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Swedish holding company that owns and publishes video games through many studios, including THQ Nordic, Crystal Dynamics and Warhorse.
Swedish holding company that owns and publishes video games through many studios, including THQ Nordic, Crystal Dynamics and Warhorse.
Spent heavily on buying studios and franchises until 2022, then reversed: it closed or sold studios, including Gearbox to Take-Two in 2024, spun off its tabletop arm Asmodee in 2025 and has since spun off Coffee Stain. A plan announced in May 2026 would list its Tomb Raider and Middle-earth franchises as a separate company in 2027.
In one line: A video-game holding company like a smaller Take-Two Interactive.
Moat: narrow (IP / patents, brand). Owns valuable game franchises and studio talent, but game hits are unpredictable and the company has undergone a major breakup/restructuring.
Headquarters: Karlstad, Sweden · Founded: 2007 · Employees: 6,096
Size Embracer (EMBRAC-B.ST) is a Sweden Information Technology company (Packaged Software) with a market value of $2.08B, the 82nd largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 95.66 on 6 Nov 2026.
Performance Over six months the shares gained 37.1%, against +5.8% for the median peer and +8.2% for the Sweden market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue fell 31.5% over the last twelve months (peer median +12.0%); the operating margin is -42.5% (peer median 0.1%).
Valuation It trades at 16.4× forward earnings against a peer median of 28.2× (3rd cheapest of 16).
Price implies For today's price to make sense, revenue must grow about -10% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -22 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 41.4 points below its cost of capital (7.3% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 16.9B | SEK 15.9B | SEK 21.3B | SEK 27.4B | SEK 37.7B |
| Revenue growth | — | -25% | -22% | -27% | — |
| Gross profit | -SEK 7.18B | -SEK 7.64B | -SEK 4.95B | -SEK 8.16B | SEK 273M |
| EBITDA | SEK 3.53B | SEK 3.27B | SEK 3.73B | SEK 5.61B | SEK 6.53B |
| Net income | -SEK 5.37B | -SEK 5.82B | SEK 5.96B | -SEK 18.2B | SEK 4.45B |
| Free cash flow | SEK 2.32B | SEK 2.37B | SEK 2.54B | SEK 5.47B | SEK 4.88B |
| Capital expenditure | SEK 2.91B | SEK 3.01B | SEK 3.54B | SEK 7.07B | SEK 7.00B |
| Total debt | SEK 2.04B | SEK 1.65B | SEK 2.35B | SEK 21.2B | SEK 21.7B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Embracer EMBRAC-B.ST | $2.08B | +37% | -31% | -43% | 16.4× | -9.8% |
| Take-Two Interactive TTWO | $40.2B | -3% | +15% | -1% | 26.7× | 44.7% |
| Electronic Arts EA | n/a | +3% | n/a | n/a | n/a | n/a |
| Paradox Interactive PDX.ST | $1.54B | +6% | +13% | 6% | 25.3× | 20.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | EMBRAC-B.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.8% | +5.8% | 4th highest of 21 |
| 6-month return | +37.1% | +5.8% | 4th highest of 21 |
| Distance from 52-week high | -1.4% | -31.3% | 2nd highest of 21 |
| Revenue growth (TTM) | -31.5% | +12.0% | lowest of 21 |
| Operating margin | -42.5% | 0.1% | 5th lowest of 21 |
| Forward P/E | 16.4× | 28.2× | 3rd cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | -9.8% | 16.6% | least demanding of 15 |
| Growth delivered (Del g) | +12.0% | +15.8% | 7th lowest of 14 |
| Hurdle (Req g minus delivered) | -21.8 pp | +6.5 pp | 2nd least demanding of 14 |
| ROIC minus cost of capital | -41.4 pp | -8.9 pp | 4th lowest of 17 |
| EV / EBITDA | 4.9× | 11.3× | cheapest of 8 |
| Net debt / EBITDA | -0.8× | -0.8× | 4th least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Embracer EMBRAC-B.ST | Sweden | $2.08B | +37% | -31% | -43% | 16.4× | -9.8% | +12.0% |
| UCloud Technology 688158.SS | China | $2.08B | -34% | +26% | 2% | 499.0× | n/a | n/a |
| Amplitude AMPL | United States | $2.09B | +161% | +18% | -27% | 109.2× | 36.9% | +27.4% |
| Zhejiang Digital Culture Technology 600633.SS | China | $2.06B | -15% | +14% | 10% | 20.8× | 15.4% | -2.8% |
| Mobvista Incorporation 1860.HK | Hong Kong | $2.05B | -43% | +26% | 4% | 19.6× | -1.1% | +31.9% |
| Five9 FIVN | United States | $2.10B | +27% | +9% | 6% | 8.1× | 17.9% | +21.4% |
| Pitney Bowes PBI | United States | $2.11B | -1% | -4% | 25% | 9.6× | -5.4% | -11.8% |
| DoubleVerify DV | United States | $2.12B | +23% | +7% | 14% | 21.3× | 9.7% | +25.1% |
| Zhejiang Jinke Tom Culture Industry 300459.SZ | China | $2.01B | -9% | -10% | -108% | n/a | 43.2% | -12.5% |
| Justsystems 4686.T | Japan | $2.01B | +33% | +10% | 44% | n/a | -6.3% | +4.6% |
| Tianyu Digital Technology 002354.SZ | China | $2.00B | +31% | +8% | -2% | 135.3× | 25.9% | +15.8% |
| Pine Labs PINELABS.NS | India | $1.98B | -19% | +50% | 7% | 79.2× | n/a | n/a |
| iReader Technology 603533.SS | China | $1.98B | +20% | +14% | -2% | 91.2× | 37.2% | +9.5% |
| Ethos Technologies LIFE | United States | $2.18B | +13% | +112% | -16% | 33.9× | 24.1% | n/a |
| SeeWay.ai 002405.SZ | China | $2.18B | -32% | +22% | -29% | n/a | n/a | n/a |
| Aisino 600271.SS | China | $1.96B | -16% | -12% | -24% | 26.2× | n/a | n/a |
| Ourpalm 300315.SZ | China | $1.96B | -3% | -5% | -65% | 125.6× | 55.8% | -17.0% |
| Karooooo KARO | United States | $1.95B | +25% | +32% | 25% | 24.1× | 10.4% | +17.7% |
| Planisware Societe anonyme PLNW.PA | France | $1.94B | +46% | +8% | 31% | 28.2× | 12.3% | +16.8% |
| Pony AI 2026.HK | Hong Kong | $1.93B | -56% | +67% | -214% | n/a | n/a | n/a |
| Schrodinger SDGR | United States | $2.23B | +125% | +9% | -59% | n/a | n/a | n/a |