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← CockpitCompetitor Analysis › SAVE.ST Nordnet ABOpen in the cockpit ↗

Nordnet ABSAVE.STCompetitor analysis, valuation and peers

Sweden · SEK·Financials›Investment Banks/Brokers

Nordic online brokerage and savings platform offering trading, pension and fund investment accounts.

≈ A Nordic Charles Schwab/Robinhood hybridMomentum neutral 49
Competitor Analysis ▸ ChartsOpen in the cockpit
Mkt cap
$8.70B
US dollars, full cap
Free float
54%
of shares outstanding
$/day
$10.5M
20-day average traded
Fwd P/E
23.7×
forward earnings
ROIC−WACC
n/a
WACC 5.6%
Hurdle
n/a
no reverse DCF
Next earnings
82 days
27 Jan 2027
Close · SEKSEK 343.80
1D-0.6%
1W+4.3%
1M+2.0%
3M-3.1%
6M+13.5%
YTD+27.2%
1Y+23.3%
ATR %2.4%
52w lowhigh10.5% off high

What Nordnet does

Nordic online brokerage and savings platform offering trading, pension and fund investment accounts.

Earns from commissions on trades, interest on customers' cash balances and on loans against their holdings, and fees from fund companies on assets held on its platform, so results follow trading activity and short-term rates. Sweden is the largest market. Pension and tax-advantaged savings accounts keep customers' long-term savings in one place.

In one line: A Nordic Charles Schwab/Robinhood hybrid.

Products and services

  • Online share trading
  • Savings/pension accounts (ISK)
  • Fund investing platform

Customers

  • Retail investors (Sweden, Norway, Denmark, Finland

Where it sits in the supply chain

  • Financials
  • Online brokerage/wealthtech
  • Trading, savings & pension accounts…

What could go right

  • Nordic retail investor account growth
  • Assets under management fee income

What could go wrong

  • Trading volume cyclicality (market sentiment)
  • Price competition from bank brokers

Moat: narrow (scale, switching costs, brand). A leading Nordic direct-to-consumer savings brand with low-cost technology, competing against bank incumbents.

Headquarters: Stockholm, Sweden · Founded: 1996 · Employees: 853

Named competitors

Nordnet at a glance

Size Nordnet (SAVE.ST) is a Sweden Financials company (Investment Banks/Brokers) with a market value of $8.70B, the 34th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 343.80 on 6 Nov 2026.

Performance Over six months the shares gained 13.5%, against -9.4% for the median peer and +8.2% for the Sweden market (cap-weighted) — 5th highest of 21 in its peer set.

Growth Revenue grew 10.9% over the last twelve months (peer median +4.7%); the operating margin is 58.4% (peer median 35.0%).

Valuation It trades at 23.7× forward earnings against a peer median of 14.4× (4th most expensive of 21).

Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).

Relative performance

10012011 May 202611 Aug 20266 Nov 2026SAVE.ST 114Peer median 90
Six months, rebased to 100: Nordnet against the median of its 20 peers (local-currency closes).

Nordnet financials

Reported figures in SEK; fiscal year ends 2025-12-31. TTM = trailing twelve months.
TTMFY2025FY2024FY2023FY2022
RevenueSEK 7.37BSEK 6.57BSEK 6.68BSEK 5.84BSEK 4.44B
Revenue growth—-2%+14%+31%—
Gross profitSEK 5.82BSEK 5.33BSEK 5.23BSEK 4.70BSEK 3.52B
EBITDASEK 4.55BSEK 3.84BSEK 3.81BSEK 3.49BSEK 2.40B
Net incomeSEK 3.40BSEK 2.96BSEK 2.73BSEK 2.46BSEK 1.59B
Free cash flow-SEK 2.25B-SEK 1.06BSEK 3.21B-SEK 836MSEK 5.63B
Capital expenditureSEK 45.0MSEK 276MSEK 244MSEK 217MSEK 161M
Total debtSEK 900MSEK 1.09BSEK 1.12BSEK 1.57BSEK 1.26B

Quarterly statements and history in the cockpit →

Nordnet 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

-20%0%+20%-20%0%601788601901ASXVIRTMCXXP600958006800HLIINVPJEFEVR601456ALLFGFRHCSNEX005940XSAVE.ST6-month return →1-month return →
Up and to the right = strong over both horizons. Nordnet is the large dot.

