M 
103.00
+1.58%
Close of 9 Nov 2026, in SEK
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At a glance
Figures in SEK, from our data supplier.
Revenue
SEK 11.58bn
FY2016FY2025
Net income
−SEK 62.0m
FY2016FY2025
Free cash flow
SEK 1.50bn
FY2016FY2025
Shareholders' equity
SEK 10.62bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 11.58bn | SEK 6.01bn | SEK 5.65bn | SEK 5.54bn | SEK 5.31bn | SEK 4.00bn | SEK 4.24bn | SEK 19.74bn | SEK 17.54bn | SEK 17.30bn |
| Gross profit | SEK 7.64bn | SEK 4.46bn | SEK 4.09bn | SEK 4.01bn | SEK 2.58bn | SEK 2.22bn | SEK 1.95bn | SEK 7.47bn | SEK 6.57bn | SEK 6.04bn |
| Research and development | — | — | SEK 249.0m | SEK 317.0m | SEK 119.0m | SEK 36.0m | SEK 129.0m | SEK 63.0m | SEK 203.0m | — |
| Operating income | SEK 963.0m | SEK 901.0m | SEK 861.0m | SEK 946.0m | SEK 41.0m | SEK 101.0m | −SEK 425.0m | SEK 1.58bn | SEK 923.0m | SEK 1.35bn |
| Net income | −SEK 62.0m | −SEK 210.0m | −SEK 11.0m | SEK 252.0m | −SEK 455.0m | −SEK 96.0m | −SEK 458.0m | SEK 1.04bn | SEK 1.25bn | −SEK 213.0m |
| Diluted earnings per share | -0.53 | -1.76 | -0.09 | 2.05 | -4.11 | -1.26 | -5.99 | 13.52 | 16.51 | -2.82 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SEK 19.29bn | SEK 18.07bn | SEK 17.50bn | SEK 18.77bn | SEK 17.44bn | SEK 10.80bn | SEK 8.96bn | SEK 20.32bn | SEK 19.29bn | SEK 17.70bn |
| Cash and short-term investments | SEK 1.23bn | SEK 3.54bn | SEK 2.96bn | SEK 4.73bn | SEK 943.0m | SEK 1.15bn | SEK 1.82bn | SEK 862.0m | SEK 1.39bn | SEK 845.0m |
| Total liabilities | SEK 8.67bn | SEK 4.33bn | SEK 3.79bn | SEK 4.83bn | SEK 7.51bn | SEK 5.58bn | SEK 2.38bn | SEK 13.32bn | SEK 12.71bn | SEK 12.68bn |
| Debt | SEK 3.74bn | SEK 753.0m | SEK 708.0m | SEK 771.0m | SEK 2.77bn | SEK 3.08bn | SEK 140.0m | SEK 3.68bn | SEK 3.22bn | SEK 3.05bn |
| Shareholders' equity | SEK 10.62bn | SEK 13.74bn | SEK 13.71bn | SEK 13.93bn | SEK 8.00bn | SEK 3.84bn | SEK 5.18bn | SEK 5.68bn | SEK 5.18bn | SEK 4.81bn |
| Shares outstanding | 117m | 120m | 123m | 123m | 111m | 76m | 76m | 77m | 76m | 76m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | SEK 1.72bn | SEK 1.34bn | SEK 1.26bn | SEK 868.0m | SEK 306.0m | SEK 270.0m | −SEK 188.0m | SEK 1.05bn | SEK 586.0m | SEK 697.0m |
| Capital spending | −SEK 228.0m | −SEK 98.0m | −SEK 212.0m | −SEK 234.0m | −SEK 252.0m | −SEK 208.0m | −SEK 238.0m | −SEK 765.0m | −SEK 330.0m | −SEK 345.0m |
| Free cash flow | SEK 1.50bn | SEK 1.24bn | SEK 1.05bn | SEK 634.0m | SEK 54.0m | SEK 62.0m | −SEK 426.0m | SEK 289.0m | SEK 256.0m | SEK 352.0m |
| Dividends paid | — | — | — | — | — | — | — | −SEK 834.0m | −SEK 800.0m | −SEK 767.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 2.96bn | SEK 3.16bn | SEK 3.12bn | SEK 2.99bn | SEK 2.91bn | SEK 2.56bn | SEK 1.69bn | SEK 1.44bn |
| Gross profit | SEK 2.03bn | SEK 1.56bn | SEK 2.12bn | SEK 1.73bn | SEK 2.00bn | SEK 1.78bn | SEK 1.28bn | SEK 1.06bn |
| Operating income | SEK 317.0m | SEK 396.0m | SEK 223.0m | SEK 232.0m | −SEK 151.0m | SEK 290.0m | SEK 170.0m | SEK 206.0m |
