Want to see SE:SAAB.B full AI Analyst Report?
Top Page
Saab AB
(SAAB.B)
Select Model
Select Model
Rating:72Outperform
Price Target:
kr731.00
▲(24.45% Upside)
Action:Reiterated
Date:07/18/26
The score is driven primarily by strong financial performance and a very constructive earnings update (record backlog/order intake and improving margins). This is partially offset by premium valuation (high P/E with low yield) and only moderate technicals, with the longer-term trend still mixed and cash conversion a key area to monitor.
Positive Factors
Record backlog & multi-year revenue visibility
A SEK 318bn backlog provides durable revenue visibility across multi-year defense procurement cycles, de‑risking near‑term sales and supporting production planning. High backlog increases contracted throughput and underpins organic growth as deliveries convert to revenue over several years.
Negative Factors
Uneven cash conversion
FCF at ~43% of net income signals persistent working‑capital absorption and reinvestment needs. If conversion remains volatile, it constrains self‑funding for production scale‑ups and R&D, increasing reliance on debt or timing of customer advance payments to finance growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Record backlog & multi-year revenue visibility
A SEK 318bn backlog provides durable revenue visibility across multi-year defense procurement cycles, de‑risking near‑term sales and supporting production planning. High backlog increases contracted throughput and underpins organic growth as deliveries convert to revenue over several years.
Read all positive factors
Saab AB (SAAB.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr355.01B
Dividend Yield0.33%
Average Volume (3M)2.49M
Price to Earnings (P/E)51.2
Beta (1Y)0.82
Revenue Growth26.03%
EPS Growth35.89%
CountrySE
Employees29,380
SectorGeneral
Sector StrengthN/A
IndustryAerospace & Defense
Share Statistics
EPS (TTM)13.19
Shares Outstanding533,847,800
10 Day Avg. Volume2,351,019
30 Day Avg. Volume2,494,750
Financial Highlights & Ratios
PEG Ratio0.90
Price to Book (P/B)6.66
Price to Sales (P/S)3.64
P/FCF Ratio48.13
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr603.40Price Target Upside2.72% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)15.09
Revenue Forecast (FY)kr98.13B
Saab AB Business Overview & Revenue Model
Company Description
Saab AB (publ) is a global provider of products, services, and advanced solutions, primarily serving the military defense, aerospace, and civil security sectors. The company organizes its operations across five distinct segments: Aeronautics, Dyna...
How the Company Makes Money
Saab primarily makes money by selling defense and security products and by providing long-term services tied to those products. Key revenue streams include: (1) Product and system sales: revenue from delivering complete platforms and systems (e.g....
Saab AB Earnings Call Summary
Earnings Call Date:Jul 17, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 23, 2026
Earnings Call Sentiment Positive
The call presented multiple strong commercial and financial positives: record backlog (SEK 318bn), meaningful order intake (SEK >68bn), robust organic growth (~30%), margin expansion, significant segment momentum (Dynamics and Surveillance), ambitious capacity build-outs (GlobalEye and Gripen), and improved H1 cash flow (SEK ~1bn) combined with a solid liquidity position and BBB+ rating. Key negatives were limited and largely execution/timing related: a SEK ~200m Naval write-down after not being selected for the Swedish frigate, under-absorption in the T-7 program, supply-chain pressures, and delayed booking/advance-payment timing on large contracts (Poland submarine payments not yet received; Gripen Ukraine booked next quarter). Overall, the positives (large commercial wins, backlog, margin and R&D investment progress, and improving cash and liquidity metrics) materially outweigh the limited one-off and timing challenges.Positive Updates
Record order backlog and strong order intake
Order backlog reached SEK 318 billion (record). Order intake for the quarter was slightly more than SEK 68 billion, driven by major platform wins (including the Poland submarine contract).
Negative Updates
Naval profitability hit by write-down
Naval profitability weakened due to not being selected for the Swedish frigate program; management recorded a one-off write-down of roughly SEK 200 million in the quarter, which reduced Naval EBIT for the period.
Read all updates
Q2-2026 Updates
Positive
Negative
Record order backlog and strong order intake
Order backlog reached SEK 318 billion (record). Order intake for the quarter was slightly more than SEK 68 billion, driven by major platform wins (including the Poland submarine contract).
