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← CockpitCompetitor Analysis › NOBA.ST Noba Bank Group ABOpen in the cockpit ↗

Noba Bank Group ABNOBA.STCompetitor analysis, valuation and peers

Sweden · SEK·Financials›Regional Banks

Nordic digital consumer bank (formerly Nordax Bank) offering unsecured consumer loans and savings accounts online.

≈ A Nordic online consumer-lending bank like a smaller SoFi (lending side)Momentum strong 68
Competitor Analysis ▸ ChartsOpen in the cockpit
Mkt cap
$4.81B
US dollars, full cap
Free float
26%
of shares outstanding
$/day
$3.77M
20-day average traded
P/B
1.82×
price to book
ROE
17.0%
delivered
Implied ROE
6.9%
what the price asks
Next earnings
88 days
2 Feb 2027
Close · SEKSEK 94.20
1D-0.8%
1W+3.9%
1M+7.2%
3M+8.7%
6M+19.7%
YTD-20.0%
1Y+0.2%
ATR %2.9%
52w lowhigh25.2% off high

What Noba Bank does

Nordic digital consumer bank (formerly Nordax Bank) offering unsecured consumer loans and savings accounts online.

In one line: A Nordic online consumer-lending bank like a smaller SoFi (lending side).

Products and services

  • Unsecured consumer loans
  • Savings deposit accounts
  • Credit cards (select markets)

Customers

  • Retail borrowers and savers across the Nordics

Where it sits in the supply chain

  • Financials
  • Consumer banking
  • Digital consumer lending and…

What could go right

  • Nordic consumer credit demand growth
  • Deposit-funded loan book expansion

What could go wrong

  • Consumer credit-risk/default cycle
  • Interest-rate/funding cost sensitivity

Moat: none (scale, data). Digital-only consumer bank model competing with many similar Nordic online lenders on rate and convenience.

Headquarters: Stockholm, Sweden · Founded: 2003 · Employees: 791

Named competitors

Noba Bank at a glance

Size Noba Bank (NOBA.ST) is a Sweden Financials company (Regional Banks) with a market value of $4.81B, the 47th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 94.20 on 6 Nov 2026.

Performance Over six months the shares gained 19.7%, against +4.9% for the median peer and +8.2% for the Sweden market (cap-weighted) — 2nd highest of 21 in its peer set.

Growth Revenue grew 6.2% over the last twelve months (peer median +2.5%); the operating margin is 45.0% (peer median 43.6%).

Valuation It trades at 1.82× book value against a peer median of 1.25× (3rd most expensive of 21).

Price implies The share price implies a return on equity of about 6.9%; Noba Bank delivers 17.0%, so the price asks less than the business earns today.

Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).

Relative performance

10011012011 May 202611 Aug 20266 Nov 2026NOBA.ST 121Peer median 106
Six months, rebased to 100: Noba Bank against the median of its 20 peers (local-currency closes).

Noba Bank financials

Reported figures in SEK; fiscal year ends 2025-12-31. TTM = trailing twelve months.
TTMFY2025FY2024FY2023FY2022
RevenueSEK 16.5BSEK 15.5BSEK 15.0BSEK 12.2BSEK 8.40B
Revenue growth—+3%+23%+46%—
Net incomeSEK 4.13BSEK 3.41BSEK 2.00BSEK 1.07BSEK 882M
Free cash flowSEK 9.74BSEK 10.0BSEK 7.63BSEK 5.73BSEK 4.82B
Capital expenditureSEK 242MSEK 214MSEK 134MSEK 75.0MSEK 41.0M
Total debtSEK 38.9BSEK 28.6BSEK 22.5BSEK 19.7BSEK 21.2B

Quarterly statements and history in the cockpit →

Noba Bank competitor charts

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.

Performance: 6-month against 1-month return

0%+10%+20%-20%-10%0%+10%002948ALRBEKNSFBSEBCUCB8377BENGGALIFSCATY2834ABCBIBOCAUBOZK5830BHWZUGERHWCNOBA.ST6-month return →1-month return →
Up and to the right = strong over both horizons. Noba Bank is the large dot.

Fundamentals: return on equity against price-to-book

5%10%15%10×1.50×20×002948ALRBEKNSFBSEBCUCB8377BENGGALIFSCATYABCBIBOCAUBOZK5830BHWZUGERNOBA.STReturn on equity →Price / book →
A bank or insurer earning more on its equity usually trades at a higher multiple of book; points far above the trend are priced for more. Noba Bank is the large dot.

Capital: ROE delivered against the ROE the price implies

5%10%15%20%10%20%002948ALRSFBSEBCUCB8377BENGGALIFSCATY2834ABCBIBOC5830BHWHWCNOBA.STROE delivered →ROE the price implies →
Above the diagonal = the price asks for a higher return on equity than the business earns today. Noba Bank is the large dot.

