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Swedish defense company making fighter jets (Gripen), submarines, missiles, and radar/sensor systems mainly for European militaries.
Swedish defense company making fighter jets (Gripen), submarines, missiles, and radar/sensor systems mainly for European militaries.
Wins multi-year defence contracts from governments, books revenue as work progresses, and later earns more from upgrades and support on equipment once in service. Exports go through government-to-government deals. Investor AB, the Wallenberg family's holding company, is its largest shareholder.
In one line: A smaller, Swedish Lockheed Martin / General Dynamics hybrid.
Moat: narrow (IP / patents, regulatory licence, installed base). Sovereign-grade fighter jet and submarine programs require decades of qualification; few global competitors.
Headquarters: Linkoping, Sweden · Founded: 1937 · Employees: 27,865
Size Saab (SAAB-B.ST) is a Sweden Industrials company (Aerospace & Defense) with a market value of $33.3B, the 10th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 605.00 on 6 Nov 2026.
Performance Over six months the shares gained 18.6%, against -3.6% for the median peer and +8.2% for the Sweden market (cap-weighted) — 3rd highest of 20 in its peer set.
Growth Revenue grew 28.4% over the last twelve months (peer median +12.0%); the operating margin is 10.3% (peer median 11.5%).
Valuation It trades at 40.2× forward earnings against a peer median of 22.1× (7th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 10.4 points above its cost of capital (5.0% WACC).
Credit Saab has 2 bonds outstanding ($440M), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 96 bp.
Next results Next results expected around 5 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 92.9B | SEK 79.1B | SEK 63.8B | SEK 51.6B | SEK 42.0B |
| Revenue growth | — | +24% | +24% | +23% | — |
| Gross profit | SEK 20.6B | SEK 17.2B | SEK 13.7B | SEK 11.3B | SEK 8.89B |
| EBITDA | SEK 12.7B | SEK 9.83B | SEK 7.35B | SEK 6.09B | SEK 4.76B |
| Net income | SEK 7.53B | SEK 6.31B | SEK 4.17B | SEK 3.38B | SEK 2.19B |
| Free cash flow | SEK 13.2B | SEK 5.99B | SEK 2.72B | SEK 3.96B | SEK 3.03B |
| Capital expenditure | SEK 8.83B | SEK 7.22B | SEK 4.84B | SEK 3.54B | SEK 2.31B |
| Total debt | SEK 18.1B | SEK 14.7B | SEK 10.4B | SEK 10.0B | SEK 9.99B |
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 |
|---|---|---|---|---|---|---|
| Saab SAAB-B.ST | $33.3B | +19% | +28% | 10% | 40.2× | 6.0% |
| Lockheed Martin LMT | $131B | +12% | +8% | 12% | 17.6× | -6.9% |
| Dassault Aviation AM.PA | $26.0B | +6% | +33% | 9% | 19.6× | 5.2% |
| BAE Systems BA..L | $72.6B | -4% | +7% | 9% | 22.0× | 2.8% |
| Rheinmetall RHM.DE | $42.5B | -29% | -2% | 18% | 22.0× | 6.5% |
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 | SAAB-B.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.4% | +4.8% | 10th lowest of 21 |
| 6-month return | +18.6% | -3.6% | 3rd highest of 20 |
| Distance from 52-week high | -19.2% | -23.7% | 9th highest of 21 |
| Revenue growth (TTM) | +28.4% | +12.0% | 6th highest of 20 |
| Operating margin | 10.3% | 11.5% | 8th lowest of 21 |
| Forward P/E | 40.2× | 22.1× | 7th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 6.0% | 10.1% | 5th least demanding of 16 |
| Growth delivered (Del g) | +17.4% | +10.2% | 3rd highest of 15 |
| Hurdle (Req g minus delivered) | -11.4 pp | +1.1 pp | 2nd least demanding of 15 |
| ROIC minus cost of capital | +10.4 pp | +8.3 pp | 6th highest of 20 |
| EV / EBITDA | 25.5× | 18.8× | 7th most expensive of 17 |
| Net debt / EBITDA | -0.3× | 1.6× | 5th least indebted of 18 |
| Bond spread | 96 bp | 76 bp | 2nd widest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Saab SAAB-B.ST | Sweden | $33.3B | +19% | +28% | 10% | 40.2× | 6.0% | +17.4% |
| Elbit Systems ESLT | United States | $32.0B | -13% | +12% | 9% | 46.5× | 10.1% | +11.5% |
| Kongsberg Gruppen KOG.OL | Norway | $31.8B | +13% | -28% | 17% | 46.3× | 21.7% | +4.3% |
| Rocket Lab RKLB | United States | $31.8B | -50% | +53% | -29% | n/a | n/a | n/a |
| Hindustan Aeronautics HAL.NS | India | $35.2B | +4% | +7% | 23% | 33.6× | 42.7% | +7.2% |
| Leonardo LDO.MI | Italy | $31.0B | -4% | +10% | 7% | 20.2× | 14.3% | +7.8% |
| Bharat Electronics BEL.NS | India | $30.6B | -10% | +20% | 26% | 41.5× | 38.2% | +14.3% |
| HEICO HEI | United States | $39.2B | +14% | +21% | 24% | 47.8× | 24.5% | +20.2% |
| Rheinmetall RHM.DE | Germany | $42.5B | -29% | -2% | 18% | 22.0× | 6.5% | +12.9% |
| Dassault Aviation AM.PA | France | $26.0B | +6% | +33% | 9% | 19.6× | 5.2% | +6.2% |
| Axon Enterprise AXON | United States | $25.4B | -22% | +35% | 1% | 36.5× | n/a | n/a |
| Hanwha Aerospace 012450.KS | South Korea | $25.0B | -53% | +28% | 11% | 17.2× | -7.0% | +38.1% |
| L3Harris LHX | United States | $48.4B | -13% | +7% | 12% | 20.1× | 7.0% | +3.7% |
| Honeywell Aerospace HONA | United States | $48.5B | n/a | n/a | 20% | 18.8× | n/a | n/a |
| Singapore Technologies Engineering S63.SI | Singapore | $22.6B | -13% | +11% | 9% | 27.3× | 5.3% | +11.5% |
| Bombardier BBD-B.TO | Canada | $22.5B | +8% | +11% | 11% | 22.1× | 19.0% | +8.9% |
| Thales HO.PA | France | $51.1B | -1% | +7% | 11% | 20.6× | -2.8% | +7.6% |
| Arxis ARXS | United States | $21.5B | +42% | +114% | 20% | 54.2× | 58.8% | n/a |
| MTU Aero Engines MTX.DE | Germany | $20.9B | +21% | +12% | 13% | 18.5× | 6.3% | +17.1% |
| AVIC Shenyang Aircraft 600760.SS | China | $20.8B | +4% | -1% | 8% | 45.1× | n/a | n/a |
| FTAI Aviation FTAI | United States | $18.4B | -33% | +46% | 23% | 16.7× | n/a | n/a |
Saab has 2 bonds outstanding with $440M face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 3.94%, a spread of 96 bp over government bonds.