MILDEF Stock Analysis: MilDef | ST
Aerospace & Defense | ST, Sweden | Market Cap: 8.670m SEK | 12M Return: 0.7% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 35.9M
EPS Trend: 75.9%
Qual. Beats: 1
Rev. Trend: 88.3%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
Seasonality 5.1 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
MilDef Group AB (publ) is a Swedish company listed on the Stockholm Stock Exchange under the ticker MILDEF, headquartered in Helsingborg and operating across the Nordics, the rest of Europe, the United States, and Australia. Founded in 1997 and classified within the GICS Aerospace & Defense sub-industry, the company develops, manufactures, and sells rugged IT solutions primarily to national (defense and government) and critical infrastructure customers.
The product range covers rugged computers, laptops, tablets, handhelds, intelligent displays, KVM switches, routers, power distribution units, fiber optic components, keyboards, and related accessories, all designed to operate reliably in harsh environments characterized by extreme temperatures, shock, vibration, dust, and moisture. MilDef also offers the OneCIS tactical Command and Control Information System (C2IS) platform, together with development, consulting, and integration services spanning systems engineering, ILS-management, technical documentation, installation, and helpdesk support.
- European NATO defense spending surge drives rugged IT demand
- US geographic expansion accelerates order intake growth
- OneCIS platform adoption shifts revenue mix toward software
| Net Income: 219.1m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.07 > 0.02 and ΔFCF/TA 5.68 > 1.0 |
| NWC/Revenue: 31.35% < 20% (prev 47.98%; Δ -16.63% < -1%) |
| CFO/TA 0.08 > 3% & CFO 239.2m > Net Income 219.1m |
| Net Debt (674.3m) to EBITDA (435.6m): 1.55 < 3 |
| Current Ratio: 2.09 > 1.5 & < 3 |
| Outstanding Shares: last quarter (47.1m) vs 12m ago 2.13% < -2% |
| Gross Margin: 44.36% > 18% (prev 48.90%; Δ -4.54% > 0.5%) |
| Asset Turnover: 83.52% > 50% (prev 47.43%; Δ 36.09% > 0%) |
| Interest Coverage Ratio: 7.25 > 6 (EBIT TTM 310.2m / Interest Expense TTM 42.8m) |
| A: 0.25 (Total Current Assets 1.45b - Total Current Liabilities 693.8m) / Total Assets 3.02b |
| B: -0.00 (Retained Earnings -8.50m / Total Assets 3.02b) |
| C: 0.11 (EBIT TTM 310.2m / Avg Total Assets 2.89b) |
| D: 1.15 (Book Value of Equity 1.61b / Total Liabilities 1.41b) |
| Altman-Z'' = 3.56 = A |
| DSRI: 0.64 (Receivables 642.6m/546.9m, Revenue 2.41b/1.31b) |
| GMI: 1.10 (GM 48.90% / 44.36%) |
| AQI: 0.90 (AQ_t 0.44 / AQ_t-1 0.49) |
| SGI: 1.84 (Revenue 2.41b / 1.31b) |
| TATA: -0.01 (NI 219.1m - CFO 239.2m) / TA 3.02b) |
| Beneish M = -2.69 (Cap -4..+1) = A |
As of July 10, 2026, the stock is trading at SEK 185.10 with a total of 80,637 shares traded. Over the past week, the price has changed by -5.08%, over one month by -1.12%, over three months by +33.90% and over the past year by +0.68%.
Current recommended Stop Loss: 174.90 (which is 5.5% or 1.1 ATR below the current price).
MilDef has no consensus analysts rating.
P/E Trailing = 39.4218
P/E Forward = 30.3951
P/S = 3.5924
P/B = 5.6742
Revenue TTM = 2.41b SEK
EBIT TTM = 310.2m SEK
EBITDA TTM = 435.6m SEK
Long Term Debt = 442.1m SEK (from longTermDebt, last quarter)
Short Term Debt = 96.2m SEK (from shortTermDebt, last quarter)
Debt = 915.7m SEK (from shortLongTermDebtTotal, last quarter) + Leases 208.3m
Net Debt = 674.3m SEK (calculated: Debt 915.7m - CCE 241.4m)
Enterprise Value = 9.34b SEK (8.67b + Debt 915.7m - CCE 241.4m)
Interest Coverage Ratio = 7.25 (Ebit TTM 310.2m / Interest Expense TTM 42.8m)
EV/FCF = 46.24x (Enterprise Value 9.34b / FCF TTM 202.1m)
FCF Yield = 2.16% (FCF TTM 202.1m / Enterprise Value 9.34b)
FCF Margin = 8.37% (FCF TTM 202.1m / Revenue TTM 2.41b)
Net Margin = 9.08% (Net Income TTM 219.1m / Revenue TTM 2.41b)
Gross Margin = 44.36% ((Revenue TTM 2.41b - Cost of Revenue TTM 1.34b) / Revenue TTM)
Gross Margin QoQ = 44.33% (prev 43.09%)
Tobins Q-Ratio = 3.09 (Enterprise Value 9.34b / Total Assets 3.02b)
Interest Expense / Debt = 4.67% (Interest Expense 42.8m / Debt 915.7m)
Taxrate = 17.63% (46.9m / 266.0m)
NOPAT = 255.5m (EBIT 310.2m * (1 - 17.63%))
Current Ratio = 2.09 (Total Current Assets 1.45b / Total Current Liabilities 693.8m)
Debt / Equity = 0.57 (Debt 915.7m / totalStockholderEquity, last quarter 1.61b)
Debt / EBITDA = 1.55 (Net Debt 674.3m / EBITDA 435.6m)
Debt / FCF = 3.34 (Net Debt 674.3m / FCF TTM 202.1m)
Total Stockholder Equity = 1.49b (last 4 quarters mean from totalStockholderEquity)
RoA = 7.58% (Net Income 219.1m / Total Assets 3.02b)
RoE = 14.72% (Net Income TTM 219.1m / Total Stockholder Equity 1.49b)
RoCE = 16.07% (EBIT 310.2m / Capital Employed (Equity 1.49b + L.T.Debt 442.1m))
RoIC = 11.10% (NOPAT 255.5m / Invested Capital 2.30b)
WACC = 6.60% (E(8.67b)/V(9.59b) * Re(6.89%) + D(915.7m)/V(9.59b) * Rd(4.67%) * (1-Tc(0.18)))
Discount Rate = 6.89% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 89.44 | Cagr: 7.19%
[DCF] Terminal Value 77.97% ; FCFF base≈132.4m ; Y1≈151.8m ; Y5≈223.4m
[DCF] Fair Price = 57.07 (EV 3.36b - Net Debt 674.3m = Equity 2.69b / Shares 47.1m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 75.91 | EPS CAGR: 43.19% | SUE: 1.06 | # QB: 1
Revenue Correlation: 88.30 | Revenue CAGR: 30.39% | SUE: 0.12 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.67 | Chg30d=-4.60% | Revisions=+0% | Analysts=3
EPS next Quarter (2026-09-30): EPS=1.35 | Chg30d=+7.84% | Revisions=+25% | Analysts=3
EPS current Year (2026-12-31): EPS=6.56 | Chg30d=+1.02% | Revisions=+40% | GrowthEPS=+115.8% | GrowthRev=+46.7%
EPS next Year (2027-12-31): EPS=8.59 | Chg30d=+0.59% | Revisions=+40% | GrowthEPS=+30.9% | GrowthRev=+15.7%
[Analyst] Revisions Ratio: +50% (up=6, down=1)