Mips AB MPZAY

Consumer DiscretionaryLeisure ProductsSweden

Last close 20.08 USD on Nov 2, 2026, +80.8% year to date

Quant rating

Quant rating A Rank 32 of 297 in Consumer Discretionary

Growth B 102 of 297
Valuation D 260 of 297
Quality A 23 of 297
Revisions B 69 of 297
Momentum A 43 of 297

Wall Street consensus Strong Buy (1.50)Average target 55.49 USD +176.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.2B
Enterprise value: 1.2B
52-week range: 11.20 – 24.22
3-year range: 11.20 – 24.22
Dividend yield: 0.67%
Beta (5 years): –
Shares outstanding: 26.5M
Next earnings: Feb 10, 2027

About the company

Mips AB is a Sweden-based company, which specializes in helmet safety and brain protection. The Company offers its MIPS Brain Protection System (BPS) that implies solutions protecting against rotational motion transferred to the brain from angled impacts to the head. BPS is designed to add protection in helmets due to the low friction layer, which enables a relative movement between the head and the helmet, mimicking the brain’s own protection system. The technology implements into bicycle, snow, motorcycle and equestrian helmets. More than 40 helmet brands use BPS, including Bell, Fox Head, Giro, Scott, Smith and Trek, among others. The Company determines only one segment as operations solely comprise sales of the component kit included in consumer products.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	57.9	43.7	35.5	54.1	67.3	–
Revenue growth	32.6%	23.2%	−34.4%	−19.6%	51.4%	5.5%
EPS (basic, normalized)	0.51	0.49	0.23	0.64	1.04	–
EPS growth	4.5%	111.2%	−64.0%	−38.2%	–	–
Gross margin	73.4%	72.5%	70.9%	72.1%	73.2%	72.4%
Net margin	22.5%	29.2%	17.9%	31.1%	41.9%	28.5%
ROE	20.0%	21.7%	10.0%	29.1%	50.8%	26.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	14.1
Current ratio	2.08x
Long-term debt (mil)	20.6
Net debt (mil)	12.2
Total equity (mil)	68.3
Net debt / equity	0.18x
Net debt / EBITDA	0.62x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	57.9	+32.6%	20.6x	19.8	+14.0%	60.3x	0.51	+4.5%	39.4x
2026	84.7	+46.1%	14.1x	34.9	+76.4%	34.2x	0.98	+93.2%	20.4x
2027	109	+28.9%	10.9x	52.2	+49.3%	22.9x	1.36	+38.4%	14.7x
2028	134	+22.6%	8.9x	67.1	+28.7%	17.8x	1.89	+38.8%	10.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	84.7	+0.1%	+0.1%	+6.1%	0.98	+4.9%	+8.6%	+22.1%
2027	109	+1.7%	+1.4%	+6.7%	1.36	+2.1%	−1.7%	+6.5%
2028	134	+1.4%	+1.0%	+6.2%	1.89	+1.1%	+0.4%	+12.1%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	83.0	133	123	144	116	135	135	147	151	232
Sales mean (mil)	86.9	112	119	145	122	134	148	156	150	215
Surprise	−4.5%	+18.5%	+3.0%	−0.9%	−5.3%	+0.6%	−8.6%	−5.6%	+0.5%	+7.8%
EPS reported	0.44	1.53	1.37	1.99	0.71	1.20	1.29	1.33	1.09	2.55
EPS mean	0.56	1.02	1.41	1.74	1.17	1.19	1.48	1.52	1.09	2.21
Surprise	−22.1%	+50.4%	−3.0%	+14.5%	−39.1%	+1.3%	−13.0%	−12.4%	−0.5%	+15.5%

Peer comparison Leisure Products

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
MPZAY Mips AB	1.2B	0.62x	22.5%	16.91x	20.4x	14.7x	34.2x	22.9x
DOO BRP Inc.	2.3B	2.10x	4.1%	19.22x	20.8x	16.3x	5.3x	4.7x
HZO MarineMax Inc	1.2B	7.36x	−1.4%	1.22x	76.8x	33.1x	17.0x	14.1x
WGO Winnebago Industries, Inc.	922M	2.10x	0.9%	0.74x	16.6x	13.0x	9.1x	7.7x
SWIM Latham Group Inc	878M	2.40x	2.0%	2.13x	32.0x	27.8x	9.8x	8.9x
RGR Sturm, Ruger & Company, Inc.	716M	−3.98x	−0.8%	2.47x	26.4x	22.6x	11.4x	10.0x
Mean		1.76x	4.6%	7.12x	32.2x	21.3x	14.5x	11.4x
Median		2.10x	1.5%	2.30x	23.6x	19.5x	10.6x	9.5x