Fundamentals: revenue growth against valuation

0%+50%+100%20×40×601788601901ASXVIRTMCXXP600958006800HLIINVPJEFEVR601456FRHCSNEX005940SQNXSAVE.STRevenue growth (TTM) →Forward P/E →
Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Nordnet is the large dot.

Nordnet competitors and peer comparison

Head to head with its named competitors (SAVE.ST vs AZA.ST vs FTK.DE vs IBKR)
CompanyMarket cap6M returnRevenue growthOp. marginForward P/EReq g
Nordnet SAVE.ST$8.70B+13%+11%58%23.7×n/a
Avanza Bank AZA.ST$5.95B+13%+13%54%19.1×n/a
flatexDEGIRO FTK.DE$2.78B-27%+20%45%11.1×n/a
Interactive Brokers IBKR$129B-10%+16%87%23.9×n/a

How Nordnet 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.

Nordnet against its 20 peers (data as of 6 Nov 2026)
MeasureSAVE.STPeer medianRank in peer set
1-month return+2.0%+3.4%10th lowest of 21
6-month return+13.5%-9.4%5th highest of 21
Distance from 52-week high-10.5%-26.0%6th highest of 21
Revenue growth (TTM)+10.9%+4.7%8th highest of 21
Operating margin58.4%35.0%4th highest of 21
Forward P/E23.7×14.4×4th most expensive of 21

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
CompanyMarketMarket cap6M returnRevenue growthOp. marginForward P/EReq gDelivered g
Nordnet SAVE.STSweden$8.70B+13%+11%58%23.7×n/an/a
Everbright Securities 601788.SSChina$8.70B-9%-4%36%14.6×n/an/a
Founder Securities 601901.SSChina$8.52B-4%-21%47%11.7×n/an/a
ASX ASX.AXAustralia$9.02B+15%+3%65%24.2×n/an/a
Virtu Financial VIRTUnited States$8.37B+5%+28%38%7.8×n/an/a
Multi Commodity Exchange of India MCX.NSIndia$9.51B+16%+122%79%50.8×n/an/a
XP Inc. Class A XPUnited States$7.83B-21%+17%32%6.7×n/an/a
Orient Securities 600958.SSChina$10.00B-10%-5%28%11.1×n/an/a
Mirae Asset Sec 006800.KSSouth Korea$7.57B-66%+5%114%4.0×n/an/a
Houlihan Lokey HLIUnited States$10.1B-5%0%20%18.0×n/an/a
Investec INVP.LUnited Kingdom$7.34B+3%-4%37%7.1×n/an/a
Jefferies Financial JEFUnited States$10.9B-11%+26%41%11.3×n/an/a
Evercore EVRUnited States$10.9B-17%+37%22%14.2×n/an/a
Guolian Minsheng Securities 601456.SSChina$6.75B-13%+9%25%20.1×n/an/a
Allfunds ALLFG.ASNetherlands$6.69B+18%+1%43%20.5×n/an/a
Freedom FRHCUnited States$11.4B+28%+8%29%39.7×n/an/a
StoneX SNEXUnited States$6.55B-33%+21%2%13.0×n/an/a
NHIS 005940.KSSouth Korea$6.46B-32%+156%34%5.2×n/an/a
Swissquote SQN.SWSwitzerland$6.33B-13%+4%44%15.9×n/an/a
Zhongtai Securities 600918.SSChina$6.31B-12%-4%21%17.1×n/an/a
TMX X.TOCanada$12.1B+10%+4%28%22.8×n/an/a

Questions

Who are Nordnet's main competitors?
Named competitors: Avanza Bank (AZA.ST), flatexDEGIRO (FTK.DE), Interactive Brokers (IBKR). The cockpit's measured peer set (industry) also includes Everbright Securities (601788.SS), Founder Securities (601901.SS), ASX (ASX.AX), Virtu Financial (VIRT), Multi Commodity Exchange of India (MCX.NS), XP Inc. Class A (XP).
Is Nordnet expensive compared with its peers?
On forward p/e it trades at 23.7× against a peer median of 14.4×, 4th most expensive of 21 in its peer set.
How has Nordnet stock performed?
Over six months to 6 Nov 2026 the shares returned +13.5% against -9.4% for the median peer; over one year +23.3%.

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.