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Mycronic AB (SE:MYCR)
:MYCR

Mycronic AB (MYCR) AI Stock Analysis

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SE:MYCR

Mycronic AB

(MYCR)

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Neutral 63 (OpenAI - 5.2)
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Neutral 63 (OpenAI - 5.2)
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Neutral 63 (OpenAI - 5.2)
Rating:63Neutral
Price Target:
kr230.00
▲(6.19% Upside)
Action:ReiteratedDate:02/07/26
The score is supported primarily by strong underlying financial quality (high margins, strong ROE, and very low leverage), but is weighed down by the 2025 downturn and cash-flow weakness, along with clearly bearish technical signals. Valuation is moderate, with only a modest dividend offset.
Positive Factors
Balance sheet strength
Very low leverage and materially higher equity provide durable financial flexibility. This reduces solvency risk during cyclical downturns, supports continued R&D, service investment and warranty obligations, and gives management capacity to fund opportunities or withstand prolonged order weakness without forced restructuring.
High margins and strong ROE
Sustained high gross and EBIT margins, combined with strong ROE, indicate durable pricing power and efficient capital use. These structural profitability characteristics support cash generation when demand is stable and provide buffer to absorb cyclical revenue swings without permanent margin erosion.
Recurring aftermarket and diversified streams
A business mix that includes service, software, consumables and retrofits creates recurring, higher-margin revenue tied to an installed base. This reduces reliance on lumpy new-equipment orders, smoothing revenues and preserving long-term margin stability as installed machines drive aftermarket demand.
Negative Factors
2025 revenue collapse
A near-50% revenue decline in a single year shows the business is exposed to large order volatility. Such deep downturns impair planning, strain fixed-cost absorption and can permanently delay customer projects, making multi-quarter recovery uncertain and complicating capacity and investment decisions.
Free cash flow deterioration
A collapse of free cash flow undermines the company's ability to self-fund capex, R&D and aftermarket investments. Even with low leverage, episodic cash deficits increase reliance on external financing or equity, raising execution risk for strategic initiatives and reducing margin of safety during prolonged downturns.
Exposure to cyclical end markets
Dependence on customer capex in electronics and semiconductors creates structural revenue cyclicality. Capital-equipment buying patterns and long lead times mean order books can swing sharply, producing persistent volatility in bookings, revenue recognition timing, and capacity utilization across multiple quarters.

Mycronic AB (MYCR) vs. iShares MSCI Sweden ETF (EWD)

Mycronic AB Business Overview & Revenue Model

Company DescriptionMycronic AB (publ), together with its subsidiaries, develops, manufactures, and sells production equipment for electronics industry in Sweden, rest of Europe, the United States, other Americas, China, South Korea, rest of Asia, and internationally. The company operates through four segments: Pattern Generators, High Flex, High Volume, and Global Technologies. The Pattern Generators segment develops, manufactures, and markets mask writers and measuring machines for production of advanced photomasks for manufacturing of screens for TVs, cars, mobile phones, tablets, and computers, as well as the semiconductor components. The High Flex segment develops, manufactures, and markets surface mount technology (SMT) and inspection equipment for flexible printed circuit board (PCBs) assembly. This segment offers MYPro Line, which integrates advanced jet printing and dispensing, pick-and-place, advanced process control solutions, and 3D inspection systems; MYTower material handling systems; and MYSmart dispensing and coating solutions. The High Volume segment develops, manufactures, and markets equipment for dispensing and conformal coating of circuit boards for manufacturers of mobile phones, tablets, computers, and electronics for electric vehicles, as well as automated screen printers. The Global Technologies segment offers die-bonding services for microelectronics and optoelectronic applications; advanced electrical measurement of bare board PCBs and substrates; flying probe test system, an automated electrical measurement system for low to mid quantities and complex boards; and grid test systems for volume bare board verification. It sells its products through agents and distributors. The company serves industrial, aerospace, defense, automotive, energy, medical, and telecom sectors. The company was formerly known as Micronic Mydata AB (publ) and changed its name to Mycronic AB (publ) in June 2014. Mycronic AB (publ) is headquartered in Täby, Sweden.
How the Company Makes MoneyMycronic primarily makes money by selling complex, high-value capital equipment used in electronics and semiconductor production, complemented by recurring aftermarket revenues. Key revenue streams typically include: (1) New equipment sales: Revenue from delivering production systems (e.g., PCB assembly equipment and pattern generation systems for photomasks/reticles), usually recognized upon delivery/acceptance depending on contract terms. These sales tend to be cyclical and influenced by customers’ capex cycles in electronics, display, and semiconductor markets. (2) Service and support: Ongoing revenue from installation, maintenance contracts, field service, spare parts, and technical support for the installed base of machines. This can provide more recurring and resilient earnings versus new system sales. (3) Software, upgrades, and options: Revenue from software licenses/modules, feature upgrades, retrofits, and performance-enhancing options sold to existing and new customers, often tied to extending machine capability and lifetime. (4) Consumables and parts: Depending on product line, the company also earns from consumables and replacement parts used in normal operation of its equipment, contributing to repeat purchases over the life of each system. (5) Mix and margin drivers: Earnings are influenced by the sales mix between higher-margin aftermarket/service vs. new equipment, utilization of manufacturing capacity, and the pace of technology transitions (which can drive demand for new tools and upgrades). Information on any specific partnerships materially contributing to earnings is null.

