MilDef Group AB (SE:MILDEF)
:MILDEF
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MilDef Group AB
(MILDEF)
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Rating:53Neutral
Price Target:
kr124.00
▼(-0.56% Downside)
Action:ReiteratedDate:02/07/26
The score is primarily held back by weakened cash generation in 2025 alongside a sharp rise in debt, despite strong revenue growth and a meaningful profitability rebound. Technical signals are mixed (better short-term trend but weaker longer-term trend), and valuation is demanding due to a high P/E with a low dividend yield.
Positive Factors
Revenue growth
A 21.7% revenue increase in 2025 indicates expanding demand and stronger program volumes. For a defense supplier, durable top-line growth supports multi-year contract scalability and provides a base for recurring systems, integration and sustainment revenue over the medium term.
Negative Factors
Negative cash conversion in 2025
Profitability did not translate to cash in 2025: operating cash flow turned slightly negative and free cash flow swung materially negative. Persistent mismatches between earnings and cash can strain liquidity, hamper investment and make debt servicing on program timelines harder.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth
A 21.7% revenue increase in 2025 indicates expanding demand and stronger program volumes. For a defense supplier, durable top-line growth supports multi-year contract scalability and provides a base for recurring systems, integration and sustainment revenue over the medium term.
Read all positive factors
MilDef Group AB (MILDEF) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr5.76B
Dividend Yield0.41%
Average Volume (3M)422.70K
Price to Earnings (P/E)38.0
Beta (1Y)0.60
Revenue Growth47.87%
EPS Growth-439.87%
CountrySE
Employees327
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)2.00
Shares Outstanding47,114,895
10 Day Avg. Volume339,511
30 Day Avg. Volume422,703
Financial Highlights & Ratios
PEG Ratio-0.24
Price to Book (P/B)3.69
Price to Sales (P/S)2.74
P/FCF Ratio-177.48
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr190.00Price Target Upside52.37% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)5.95
Revenue Forecast (FY)kr2.87B
MilDef Group AB Business Overview & Revenue Model
Company Description
MilDef Group AB (publ), through its subsidiaries, develops, manufactures, and sells rugged IT solutions and special electronics primarily to customers in the security and defense sectors. The company's IT solutions include laptops, tablets, handhe...
How the Company Makes Money
MilDef makes money primarily by selling ruggedized hardware and related services for defense and security use cases. Key revenue streams include: (1) Product sales: revenue from rugged computers, displays, and other hardened electronic/IT equipmen...
MilDef Group AB Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
63
Positive
Cash Flow
32
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.05B | 1.20B | 1.15B | 738.80M | 469.60M |
| Gross Profit | 920.10M | 589.10M | 556.30M | 352.30M | 210.10M |
| EBITDA | 324.70M | -36.10M | 176.70M | 57.80M | 23.20M |
| Net Income | 147.70M | -220.30M | 69.00M | 14.20M | -700.00K |
Balance Sheet | |||||
| Total Assets | 2.91B | 1.68B | 1.53B | 1.39B | 808.20M |
| Cash, Cash Equivalents and Short-Term Investments | 148.60M | 530.40M | 81.50M | 59.90M | 169.20M |
| Total Debt | 955.60M | 220.40M | 367.40M | 314.70M | 102.10M |
| Total Liabilities | 1.39B | 581.90M | 681.10M | 606.00M | 240.00M |
| Stockholders Equity | 1.52B | 1.10B | 844.60M | 787.90M | 568.20M |
Cash Flow | |||||
| Free Cash Flow | -31.60M | 123.90M | 8.70M | -94.80M | -71.90M |
| Operating Cash Flow | -3.00M | 144.40M | 54.50M | -76.80M | -55.50M |
| Investing Cash Flow | -731.50M | -33.30M | -68.90M | -321.30M | -187.20M |
| Financing Cash Flow | 359.70M | 335.10M | 38.50M | 285.70M | 362.90M |
MilDef Group AB Technical Analysis
Negative
124.70
Price Trends
135.43
Negative
134.71
Negative
157.73
Negative
Market Momentum
-2.70
Positive
37.85
Neutral
13.49
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:MILDEF, the sentiment is Negative. The current price of 124.7 is below the 20-day moving average (MA) of 130.74, below the 50-day MA of 135.43, and below the 200-day MA of 157.73, indicating a bearish trend. The MACD of -2.70 indicates Positive momentum. The RSI at 37.85 is Neutral, neither overbought nor oversold. The STOCH value of 13.49 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:MILDEF.
MilDef Group AB Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | kr343.62B | 45.69 | 13.56% | 0.39% | 22.49% | 30.47% | |
64 Neutral | kr8.29B | 13.17 | 11.66% | 2.67% | -3.68% | -48.79% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
56 Neutral | kr4.80B | 16.18 | 3.57% | 3.46% | -6.23% | -37.00% | |
53 Neutral | kr5.76B | 37.97 | 10.29% | 0.41% | 47.87% | -439.87% | |
48 Neutral | kr2.58B | -94.90 | ― | ― | 9.60% | 40.86% | |
44 Neutral | kr966.63M | -12.66 | -39.97% | ― | 11.85% | 6.39% |
* Industrials Sector Average
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MilDef Group AB Corporate Events
MilDef’s Nomination Committee Proposes Strengthened Board Ahead of 2026 AGM
Mar 17, 2026
MilDef’s nomination committee proposes a seven-member board with the re-election of Björn Karlsson as chairman, alongside the reappointment of Charlotte Darth, Carl Mellander, Lennart Pihl and Lisa Åbom. The committee also recommen...
MilDef posts record 2025 results and ramps capacity on surging NATO demand
Feb 5, 2026
MilDef closed 2025 with its strongest quarter to date, delivering sharp growth in orders, sales and earnings while continuing to invest heavily in expanded capacity to meet surging defense IT demand. Fourth-quarter order intake rose 30% and net sa...
MilDef to Present Year-End and Q4 2025 Results on 5 February
Jan 28, 2026
MilDef will publish its year-end and fourth quarter 2025 report on 5 February at 08:00 CET and will host an online conference for investors, analysts and media the same day from 10:00 to 10:45 CET via Microsoft Teams. The results will be presented...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.