MILDEF Stock Analysis: MilDef | ST
Aerospace & Defense | ST, Sweden | Market Cap: 10.808m SEK | 12M Return: 51.4% | SE0016074249 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 63.4M
EPS Trend: 92.1%
Qual. Beats: 0
Rev. Trend: 94.6%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
Seasonality 5.3 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) develops, manufactures, and sells rugged IT solutions designed to operate in harsh environments, serving customers in national defense and critical infrastructure sectors. Its product portfolio spans rugged computers, laptops, tablets, handhelds, intelligent displays, switches, routers, KVM equipment, power distribution units, fiber optic components, and special electronics, alongside accessories and customer-specific projects. The company also offers the OneCIS tactical Command and Control Information System (C2IS) platform, development services, and consulting in areas such as IT security, service design, and change management.
Beyond products, MilDef provides integration and lifecycle services, including systems engineering, ILS-management, technical documentation, system safety, installation, maintenance, and helpdesk support. The company sells across roughly ten countries, with direct presence in Sweden, Norway, Finland, Denmark, the United Kingdom, Germany, Switzerland, the United States, and Australia, and was founded in 1997 with headquarters in Helsingborg, Sweden.
MilDef operates within the Aerospace & Defense sub-industry, supplying military-grade electronics rather than weapons platforms or aerospace systems. Ruggedized IT and tactical C2IS solutions typically address demand from armed forces modernizing battlefield communications and from operators of critical infrastructure that require hardened computing hardware.
- NATO defense spending surge lifts rugged IT order intake
- US market expansion accelerates revenue diversification beyond Nordics
- OneCIS software platform scales recurring high-margin revenue mix
| Net Income: 331.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA 5.08 > 1.0 |
| NWC/Revenue: 32.73% < 20% (prev 37.77%; Δ -5.04% < -1%) |
| CFO/TA 0.05 > 3% & CFO 169.2m > Net Income 331.3m |
| Net Debt (814.7m) to EBITDA (611.9m): 1.33 < 3 |
| Current Ratio: 2.15 > 1.5 & < 3 |
| Outstanding Shares: last quarter (47.1m) vs 12m ago -0.04% < -2% |
| Gross Margin: 45.90% > 18% (prev 46.45%; Δ -0.55% > 0.5%) |
| Asset Turnover: 95.58% > 50% (prev 60.78%; Δ 34.79% > 0%) |
| Interest Coverage Ratio: 11.28 > 6 (EBIT TTM 482.7m / Interest Expense TTM 42.8m) |
| A: 0.28 (Total Current Assets 1.80b - Total Current Liabilities 838.0m) / Total Assets 3.41b |
| B: -0.00 (Retained Earnings -8.50m / Total Assets 3.41b) |
| C: 0.16 (EBIT TTM 482.7m / Avg Total Assets 3.09b) |
| D: 1.12 (Book Value of Equity 1.80b / Total Liabilities 1.60b) |
| Altman-Z'' = 4.08 = AA |
| DSRI: 0.94 (Receivables 820.4m/496.7m, Revenue 2.95b/1.68b) |
| GMI: 1.01 (GM 46.45% / 45.90%) |
| AQI: 0.80 (AQ_t 0.40 / AQ_t-1 0.49) |
| SGI: 1.76 (Revenue 2.95b / 1.68b) |
| TATA: 0.05 (NI 331.3m - CFO 169.2m) / TA 3.41b) |
| Beneish M = -2.63 (Cap -4..+1) = A |
As of October 29, 2026, the stock is trading at SEK 243.90 with a total of 196,909 shares traded. Over the past week, the price has changed by +2.82%, over one month by -1.69%, over three months by +9.13% and over the past year by +51.35%.
Current recommended Stop Loss: 226.60 (which is 7.1% or 1.6 ATR below the current price).
MilDef has no consensus analysts rating.