Mycronic AB Financial Statement Overview

Summary
Strong profitability and returns with very low leverage (balance sheet strength), but the 2025 revenue drop (-47.6%) and a sharp deterioration in operating/free cash flow reduce confidence in near-term stability.
Income Statement
74
Positive
Profitability is strong for an industrial name, with consistently healthy gross margins (~45%–53%) and solid operating profitability (EBIT margin mostly ~18%–30%) over 2020–2025. Net profit margins have also been robust (~14%–24%). The key weakness is growth volatility: revenue expanded steadily from 2021–2024, but 2025 saw a sharp revenue decline (-47.6%) and margin compression versus 2024, signaling a potentially cyclical or order-driven downturn.
Balance Sheet
90
Very Positive
The balance sheet is a clear strength: leverage is very low (debt-to-equity roughly ~3%–8% across the period) and equity has grown materially (from 3.36bn in 2020 to 7.11bn in 2025). Returns on equity are strong (~16%–26%), indicating good capital efficiency. The main watch item is not solvency but earnings cyclicality—low leverage helps cushion downturns, but profitability can still swing with demand.
Cash Flow
56
Neutral
Cash generation has been solid in most years, with operating cash flow generally positive and free cash flow closely tracking earnings in 2020–2024 (free cash flow roughly ~83%–91% of net income). However, 2025 is a major negative outlier: free cash flow fell to zero (down 100%) and operating cash flow dropped meaningfully versus 2024, suggesting working-capital pressure and/or higher investment needs during a revenue downturn. This variability reduces confidence in near-term cash conversion despite a strong longer-run track record.
BreakdownDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue7.94B7.06B5.71B5.12B4.63B
Gross Profit4.12B3.72B2.72B2.29B2.28B
EBITDA2.30B2.32B1.39B1.11B1.20B
Net Income1.56B1.68B998.00M741.00M828.00M
Balance Sheet
Total Assets10.92B10.41B8.34B7.34B6.14B
Cash, Cash Equivalents and Short-Term Investments2.32B3.01B2.14B1.27B683.00M
Total Debt348.00M219.00M228.00M270.00M243.00M
Total Liabilities3.81B3.84B3.06B2.64B2.14B
Stockholders Equity7.11B6.53B5.25B4.66B3.96B
Cash Flow
Free Cash Flow0.001.64B1.41B712.00M908.00M
Operating Cash Flow1.41B1.87B1.61B853.00M998.00M
Investing Cash Flow-1.13B-500.00M-195.00M67.00M-1.22B
Financing Cash Flow-862.00M-552.00M-447.00M-382.00M-437.00M

Mycronic AB Technical Analysis

Technical Analysis Sentiment
Positive
Last Price216.60
Price Trends
50DMA
204.75
Positive
100DMA
209.54
Positive
200DMA
208.36
Positive
Market Momentum
MACD
1.78
Negative
RSI
60.49
Neutral
STOCH
89.58
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:MYCR, the sentiment is Positive. The current price of 216.6 is above the 20-day moving average (MA) of 202.18, above the 50-day MA of 204.75, and above the 200-day MA of 208.36, indicating a bullish trend. The MACD of 1.78 indicates Negative momentum. The RSI at 60.49 is Neutral, neither overbought nor oversold. The STOCH value of 89.58 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:MYCR.

