Loading…
Swedish maker of communication headsets and hearing-protection systems for military forces and first responders.
Swedish maker of communication headsets and hearing-protection systems for military forces and first responders.
Sells to armed forces through framework contracts, where each soldier's headset is bought once and then needs accessories, upgrades and replacements, so orders arrive in large, uneven batches. The US is its biggest market, ahead of European armies.
In one line: A defense communications-equipment niche maker with no direct large US peer.
Moat: narrow (IP / patents, regulatory licence, customer qualification). Proprietary hearing-protection-plus-communication technology and defense procurement approvals are hard to replicate quickly.
Headquarters: Lidingo, Sweden · Founded: 1999 · Employees: 314
Size Invisio (IVSO.ST) is a Sweden Information Technology company (Telecommunications Equipment) with a market value of $1.00B, the 134th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 213.00 on 6 Nov 2026.
Performance Over six months the shares fell 15.4%, against -25.8% for the median peer and +8.2% for the Sweden market (cap-weighted) — 6th highest of 20 in its peer set.
Growth Revenue grew 23.6% over the last twelve months (peer median +5.6%); the operating margin is 18.4% (peer median -2.4%).
Valuation It trades at 39.8× forward earnings against a peer median of 32.0× (6th most expensive of 12).
Price implies For today's price to make sense, revenue must grow about 13% a year for seven years (Req g). Recent delivered growth is +27%, so the hurdle is -14 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 24.1 points above its cost of capital (7.9% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 2.04B | SEK 1.74B | SEK 1.81B | SEK 1.24B | SEK 776M |
| Revenue growth | — | -4% | +46% | +60% | — |
| Gross profit | SEK 1.10B | SEK 974M | SEK 968M | SEK 713M | SEK 423M |
| EBITDA | SEK 418M | SEK 349M | SEK 441M | SEK 277M | SEK 101M |
| Net income | SEK 284M | SEK 218M | SEK 306M | SEK 178M | SEK 44.5M |
| Free cash flow | SEK 196M | SEK 285M | SEK 146M | SEK 184M | SEK 32.1M |
| Capital expenditure | SEK 71.8M | SEK 146M | SEK 77.5M | SEK 53.4M | SEK 33.5M |
| Total debt | SEK 73.6M | SEK 74.1M | SEK 36.9M | SEK 37.8M | SEK 89.8M |
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 |
|---|---|---|---|---|---|---|
| Invisio IVSO.ST | $1.00B | -15% | +24% | 18% | 39.8× | 13.2% |
| 3M MMM | $95.7B | +30% | +2% | 21% | 19.2× | 11.3% |
| Elbit Systems ESLT | $32.0B | -13% | +12% | 9% | 46.5× | 10.1% |
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 | IVSO.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.8% | -7.8% | 9th lowest of 20 |
| 6-month return | -15.4% | -25.8% | 6th highest of 20 |
| Distance from 52-week high | -35.8% | -48.0% | 4th highest of 20 |
| Revenue growth (TTM) | +23.6% | +5.6% | 7th highest of 21 |
| Operating margin | 18.4% | -2.4% | 2nd highest of 21 |
| Forward P/E | 39.8× | 32.0× | 6th most expensive of 12 |
| Growth the price implies (Req g, 7 yrs) | 13.2% | 20.4% | 4th least demanding of 8 |
| Growth delivered (Del g) | +26.7% | -1.0% | 3rd highest of 8 |
| Hurdle (Req g minus delivered) | -13.5 pp | +10.9 pp | least demanding of 8 |
| ROIC minus cost of capital | +24.1 pp | -7.7 pp | 3rd highest of 21 |
| EV / EBITDA | 22.8× | 11.4× | 2nd most expensive of 7 |
| Net debt / EBITDA | -0.7× | -0.6× | 4th least indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Invisio IVSO.ST | Sweden | $1.00B | -15% | +24% | 18% | 39.8× | 13.2% | +26.7% |
| Nanjing Panda Electronics 0553.HK | Hong Kong | $999M | -42% | +36% | -7% | n/a | n/a | n/a |
| Sumavision Technologies 300079.SZ | China | $1.01B | -14% | -6% | -8% | n/a | n/a | n/a |
| Huizhou Speed Wireless Technology 300322.SZ | China | $991M | -52% | +25% | 3% | 62.4× | n/a | n/a |
| santec 6777.T | Japan | $984M | -53% | +45% | 33% | 15.5× | 23.5% | +33.2% |
| Harmonic HLIT | United States | $1.04B | -26% | -21% | 15% | 11.6× | 10.0% | -1.0% |
| Flaircomm Microelectronics 301600.SZ | China | $1.04B | -35% | +19% | 9% | 32.0× | 27.2% | +29.1% |
| Tozed Kangwei Tech 301718.SZ | China | $1.05B | n/a | +43% | 5% | n/a | n/a | n/a |
| Shenzhen Infinova 002528.SZ | China | $1.06B | +23% | -29% | -77% | n/a | n/a | n/a |
| Synspective 290A.T | Japan | $950M | -16% | +5% | -196% | 52.9× | n/a | n/a |
| Chengdu CORPRO Technology 300101.SZ | China | $1.07B | -35% | -25% | -18% | 14.7× | n/a | n/a |
| Wuhan Fingu Electronic Technology 002194.SZ | China | $914M | -19% | -9% | -2% | n/a | n/a | n/a |
| Chengdu Spaceon Electronics 002935.SZ | China | $909M | -37% | +1% | 5% | 43.5× | 49.9% | +1.3% |
| Arcadyan Technology 3596.TW | Taiwan | $900M | -17% | +6% | 6% | 9.8× | n/a | n/a |
| HTC 2498.TW | Taiwan | $885M | -15% | -8% | -78% | n/a | n/a | n/a |
| Astroscale 186A.T | Japan | $865M | -25% | +70% | -275% | n/a | n/a | n/a |
| Hubei Jiuzhiyang Infrared System 300516.SZ | China | $1.18B | -15% | -7% | -8% | n/a | 20.4% | -1.0% |
| Shenzhen Phoenix Telecom Technology 301191.SZ | China | $854M | -42% | +30% | 0% | 47.2× | n/a | n/a |
| Anhui Tatfook Technology 300134.SZ | China | $852M | -32% | +14% | -14% | n/a | n/a | n/a |
| Adtran Networks ADV.DE | Germany | $1.21B | -10% | +15% | -3% | 113.3× | -2.7% | -3.1% |
| Vistance Networks VISN | United States | $1.27B | -35% | -38% | 12% | 8.7× | -4.6% | -25.5% |