P/E Trailing = 31.5681
P/E Forward = 22.779
P/S = 4.0623
P/B = 6.9797
Revenue TTM = 2.95b SEK
EBIT TTM = 482.7m SEK
EBITDA TTM = 611.9m SEK
Long Term Debt = 452.3m SEK (from longTermDebt, last fiscal year)
Short Term Debt = 41.1m SEK (from shortTermDebt, last quarter)
Debt = 912.8m SEK (from shortLongTermDebtTotal, last quarter) + Leases 202.8m
Net Debt = 814.7m SEK (calculated: Debt 912.8m - CCE 98.1m)
Enterprise Value = 11.6b SEK (10.8b + Debt 912.8m - CCE 98.1m)
Interest Coverage Ratio = 11.28 (Ebit TTM 482.7m / Interest Expense TTM 42.8m)
EV/FCF = 100.8x (Enterprise Value 11.6b / FCF TTM 115.3m)
FCF Yield = 0.99% (FCF TTM 115.3m / Enterprise Value 11.6b)
FCF Margin = 3.91% (FCF TTM 115.3m / Revenue TTM 2.95b)
Net Margin = 11.23% (Net Income TTM 331.3m / Revenue TTM 2.95b)
Gross Margin = 45.90% ((Revenue TTM 2.95b - Cost of Revenue TTM 1.60b) / Revenue TTM)
Gross Margin QoQ = 45.36% (prev 51.87%)
Tobins Q-Ratio = 3.41 (Enterprise Value 11.6b / Total Assets 3.41b)
Interest Expense / Debt = 4.69% (Interest Expense 42.8m / Debt 912.8m)
Taxrate = 18.55% (75.7m / 408.1m)
NOPAT = 393.2m (EBIT 482.7m * (1 - 18.55%))
Current Ratio = 2.15 (Total Current Assets 1.80b / Total Current Liabilities 838.0m)
Debt / Equity = 0.51 (Debt 912.8m / totalStockholderEquity, last quarter 1.80b)
Debt / EBITDA = 1.33 (Net Debt 814.7m / EBITDA 611.9m)
Debt / FCF = 7.07 (Net Debt 814.7m / FCF TTM 115.3m)
Total Stockholder Equity = 1.65b (last 4 quarters mean from totalStockholderEquity)
RoA = 10.73% (Net Income 331.3m / Total Assets 3.41b)
RoE = 20.11% (Net Income TTM 331.3m / Total Stockholder Equity 1.65b)
RoCE = 22.99% (EBIT 482.7m / Capital Employed (Equity 1.65b + L.T.Debt 452.3m))
RoIC = 15.64% (NOPAT 393.2m / Invested Capital 2.51b)
WACC = 4.74% (E(10.8b)/V(11.7b) * Re(4.82%) + D(912.8m)/V(11.7b) * Rd(4.69%) * (1-Tc(0.19)))
Discount Rate = 4.82% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 83.92 | Cagr: 7.17%
[DCF] Terminal Value 75.44% ; FCFF base≈115.3m ; Y1≈115.8m ; Y5≈122.6m
[DCF] Fair Price = 23.20 (EV 1.91b - Net Debt 814.7m = Equity 1.09b / Shares 47.1m; r=8.35% [WACC [floored]]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: 92.07 | EPS CAGR: 88.84% | SUE: 0.67 | # QB: 0
Revenue Correlation: 94.62 | Revenue CAGR: 47.37% | SUE: 0.06 | # QB: 0
EPS current Quarter (2027-03-31): EPS=0.00 | Chg30d=N/A | Revisions=N/A | Analysts=0
EPS current Year (2026-12-31): EPS=7.97 | Chg30d=+7.27% | Revisions=+25% | GrowthEPS=+162.2% | GrowthRev=+51.5%
EPS next Year (2027-12-31): EPS=12.02 | Chg30d=+15.98% | Revisions=+25% | GrowthEPS=+50.7% | GrowthRev=+36.3%
[Analyst] Revisions Ratio: +40% (up=2, down=0)