MilDef Group AB (MILDEF) AI Stock Analysis

• Market Cap: €8.69B
• Dividend Yield: 0.28%
• Average Volume (3M): 339.04K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.51
• Revenue Growth: 24.94%
• EPS Growth: -578.00%
• Country: SE
• Employees: 327
• Sector: Industrials
• Sector Strength: 72
• Industry: Aerospace & Defense
• EPS (TTM): 0.20
• Shares Outstanding: 47,114,895
• 10 Day Avg. Volume: 314,292
• 30 Day Avg. Volume: 339,040
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €174.68
• Price Target Upside: -3.70% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 0

• Rating: 54 Neutral
• Price Target: kr174.00 ▼(-4.08% Downside)

MilDef Group AB's overall stock score is primarily influenced by its mixed financial performance and bearish technical indicators. The company's profitability challenges and negative P/E ratio weigh heavily on its valuation. Despite some positive cash flow trends, operational inefficiencies and a bearish market trend limit the stock's attractiveness.

MilDef Group AB Business Overview & Revenue Model

Company Description

MilDef Group AB (MILDEF) is a leading provider of rugged electronics and IT solutions tailored for defense, security, and critical infrastructure sectors. The company specializes in developing and manufacturing durable and reliable products such as computers, servers, and networking equipment designed to withstand extreme conditions and meet stringent military standards. MilDef operates globally, offering a comprehensive range of solutions that support mission-critical operations for defense and security organizations.

How the Company Makes Money

MilDef Group AB generates revenue primarily through the sale of its ruggedized hardware and integrated IT solutions to defense and security sectors. The company's key revenue streams include direct sales of its robust computing devices, such as laptops, tablets, and servers, which are specifically engineered for military and harsh environments. Additionally, MilDef earns income from providing customized solutions and services, such as system integration and ongoing support, which enhance the operational capabilities of its clients. Significant partnerships with defense agencies and organizations further contribute to its earnings by fostering long-term contracts and collaborative projects.

MilDef Group AB Financial Statement Overview

Summary

MilDef Group AB exhibits mixed financial performance. Revenue growth and cash flow improvements are positive, but profitability and return on equity face challenges. The balance sheet is stable with manageable leverage, yet operational inefficiencies impact margins and returns.

Income Statement

MilDef Group AB has shown a mixed performance in its income statement. The company experienced a revenue growth rate of 6.25% in the TTM period, indicating a positive trend. However, profitability metrics such as the net profit margin and EBIT margin are negative, reflecting challenges in maintaining profitability. The gross profit margin remains relatively stable, but the negative EBIT and net income suggest operational inefficiencies.

Balance Sheet

The balance sheet of MilDef Group AB shows moderate leverage with a debt-to-equity ratio of 0.52 in the TTM period, which is manageable. However, the return on equity is negative, indicating that the company is not generating sufficient returns on its equity base. The equity ratio is decent, suggesting a stable capital structure, but the negative ROE highlights profitability concerns.

Cash Flow

The cash flow statement reveals a significant improvement in free cash flow growth at 58.07% in the TTM period, which is a positive sign. However, the operating cash flow to net income ratio is low, indicating that cash generation from operations is not strong relative to net income. The free cash flow to net income ratio is relatively high, suggesting that the company is managing its cash flow efficiently despite profitability challenges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.39B	1.20B	1.15B	738.80M	469.60M	398.50M
Gross Profit	662.30M	589.10M	556.30M	352.30M	210.10M	182.10M
EBITDA	411.90M	-36.10M	177.60M	60.60M	23.20M	67.00M
Net Income	-223.20M	-220.30M	69.00M	14.20M	-700.00K	42.50M
Balance Sheet
Total Assets	2.64B	1.68B	1.53B	1.39B	808.20M	367.90M
Cash, Cash Equivalents and Short-Term Investments	199.90M	530.40M	81.50M	59.90M	169.20M	46.80M
Total Debt	718.40M	220.40M	367.40M	314.70M	102.10M	66.70M
Total Liabilities	1.26B	581.90M	681.10M	606.00M	240.00M	235.30M
Stockholders Equity	1.39B	1.10B	844.60M	787.90M	568.20M	132.60M
Cash Flow
Free Cash Flow	44.10M	123.90M	8.70M	-94.80M	-71.90M	52.80M
Operating Cash Flow	59.60M	144.40M	54.50M	-76.80M	-55.50M	61.70M
Investing Cash Flow	-691.50M	-33.30M	-68.90M	-321.30M	-187.20M	-8.60M
Financing Cash Flow	726.00M	335.10M	38.50M	285.70M	362.90M	-14.40M

MilDef Group AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 181.40
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:MILDEF, the sentiment is Positive. The current price of 181.4 is above the 20-day moving average (MA) of 158.23, above the 50-day MA of 166.28, and above the 200-day MA of 178.42, indicating a bullish trend. The MACD of 3.19 indicates Negative momentum. The RSI at 66.11 is Neutral, neither overbought nor oversold. The STOCH value of 93.12 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:MILDEF.

MilDef Group AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.84B	15.52	7.44%	2.00%	2.86%	-14.57%
MILDEF	54 Neutral	€8.69B	―	-19.55%	0.28%	24.94%	-578.00%
0GWL	―	kr284.85B	52.85	14.05%	―	―	―
4IIA	―	€661.11M	25.82	8.65%	―	―	―
2F0	―	€648.97M	31.50	3.14%	―	―	―
7X9	―	€150.25M	―	-39.65%	―	―	―
1G2	―	€201.94M	―	-128.43%	―	―	―

MilDef Group AB Corporate Events

MilDef Group AB Sees Strong Order Growth Amid Profit Challenges

MilDef Group AB reported a significant increase in order intake for the second quarter of 2025, with a 116% rise driven by both organic and acquired growth. However, net sales and profits were lower than expected, impacted by lower organic net sales and the acquisition of roda, which affected the gross margin. Notable contracts include a SEK 45 million deal with a global defense group and a SEK 126 million order from the Swedish Defence Materiel Administration, emphasizing MilDef’s role in digitalizing defense operations.

MilDef Group AB: Strengthening Market Position in Rugged IT Solutions

MilDef Group AB specializes in providing rugged IT solutions for defense and critical infrastructure, with a strong presence in multiple countries. The company’s focus on protecting critical information systems positions it as a key player in the defense and government sectors, potentially strengthening its market position and offering growth opportunities.