Saab AB SAABY

IndustrialsAerospace & DefenseSweden

Last close 33.60 USD on Nov 2, 2026, +16.4% year to date

Quant rating

Quant rating A+ Rank 2 of 418 in Industrials

Growth A 13 of 418
Valuation B 157 of 418
Quality A 48 of 418
Revisions B 87 of 418
Momentum A 11 of 418

Wall Street consensus Hold (2.88)Average target 66.86 USD +99.0%

Historical valuation

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

Key data

Market cap: 35.6B
Enterprise value: 35.4B
52-week range: 23.29 – 40.77
3-year range: 6.12 – 40.77
Dividend yield: 0.37%
Beta (5 years): 0.13
Shares outstanding: 534M
Next earnings: Feb 5, 2027

About the company

Saab AB is a Sweden-based company offering products and services ranging from military defense to civil security. The Company’s operations are divided into six business areas. The Aeronautics includes the development of civil and military aviation technology, including the Gripen and Unmanned Aerial Systems. The Dynamics comprises a product portfolio of weapon systems, such as support weapons, missiles, Remotely Operated Vehicles and signature management systems. The Electronic Defense Systems provides airbone, land-based and naval systems and radar, signals intelligence and self-protection. The Security and Defense Solutions provides the military and civil security market with, among others, computerized command, control, communications and intelligence systems. The Support and Services offers service and support to the Saab’s clients. Among others, the Company operates through Thyssen Krupp Marine Systems AB and Nordic Defence Industries, a producer of mine disposal charge systems.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	8,604	5,767	5,127	4,036	4,332	–
Revenue growth	49.2%	12.5%	27.0%	−6.8%	−3.2%	14.0%
EPS (basic, normalized)	1.29	0.71	0.60	0.39	0.39	–
EPS growth	82.7%	17.5%	53.5%	1.3%	–	–
Gross margin	21.7%	21.4%	21.8%	21.2%	21.0%	21.4%
Net margin	8.0%	6.5%	6.6%	5.2%	4.9%	6.2%
ROE	16.0%	12.4%	11.0%	8.4%	8.7%	11.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	2,165
Current ratio	1.22x
Long-term debt (mil)	1,667
Net debt (mil)	−315
Total equity (mil)	5,198
Net debt / equity	−0.06x
Net debt / EBITDA	−0.25x

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	8,604	+49.2%	4.1x	1,253	+67.9%	28.2x	1.29	+82.7%	26.0x
2026	10,113	+17.5%	3.5x	1,472	+17.5%	24.0x	1.55	+19.8%	21.7x
2027	12,376	+22.4%	2.9x	1,840	+25.0%	19.2x	2.00	+29.2%	16.8x
2028	14,495	+17.1%	2.4x	2,208	+20.0%	16.0x	2.45	+22.7%	13.7x

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	10,113	+0.7%	+1.0%	+2.9%	1.55	−0.4%	−0.3%	+4.8%
2027	12,376	+1.2%	+1.7%	+5.7%	2.00	+1.1%	+1.5%	+7.8%
2028	14,495	+1.6%	+2.1%	+6.2%	2.45	+1.7%	+1.9%	+8.9%

Earnings surprises EPS beat in 3 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)	14,185	15,170	13,546	20,850	15,792	19,786	15,871	27,697	19,164	25,453
Sales mean (mil)	13,073	14,983	13,531	19,794	16,153	18,179	15,769	26,333	19,819	23,929
Surprise	+8.5%	+1.2%	+0.1%	+5.3%	−2.2%	+8.8%	+0.6%	+5.2%	−3.3%	+6.4%
EPS reported	1.43	1.85	1.80	2.66	2.35	2.83	1.77	4.73	2.65	3.96
EPS mean	1.41	1.81	1.75	2.78	1.97	2.40	1.90	3.93	2.36	3.45
Surprise	+1.6%	+2.5%	+2.9%	−4.4%	+19.6%	+17.9%	−6.7%	+20.4%	+12.2%	+14.7%

Peer comparison Aerospace & Defense

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
SAABY Saab AB	35.6B	−0.25x	8.0%	6.78x	21.7x	16.8x	24.0x	19.2x
HEI HEICO Corporation	39.9B	2.46x	15.4%	9.54x	53.2x	46.8x	28.0x	25.1x
HEIa HEICO Corporation	39.9B	2.46x	15.4%	9.54x	39.8x	35.5x	28.3x	25.6x
AXON Axon Enterprise, Inc.	34.6B	1.46x	4.5%	9.41x	55.7x	40.3x	37.5x	27.8x
KBGGY Kongsberg Gruppen ASA	34.2B	−0.15x	13.2%	23.70x	24.5x	16.2x	36.2x	23.7x
FINMY Leonardo S.p.A.	33.6B	–	6.3%	3.11x	–	–	–	–
Mean		1.19x	10.5%	10.35x	39.0x	31.1x	30.8x	24.3x
Median		1.46x	10.6%	9.47x	39.8x	35.5x	28.3x	25.1x

