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Swedish maker of industrial network technology (Anybus, Ixxat) that connects factory automation equipment to networks and the cloud.
Swedish maker of industrial network technology (Anybus, Ixxat) that connects factory automation equipment to networks and the cloud.
Its products are chosen by the machine maker at the design stage and are then sold across the machine's production run, so orders follow industrial machinery output. Growth has also come from acquisitions of smaller industrial-communication firms.
In one line: A smaller, industrial-networking specialist like a mini Belden.
Moat: narrow (IP / patents, installed base, customer qualification). Broad protocol support and embedded design wins in automation equipment create switching costs, in a niche but competitive market.
Headquarters: Halmstad, Sweden · Founded: 1988 · Employees: 1,134
Size HMS Networks (HMS.ST) is a Sweden Information Technology company (Information Technology Services) with a market value of $2.41B, the 68th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 470.20 on 6 Nov 2026.
Performance Over six months the shares fell 16.6%, against -10.2% for the median peer and +8.2% for the Sweden market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 14.7% over the last twelve months (peer median +9.5%); the operating margin is 26.9% (peer median 8.9%).
Valuation It trades at 31.9× forward earnings against a peer median of 28.0× (9th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +20%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.7 points above its cost of capital (8.7% WACC).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 3.94B | SEK 3.58B | SEK 3.06B | SEK 3.02B | SEK 2.51B |
| Revenue growth | — | +17% | +1% | +21% | — |
| Gross profit | SEK 2.48B | SEK 2.06B | SEK 1.76B | SEK 1.90B | SEK 1.52B |
| EBITDA | SEK 1.33B | SEK 1.05B | SEK 789M | SEK 903M | SEK 754M |
| Net income | SEK 553M | SEK 435M | SEK 310M | SEK 571M | SEK 508M |
| Free cash flow | SEK 1.07B | SEK 815M | SEK 553M | SEK 481M | SEK 398M |
| Capital expenditure | SEK 222M | SEK 133M | SEK 121M | SEK 73.9M | SEK 83.1M |
| Total debt | SEK 1.98B | SEK 2.26B | SEK 3.17B | SEK 278M | SEK 311M |
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 |
|---|---|---|---|---|---|---|
| HMS Networks HMS.ST | $2.41B | -17% | +15% | 27% | 31.9× | 14.3% |
| Belden BDC | $3.83B | -13% | +18% | 12% | 10.2× | 10.3% |
| Siemens SIE.DE | $225B | -4% | +4% | 13% | 23.4× | 18.3% |
| Digi International DGII | $2.40B | -4% | +20% | 15% | 20.6× | 20.5% |
| Lantronix LTRX | n/a | -16% | n/a | n/a | n/a | n/a |
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 | HMS.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -16.3% | -0.4% | 3rd lowest of 21 |
| 6-month return | -16.6% | -10.2% | 8th lowest of 21 |
| Distance from 52-week high | -20.8% | -34.7% | 7th highest of 21 |
| Revenue growth (TTM) | +14.7% | +9.5% | 6th highest of 21 |
| Operating margin | 26.9% | 8.9% | 3rd highest of 21 |
| Forward P/E | 31.9× | 28.0× | 9th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 14.3% | 21.7% | 6th least demanding of 14 |
| Growth delivered (Del g) | +19.5% | +8.8% | 2nd highest of 14 |
| Hurdle (Req g minus delivered) | -5.3 pp | +8.8 pp | 3rd least demanding of 14 |
| ROIC minus cost of capital | +5.7 pp | +4.7 pp | 9th highest of 18 |
| EV / EBITDA | 19.1× | 11.7× | 4th most expensive of 9 |
| Net debt / EBITDA | 1.4× | 0.9× | 4th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| HMS Networks HMS.ST | Sweden | $2.41B | -17% | +15% | 27% | 31.9× | 14.3% | +19.5% |
| OVH Groupe OVH.PA | France | $2.41B | +17% | +6% | 38% | 46.6× | n/a | n/a |
| Beijing Ultrapower Software 300002.SZ | China | $2.43B | -14% | +9% | 15% | 20.4× | 4.2% | +10.2% |
| Netcompany Group A/S NETC.CO | Denmark | $2.44B | +1% | +30% | 11% | 20.4× | n/a | n/a |
| Tata Elxsi TATAELXSI.NS | India | $2.52B | -10% | +10% | 20% | 32.7× | 25.3% | +15.5% |
| Fastly FSLY | United States | $2.52B | -23% | +20% | -12% | 24.4× | 37.8% | +16.5% |
| Tieto TIETO.HE | Finland | $2.26B | -5% | -17% | 20% | 10.4× | -6.4% | -7.8% |
| Hangzhou Turbine Power 300277.SZ | China | $2.57B | -37% | +1,784% | 3% | 33.2× | 36.4% | -10.7% |
| Hand Enterprise Solutions 300170.SZ | China | $2.24B | -26% | +7% | 6% | 48.8× | 27.4% | +6.5% |
| Posco Dx 022100.KS | South Korea | $2.24B | -43% | -15% | 3% | 69.6× | 34.8% | +2.2% |
| Shanghai AtHub 603881.SS | China | $2.66B | -33% | -5% | 16% | 101.4× | 16.9% | +13.6% |
| Shanghai Sunmi Technology 6810.HK | Hong Kong | $2.70B | -10% | +10% | 7% | n/a | n/a | n/a |
| Glodon 002410.SZ | China | $2.15B | -21% | -4% | 8% | 31.6× | 5.4% | +8.8% |
| Runjian 002929.SZ | China | $2.71B | +6% | -11% | 0% | 49.7× | n/a | n/a |
| Beijing Teamsun Technology 600410.SS | China | $2.09B | -42% | +19% | -9% | n/a | 26.0% | +3.6% |
| Globant GLOB | United States | $2.05B | +21% | -1% | 10% | 8.0× | -1.2% | +24.7% |
| PC Connection CNXN | United States | $2.00B | +19% | +10% | 4% | 16.6× | n/a | n/a |
| Atea ATEA.OL | Norway | $1.99B | +6% | +12% | 4% | 16.4× | -5.0% | -1.1% |
| GMO Internet 9449.T | Japan | $1.94B | -4% | +6% | 21% | 13.4× | n/a | n/a |
| Kainos KNOS.L | United Kingdom | $1.92B | +57% | +17% | 11% | 23.2× | 21.7% | +12.9% |
| Computer Age Management Services CAMS.NS | India | $1.87B | -15% | +9% | 39% | 32.3× | n/a | n/a |