| Net income | SEK 99.0m | SEK 138.0m | −SEK 105.0m | SEK 39.0m | −SEK 61.0m | SEK 65.0m | −SEK 242.0m | SEK 174.0m |
| Diluted earnings per share | 0.83 | 1.15 | -0.90 | 0.33 | -0.52 | 0.56 | -2.02 | 1.45 |
| Cash from operations | SEK 471.0m | SEK 605.0m | SEK 839.0m | SEK 382.0m | SEK 325.0m | SEK 176.0m | SEK 327.0m | SEK 347.0m |
| Capital spending | −SEK 74.0m | −SEK 80.0m | −SEK 63.0m | −SEK 59.0m | −SEK 49.0m | −SEK 41.0m | −SEK 39.0m | −SEK 12.0m |
| Free cash flow | SEK 397.0m | SEK 525.0m | SEK 776.0m | SEK 323.0m | SEK 276.0m | SEK 135.0m | SEK 288.0m | SEK 335.0m |
| Total assets | SEK 19.18bn | SEK 19.38bn | SEK 19.29bn | SEK 20.21bn | SEK 21.14bn | SEK 22.76bn | SEK 18.07bn | SEK 17.34bn |
| Cash and short-term investments | SEK 1.32bn | SEK 1.38bn | SEK 1.23bn | SEK 1.22bn | SEK 1.23bn | SEK 2.18bn | SEK 3.54bn | SEK 3.20bn |
| Debt | SEK 4.62bn | SEK 4.19bn | SEK 3.79bn | SEK 6.85bn | SEK 4.40bn | SEK 5.37bn | SEK 753.0m | SEK 651.0m |
| Shareholders' equity | SEK 11.33bn | SEK 11.38bn | SEK 10.62bn | SEK 11.21bn | SEK 11.56bn | SEK 11.93bn | SEK 13.74bn | SEK 13.72bn |
Financial ratios
Data as of 4 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 66.0% | 74.2% | 72.5% | 72.5% | 48.7% | 55.5% | — | — |
| Operating margin | 8.3% | 15.0% | 15.2% | 17.1% | 0.8% | 2.5% | — | — |
| Net margin | -0.5% | -3.5% | -0.2% | 4.6% | -8.6% | -2.4% | — | — |
| Return on equity | -0.6% | -1.5% | -0.1% | 1.8% | -5.7% | -2.5% | — | — |
| Return on assets | -0.3% | -1.2% | -0.1% | 1.3% | -2.6% | -0.9% | — | — |
| Free cash flow yield | 12.6% | 9.0% | 9.0% | 6.8% | 3.8% | 4.7% | — | — |
| Revenue growth | 92.5% | 6.5% | 2.0% | 4.4% | 32.7% | -5.8% | — | — |
| Earnings growth | -70.5% | 1809.1% | -104.4% | -155.4% | 374.0% | -79.0% | — | — |
| Current ratio | 0.59x | 1.59x | 2.01x | 1.93x | 0.57x | 0.48x | — | — |
| Debt to equity | 0.33x | 0.05x | 0.04x | 0.05x | 0.34x | 0.78x | — | — |
| Equity ratio | 55.1% | 76.0% | 78.4% | 74.2% | 45.9% | 35.6% | — | — |
| Interest coverage | 3.32x | 300.33x | 861.00x | 3.85x | 0.24x | 4.81x | — | — |
| R&D as a share of sales | — | — | 4.4% | 5.7% | 2.2% | 0.9% | 3.0% | 0.3% |
| Buybacks as a share of market value | 2.6% | 2.5% | 0.1% | -11.1% | -44.7% | 0.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 27.9% | 23.7% | -3.3% |
| Operating income | 0.6% | 57.0% | 2.4% |
| Net income | — | -8.4% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 68.8% | 70.2% | 65.7% | 46.5% |
| Operating margin | 10.6% | 12.8% | 10.0% | 7.1% |
| Net margin | -1.5% | -0.1% | -1.5% | 1.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -213.8 | -54.1 | -960.8 | 43.4 | -22.5 | -103.3 | -16.5 | 6.7 | 6.5 | -29.7 |
| Price to sales | 1.1 | 1.9 | 1.9 | 2.0 | 1.9 | 2.5 | 1.8 | 0.3 | 0.5 | 0.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 23 May 2018.
| FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 11.053 | 10.611 | 10.169 | 9.727 | 9.285 | 8.843 | 7.958 | 6.632 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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