Mycronic AB Peers Comparison

Overall Rating
UnderperformOutperform
Sector (55)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
77
Outperform
kr794.41B27.4626.43%2.03%-2.38%-4.00%
76
Outperform
kr794.41B30.5224.69%1.82%-2.38%-4.00%
73
Outperform
kr215.34B23.2720.42%1.84%3.54%20.94%
70
Outperform
kr446.81B25.6716.39%1.94%-1.77%21.13%
63
Neutral
kr42.28B27.9422.44%1.71%14.48%0.52%
61
Neutral
kr79.76B24.919.65%1.95%2.73%7.56%
55
Neutral
$6.65B3.83-15.92%6.20%10.91%7.18%
* General Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
SE:MYCR
Mycronic AB
215.90
-0.43
-0.20%
SE:ALFA
Alfa Laval AB
521.00
76.91
17.32%
SE:ATCO.B
Atlas Copco AB
149.40
-4.31
-2.80%
SE:ATCO.A
Atlas Copco AB
169.70
-5.17
-2.95%
SE:SAND
Sandvik AB
356.20
128.36
56.34%
SE:TREL.B
Trelleborg AB
353.60
-45.42
-11.38%

Mycronic AB Corporate Events

Mycronic strengthens leadership with new Senior Vice President People & Culture
Feb 26, 2026

Mycronic has appointed Annika Haaker as Senior Vice President People & Culture and member of the Executive Management team, with her latest start date set for August 17, 2026. Haaker, who currently serves as Chief People & Culture Officer at Alimak Group and has held senior HR roles at HL Display, Nobia and Nasdaq, is expected to strengthen Mycronic’s global human capital capabilities and support the company’s international growth ambitions.

CEO Anders Lindqvist highlighted Haaker’s broad international HR experience and emphasized that her energy and expertise will add value to the leadership team. The appointment underscores Mycronic’s focus on strategic people management and culture development as it competes in the global market for advanced electronics production equipment.

The most recent analyst rating on (SE:MYCR) stock is a Hold with a SEK207.00 price target. To see the full list of analyst forecasts on Mycronic AB stock, see the SE:MYCR Stock Forecast page.

Mycronic Delivers Record 2025 Sales but Lower Margin as Investments and AI Demand Shape Outlook
Feb 5, 2026

Mycronic AB reported a record 2025 in terms of both order intake and net sales, with full-year order intake rising 2% to SEK 7.76 billion and net sales up 12% to SEK 7.94 billion, despite currency headwinds. EBIT for the year slipped to SEK 1.94 billion, lowering the EBIT margin to 24% from 29%, as the company stepped up investments in R&D and organizational expansion. In the fourth quarter, order intake fell 19% from last year’s exceptionally strong period, and net sales dipped 2% to SEK 2.02 billion, though revenue grew 10% at constant exchange rates, with weakness in Pattern Generators, PCB Assembly Solutions and High Volume largely offset by strong performance in Global Technologies. The board proposed raising the ordinary dividend to SEK 3.25 per share, reflecting confidence in the company’s financial position, and expects 2026 net sales to reach about SEK 8.25 billion. Strategic moves during the year included agreements to acquire four companies, the post-period acquisition of German test-probe maker ETZ to strengthen the PCB Test line, and the relocation of PCB Assembly Solutions to Kista, Stockholm, improving production capacity and supporting future growth alongside Pattern Generators, while AI-related demand continued to underpin both photomask and die bonding businesses.

The most recent analyst rating on (SE:MYCR) stock is a Buy with a SEK229.00 price target. To see the full list of analyst forecasts on Mycronic AB stock, see the SE:MYCR Stock Forecast page.

Mycronic Wins USD 21–24 Million Prexision 8 Evo Order from Asian Customer
Feb 4, 2026

Mycronic has secured a replacement order from an existing Asian customer for a Prexision 8 Evo mask writer, a system designed to handle complex patterns for advanced display photomasks, with an order value estimated between USD 21 million and USD 24 million and delivery scheduled for the first quarter of 2027. The deal underscores the continued success of Mycronic’s trade-in program, which encourages customers to modernize their installed base, reinforcing the company’s position in the display and semiconductor equipment market and signaling ongoing demand for its high-end pattern generation technology.

The most recent analyst rating on (SE:MYCR) stock is a Buy with a SEK229.00 price target. To see the full list of analyst forecasts on Mycronic AB stock, see the SE:MYCR Stock Forecast page.

