | 25.9% | 14.8% | 38.4% | 18.4% | — | — | — | — | — |
| Return on assets | 15.5% | 13.0% | 10.8% | 5.9% | 16.9% | 8.6% | — | — | — | — | — |
| Free cash flow yield | 7.0% | 2.4% | 4.1% | 2.7% | 0.6% | 2.8% | — | — | — | — | — |
| Revenue growth | 14.1% | -2.9% | 14.9% | 9.0% | 7.4% | 0.8% | — | — | — | — | — |
| Earnings growth | 31.6% | 24.6% | 75.1% | -50.8% | 114.1% | 219.2% | — | — | — | — | — |
| Current ratio | 1.76x | 1.93x | 1.76x | 1.74x | 1.68x | 1.78x | — | — | — | — | — |
| Debt to equity | 0.01x | 0.09x | 0.12x | 0.12x | 0.10x | -0.32x | — | — | — | — | — |
| Equity ratio | 47.2% | 45.5% | 41.6% | 40.2% | 44.0% | 46.8% | — | — | — | — | — |
| Interest coverage | 8.94x | 24.51x | 19.74x | 1253.20x | 144.09x | 46.08x | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | 22.0% | 22.2% | 18.7% | 17.0% | 18.2% | 17.5% |
| Buybacks as a share of market value | 0.1% | -2.7% | 2.5% | -0.0% | 0.2% | 0.0% | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 8.4% | 8.3% | 7.4% |
| Operating income | 53.4% | 24.4% | 1.9% |
| Net income | 42.1% | 24.8% | 0.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 13.2% | 10.6% | 10.5% | 12.6% |
| Net margin | 10.0% | 8.1% | 8.1% | 9.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 23.4 | 23.0 | 38.6 | 45.0 | 20.4 | 46.2 | 132.6 | 23.1 | 16.9 | 17.0 |
| Price to sales | 2.5 | 2.1 | 2.8 | 2.1 | 2.1 | 2.4 | 2.2 | 2.1 | 3.0 | 3.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 3 years. Last went ex-dividend on 13 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2021 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.00 | 1.50 | 1.50 | 1.50 | 2.00 | 2.20 | 2.20 | 2.20 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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