MILDEF Stock Analysis: MilDef | ST
Aerospace & Defense | ST, Sweden | Market Cap: 9.636m SEK | 12M Return: 33.6% | SE0016074249 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 45.4M
EPS Trend: 85.6%
Qual. Beats: 2
Rev. Trend: 91.2%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 5.2 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: 266.6m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.06 > 0.02 and ΔFCF/TA 3.87 > 1.0 |
| NWC/Revenue: 29.02% < 20% (prev 43.55%; Δ -14.54% < -1%) |
| CFO/TA 0.07 > 3% & CFO 223.6m > Net Income 266.6m |
| Net Debt (699.2m) to EBITDA (509.0m): 1.37 < 3 |
| Current Ratio: 1.92 > 1.5 & < 3 |
| Outstanding Shares: last quarter (47.1m) vs 12m ago 0.01% < -2% |
| Gross Margin: 45.90% > 18% (prev 47.63%; Δ -1.73% > 0.5%) |
| Asset Turnover: 91.21% > 50% (prev 52.57%; Δ 38.64% > 0%) |
| Interest Coverage Ratio: 8.91 > 6 (EBIT TTM 381.5m / Interest Expense TTM 42.8m) |
| A: 0.24 (Total Current Assets 1.61b - Total Current Liabilities 838.2m) / Total Assets 3.19b |
| B: -0.00 (Retained Earnings -8.50m / Total Assets 3.19b) |
| C: 0.13 (EBIT TTM 381.5m / Avg Total Assets 2.92b) |
| D: 1.08 (Book Value of Equity 1.66b / Total Liabilities 1.53b) |
| Altman-Z'' = 3.59 = A |
| DSRI: 0.87 (Receivables 642.1m/386.4m, Revenue 2.66b/1.39b) |
| GMI: 1.04 (GM 47.63% / 45.90%) |
| AQI: 0.82 (AQ_t 0.42 / AQ_t-1 0.51) |
| SGI: 1.91 (Revenue 2.66b / 1.39b) |
| TATA: 0.01 (NI 266.6m - CFO 223.6m) / TA 3.19b) |
| Beneish M = -2.55 (Cap -4..+1) = A |
As of August 26, 2026, the stock is trading at SEK 199.60 with a total of 187,563 shares traded. Over the past week, the price has changed by -9.81%, over one month by -8.98%, over three months by +3.88% and over the past year by +33.61%.
Current recommended Stop Loss: 189.80 (which is 4.9% or 1.2 ATR below the current price).
MilDef has no consensus analysts rating.
P/E Trailing = 35.8319
P/E Forward = 31.6456
P/S = 3.6216
P/B = 5.9647
Revenue TTM = 2.66b SEK
EBIT TTM = 381.5m SEK
EBITDA TTM = 509.0m SEK
Long Term Debt = 432.3m SEK (from longTermDebt, last quarter)
Short Term Debt = 97.4m SEK (from shortTermDebt, last quarter)
Debt = 895.5m SEK (from shortLongTermDebtTotal, last quarter) + Leases 202.8m
Net Debt = 699.2m SEK (calculated: Debt 895.5m - CCE 196.3m)
Enterprise Value = 10.3b SEK (9.64b + Debt 895.5m - CCE 196.3m)
Interest Coverage Ratio = 8.91 (Ebit TTM 381.5m / Interest Expense TTM 42.8m)
EV/FCF = 58.16x (Enterprise Value 10.3b / FCF TTM 177.7m)
FCF Yield = 1.72% (FCF TTM 177.7m / Enterprise Value 10.3b)
FCF Margin = 6.68% (FCF TTM 177.7m / Revenue TTM 2.66b)
Net Margin = 10.02% (Net Income TTM 266.6m / Revenue TTM 2.66b)
Gross Margin = 45.90% ((Revenue TTM 2.66b - Cost of Revenue TTM 1.44b) / Revenue TTM)
Gross Margin QoQ = 51.87% (prev 44.33%)
Tobins Q-Ratio = 3.24 (Enterprise Value 10.3b / Total Assets 3.19b)
Interest Expense / Debt = 4.78% (Interest Expense 42.8m / Debt 895.5m)
Taxrate = 16.46% (52.9m / 321.4m)
NOPAT = 318.7m (EBIT 381.5m * (1 - 16.46%))
Current Ratio = 1.92 (Total Current Assets 1.61b / Total Current Liabilities 838.2m)
Debt / Equity = 0.54 (Debt 895.5m / totalStockholderEquity, last quarter 1.66b)
Debt / EBITDA = 1.37 (Net Debt 699.2m / EBITDA 509.0m)
Debt / FCF = 3.93 (Net Debt 699.2m / FCF TTM 177.7m)
Total Stockholder Equity = 1.56b (last 4 quarters mean from totalStockholderEquity)
RoA = 9.14% (Net Income 266.6m / Total Assets 3.19b)
RoE = 17.14% (Net Income TTM 266.6m / Total Stockholder Equity 1.56b)
RoCE = 19.19% (EBIT 381.5m / Capital Employed (Equity 1.56b + L.T.Debt 432.3m))
RoIC = 13.76% (NOPAT 318.7m / Invested Capital 2.32b)
WACC = 5.00% (E(9.64b)/V(10.5b) * Re(5.09%) + D(895.5m)/V(10.5b) * Rd(4.78%) * (1-Tc(0.16)))
Discount Rate = 5.09% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 89.82 | Cagr: 7.19%
[DCF] Terminal Value 77.97% ; FCFF base≈124.6m ; Y1≈142.9m ; Y5≈210.2m
[DCF] Fair Price = 52.33 (EV 3.16b - Net Debt 699.2m = Equity 2.46b / Shares 47.1m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 85.58 | EPS CAGR: 64.77% | SUE: 1.17 | # QB: 2
Revenue Correlation: 91.19 | Revenue CAGR: 38.59% | SUE: 0.63 | # QB: 0
EPS current Quarter (2026-09-30): EPS=1.26 | Chg30d=+0.38% | Revisions=-40% | Analysts=3
EPS current Year (2026-12-31): EPS=7.31 | Chg30d=+12.37% | Revisions=+57% | GrowthEPS=+140.4% | GrowthRev=+51.2%
EPS next Year (2027-12-31): EPS=9.95 | Chg30d=+16.38% | Revisions=+57% | GrowthEPS=+36.1% | GrowthRev=+23.5%
[Analyst] Revisions Ratio: +46% (up=8, down=2)