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MilDef Group AB
(MILDEF)
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Rating:62Neutral
Price Target:
kr243.00
▲(17.79% Upside)
Action:Reiterated
Date:10/23/26
The score is primarily supported by improved financial performance (stronger growth and margins with manageable leverage), but it is held back by uneven cash-flow conversion and a relatively expensive valuation (high P/E and minimal dividend yield). Technicals are supportive on a long-term trend basis but currently neutral in near-term momentum.
Positive Factors
Improved revenue growth and profitability
The combination of solid revenue growth and healthy gross and operating margins indicates stronger execution and improving earnings power. If maintained, this profitability provides resources to invest in ruggedized product development, systems integration, and customer support while reinforcing MilDef’s position in mission-critical defense technology.
Negative Factors
Uneven cash-flow conversion
Weak and inconsistent conversion of earnings into operating cash can constrain MilDef’s ability to self-fund growth and may increase reliance on balance-sheet resources. The decline in free cash flow also suggests that working-capital or delivery timing effects could continue to create volatility despite reported profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved revenue growth and profitability
The combination of solid revenue growth and healthy gross and operating margins indicates stronger execution and improving earnings power. If maintained, this profitability provides resources to invest in ruggedized product development, systems integration, and customer support while reinforcing MilDef’s position in mission-critical defense technology.
Read all positive factors
MilDef Group AB (MILDEF) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr11.11B
Dividend Yield0.32%
Average Volume (3M)306.29K
Price to Earnings (P/E)33.3
Beta (1Y)1.08
Revenue Growth75.60%
EPS GrowthN/A
CountrySE
Employees575
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)7.08
Shares Outstanding47,114,895
10 Day Avg. Volume467,204
30 Day Avg. Volume306,286
Financial Highlights & Ratios
PEG Ratio-0.24
Price to Book (P/B)3.69
Price to Sales (P/S)2.74
P/FCF Ratio-177.48
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)7.64
Revenue Forecast (FY)kr3.10B
MilDef Group AB Business Overview & Revenue Model
Company Description
MilDef Group AB (publ), operating via its subsidiaries, specializes in the design, production, and distribution of resilient IT systems and bespoke electronic devices. Its core clientele includes organizations within the defense and security secto...
How the Company Makes Money
MilDef makes money primarily by selling ruggedized hardware and integrated solutions to defense forces and other security-oriented public-sector customers, typically through contract-based procurement. Key revenue streams include: (1) Product sale...
MilDef Group AB Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
56
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.95B | 2.05B | 1.20B | 1.15B | 738.80M | 469.60M |
| Gross Profit | 1.35B | 920.10M | 589.10M | 556.30M | 352.30M | 210.10M |
| EBITDA | 611.90M | 325.30M | -36.10M | 176.70M | 57.80M | 23.10M |
| Net Income | 331.30M | 147.70M | -220.30M | 69.00M | 14.20M | -700.00K |
Balance Sheet | ||||||
| Total Assets | 3.41B | 2.91B | 1.68B | 1.53B | 1.39B | 808.20M |
| Cash, Cash Equivalents and Short-Term Investments | 98.10M | 148.60M | 530.40M | 81.50M | 59.90M | 169.20M |
| Total Debt | 710.00M | 955.60M | 220.40M | 367.40M | 314.70M | 102.10M |
| Total Liabilities | 1.60B | 1.39B | 581.90M | 681.10M | 606.00M | 240.00M |
| Stockholders Equity | 1.80B | 1.52B | 1.10B | 844.60M | 787.90M | 568.20M |
Cash Flow | ||||||
| Free Cash Flow | 115.30M | -31.60M | 123.90M | 8.70M | -94.80M | -71.90M |
| Operating Cash Flow | 169.20M | -3.00M | 144.40M | 54.50M | -76.80M | -55.50M |
| Investing Cash Flow | -54.90M | -731.50M | -33.30M | -68.90M | -321.30M | -187.20M |
| Financing Cash Flow | -137.30M | 359.70M | 335.10M | 38.50M | 285.70M | 362.90M |
MilDef Group AB Technical Analysis
Positive
206.30
Price Trends
229.55
Positive
214.68
Positive
182.08
Positive
Market Momentum
1.56
Positive
51.89
Neutral
45.87
Neutral
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 206.3 is below the 20-day moving average (MA) of 233.07, below the 50-day MA of 229.55, and above the 200-day MA of 182.08, indicating a bullish trend. The MACD of 1.56 indicates Positive momentum. The RSI at 51.89 is Neutral, neither overbought nor oversold. The STOCH value of 45.87 is Neutral, 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
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | kr351.61B | 46.60 | 15.83% | 0.37% | 28.45% | 44.48% | |
64 Neutral | kr1.57B | 42.95 | ― | 1.91% | -0.29% | -33.33% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | kr11.11B | 33.33 | 20.11% | 0.32% | 75.60% | ― | |
61 Neutral | kr81.79B | 35.40 | 28.37% | 1.19% | 4.32% | 15.23% | |
61 Neutral | kr3.36B | 19.60 | 8.01% | 3.57% | 6.51% | -22.98% | |
44 Neutral | kr87.21M | -0.38 | -57.59% | ― | 26.40% | 70.20% |
* Industrials Sector Average
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MilDef Group AB Corporate Events
MilDef boosts orders and margins as defense demand accelerates
Oct 22, 2026
MilDef reported a strong third quarter with organic order intake surging 130 percent to SEK 2,091 million and net sales climbing 54 percent to SEK 829 million, driven mainly by Swedish and German markets. Profitability improved as adjusted EBITA m...
MilDef’s Q3 2026 Sales and Earnings Beat Expectations on Strong Deliveries
Oct 15, 2026
MilDef Group AB reports that preliminary sales and earnings for the third quarter of 2026 are set to significantly exceed market expectations, driven by a high delivery rate following capacity investments that improved operational efficiency. The ...
MilDef to Present Third-Quarter 2026 Results in Online Investor Conference
Oct 14, 2026
MilDef Group AB will publish its third-quarter 2026 report on October 22 at 08:00 CEST and will host an online presentation for investors, analysts and media later that morning. The conference, held via Microsoft Teams and led by CEO Daniel Ljungg...
MilDef Appoints Nomination Committee Ahead of 2027 AGM
Oct 12, 2026
MilDef Group AB, a Sweden-based defense IT specialist, develops ruggedized hardware, integrated systems and supporting services for military and mission-critical applications, with solutions engineered to withstand harsh operational conditions. Th...
MilDef Rebrands European Units to Strengthen Tactical IT Platform
Sep 23, 2026
MilDef has rebranded its subsidiaries roda computer GmbH and Westek Technology Ltd. as MilDef GmbH and MilDef UK Limited, unifying its European operations under a single corporate name. The move follows MilDef’s 2025 acquisition of the roda ...
MilDef boosts Swedish defense IT capacity with major Rosersberg expansion
Sep 15, 2026
MilDef is deepening its footprint in Sweden’s defense technology landscape by expanding its Rosersberg production and office facility, which serves as the hub for its Swedish integration operations. The site, opened in 2025, will grow by abo...
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.