Read all positive updates
Company Guidance
Saab reiterated its medium‑term targets of roughly 22% organic CAGR (2023–2027), EBIT growth outpacing sales and cash conversion above 60%, while reporting strong near‑term metrics: sales CAGR of 24% and EBIT CAGR of 34% over the period, a record single‑quarter gross margin and an 11% EBIT margin (up 41% q/q), order intake of >SEK 68bn in Q2 and a record backlog of SEK 318bn (≈60% deliverable within 2.5 years; SEK 120bn for year‑3+ up 132% YoY), half‑year positive cash flow of ~SEK 1bn (vs -1.1bn LY) with cash conversion at 53% after Q2, net liquidity SEK 2.5bn plus ~SEK 17bn in cash/liquid investments, S&P BBB+ rating, SEK 4.4bn rolling 12‑month internally funded R&D (R&D +~SEK 700m H1 YoY), hiring ~3,000 net staff p.a., and production/volume targets including GlobalEye capacity toward 4–6 (aiming for six p.a. by 2030) and Gripen at ~25–30 aircraft p.a., while noting the SEK 47bn Polish submarine order (three submarines) and an ~SEK 80bn+ Dynamics backlog.Saab AB Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
78
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 88.19B | 79.15B | 63.75B | 51.61B | 42.01B | 39.15B |
| Gross Profit | 19.42B | 17.17B | 13.66B | 11.26B | 8.89B | 8.21B |
| EBITDA | 11.90B | 11.19B | 8.49B | 7.36B | 4.84B | 4.35B |
| Net Income | 7.10B | 6.31B | 4.17B | 3.38B | 2.19B | 1.93B |
Balance Sheet | ||||||
| Total Assets | 135.60B | 124.70B | 99.82B | 82.76B | 72.36B | 65.04B |
| Cash, Cash Equivalents and Short-Term Investments | 12.75B | 15.36B | 11.74B | 13.47B | 12.86B | 11.84B |
| Total Debt | 14.45B | 14.71B | 10.38B | 10.04B | 9.99B | 9.72B |
| Total Liabilities | 85.02B | 81.03B | 64.01B | 50.40B | 42.49B | 41.79B |
| Stockholders Equity | 50.19B | 43.34B | 35.50B | 32.03B | 29.49B | 22.98B |
Cash Flow | ||||||
| Free Cash Flow | 6.58B | 5.99B | 1.89B | 2.92B | 2.34B | 3.19B |
| Operating Cash Flow | 14.48B | 12.11B | 6.73B | 6.46B | 4.65B | 5.71B |
| Investing Cash Flow | -12.68B | -11.57B | -4.18B | -5.92B | -2.44B | -4.70B |
| Financing Cash Flow | -2.00M | 574.00M | -1.93B | -1.23B | -1.18B | -1.64B |
Saab AB Technical Analysis
Positive
587.40
Price Trends
558.37
Positive
567.96
Positive
579.00
Positive
Market Momentum
27.43
Negative
76.01
Negative
89.04
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SAAB.B, the sentiment is Positive. The current price of 587.4 is below the 20-day moving average (MA) of 605.25, above the 50-day MA of 558.37, and above the 200-day MA of 579.00, indicating a bullish trend. The MACD of 27.43 indicates Negative momentum. The RSI at 76.01 is Negative, neither overbought nor oversold. The STOCH value of 89.04 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:SAAB.B.
Saab AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | kr355.01B | 51.16 | 15.85% | 0.37% | 26.03% | 35.89% | |
69 Neutral | kr284.66M | 16.64 | 30.46% | 1.22% | 23.13% | 15.71% | |
62 Neutral | kr10.74B | 39.30 | 17.14% | 0.34% | 91.38% | ― | |
62 Neutral | kr1.66B | 47.40 | ― | 2.75% | -0.29% | -33.33% | |
59 Neutral | kr899.63M | -15.46 | -7.29% | ― | -18.69% | -252.61% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | kr2.16B | -40.04 | -24.76% | ― | ― | ― |
* General Sector Average
SE:SAAB.B
Saab AB
674.80
177.03
35.57%
SE:AAC
AAC Clyde Space
122.00
33.60
38.01%
SE:AVT.B
AVTECH Sweden AB
5.04
-5.58
-52.54%
SE:MILDEF
MilDef Group AB
224.00
72.61
47.97%
SE:GOMX
GomSpace Group AB
12.14
1.48
13.88%
SE:CTT
CTT Systems AB
138.40
-67.41
-32.75%
Saab AB Corporate Events
Saab Wins SEK 10.1 Billion GlobalEye Order from Middle East Customer
Jul 27, 2026
Saab AB has secured a SEK 10.1 billion order from an undisclosed Middle Eastern country for two GlobalEye airborne early warning and control aircraft, with deliveries scheduled for 2030. The contract, protected by national security confidentiality...
Saab and Embraer Expand Gripen Production Capacity in Brazil
Jul 21, 2026
Saab and Embraer have signed a Heads of Agreement to create a framework for potentially producing 20 additional Gripen fighter aircraft at Embraer’s Gavião Peixoto facility in Brazil. Embraer will assemble these aircraft as a complement...
