Loading…
Employees: 433
Size RaySearch Laboratories (RAY-B.ST) is a Sweden Information Technology company (Packaged Software) with a market value of $618M, the 163rd largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 176.70 on 6 Nov 2026.
Performance Over six months the shares gained 1.0%, against -12.9% for the median peer and +8.2% for the Sweden market (cap-weighted) — 5th highest of 20 in its peer set.
Growth Revenue grew 3.2% over the last twelve months (peer median +19.0%); the operating margin is 19.1% (peer median 2.1%).
Valuation It trades at 27.7× forward earnings against a peer median of 22.5× (5th most expensive of 11).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 12.4 points above its cost of capital (6.8% WACC).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 1.33B | SEK 1.34B | SEK 1.19B | SEK 1.02B | SEK 844M |
| Revenue growth | — | +13% | +17% | +21% | — |
| Gross profit | SEK 903M | SEK 952M | SEK 795M | SEK 630M | SEK 452M |
| EBITDA | SEK 545M | SEK 613M | SEK 546M | SEK 406M | SEK 326M |
| Net income | SEK 205M | SEK 228M | SEK 204M | SEK 81.6M | SEK 23.8M |
| Free cash flow | SEK 402M | SEK 359M | SEK 472M | SEK 432M | SEK 313M |
| Capital expenditure | SEK 241M | SEK 228M | SEK 218M | SEK 209M | SEK 232M |
| Total debt | SEK 406M | SEK 395M | SEK 472M | SEK 529M | SEK 556M |
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 | RAY-B.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.6% | -6.2% | 8th highest of 21 |
| 6-month return | +1.0% | -12.9% | 5th highest of 20 |
| Distance from 52-week high | -33.2% | -42.5% | 5th highest of 21 |
| Revenue growth (TTM) | +3.2% | +19.0% | 8th lowest of 20 |
| Operating margin | 19.1% | 2.1% | 2nd highest of 20 |
| Forward P/E | 27.7× | 22.5× | 5th most expensive of 11 |
| Growth the price implies (Req g, 7 yrs) | 7.3% | 22.2% | 3rd least demanding of 11 |
| Growth delivered (Del g) | +15.6% | +15.7% | 6th highest of 11 |
| Hurdle (Req g minus delivered) | -8.3 pp | +2.5 pp | 4th least demanding of 11 |
| ROIC minus cost of capital | +12.4 pp | -8.9 pp | highest of 19 |
| EV / EBITDA | 11.6× | 11.1× | 3rd most expensive of 6 |
| Net debt / EBITDA | 0.5× | -1.4× | 3rd most indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| RaySearch Laboratories RAY-B.ST | Sweden | $618M | +1% | +3% | 19% | 27.7× | 7.3% | +15.6% |
| Terra Drone 278A.T | Japan | $618M | +564% | +14% | -26% | 69.9× | n/a | n/a |
| Beijing ZZNode Technologies 003007.SZ | China | $617M | -23% | +64% | 20% | n/a | n/a | n/a |
| Horizon Quantum HQ | United States | $617M | +14% | n/a | n/a | n/a | n/a | n/a |
| Red Cat RCAT | United States | $617M | -61% | +693% | -150% | n/a | n/a | n/a |
| Zhejiang TOP Cloud-agri Technology 301556.SZ | China | $620M | -34% | -14% | 13% | 40.4× | 30.7% | +14.0% |
| Fuchun Technology 300299.SZ | China | $623M | -2% | +3% | 2% | n/a | 54.9% | -4.8% |
| TXT e-solutions TXT.MI | Italy | $610M | +29% | +22% | 6% | 16.5× | 10.3% | +41.8% |
| Shanghai Amarsoft Information & Technology 300380.SZ | China | $628M | -30% | -2% | 4% | n/a | n/a | n/a |
| Hangzhou Arcvideo Technology 688039.SS | China | $609M | -13% | +1% | -48% | n/a | n/a | n/a |
| Sophia Genetics SOPH | United States | $608M | +39% | +24% | -80% | n/a | n/a | n/a |
| Sichuan Discovery Dream Science & Technology 301213.SZ | China | $633M | -26% | +34% | 2% | n/a | n/a | n/a |
| JST 6687.HK | Hong Kong | $603M | -28% | +26% | 11% | 14.5× | -11.9% | +30.3% |
| PKSHA Technology 3993.T | Japan | $602M | -8% | +74% | 16% | 28.2× | 16.6% | +24.1% |
| Mingchen Health 002919.SZ | China | $640M | -33% | +19% | -5% | n/a | 27.2% | +17.5% |
| Cognyte Software CGNT | United States | $597M | -27% | +28% | 5% | 12.7× | 22.2% | -2.0% |
| Gresgying Digital Energy Technology 600212.SS | China | $594M | -34% | -8% | -6% | 12.5× | 23.5% | +38.2% |
| UISEE Technologies (Beijing) 1511.HK | Hong Kong | $593M | n/a | +24% | -71% | n/a | n/a | n/a |
| DBAPPSecurity 688023.SS | China | $646M | -6% | +2% | -5% | 115.5× | 5.6% | +10.3% |
| Shenzhen Sinovatio Technology 002912.SZ | China | $592M | -2% | +7% | -10% | 24.7× | n/a | n/a |
| Hypoport HYQ.DE | Germany | $648M | -2% | -5% | 6% | 20.2× | 22.2% | +9.2% |