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Employees: 1,552
Size Note (NOTE.ST) is a Sweden Information Technology company (Electronic Production Equipment) with a market value of $445M, the 188th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 152.80 on 6 Nov 2026.
Performance Over six months the shares fell 12.4%, against -28.2% for the median peer and +8.2% for the Sweden market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 9.3% over the last twelve months (peer median +9.4%); the operating margin is 9.5% (peer median 3.4%).
Valuation It trades at 15.3× forward earnings against a peer median of 17.8× (5th cheapest of 11).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is -15 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.7 points above its cost of capital (6.0% WACC).
Next results Next results expected around 26 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 4.20B | SEK 3.81B | SEK 3.90B | SEK 4.24B | SEK 3.69B |
| Revenue growth | — | -2% | -8% | +15% | — |
| Gross profit | SEK 607M | SEK 531M | SEK 521M | SEK 516M | SEK 479M |
| EBITDA | SEK 560M | SEK 513M | SEK 493M | SEK 491M | SEK 449M |
| Net income | SEK 251M | SEK 282M | SEK 248M | SEK 320M | SEK 254M |
| Free cash flow | n/a | SEK 393M | SEK 512M | SEK 250M | SEK 3.38M |
| Capital expenditure | n/a | SEK 147M | SEK 106M | SEK 95.0M | SEK 47.1M |
| Total debt | SEK 1.80B | SEK 824M | SEK 630M | SEK 753M | SEK 553M |
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.
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 | NOTE.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.1% | -15.2% | 10th highest of 21 |
| 6-month return | -12.4% | -28.2% | 4th highest of 21 |
| Distance from 52-week high | -25.5% | -47.6% | highest of 21 |
| Revenue growth (TTM) | +9.3% | +9.4% | 11th highest of 21 |
| Operating margin | 9.5% | 3.4% | 7th highest of 21 |
| Forward P/E | 15.3× | 17.8× | 5th cheapest of 11 |
| Growth the price implies (Req g, 7 yrs) | 0.0% | 9.9% | 5th least demanding of 15 |
| Growth delivered (Del g) | +15.3% | +4.8% | highest of 15 |
| Hurdle (Req g minus delivered) | -15.3 pp | +3.6 pp | 3rd least demanding of 15 |
| ROIC minus cost of capital | +2.7 pp | -4.8 pp | 7th highest of 21 |
| EV / EBITDA | 10.7× | 11.0× | 6th cheapest of 11 |
| Net debt / EBITDA | 3.0× | -1.5× | most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Note NOTE.ST | Sweden | $445M | -12% | +9% | 9% | 15.3× | 0.0% | +15.3% |
| Tianjin Jieqiang Power Equipment 300875.SZ | China | $451M | -23% | +143% | -28% | n/a | 27.9% | +3.5% |
| Ways Electron 605218.SS | China | $431M | -30% | +20% | -2% | n/a | n/a | n/a |
| Shenzhen Zowee Tech 002369.SZ | China | $431M | -30% | -8% | -15% | n/a | n/a | n/a |
| Kimball Electronics KE | United States | $462M | -26% | -4% | 4% | 12.1× | 4.0% | +2.1% |
| Shanghai Hollywave Electronic System 688682.SS | China | $426M | -42% | +29% | -12% | 154.8× | 17.3% | +5.7% |
| Launch Tech 2488.HK | Hong Kong | $466M | -29% | +22% | 16% | n/a | -12.1% | +13.8% |
| Guangdong Tecsun Science & Technology 002908.SZ | China | $425M | -22% | -14% | -11% | n/a | 28.9% | -0.1% |
| Inventronics (Hangzhou) 300582.SZ | China | $424M | -35% | -4% | -20% | n/a | n/a | n/a |
| Yes Optoelectronics (Group) 002952.SZ | China | $423M | -38% | +14% | 3% | n/a | 21.7% | +14.8% |
| Koa 6999.T | Japan | $415M | -6% | +22% | 7% | 7.4× | 12.7% | +7.5% |
| Solomon Technology 2359.TW | Taiwan | $483M | -25% | +3% | 0% | 66.0× | 58.1% | +3.8% |
| Group Up Industrial 6664.TWO | Taiwan | $483M | -44% | +11% | 34% | 13.7× | 3.9% | +9.8% |
| KMW 032500.KS | South Korea | $488M | -47% | -9% | -26% | n/a | n/a | n/a |
| ICHIA Technologies 2402.TW | Taiwan | $405M | -38% | +13% | 6% | 37.5× | n/a | n/a |
| SFA Engineering 056190.KS | South Korea | $505M | -23% | -12% | 5% | 10.3× | -5.4% | +1.0% |
| AMPOC Far-East 2493.TW | Taiwan | $510M | -2% | +6% | 17% | n/a | 7.0% | +7.7% |
| Suzhou Future Electrical 301386.SZ | China | $388M | -27% | +2% | 12% | n/a | 15.9% | +3.4% |
| Chipsea Technologies Shenzhen 688595.SS | China | $521M | -30% | +12% | -16% | 45.1× | n/a | n/a |
| uPI Semiconductor 6719.TW | Taiwan | $522M | -14% | +8% | 16% | 20.2× | -6.0% | +1.8% |
| Winmate 3416.TW | Taiwan | $376M | -5% | +27% | 18% | 15.4× | -1.8% | +14.6% |