Technical analysis

1M+9.7%
3M+7.3%
1Y+22.5%
3Y+399.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Saab AB, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	8,604	5,767	5,127	4,036	4,332	4,475
Cost of revenue	6,737	4,531	4,008	3,182	3,424	3,551
Gross profit	1,866	1,236	1,119	854	908	924
Selling, general & administrative expenses	653	484	469	372	409	456
Research & development	315	197	149	121	123	134
Depreciation/amortization	80.1	65.9	61.1	53.2	60.8	28.4
Interest expense (income), operating	−16.8	−4.9	72.8	10.2	7.0	1.9
Unusual expense (income)	−35.0	−7.4	−47.9	−3.4	1.2	190
Other operating expenses	−6.7	−10.4	−9.7	−14.6	−12.8	−45.9
Operating income	877	512	424	315	319	160
Net interest income (expense)	14.2	−27.5	19.5	−34.1	−26.7	−12.2
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−19.3	−6.2	−5.0	−9.6	−7.7	−12.5
Net income before taxes	872	478	439	271	285	135
Provision for taxes	181	97.6	96.9	51.5	61.1	2.4
Minority interest	−4.6	−3.5	−6.2	−8.5	−11.0	−2.3
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	686	377	336	211	213	131
Extraordinary items	–	–	–	–	–	–
Net income	686	377	336	211	213	131
EBIT, normalized	848	508	451	321	328	352
EBITDA, normalized	1,182	748	676	526	542	537
Basic EPS, normalized	1.29	0.71	0.60	0.39	0.39	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Saab AB, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,670	1,062	1,338	1,235	1,310	1,263
Receivables	4,105	2,657	2,185	1,668	1,822	1,834
Total inventory	2,765	1,974	1,667	1,364	1,284	1,248
Prepaid expenses	167	139	108	92.7	91.8	97.8
Other current assets	270	84.1	164	204	86.2	204
Total current assets	8,977	5,916	5,463	4,564	4,595	4,647
Property, plant & equipment	2,397	1,427	1,239	1,062	1,107	1,156
Goodwill	575	504	539	517	581	626
Intangibles	793	672	747	660	764	777
Long-term investments	725	424	135	44.3	48.8	64.0
Note receivable	44.6	39.3	51.2	66.8	65.8	75.1
Other long-term assets	44.8	47.1	47.9	38.7	33.7	28.1
Total assets	13,556	9,030	8,221	6,953	7,195	7,373
Liabilities
Accounts payable	1,102	743	604	468	391	402
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,236	811	706	630	667	670
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	221	83.1	104	96.0	211	318
Other current liabilities	4,370	2,859	2,063	1,535	1,531	1,378
Total current liabilities	6,929	4,497	3,477	2,729	2,800	2,768
Long-term debt	1,378	856	893	864	864	899
Minority interest	37.0	28.0	32.5	37.5	30.2	21.7
Other liabilities	501	437	636	490	959	1,071
Total liabilities	8,845	5,818	5,039	4,120	4,653	4,760
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	236	197	216	209	241	265
Additional paid-in capital	663	552	606	586	675	742
Retained earnings (accumulated deficit)	3,599	2,445	2,202	1,907	1,586	1,548
Treasury stock	–	–	–	–	–	–
Other equity	212	17.6	159	131	40.9	57.7
Total equity	4,711	3,211	3,182	2,833	2,542	2,613
Total liabilities & shareholders' equity	13,556	9,030	8,221	6,953	7,195	7,373

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Saab AB, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	872	478	439	271	285	135
Depreciation, depletion & amortization	333	239	225	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	180	65.5	68.0	319	389	247
Changes in working capital	−69.5	−174	−90.0	−143	−41.7	323
Cash from operations	1,316	609	642	447	632	706
Investing activities
Capital expenditures	−785	−438	−351	−222	−279	−352
Other investing cash flows	−481	59.4	−236	−12.3	−242	−135
Cash from investing	−1,266	−378	−588	−234	−520	−487
Financing activities
Financing cash flow items	2.4	−3.7	−11.5	−1.4	−1.3	−11.8
Cash dividends paid	−117	−77.4	−69.8	−62.2	−68.8	0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	185	−93.8	−40.8	−49.6	−111	−125
Cash from financing	70.3	−175	−122	−113	−181	−137
Foreign exchange effects	−25.8	8.9	−5.7	12.5	6.3	−10.6
Net change in cash	94.8	64.6	−73.5	112	−63.3	71.3
Free cash flow	531	171	290	225	353	354

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.