Investor AB (publ) (INVE-A.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-84.8%

SEK 64.22

vs SEK 423.90 price

Levered DCF

-SEK 38.97

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

5.37

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	6.43×	7.91×	5.64×	-7.72×	3.06×	8.69×	3.86×	-126.19×
P/B	1.06×	1.09×	1×	0.95×	1.02×	0.99×	0.93×	0.87×
P/S	4.56×	5.19×	3.9×	-23.28×	2.61×	5.06×	2.72×	7.24×
EV / EBITDA	6.99×	8.56×	5.9×	-8.9×	3.31×	9.35×	4.16×	-374.25×
Gross margin	97.9%	97.7%	98.1%	110.0%	99.2%	97.6%	98.4%	95.4%
Operating margin	71.4%	66.2%	69.4%	296.9%	85.5%	58.6%	71.3%	-2.3%
Net margin	71.0%	65.6%	69.1%	301.3%	85.5%	58.2%	70.3%	-5.7%
Current ratio	2.6×	2.98×	3.21×	3.43×	2.51×	2.86×	3.45×	2.08×
Debt / equity	0.12×	0.12×	0.12×	0.15×	0.13×	0.19×	0.18×	0.21×
Interest coverage	33.85×	29.19×	36.78×	-29.6×	108.57×	24.48×	44.98×	-0.5×
Dividend yield	1.6%	1.6%	1.9%	2.1%	1.5%	1.5%	2.5%	3.2%
Payout ratio	10.1%	13.0%	10.6%	-16.4%	4.7%	13.0%	9.8%	-407.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.5%	13.8%	17.7%	-12.4%	33.4%	11.4%	24.1%	-0.7%
Return on invested capital	14.4%	12.1%	15.3%	-10.3%	29.0%	9.4%	19.9%	-0.2%
Return on assets	14.3%	11.9%	15.2%	-10.3%	28.7%	9.2%	19.6%	-0.5%
Free cash flow yield	1.9%	2.1%	2.4%	2.1%	1.5%	1.8%	3.2%	3.6%
Earnings yield	15.6%	12.6%	17.7%	-12.9%	32.7%	11.5%	25.9%	-0.8%
Enterprise value	SEK 1.1T	SEK 978.8B	SEK 787.9B	SEK 655.8B	SEK 766.6B	SEK 525.6B	SEK 447.3B	SEK 342.1B
Net debt / EBITDA	0.6×	0.72×	0.53×	-1.06×	0.3×	1.19×	0.52×	-61.66×
Cash conversion cycle (days)	29	536	513	590	580	433	353	412