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Saab AB
(SAAB.B)
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Rating:59Neutral
Price Target:
kr627.00
▲(5.27% Upside)
Action:Reiterated
Date:05/23/26
The score is anchored by strong underlying financial performance (growth, improving margins, solid balance sheet), but is pulled down by weak technical momentum and a stretched valuation (high P/E and low dividend yield).
Positive Factors
Revenue and profitability growth
Sustained revenue growth and improving margins (net margin ~8%, EBIT ~10.9% TTM) reflect expanding program wins and better operating execution. This durable top-line scale and margin improvement support reinvestment, stronger cash generation potential, and improved long-term earnings power.
Negative Factors
Moderate free cash flow conversion
Only ~44% FCF conversion indicates a sizable portion of reported earnings is tied up in working capital or reinvestment. Over time this can limit deleveraging, constrain discretionary investment, and increase sensitivity to program timing or changes in advance payments.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and profitability growth
Sustained revenue growth and improving margins (net margin ~8%, EBIT ~10.9% TTM) reflect expanding program wins and better operating execution. This durable top-line scale and margin improvement support reinvestment, stronger cash generation potential, and improved long-term earnings power.
Read all positive factors
Saab AB (SAAB.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr316.06B
Dividend Yield0.39%
Average Volume (3M)2.49M
Price to Earnings (P/E)46.8
Beta (1Y)0.84
Revenue Growth26.26%
EPS Growth38.19%
CountrySE
Employees25,369
SectorGeneral
Sector StrengthN/A
IndustryAerospace & Defense
Share Statistics
EPS (TTM)12.06
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
kr580.33Price Target Upside-2.56% Downside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)14.69
Revenue Forecast (FY)kr96.93B
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:Feb 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 17, 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
82
Very Positive
Balance Sheet
78
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 82.52B | 79.15B | 63.75B | 51.61B | 42.01B | 39.15B |
| Gross Profit | 17.92B | 17.17B | 13.66B | 11.26B | 8.89B | 8.21B |
| EBITDA | 11.10B | 11.19B | 8.49B | 7.36B | 4.84B | 4.35B |
| Net Income | 6.48B | 6.31B | 4.17B | 3.38B | 2.19B | 1.93B |
Balance Sheet | ||||||
| Total Assets | 124.45B | 124.70B | 99.82B | 82.76B | 72.36B | 65.04B |
| Cash, Cash Equivalents and Short-Term Investments | 14.10B | 15.36B | 11.74B | 13.47B | 12.86B | 11.84B |
| Total Debt | 14.43B | 14.71B | 10.38B | 10.04B | 9.99B | 9.72B |
| Total Liabilities | 79.43B | 81.03B | 64.01B | 50.40B | 42.49B | 41.79B |
| Stockholders Equity | 44.65B | 43.34B | 35.50B | 32.03B | 29.49B | 22.98B |
Cash Flow | ||||||
| Free Cash Flow | 5.49B | 5.99B | 1.89B | 2.92B | 2.34B | 3.19B |
| Operating Cash Flow | 12.71B | 12.11B | 6.73B | 6.46B | 4.65B | 5.71B |
| Investing Cash Flow | -12.34B | -11.57B | -4.18B | -5.92B | -2.44B | -4.70B |
| Financing Cash Flow | 403.00M | 574.00M | -1.93B | -1.23B | -1.18B | -1.64B |
Saab AB Technical Analysis
Positive
595.60
Price Trends
532.86
Positive
584.57
Positive
571.52
Positive
Market Momentum
12.34
Negative
66.07
Neutral
82.84
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 595.6 is above the 20-day moving average (MA) of 525.06, above the 50-day MA of 532.86, and above the 200-day MA of 571.52, indicating a bullish trend. The MACD of 12.34 indicates Negative momentum. The RSI at 66.07 is Neutral, neither overbought nor oversold. The STOCH value of 82.84 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | kr8.74B | 39.81 | 10.29% | 0.41% | 84.46% | ― | |
69 Neutral | kr265.15M | 15.60 | 33.71% | 1.22% | 31.62% | 28.58% | |
59 Neutral | kr316.06B | 46.77 | 13.56% | 0.39% | 26.26% | 38.19% | |
59 Neutral | kr904.43M | -16.25 | -6.70% | ― | -18.69% | -252.61% | |
58 Neutral | kr1.60B | 38.01 | ― | 2.75% | 0.11% | -35.60% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | kr2.42B | -47.86 | ― | ― | ― | ― |
* General Sector Average
SE:SAAB.B
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Saab AB Corporate Events
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 ...
Saab Delivers Strong Q1 Growth and Margin Gains on Robust Defence Demand
Apr 23, 2026
Saab AB reported a strong start to 2026, with first-quarter sales rising 21% year-on-year to SEK 19.2 billion, reflecting 23.6% organic growth and double-digit gains across all business areas, led by its Surveillance division. While total order bo...
Saab Sets Date for Q1 2026 Interim Report and Investor Webcast
Apr 9, 2026
Saab AB will present its interim report for the first quarter of 2026 on Thursday, 23 April, with the report released early that morning and followed by a webcast and conference call led by CEO Micael Johansson and CFO Anna Wijkander. The event, w...
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.