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Swedish company that designs and sources printed circuit boards (PCBs) from Asian factories for industrial customers worldwide.
Swedish company that designs and sources printed circuit boards (PCBs) from Asian factories for industrial customers worldwide.
Owns no factories: it buys finished boards from a vetted set of mostly Chinese factories and resells them, keeping the margin between purchase and sale price. Customers are typically industrial makers needing many board types in modest quantities rather than mass volumes. It has widened its North American presence by acquisition.
In one line: A PCB sourcing/quality-control specialist with no direct large US peer.
Moat: narrow (process know-how, customer qualification, distribution). Deep factory-vetting and quality-control expertise in China reduces sourcing risk for Western customers, a service-based edge.
Headquarters: Stockholm, Sweden · Founded: 1993 · Employees: 661
Size NCAB (NCAB.ST) is a Sweden Information Technology company (Electronic Components) with a market value of $1.37B, the 112th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 72.00 on 6 Nov 2026.
Performance Over six months the shares fell 0.4%, against -22.1% for the median peer and +8.2% for the Sweden market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 25.4% over the last twelve months (peer median +17.4%); the operating margin is 11.0% (peer median 8.0%).
Valuation It trades at 30.1× forward earnings against a peer median of 23.8× (2nd most expensive of 9).
Price implies For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is +7 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.5 points above its cost of capital (9.3% WACC).
Next results Next results expected around 12 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 4.61B | SEK 3.74B | SEK 3.61B | SEK 4.09B | SEK 4.46B |
| Revenue growth | — | +4% | -12% | -8% | — |
| Gross profit | SEK 507M | SEK 536M | SEK 588M | SEK 735M | SEK 704M |
| EBITDA | SEK 633M | SEK 446M | SEK 494M | SEK 666M | SEK 652M |
| Net income | SEK 341M | SEK 206M | SEK 255M | SEK 404M | SEK 417M |
| Free cash flow | SEK 374M | SEK 283M | SEK 349M | SEK 696M | SEK 558M |
| Capital expenditure | SEK 5.78M | SEK 6.38M | SEK 5.01M | SEK 52.7M | SEK 42.7M |
| Total debt | SEK 1.32B | SEK 1.16B | SEK 1.08B | SEK 1.07B | SEK 923M |
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 |
|---|---|---|---|---|---|---|
| NCAB NCAB.ST | $1.37B | 0% | +25% | 11% | 30.1× | 19.2% |
| TTM Technologies TTMI | $7.01B | -58% | +38% | 12% | 8.5× | 24.1% |
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 | NCAB.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.7% | -24.1% | 6th highest of 21 |
| 6-month return | -0.4% | -22.1% | 7th highest of 21 |
| Distance from 52-week high | -22.0% | -49.2% | highest of 21 |
| Revenue growth (TTM) | +25.4% | +17.4% | 8th highest of 21 |
| Operating margin | 11.0% | 8.0% | 5th highest of 21 |
| Forward P/E | 30.1× | 23.8× | 2nd most expensive of 9 |
| Growth the price implies (Req g, 7 yrs) | 19.2% | 14.6% | 2nd most demanding of 11 |
| Growth delivered (Del g) | +12.1% | +10.4% | 5th highest of 11 |
| Hurdle (Req g minus delivered) | +7.1 pp | +0.7 pp | 4th most demanding of 11 |
| ROIC minus cost of capital | +6.5 pp | -0.9 pp | 3rd highest of 19 |
| EV / EBITDA | 22.6× | 16.1× | 2nd most expensive of 5 |
| Net debt / EBITDA | 1.3× | -0.0× | most indebted of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NCAB NCAB.ST | Sweden | $1.37B | 0% | +25% | 11% | 30.1× | 19.2% | +12.1% |
| Cembre CMB.MI | Italy | $1.37B | -24% | +11% | 26% | 22.1× | 12.8% | +12.2% |
| Jiangxi Welgao Electronics 301251.SZ | China | $1.39B | +9% | +62% | 9% | n/a | n/a | n/a |
| Hunan Aihua 603989.SS | China | $1.33B | +12% | +17% | 8% | n/a | 16.9% | +9.6% |
| Guangdong Goworld 000823.SZ | China | $1.45B | +9% | +13% | 8% | n/a | 8.8% | +4.2% |
| Huizhou CEE Technology 002579.SZ | China | $1.29B | 0% | -2% | -2% | n/a | n/a | n/a |
| Beijing Yuanliu Hongyuan Electronic Technology 603267.SS | China | $1.28B | -30% | -2% | 8% | 25.5× | 24.4% | +1.1% |
| Guangdong Ellington Electronics Technology 603328.SS | China | $1.49B | -13% | +14% | 10% | n/a | 8.9% | +9.3% |
| YD Electronic Technology 301123.SZ | China | $1.50B | -37% | +44% | -3% | 33.9× | n/a | n/a |
| Wenzhou Yihua Connector 002897.SZ | China | $1.24B | -26% | -7% | 6% | 16.9× | 15.2% | +14.4% |
| Shenzhen Jufei Optoelectronics 300303.SZ | China | $1.23B | -35% | +2% | 5% | n/a | 18.0% | +8.1% |
| Ennoconn 6414.TW | Taiwan | $1.54B | -6% | +8% | 6% | 11.7× | -6.8% | +11.1% |
| Dongguan YuTong Optical Technology 300790.SZ | China | $1.23B | -24% | +21% | 8% | 18.2× | n/a | n/a |
| Sunshine Global Circuits 300739.SZ | China | $1.22B | -19% | +36% | 7% | n/a | n/a | n/a |
| Shenzhen Colibri Technologies 002957.SZ | China | $1.57B | -43% | +31% | 9% | 28.6× | n/a | n/a |
| Bellwether Electronic 7861.TWO | Taiwan | $1.20B | -31% | +113% | 30% | n/a | 17.8% | +53.7% |
| ATOSS Software AOF.DE | Germany | $1.59B | +26% | +12% | 37% | 26.2× | 14.0% | +17.1% |
| Bomin Electronics 603936.SS | China | $1.18B | -21% | +19% | 1% | n/a | n/a | n/a |
| Sihui Fuji Electronics Technology 300852.SZ | China | $1.18B | +8% | +48% | 13% | n/a | n/a | n/a |
| Guangdong Cellwise Microelectronics 688325.SS | China | $1.18B | -24% | +18% | 7% | n/a | n/a | n/a |
| Shanghai Xizhi Technology 1879.HK | Hong Kong | $1.66B | -84% | +77% | -648% | n/a | n/a | n/a |