Saab AB (SE:SAAB.B)
:SAAB.B
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Saab AB
(SAAB.B)
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Rating:70Outperform
Price Target:
kr722.00
â–²(13.74% Upside)
Action:ReiteratedDate:02/07/26
The score is driven primarily by strong underlying financial momentum and a constructive earnings outlook (upgraded growth target, record backlog, solid cash conversion). These positives are tempered by an expensive valuation (high P/E, low yield) and mixed near-term technical signals, plus execution/capex risks highlighted on the earnings call.
Positive Factors
Record backlog and upgraded medium‑term growth target
A SEK 275bn backlog (~3.5x 2025 sales) plus a 22% medium‑term CAGR target gives multi‑year revenue visibility and de‑risked workload. This backlog supports planned capacity expansion and smooths revenue volatility, underpinning predictable top‑line growth and long‑horizon planning.
Negative Factors
T‑7 program underabsorption and multi‑year losses
A multi‑year unprofitable program (T‑7) imposes persistent earnings and cash drag while resources are deployed to remediate costs. Prolonged underabsorption can consume margins, require higher provisions or funding, and divert management focus from profitable growth initiatives over several years.
Read all positive and negative factors
Positive Factors
Negative Factors
Record backlog and upgraded medium‑term growth target
A SEK 275bn backlog (~3.5x 2025 sales) plus a 22% medium‑term CAGR target gives multi‑year revenue visibility and de‑risked workload. This backlog supports planned capacity expansion and smooths revenue volatility, underpinning predictable top‑line growth and long‑horizon planning.
Read all positive factors
Saab AB (SAAB.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr331.06B
Dividend Yield0.39%
Average Volume (3M)2.49M
Price to Earnings (P/E)45.7
Beta (1Y)0.82
Revenue Growth22.49%
EPS Growth30.47%
CountrySE
Employees25,369
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)4.73
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
kr515.25Price Target Upside-18.83% Downside
Rating ConsensusStrong Sell
Number of Analyst Covering4
EPS Forecast (FY)14.39
Revenue Forecast (FY)kr96.00B
Saab AB Business Overview & Revenue Model
Company Description
Saab AB (publ) provides products, services, and solutions for the military defense, aerospace, and civil security markets worldwide. The company operates through five segments: Aeronautics, Dynamics, Surveillance, Kockums, and Combitech. The compa...
How the Company Makes Money
Saab AB generates revenue through multiple streams primarily from defense contracts, which include the sale of military aircraft, naval systems, and advanced weaponry. Additionally, the company earns income from providing maintenance, repair, and ...
Saab AB Earnings Call Summary
Earnings Call Date:Feb 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
Earnings Call Sentiment Positive
The call emphasizes very strong commercial momentum, record order intake, robust backlog expansion, double‑digit revenue and EBIT growth, strong cash generation and an upgraded medium‑term growth target. These substantial positives are tempered by execution risks: multi‑year underabsorption on the T‑7 program, supply‑chain/material constraints, ongoing remediation of some unprofitable Surveillance contracts, and the need for continued high CapEx. On balance, the positives (record orders, backlog, margin expansion, cash conversion, and strategic wins) materially outweigh the challenges, though execution and political/timing risks remain.Positive Updates
Record Order Intake and Backlog Expansion
Order bookings totaled SEK 169 billion for 2025 with an exceptional Q4 order intake of SEK 100 billion (up from SEK 17 billion in Q4 2024, +~488%). Backlog reached SEK 275 billion, equivalent to ~3.5x 2025 sales, with backlog for 2026 and 2027 increased by 29% and 46% respectively.
Negative Updates
T-7 Program Underabsorption and Multi-year Losses
T-7 program (Aeronautics, West Lafayette facility) continues to suffer from underabsorption and elevated costs; only a few of the contracted 350 aircraft delivered so far. Management expects the program to remain unprofitable for several years with breakeven likely around 2028–2029, not in 2026.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Order Intake and Backlog Expansion
Order bookings totaled SEK 169 billion for 2025 with an exceptional Q4 order intake of SEK 100 billion (up from SEK 17 billion in Q4 2024, +~488%). Backlog reached SEK 275 billion, equivalent to ~3.5x 2025 sales, with backlog for 2026 and 2027 increased by 29% and 46% respectively.