Mycronic Wins New Asian Order for MMX Metrology System
Jan 23, 2026

Mycronic has secured an order worth USD 2–4 million from a new Asian customer for its MMX metrology system, with delivery scheduled for the current quarter, marking an expansion of its footprint in the region’s semiconductor supply chain. The MMX system, built on the SLX mask writer platform and the company’s Prexision-MMS technology, is designed to measure photomask pattern positions for mature semiconductor nodes, positioning Mycronic to replace legacy tools and capture future volume growth while showcasing synergies across its product lines in high-precision metrology.

The most recent analyst rating on (SE:MYCR) stock is a Buy with a SEK229.00 price target. To see the full list of analyst forecasts on Mycronic AB stock, see the SE:MYCR Stock Forecast page.

Mycronic Sets February 5 Webcast for Q4 2025 Results
Jan 22, 2026

Mycronic has invited analysts, investors and media to a webcast presentation of its fourth-quarter 2025 results on February 5, 2026, with the earnings report to be published the same morning and made available in the company’s online report archive. President and CEO Anders Lindqvist and CFO and Senior Vice President Corporate Development Pierre Brorsson will present the results in English, followed by a Q&A session, underscoring the company’s ongoing efforts to maintain transparent communication with the financial markets and other stakeholders.

The most recent analyst rating on (SE:MYCR) stock is a Buy with a SEK229.00 price target. To see the full list of analyst forecasts on Mycronic AB stock, see the SE:MYCR Stock Forecast page.

Mycronic Buys German Probe Maker ETZ to Bolster PCB Test Business
Jan 2, 2026

Mycronic’s Global Technologies division has acquired German test probe manufacturer ETZ, consolidating control over a key supplier to its PCB Test business line, which provides electrical test equipment for bare board PCBs. ETZ, which generated nearly EUR 4 million in sales in 2025 with about 85 percent coming from Mycronic, will be integrated into the PCB Test business line, a move the company says will secure a strategic core competence in probe development and production while enhancing profitability for its PCB testing operations.

The most recent analyst rating on (SE:MYCR) stock is a Buy with a SEK232.00 price target. To see the full list of analyst forecasts on Mycronic AB stock, see the SE:MYCR Stock Forecast page.

Mycronic Wins New Asian Order for SLX Semiconductor Mask Writer
Dec 30, 2025

Mycronic has secured a USD 5–7 million order from a new Asian customer for its SLX laser mask writer, scheduled for delivery in the first quarter of 2026. The deal underscores growing demand for photomasks in semiconductor manufacturing and highlights the SLX platform’s modern, energy‑efficient design and fast delivery capabilities, reinforcing Mycronic’s position in the pattern generation market as chipmakers upgrade and modernize their production equipment.

The most recent analyst rating on (SE:MYCR) stock is a Buy with a SEK232.00 price target. To see the full list of analyst forecasts on Mycronic AB stock, see the SE:MYCR Stock Forecast page.

Mycronic wins multi-million dollar FPS 6100 Evo order from Asian customer
Dec 30, 2025

Mycronic has secured a USD 4–5 million order from an existing Asian customer for its FPS 6100 Evo mask writer, a system aimed at the multi-purpose photomask market serving applications such as electronic packaging, touchscreens and MEMS. The order, scheduled for delivery in the third quarter of 2026, underscores the strong position of Mycronic’s FPS series in the multi-purpose segment and reinforces the company’s role as a key supplier of pattern generation equipment to electronics and semiconductor manufacturers in Asia.

The most recent analyst rating on (SE:MYCR) stock is a Buy with a SEK232.00 price target. To see the full list of analyst forecasts on Mycronic AB stock, see the SE:MYCR Stock Forecast page.

Mycronic Wins USD 14–16 Million Prexision 8 Evo Order from Asian Customer
Dec 19, 2025

Mycronic has received a replacement order from an existing Asian customer for a Prexision 8 Evo mask writer, a system designed to handle complex display photomask patterns, with an order value estimated between USD 14 million and USD 16 million and delivery scheduled for the first quarter of 2027. The deal highlights the strength of Mycronic’s trade-in program in helping customers modernize their installed base, underscoring the company’s entrenched role in the display industry’s high-end photomask segment and supporting ongoing demand for its pattern generator technology in a key Asian market.

The most recent analyst rating on (SE:MYCR) stock is a Buy with a SEK232.00 price target. To see the full list of analyst forecasts on Mycronic AB stock, see the SE:MYCR Stock Forecast page.

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.Date of analysis: Feb 07, 2026