MIPS AB (SE:MIPS)
:MIPS
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MIPS AB
(MIPS)
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Rating:60Neutral
Price Target:
kr263.00
▲(6.13% Upside)
Action:ReiteratedDate:03/26/26
The score is driven by solid underlying financial performance and a constructive earnings outlook with strong adjusted profitability, but is held back by weak technicals (price below key moving averages and negative MACD) and a demanding valuation (P/E ~78). Leverage stepping up in 2025 and ongoing legal costs add additional risk.
Positive Factors
Licensing-based model and partner integrations
MIPS's licensing and component-supply business ties revenue to partner helmet adoption across cycling, moto, snow and safety segments. Per-unit/royalty economics and brand pull-through provide scalable, low-capital growth, diversified end-markets and predictable unit economics over time.
Negative Factors
Step-up in leverage in 2025
Leverage increasing to ~0.61 debt/equity reduces financial flexibility and raises refinancing and interest-rate exposure. Higher fixed obligations constrain optionality for R&D, marketing or opportunistic investments and heighten downside risk if top-line or cash generation weakens.
Read all positive and negative factors
Positive Factors
Negative Factors
Licensing-based model and partner integrations
MIPS's licensing and component-supply business ties revenue to partner helmet adoption across cycling, moto, snow and safety segments. Per-unit/royalty economics and brand pull-through provide scalable, low-capital growth, diversified end-markets and predictable unit economics over time.
Read all positive factors
MIPS AB (MIPS) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr6.50B
Dividend Yield1.85%
Average Volume (3M)48.84K
Price to Earnings (P/E)78.0
Beta (1Y)0.91
Revenue Growth23.02%
EPS Growth32.69%
CountrySE
Employees110
SectorConsumer Cyclical
Sector Strength84
IndustryLeisure
Share Statistics
EPS (TTM)1.35
Shares Outstanding26,491,121
10 Day Avg. Volume71,328
30 Day Avg. Volume48,837
Financial Highlights & Ratios
PEG Ratio-5.25
Price to Book (P/B)16.66
Price to Sales (P/S)17.56
P/FCF Ratio67.84
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr540.00Price Target Upside117.92% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)9.01
Revenue Forecast (FY)kr786.67M
MIPS AB Business Overview & Revenue Model
Company Description
MIPS AB (publ) manufactures and sells helmet-based safety systems in North America, Europe, Sweden, Asia, and Australia. It offers sports helmets for biking, skiing and snowboarding, equestrian, team sports, climbing, and white water rafting; and ...
How the Company Makes Money
MIPS makes money primarily by licensing its technology and brand to helmet companies and by selling MIPS-equipped components that are integrated into partners’ helmets. Revenue is typically generated when partner helmet brands/manufacturers produc...
MIPS AB Earnings Call Summary
Earnings Call Date:Feb 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
Earnings Call Sentiment Positive
The call presented strong operational momentum: robust organic growth across regions and categories, healthy gross margins, positive cash flow, strategic acquisition (Koroyd) and notable sustainability recognition. Most headline profitability weakness was attributable to identifiable one-offs (legal costs, FX headwind and transaction expenses) rather than deteriorating core performance — adjusted EBIT margins were strong (~39.8% Q4, ~38.2% FY). Key negatives include ongoing legal costs, FX effects, a weaker Chinese consumer market and tariff-related disruptions. On balance, the positives (broad-based growth, sustainability accolades, cash generation, accretive acquisition and strong adjusted profitability) outweigh the negatives, though near-term uncertainty remains around legal costs and China demand.Positive Updates
Strong Overall Organic Growth
Q4 organic net sales +18% (reported +2% due to FX); Full year organic net sales +21%. Company grew across all three categories despite challenging conditions.
Negative Updates
Legal Costs and Ongoing Litigation
Legal dispute drove significant costs: SEK 43 million incurred in 2025 (SEK 7 million in Q4). Management expects similar support levels in 2026 and suggested a cautious run-rate assumption (~SEK 10 million per quarter), creating an earnings headwind and uncertainty.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Overall Organic Growth
Q4 organic net sales +18% (reported +2% due to FX); Full year organic net sales +21%. Company grew across all three categories despite challenging conditions.