Technical analysis

1M+3.2%
3M−17.1%
1Y+80.8%
3Y+80.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Mips AB, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	57.9	43.7	35.5	54.1	67.3	44.4
Cost of revenue	15.4	12.0	10.3	15.1	18.0	12.1
Gross profit	42.5	31.7	25.1	39.0	49.2	32.4
Selling, general & administrative expenses	19.9	12.0	12.8	12.4	11.4	9.3
Research & development	4.3	3.4	3.4	2.4	2.5	2.1
Depreciation/amortization	0.5	0.5	0.5	0.4	0.3	0.2
Interest expense (income), operating	2.0	0	–	–	–	–
Unusual expense (income)	0.1	0	–	–	–	–
Other operating expenses	−1.3	0	1.5	1.8	−1.1	0.5
Operating income	17.0	15.7	7.0	22.0	36.1	20.3
Net interest income (expense)	−0.1	0.7	1.3	−0.4	0.2	−0.2
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0.3	0.1	0.1	−0.2	0	0
Net income before taxes	17.2	16.6	8.3	21.4	36.3	20.1
Provision for taxes	4.1	3.8	2.0	4.6	8.1	4.4
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	13.0	12.8	6.4	16.8	28.2	15.7
Extraordinary items	–	–	–	–	–	–
Net income	13.0	12.8	6.4	16.8	28.2	15.7
EBIT, normalized	19.6	15.7	7.0	22.0	36.1	20.3
EBITDA, normalized	21.6	17.5	8.7	23.6	37.4	21.8
Basic EPS, normalized	0.51	0.49	0.23	0.64	1.04	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Mips AB, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	23.3	34.6	40.5	51.2	49.8	33.1
Receivables	20.2	15.8	13.9	11.2	23.9	19.2
Total inventory	1.6	0.7	0.4	0.6	1.1	0.4
Prepaid expenses	1.3	0.8	1.0	0.7	0.4	0.9
Other current assets	0.5	0.1	0	0	0	0
Total current assets	47.0	52.0	55.8	63.7	75.2	53.6
Property, plant & equipment	6.4	1.9	2.5	3.0	2.1	2.7
Goodwill	61.3	–	–	–	–	–
Intangibles	20.4	6.2	7.1	6.9	6.2	6.7
Long-term investments	6.1	6.7	7.9	0	0	0
Note receivable	–	–	–	–	–	–
Other long-term assets	0.9	0	0	0.1	0.1	0
Total assets	142	66.8	73.3	73.7	83.6	62.9
Liabilities
Accounts payable	5.5	4.1	3.0	2.8	7.7	4.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	8.8	1.8	1.4	2.2	2.7	2.2
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	0.9	0.5	0.5	0.5	0.3	0.4
Other current liabilities	0.9	0.6	0.7	5.8	8.5	2.8
Total current liabilities	16.1	7.1	5.6	11.2	19.2	9.4
Long-term debt	34.7	0.5	0.9	1.2	0.4	1.0
Minority interest	–	–	–	–	–	–
Other liabilities	30.2	1.3	1.6	1.2	0.1	0.7
Total liabilities	81.0	8.9	8.0	13.5	19.8	11.1
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.3	0.3	0.3	0.3	0.3	0.4
Additional paid-in capital	41.9	34.6	37.8	26.3	30.3	33.4
Retained earnings (accumulated deficit)	21.4	22.6	27.2	33.6	33.2	18.1
Treasury stock	–	–	–	–	–	–
Other equity	−2.5	0.5	−0.1	−0.1	0	0
Total equity	61.1	58.0	65.3	60.1	63.8	51.9
Total liabilities & shareholders' equity	142	66.8	73.3	73.7	83.6	62.9

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Mips AB, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	17.2	16.6	8.3	21.4	36.3	20.1
Depreciation, depletion & amortization	2.1	1.7	1.8	1.5	1.3	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	0.3	0.1	−0.1	0.2	−0.4	1.6
Changes in working capital	−3.5	−5.5	−8.9	−0.5	−6.5	−7.5
Cash from operations	16.1	12.8	1.1	22.7	30.6	14.1
Investing activities
Capital expenditures	−1.7	−0.9	−0.9	−2.0	−1.1	−1.8
Other investing cash flows	−44.9	0	−7.9	−0.1	−0.1	0
Cash from investing	−46.6	−0.9	−8.8	−2.1	−1.2	−1.8
Financing activities
Financing cash flow items	0.2	0.3	0.4	–	0	2.3
Cash dividends paid	−18.7	−14.4	−14.3	−12.6	−10.2	−9.6
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	32.0	−0.5	9.7	−0.5	−0.3	5.5
Cash from financing	13.5	−14.7	−4.2	−13.1	−10.5	−1.8
Foreign exchange effects	−1.1	0.4	−0.4	0.4	0.7	−0.5
Net change in cash	−18.2	−2.4	−12.3	7.9	19.6	10.0
Free cash flow	14.3	11.9	0.2	20.7	29.5	12.3

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.