Saab’s Polish Submarine Deal Propels Orders and Profits in Q2 2026
Jul 17, 2026
Saab AB reported a sharp increase in orders and sales in the second quarter of 2026, underlining its strengthening role in the global defence market. The company booked SEK 68.4 billion in orders, driven primarily by a SEK 47 billion submarine con...
Saab Wins SEK 8.7 Billion Contract to Equip German Navy’s New Frigates
Jul 16, 2026
Saab has secured an order worth about SEK 8.7 billion from German naval defence contractor TKMS to deliver and integrate combat systems, composite structures and sensors on four new MEKO A-200 DEU class frigates for the German Navy. Deliveries, sc...
NATO Picks Saab’s GlobalEye as Next-Generation Surveillance Platform
Jul 7, 2026
NATO has selected Saab’s GlobalEye Airborne Early Warning Control system as its preferred solution for the alliance’s next-generation surveillance capability, announcing plans to enter formal negotiations for the acquisition of up to ...
Saab schedules Q2 2026 interim report presentation for 17 July
Jul 3, 2026
Saab AB will present its interim report for January–June 2026 on Friday 17 July, with the publication scheduled for 07:30 CET and a live presentation at 10:00 CET. CEO and President Micael Johansson and CFO Anna Wijkander will lead the brief...
Saab Secures SEK 24.6 Billion Gripen E Fighter Deal for Ukraine
Jun 30, 2026
Saab AB has secured a SEK 24.6 billion contract with Sweden’s Defence Materiel Administration to supply 16 Gripen E fighter aircraft to Ukraine, with deliveries scheduled between 2029 and 2030. The deal includes spare parts and related equip...
Saab Wins SEK 47 Billion Polish Order for A26 Submarines
Jun 29, 2026
Saab has secured a contract with Poland’s Armaments Agency to produce and deliver three A26-type submarines, including associated weaponry, training and support packages, in a deal valued at about SEK 47 billion. Deliveries will run through ...
Saab Wins French Contract for NLAW Anti-Tank Weapon System
Jun 16, 2026
Saab has secured a contract from France’s defence procurement agency for its NLAW next-generation light anti-tank weapon system, with deliveries scheduled between 2026 and 2030. The deal covers NLAW launchers and indoor and outdoor training ...
Saab Wins SEK 1.2 Billion Swedish Order for Ground-Based Air Defence Systems
Jun 2, 2026
Saab has secured a SEK 1.2 billion order from the Swedish Defence Materiel Administration to supply sensors and command-and-control systems for a ground-based air defence solution for Swedish Army brigades, with deliveries scheduled between 2029 a...
Ukraine Moves Toward Gripen Fighter Deal as Sweden Pledges Jet Donation
May 28, 2026
Ukraine is moving to strengthen its air defense by planning to acquire an initial batch of up to 20 Saab Gripen E/F fighter jets, while Sweden intends to donate up to 16 older-model Gripen C/D aircraft and allocate funds to replace the donated cap...
Saab and CAE deepen partnership to target Canada’s AEW&C programme
May 27, 2026
Saab has signed a teaming agreement with Canadian training and simulation specialist CAE to jointly pursue Canada’s future Airborne Early Warning and Control programme, centred on Saab’s GlobalEye multi-domain surveillance platform. Th...
Canada Picks Saab’s GlobalEye as Preferred AEW&C Supplier
May 27, 2026
Canada has named Saab as the preferred supplier for its future airborne early warning and control, or AEWC, capability, based on the company’s GlobalEye system, though no contract has yet been signed. The move, announced by Prime Minister Ma...
Saab and GA-ASI Complete First Flight of Unmanned Airborne Early Warning System
May 21, 2026
Saab and U.S.-based General Atomics Aeronautical Systems have completed the first flight of what they describe as the world’s first unmanned airborne early warning solution, integrating Saab’s new LoyalEye radar with GA-ASI’s MQ-...
Saab Wins Long-Term Lithuanian Order for Carl-Gustaf M4 Systems
May 20, 2026
Saab, the Swedish defence and security group, has secured a SEK 460 million order from Lithuania for its Carl-Gustaf M4 weapon system and associated training equipment, with deliveries scheduled between 2026 and 2029. The deal sits within a newly ...
Saab Wins French Contract to Supply Giraffe 1X Radars on Scania Tactical Vehicles
May 18, 2026
Saab has secured a contract in partnership with Scania France to supply 17 Giraffe 1X 3D radars and integrate 16 of them onto Scania V3P tactical vehicle chassis for the French Armed Forces. The deal, which also covers spare parts, training and su...
Saab Deepens Naval Ties With Poland’s PGZ in Strategic Defence Pact
May 13, 2026
Saab has entered a strategic collaboration agreement in the naval domain with Poland’s largest defence corporation, PGZ Group, aiming to integrate PGZ’s naval entities into Saab’s supply chain and jointly support the service and ...
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.