Read all positive updates
Company Guidance
Management guided that 2026 should see continued positive momentum with fewer tariff headwinds and Koroyd consolidated from Q1 (purchase price EUR 40m; 8x adjusted 2025 EBITDA with an earn‑out up to EUR 25m taking the total to 13x) and expected to be accretive to EPS, EBIT and sales short‑ and long‑term. They signaled legal costs are likely to remain at a similar level to 2025 (SEK 43m), suggesting a prudent planning assumption of about SEK 10m per quarter (~SEK 40m/year), noted cash SEK 214m, a SEK 300m revolving credit facility and net debt/adjusted EBITDA of 0.5x, and the Board’s proposed dividend of SEK 2.50/share (55% of net earnings). Management reiterated strong underlying performance after FY organic growth of 21% (Q4 organic +18%), segment momentum—Sports Q4 +17% (FY +20%), Moto Q4 +32% (FY +22%), Safety Q4 +41% (FY +42%)—and said that excluding legal/transaction/FX impacts EBIT margin would be near ~39% (Q4 excl. 39.8%, FY excl. 38.2%), with operating cash flow of SEK 52m in Q4 and SEK 148m for the year; they also warned of continued softness in China and noted seasonality (Q1 typically smallest quarter; later Chinese New Year may shift some volumes into Q1).MIPS AB Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
58
Neutral
Cash Flow
71
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 533.00M | 483.00M | 357.00M | 563.00M | 608.00M |
| Gross Profit | 391.00M | 350.00M | 253.00M | 406.00M | 445.00M |
| EBITDA | 155.00M | 209.00M | 88.00M | 242.00M | 340.00M |
| Net Income | 120.00M | 141.00M | 64.00M | 175.00M | 255.00M |
Balance Sheet | |||||
| Total Assets | 1.31B | 739.00M | 738.00M | 767.00M | 756.00M |
| Cash, Cash Equivalents and Short-Term Investments | 214.00M | 382.00M | 408.00M | 533.00M | 450.00M |
| Total Debt | 327.00M | 12.00M | 14.00M | 17.00M | 7.00M |
| Total Liabilities | 745.00M | 98.00M | 81.00M | 141.00M | 179.00M |
| Stockholders Equity | 562.00M | 641.00M | 657.00M | 626.00M | 577.00M |
Cash Flow | |||||
| Free Cash Flow | 138.00M | 132.00M | 2.00M | 215.00M | 267.00M |
| Operating Cash Flow | 148.00M | 142.00M | 11.00M | 236.00M | 277.00M |
| Investing Cash Flow | -429.00M | -10.00M | -89.00M | -22.00M | -11.00M |
| Financing Cash Flow | 124.00M | -162.00M | -42.00M | -136.00M | -95.00M |
MIPS AB Technical Analysis
Negative
247.80
Price Trends
247.18
Negative
284.82
Negative
336.79
Negative
Market Momentum
-2.44
Negative
55.63
Neutral
88.24
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:MIPS, the sentiment is Negative. The current price of 247.8 is above the 20-day moving average (MA) of 229.03, above the 50-day MA of 247.18, and below the 200-day MA of 336.79, indicating a neutral trend. The MACD of -2.44 indicates Negative momentum. The RSI at 55.63 is Neutral, neither overbought nor oversold. The STOCH value of 88.24 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:MIPS.
MIPS AB Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | kr7.46B | 12.87 | 25.41% | 2.02% | 6.44% | 0.49% | |
70 Outperform | kr1.84B | 17.16 | 23.44% | 4.95% | 9.20% | 11.72% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | kr6.50B | 78.02 | 23.68% | 1.85% | 23.02% | 32.69% | |
60 Neutral | kr23.98B | 23.21 | 14.62% | 3.54% | 8.93% | -12.56% | |
54 Neutral | kr6.58B | 124.18 | 2.04% | 6.24% | -2.98% | -30.48% | |
53 Neutral | kr85.64M | 57.97 | -17.87% | ― | 24.34% | 39.30% |
* Consumer Cyclical Sector Average
SE:MIPS
MIPS AB
252.00
-81.47
-24.43%
SE:THULE
Thule Group AB
227.20
-8.41
-3.57%
SE:FOI.B
Fenix Outdoor International AG
487.00
-71.96
-12.87%
SE:USWE
USWE Sports AB
12.10
4.85
66.90%
SE:RVRC
RVRC Holding AB
70.90
29.03
69.34%
SE:BORG
Bjorn Borg AB
74.00
23.79
47.39%
MIPS AB Corporate Events
Mips AB Calls 2026 AGM with Key Capital and Governance Decisions on Agenda
Mar 20, 2026
Mips AB has called its Annual General Meeting for 23 April 2026 at the company’s head office in Täby, Sweden, allowing shareholders to participate either in person or via postal voting in line with its articles of association. To attend...
Mips AB Releases Comprehensive 2025 Annual and Sustainability Report
Mar 19, 2026
Mips AB has published its 2025 Annual and Sustainability Report, detailing its strategic foundation, business model, financial and sustainability targets, and long-term growth strategy. The report outlines favorable macro trends and increasing glo...
Mips grows sales and buys Koroyd but trims dividend on weaker margins
Feb 11, 2026
Mips AB reported modest top-line growth in 2025, with net sales rising 10% to SEK 533m and organic growth reaching 21%, driven by continued demand for its helmet safety systems across segments. However, profitability came under pressure as the EBI...
Mips to Present 2025 Year-End Results on 11 February 2026
Feb 2, 2026
Mips Group, a Stockholm-listed global safety technology provider whose Koroyd and Mips brands supply helmet and protective equipment manufacturers with advanced impact protection systems, will publish its year-end report for the 2025 financial yea...
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.