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Swedish maker of ruggedized computers and IT equipment designed for military and defense field use.
Swedish maker of ruggedized computers and IT equipment designed for military and defense field use.
Sells rugged computers and displays to defence forces and to contractors that build them into vehicles and command posts, so orders are tied to defence programmes and budgets and arrive in lumps, then repeat over a programme's life as units are delivered. Qualification takes years.
In one line: A small, defense-focused ruggedized-computing supplier like a smaller Getac.
Moat: narrow (regulatory licence, customer qualification, process know-how). Military-grade certification and defense procurement relationships are hard for new entrants to replicate.
Headquarters: Helsingborg, Sweden · Founded: 1997 · Employees: 479
Size MilDef (MILDEF.ST) is a Sweden Information Technology company (Computer Processing Hardware) with a market value of $1.17B, the 125th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 243.30 on 6 Nov 2026.
Performance Over six months the shares gained 53.7%, against -19.0% for the median peer and +8.2% for the Sweden market (cap-weighted) — 4th highest of 18 in its peer set.
Growth Revenue grew 75.6% over the last twelve months (peer median +9.9%); the operating margin is 16.6% (peer median 6.3%).
Valuation It trades at 31.2× forward earnings against a peer median of 18.6× (4th most expensive of 12).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +39%, so the hurdle is -34 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 10.6 points above its cost of capital (5.4% WACC).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 2.95B | SEK 2.05B | SEK 1.20B | SEK 1.15B | SEK 739M |
| Revenue growth | — | +70% | +4% | +56% | — |
| Gross profit | SEK 1.35B | SEK 810M | SEK 486M | SEK 500M | SEK 323M |
| EBITDA | SEK 620M | SEK 324M | SEK 226M | SEK 167M | SEK 60.6M |
| Net income | SEK 331M | SEK 148M | -SEK 220M | SEK 69.0M | SEK 14.2M |
| Free cash flow | SEK 115M | -SEK 31.6M | SEK 134M | SEK 40.6M | -SEK 81.6M |
| Capital expenditure | SEK 53.8M | SEK 30.5M | SEK 20.5M | SEK 45.8M | SEK 18.2M |
| Total debt | SEK 710M | SEK 773M | SEK 220M | SEK 367M | SEK 315M |
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 |
|---|---|---|---|---|---|---|
| MilDef MILDEF.ST | $1.17B | +54% | +76% | 17% | 31.2× | 5.1% |
| Panasonic 6752.T | $44.5B | -6% | +4% | 8% | 13.5× | 9.8% |
| Curtiss-Wright CW | $17.1B | -36% | +11% | 19% | 27.4× | 16.2% |
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 | MILDEF.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.1% | -5.4% | 3rd highest of 21 |
| 6-month return | +53.7% | -19.0% | 4th highest of 18 |
| Distance from 52-week high | -8.1% | -44.1% | 2nd highest of 21 |
| Revenue growth (TTM) | +75.6% | +9.9% | highest of 17 |
| Operating margin | 16.6% | 6.3% | 4th highest of 20 |
| Forward P/E | 31.2× | 18.6× | 4th most expensive of 12 |
| Growth the price implies (Req g, 7 yrs) | 5.1% | 7.2% | 5th least demanding of 12 |
| Growth delivered (Del g) | +38.7% | +15.5% | highest of 12 |
| Hurdle (Req g minus delivered) | -33.6 pp | -0.9 pp | least demanding of 12 |
| ROIC minus cost of capital | +10.6 pp | -1.8 pp | 4th highest of 21 |
| EV / EBITDA | 19.5× | 19.1× | 4th cheapest of 7 |
| Net debt / EBITDA | 1.0× | 1.4× | 4th least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| MilDef MILDEF.ST | Sweden | $1.17B | +54% | +76% | 17% | 31.2× | 5.1% | +38.7% |
| Qisda 2352.TW | Taiwan | $1.28B | +7% | 0% | 1% | 24.3× | n/a | n/a |
| Raspberry PI RPI.L | United Kingdom | $1.29B | -27% | +71% | 9% | 32.2× | 14.4% | +17.2% |
| Sichuan Furong Technology 603327.SS | China | $1.30B | -26% | +22% | 6% | n/a | n/a | n/a |
| Kontron KTN.DE | Germany | $1.31B | -19% | -7% | 7% | 11.5× | 4.2% | +5.1% |
| SDIC Intelligence Information Technology 300188.SZ | China | $1.35B | -15% | -15% | -53% | n/a | n/a | n/a |
| IQM Quantum Computers IQMX.HE | Finland | $1.41B | n/a | n/a | -492% | n/a | n/a | n/a |
| Pasqal PSQL | United States | $923M | n/a | n/a | n/a | n/a | n/a | n/a |
| IQM Quantum Computers Oyj Sponsored ADR IQMX | United States | $1.49B | n/a | n/a | -492% | n/a | n/a | n/a |
| XGD 300130.SZ | China | $1.49B | -20% | +21% | 12% | 17.9× | 3.8% | +3.8% |
| Zkteco 301330.SZ | China | $876M | -19% | +24% | 11% | n/a | 7.2% | +3.4% |
| PCI Technology 600728.SS | China | $1.58B | -7% | +11% | 0% | 55.3× | 23.0% | +18.8% |
| JBCC 9889.T | Japan | $852M | +61% | +9% | 10% | 18.6× | -4.7% | +4.8% |
| Jess-Link Products 6197.TW | Taiwan | $814M | -10% | +21% | 22% | 15.7× | 6.1% | +16.2% |
| Emdoor Information 001314.SZ | China | $791M | -26% | +74% | 3% | 17.5× | n/a | n/a |
| Toukei Computer 4746.T | Japan | $790M | +74% | +5% | 29% | n/a | 2.6% | +5.6% |
| Clevo 2362.TW | Taiwan | $705M | +5% | -9% | 6% | n/a | n/a | n/a |
| Willfar Information Technology 688100.SS | China | $1.98B | -28% | -9% | 20% | 22.4× | 17.0% | +15.5% |
| Infleqtion INFQ | United States | $2.00B | -27% | n/a | -315% | n/a | n/a | n/a |
| Dongfang Electronics 000682.SZ | China | $2.06B | -21% | +14% | 7% | 13.7× | 8.9% | +17.4% |
| SECO IOT.MI | Italy | $634M | +65% | +6% | 3% | 45.5× | 43.7% | +21.0% |