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Swedish maker of medical imaging IT (PACS) software for radiology, plus secure communications technology for defense/government.
Swedish maker of medical imaging IT (PACS) software for radiology, plus secure communications technology for defense/government.
Sells imaging software to hospitals under multi-year contracts, where a growing share is recurring subscriptions and support rather than one-off licences, and a won hospital tends to stay for years. Customers are mostly in Europe and the US. A separate unit supplies encrypted communications to governments.
In one line: A Swedish niche medical-imaging IT and secure comms vendor.
Moat: narrow (switching costs, installed base, regulatory licence). Deeply embedded hospital imaging workflow software and government security clearances create high switching costs.
Headquarters: Linkoping, Sweden · Founded: 1978 · Employees: 1,385
Size Sectra (SECT-B.ST) is a Sweden Information Technology company (Packaged Software) with a market value of $6.53B, the 39th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 327.60 on 6 Nov 2026.
Performance Over six months the shares gained 26.6%, against +8.8% for the median peer and +8.2% for the Sweden market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 13.9% over the last twelve months (peer median +11.0%); the operating margin is 19.6% (peer median 9.7%).
Valuation It trades at 85.0× forward earnings against a peer median of 22.1× (2nd most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 29% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is +12 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 76.3 points above its cost of capital (6.8% WACC).
Next results Next results expected around 25 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 3.74B | SEK 3.54B | SEK 3.24B | SEK 2.96B | SEK 2.35B |
| Revenue growth | — | +9% | +9% | +26% | — |
| Gross profit | SEK 784M | SEK 719M | SEK 543M | SEK 558M | SEK 489M |
| EBITDA | SEK 808M | SEK 732M | SEK 561M | SEK 577M | SEK 511M |
| Net income | SEK 619M | SEK 564M | SEK 563M | SEK 428M | SEK 375M |
| Free cash flow | SEK 873M | SEK 1.01B | SEK 888M | SEK 148M | SEK 403M |
| Capital expenditure | SEK 212M | SEK 189M | SEK 110M | SEK 251M | SEK 92.8M |
| Total debt | SEK 128M | SEK 76.5M | SEK 87.5M | SEK 31.8M | SEK 82.3M |
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 |
|---|---|---|---|---|---|---|
| Sectra SECT-B.ST | $6.53B | +27% | +14% | 20% | 85.0× | 29.0% |
| Fujifilm 4901.T | $24.9B | +14% | +7% | 10% | 14.1× | n/a |
| GE HealthCare GEHC | $37.2B | +30% | +7% | 14% | 15.4× | 4.3% |
| Koninklijke Philips PHIA.AS | $29.8B | +24% | -1% | 10% | 16.5× | 5.7% |
| Siemens Healthineers SHL.DE | $55.9B | +31% | -1% | 15% | 18.9× | 9.0% |
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 | SECT-B.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.6% | +4.3% | 7th highest of 21 |
| 6-month return | +26.6% | +8.8% | 7th highest of 21 |
| Distance from 52-week high | -5.4% | -30.4% | 2nd highest of 21 |
| Revenue growth (TTM) | +13.9% | +11.0% | 10th highest of 21 |
| Operating margin | 19.6% | 9.7% | 6th highest of 21 |
| Forward P/E | 85.0× | 22.1× | 2nd most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 29.0% | 8.6% | 3rd most demanding of 17 |
| Growth delivered (Del g) | +16.8% | +11.9% | 6th highest of 17 |
| Hurdle (Req g minus delivered) | +12.2 pp | -2.8 pp | 4th most demanding of 17 |
| ROIC minus cost of capital | +76.3 pp | +2.1 pp | 2nd highest of 18 |
| EV / EBITDA | 77.1× | 14.8× | most expensive of 13 |
| Net debt / EBITDA | -2.0× | -0.8× | 4th least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sectra SECT-B.ST | Sweden | $6.53B | +27% | +14% | 20% | 85.0× | 29.0% | +16.8% |
| Commvault Systems CVLT | United States | $6.48B | +51% | +14% | 10% | 27.6× | 26.9% | +10.3% |
| Qualys QLYS | United States | $6.59B | +102% | +11% | 35% | 23.7× | 4.7% | +13.1% |
| UiPath PATH | United States | $6.78B | +20% | +15% | 9% | 15.2× | 19.2% | +21.5% |
| International Games System 3293.TWO | Taiwan | $6.27B | 0% | +15% | 59% | 14.4× | -4.0% | +21.2% |
| CD PROJEKT RED Spolka Akcyjna CDR.WA | Poland | $6.80B | +4% | -14% | 54% | 53.4× | 35.0% | -16.5% |
| Navan NAVN | United States | $6.25B | +36% | +35% | -25% | 76.3× | n/a | n/a |
| SenseTime 0020.HK | Hong Kong | $6.25B | -44% | +31% | -51% | n/a | n/a | n/a |
| Topicus.com TOI.V | Canada | $6.25B | +9% | +28% | 15% | 21.3× | 0.7% | +26.5% |
| RingCentral RNG | United States | $6.09B | +58% | +5% | 9% | 13.3× | 15.2% | +16.3% |
| MiniMax 0100.HK | Hong Kong | $7.00B | -81% | +159% | -407% | n/a | n/a | n/a |
| Open Text OTEX.TO | Canada | $6.07B | +9% | +1% | 23% | 6.4× | -6.2% | +10.8% |
| Dolby Laboratories DLB | United States | $6.07B | +11% | +1% | 19% | 14.3× | 10.0% | +3.0% |
| Square Enix 9684.T | Japan | $7.02B | +25% | +1% | 20% | 26.9× | -5.4% | -2.1% |
| Bilibili 9626.HK | Hong Kong | $6.06B | -36% | +11% | 4% | 14.2× | 7.3% | +19.5% |
| ACI Worldwide ACIW | United States | $6.06B | +32% | +7% | 19% | 22.9× | 11.8% | +6.3% |
| Hundsun Technologies 600570.SS | China | $6.05B | -20% | -5% | 9% | 30.1× | 34.8% | +7.0% |
| NIQ Global Intelligence NIQ | United States | $6.02B | +5% | +9% | 8% | 17.1× | 10.9% | +14.6% |
| Shanghai Baosight Software 600845.SS | China | $5.97B | -24% | +11% | 10% | 30.3× | 6.9% | +1.4% |
| Klaviyo KVYO | United States | $5.90B | +36% | +29% | -2% | 19.7× | 7.0% | +37.7% |
| Kunlun Tech 300418.SZ | China | $7.33B | -21% | +48% | -21% | 1,291.3× | n/a | n/a |