Read all positive updates
Company Guidance
Saab upgraded its medium‑term revenue target to a 22% average CAGR for 2023–2027 (implying roughly 20% average growth for 2026–27), and reiterated that it aims to grow EBIT faster than sales and to maintain cash conversion above 60%. Management pointed to a SEK 275bn backlog (3.5x 2025 sales), SEK 169bn order bookings in 2025 (SEK 100bn in Q4), roughly SEK 79bn in 2025 sales (24.1% reported / 25.6% organic), EBIT up 37% to a 9.8% margin, operational cash flow of about SEK 12bn and cash conversion of 68% in 2025 (62% cumulative 2023–25), ROCE 16.5%, net liquidity SEK 4bn with SEK 18.7bn cash & liquid investments and a SEK 6bn undrawn RCF; investments rose to SEK 7.2bn in 2025 and management expects continued high CapEx to fund capacity expansion.Saab AB Financial Statement Overview
Summary
Income Statement
83
Very Positive
Balance Sheet
72
Positive
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 79.15B | 63.75B | 51.61B | 42.01B | 39.15B |
| Gross Profit | 17.17B | 13.66B | 11.26B | 8.89B | 8.21B |
| EBITDA | 11.19B | 8.49B | 7.36B | 4.84B | 4.35B |
| Net Income | 6.31B | 4.17B | 3.38B | 2.19B | 1.93B |
Balance Sheet | |||||
| Total Assets | 124.70B | 99.82B | 82.76B | 72.36B | 65.04B |
| Cash, Cash Equivalents and Short-Term Investments | 15.36B | 11.74B | 13.47B | 12.86B | 11.84B |
| Total Debt | 18.91B | 10.38B | 10.04B | 9.99B | 9.72B |
| Total Liabilities | 81.03B | 64.01B | 50.40B | 42.49B | 41.79B |
| Stockholders Equity | 43.34B | 35.50B | 32.03B | 29.49B | 22.98B |
Cash Flow | |||||
| Free Cash Flow | 5.99B | 1.89B | 2.92B | 2.34B | 3.19B |
| Operating Cash Flow | 12.11B | 6.73B | 6.46B | 4.65B | 5.71B |
| Investing Cash Flow | -11.57B | -4.18B | -5.92B | -2.44B | -4.70B |
| Financing Cash Flow | 574.00M | -1.93B | -1.23B | -1.18B | -1.64B |
Saab AB Technical Analysis
Neutral
634.80
Price Trends
669.52
Negative
598.02
Positive
556.07
Positive
Market Momentum
-1.83
Positive
42.20
Neutral
20.13
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SAAB.B, the sentiment is Neutral. The current price of 634.8 is below the 20-day moving average (MA) of 661.75, below the 50-day MA of 669.52, and above the 200-day MA of 556.07, indicating a neutral trend. The MACD of -1.83 indicates Positive momentum. The RSI at 42.20 is Neutral, neither overbought nor oversold. The STOCH value of 20.13 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:SAAB.B.
Saab AB Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | kr331.06B | 45.69 | 13.56% | 0.39% | 22.49% | 30.47% | |
69 Neutral | kr389.71M | 30.50 | 33.71% | 1.22% | 34.25% | 57.77% | |
64 Neutral | kr1.57B | 111.42 | ― | 2.75% | -3.14% | -35.70% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
54 Neutral | kr773.19M | -13.95 | -6.70% | ― | 30.82% | 57.74% | |
53 Neutral | kr5.45B | 37.97 | 10.29% | 0.41% | 47.87% | -439.87% | |
48 Neutral | kr2.60B | -94.90 | ― | ― | 9.60% | 40.86% |
* Industrials Sector Average
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Saab AB Corporate Events
Saab Delivers Record 2025 Results and Raises Growth Targets
Feb 5, 2026
Saab reported a record year for 2025, with fourth-quarter order bookings soaring to SEK 100.1 billion, driven by strong demand and large contracts, and organic sales growth of 34.5% as all business areas delivered higher revenues, led by Surveilla...
Saab Sets 5 February Date for Q4 and Full-Year 2025 Results Presentation
Jan 22, 2026
Saab has scheduled the presentation of its fourth-quarter and full-year 2025 results for Thursday, 5 February, with CEO and President Micael Johansson and CFO Anna Wijkander set to host the briefing. The financial report will be published on the c...
Saab Launches Poland’s Second SIGINT Ship, Advancing Baltic Maritime Intelligence Capabilities
Jan 14, 2026
Saab has launched ORP Henryk Zygalski, the second and final Polish signals intelligence (SIGINT) vessel under the DELFIN programme, at a ceremony in Gdańsk, marking a significant milestone in Poland’s efforts to bolster maritime electro...