Noba Bank competitors and peer comparison

Head to head with its named competitors (NOBA.ST vs NORION.ST vs AZA.ST vs KLAR)
CompanyMarket cap6M returnRevenue growthROEPrice / bookImplied ROE
Noba Bank NOBA.ST$4.81B+20%+6%17%1.82×6.9%
Norion Bank NORION.ST$1.18B+33%-2%13%1.23×6.8%
Avanza Bank AZA.ST$5.95B+13%+13%42%7.83×49.4%
Klarna KLAR$5.13B-6%+34%-6%2.11×24.0%

How Noba Bank compares with its peers

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.

Noba Bank against its 20 peers (data as of 6 Nov 2026)
MeasureNOBA.STPeer medianRank in peer set
1-month return+7.2%+2.8%7th highest of 21
6-month return+19.7%+4.9%2nd highest of 21
Return on equity17.0%9.6%3rd highest of 21
Price / book1.82×1.25×3rd most expensive of 21
Trailing P/E11.4×12.4×8th cheapest of 19
ROE the price implies6.9%10.2%3rd least demanding of 19
ROE delivered17.0%9.6%3rd highest of 21

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
CompanyMarketMarket cap6M returnRevenue growthROEPrice / bookImplied ROEDelivered ROE
Noba Bank NOBA.STSweden$4.81B+20%+6%17%1.82×6.9%17.0%
Bank of Qingdao 002948.SZChina$4.78B+3%+3%13%0.85×5.0%12.9%
Alior Bank ALR.WAPoland$4.59B+15%-7%16%1.42×20.0%15.6%
Berner Kantonalbank BEKN.SWSwitzerland$5.07B+17%-4%7%1.34×n/a6.6%
ServisFirst Bancshares SFBSUnited States$4.49B+2%+5%18%2.21×17.2%17.9%
Eastern Bankshares EBCUnited States$5.22B+14%+61%10%1.23×9.6%9.5%
United Community Banks UCBUnited States$4.43B+11%-18%4%1.26×10.9%4.1%
Hokuhoku Financial 8377.TJapan$5.25B+53%+27%10%1.10×7.7%9.7%
Bendigo & Adelaide Bank BEN.AXAustralia$4.36B+5%-6%6%0.93×11.0%5.6%
Grupo Financiero Galicia SA Sponsored ADR GGALUnited States$5.36B-30%+3%2%0.76×9.6%2.0%
Intercorp Financial Services IFSUnited States$5.38B+4%+9%17%1.36×10.5%17.4%
Cathay General Bancorp CATYUnited States$4.24B+12%+3%12%1.39×11.8%12.2%
Taiwan Business Bank 2834.TWTaiwan$5.46B+7%-16%9%1.23×4.5%9.2%
Ameris Bancorp ABCBUnited States$5.49B-5%+3%9%1.33×12.1%9.5%
International Bancshares IBOCUnited States$4.20B-8%+2%13%1.25×9.8%12.9%
Atlantic Union Bankshares AUBUnited States$5.51B+4%+21%11%1.09×9.5%10.7%
Bank OZK OZKUnited States$5.53B+4%0%11%0.93×8.9%11.3%
Iyogin Holdings,Inc 5830.TJapan$5.61B-3%+13%8%0.91×8.2%7.8%
Bank Handlowy w Warszawie BHW.WAPoland$4.09B+7%-22%17%1.72×17.1%16.7%
Zuger Kantonalbank ZUGER.SWSwitzerland$4.04B+8%-10%8%2.03×n/a8.3%
Hancock Whitney HWCUnited States$5.73B+4%-1%9%1.34×12.2%9.4%

Questions

Who are Noba Bank's main competitors?
Named competitors: Norion Bank (NORION.ST), Avanza Bank (AZA.ST), Klarna Group (KLAR). The cockpit's measured peer set (industry) also includes Bank of Qingdao (002948.SZ), Alior Bank (ALR.WA), Berner Kantonalbank (BEKN.SW), ServisFirst Bancshares (SFBS), Eastern Bankshares (EBC), United Community Banks (UCB).
Is Noba Bank expensive compared with its peers?
On price / book it trades at 1.82× against a peer median of 1.25×, 3rd most expensive of 21 in its peer set. The share price implies a return on equity of about 6.9%; Noba Bank delivers 17.0%, so the price asks less than the business earns today.
How has Noba Bank stock performed?
Over six months to 6 Nov 2026 the shares returned +19.7% against +4.9% for the median peer; over one year +0.2%.

How these numbers are made. Returns are close-to-close in local currency. Revenue growth and margins are trailing twelve months. Req g is the revenue growth that today's enterprise value requires for seven years at the company's own cost of capital; Delivered g is what it actually grew; the gap is the hurdle (honest precision about ±8 points, so read the ranking more than the decimal). No fair values, price targets or analyst ratings are shown, by design. Method and validation.