Saab Wins SEK 1.5 Billion Swedish Order for Trackfire Remote Weapon Stations
Jan 9, 2026
Saab has secured a SEK 1.5 billion order from the Swedish Defence Materiel Administration for its Trackfire Remote Weapon Station, with deliveries scheduled between 2026 and 2028 to equip the Swedish Army and the Amphibious Battalion 2030. The con...
Saab Wins SEK 3 Billion Lithuanian Order for RBS 70 Air Defence Missiles
Dec 31, 2025
Saab AB has secured a SEK 3 billion order from the Lithuanian Ministry of National Defence for RBS 70 Bolide missiles, with deliveries scheduled between 2028 and 2032 under an existing framework agreement for the RBS 70 NG short-range air defence ...
Saab Wins SEK 12.3 Billion French Order for GlobalEye Early Warning Aircraft
Dec 30, 2025
Saab has secured a contract worth approximately SEK 12.3 billion from France’s defence procurement agency DGA for two GlobalEye Airborne Early Warning and Control aircraft, including associated ground equipment, training and support, with de...
Saab Wins SEK 1.3 Billion Lithuanian Order for AT4 and Carl-Gustaf Ammunition
Dec 23, 2025
Saab has secured SEK 1.3 billion in orders from Lithuania for its AT4 shoulder-launched weapon and ammunition for the Carl-Gustaf system, with deliveries scheduled between 2027 and 2029. The contracts, placed under a broader framework agreement th...
Saab Wins SEK 1.1 Billion Swedish Order for Arthur Artillery Locating Radars
Dec 22, 2025
Saab has secured a SEK 1.1 billion order from Sweden’s Defence Materiel Administration (FMV) for multiple Arthur artillery locating radar systems, including integration into vehicles and long-term support for the Swedish Armed Forces, with d...
Saab Wins SEK 2.5 Billion FMV Order to Advance Gripen Development
Dec 19, 2025
Saab AB has secured an order worth approximately SEK 2.5 billion from the Swedish Defence Materiel Administration (FMV) to provide development resources for the Gripen fighter system for the period 2026–2028. The contract covers operation an...
Saab Wins EUR 130 Million NATO Order for Sirius SIGINT and Surveillance System
Dec 19, 2025
Saab has secured an order worth about EUR 130 million from a European NATO country for its Sirius passive sensor system for signals intelligence and surveillance, with deliveries scheduled through 2030. The Sirius solution integrates Communication...
Saab Secures EUR 258 Million Arexis System Order for German Eurofighters
Dec 17, 2025
Saab has received final approval for its second order of the Arexis Electronic Warfare sensor suite, which will equip German Eurofighters. The order includes advanced AI technology developed in partnership with Helsing, marking a major deal valued...
Saab Secures Contract with Spanish Army for Advanced Training Systems
Dec 2, 2025
Saab has secured a contract with the Spanish Army to supply Individual Duel Simulation systems, marking the first order under a framework agreement potentially worth EUR 34 million. This collaboration, involving local partner Tecnobit, will establ...
Saab Secures Third MSHORAD Order from Lithuania
Dec 1, 2025
Saab has secured a third order from the Lithuanian Defence Materiel Agency for its Mobile Short Range Air Defence (MSHORAD) system, valued at approximately SEK 1.4 billion, with deliveries scheduled between 2026 and 2030. This order enhances Saab&...
Saab Secures SEK 2.1 Billion Swedish Defence Order
Nov 25, 2025
Saab has secured a significant order from the Swedish Defence Materiel Administration worth approximately SEK 2.1 billion for the delivery of sensors and command-and-control systems for a ground-based air defence solution for brigades. This contra...
Saab Secures EUR 3.1 Billion Contract with Colombia for Gripen Fighter Jets
Nov 14, 2025
Saab has secured a EUR 3.1 billion contract with the Colombian Government to supply 17 Gripen E/F fighter aircraft, with deliveries scheduled from 2026 to 2032. This deal includes a comprehensive industrial cooperation package aimed at benefiting ...
Saab Secures EUR 549 Million Orders for Arexis EW System for German Eurofighters
Nov 14, 2025
Saab has secured two significant orders from Airbus Defence and Space to supply the Arexis Electronic Warfare sensor suite for German Eurofighters, totaling approximately EUR 549 million. This development strengthens Swedish-German defense collabo...
Saab Secures Major Carl-Gustaf M4 Contract with Denmark
Nov 12, 2025
Saab has secured a SEK 510 million contract with the Danish Ministry of Defence for the delivery of Carl-Gustaf M4 weapons, ammunition, and training equipment, with deliveries scheduled from 2026 to 2028. This order reinforces Saab’s long-st...
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.