MIPS AB (publ) (MIPS.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

-85.6%

SEK 61.45

vs SEK 426.00 price

Levered DCF

SEK 56.42

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

11.13

Safe zone

Rating

Overall 3 / 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	78.01×	88.42×	149.39×	64.26×	121.87×	103.83×	59.22×	49.33×
P/B	16.66×	19.44×	14.58×	17.98×	53.85×	31.43×	16.85×	10.1×
P/S	17.56×	25.8×	26.83×	19.99×	51.11×	36.68×	18.74×	14.45×
EV / EBITDA	54.14×	57.85×	106.44×	45.95×	91.15×	74.76×	41.87×	36.67×
Gross margin	73.4%	72.5%	70.9%	68.6%	73.2%	72.9%	74.1%	73.9%
Operating margin	29.3%	36.0%	19.6%	40.7%	53.6%	45.8%	40.3%	37.9%
Net margin	22.5%	29.2%	17.9%	31.1%	41.9%	35.3%	31.7%	29.3%
Current ratio	2.92×	7.37×	10.04×	5.67×	3.91×	5.71×	6.54×	6.93×
Debt / equity	0.58×	0.02×	0.02×	0.03×	0.01×	0.03×	0×	0×
Interest coverage	156×	174×	70×	229×	0×	167×	346.19×	10,423.14×
Dividend yield	1.8%	1.3%	1.5%	1.2%	0.3%	0.6%	1.3%	0.0%
Payout ratio	143.3%	112.8%	225.0%	74.9%	36.1%	61.2%	74.6%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	21.4%	22.0%	9.7%	28.0%	44.2%	30.3%	28.5%	20.5%
Return on invested capital	10.2%	20.1%	7.8%	27.4%	43.3%	29.5%	28.2%	20.5%
Return on assets	9.2%	19.1%	8.7%	22.8%	33.7%	25.0%	24.8%	17.7%
Free cash flow yield	1.5%	1.1%	0.0%	1.9%	0.9%	0.8%	0.3%	2.2%
Earnings yield	1.3%	1.1%	0.7%	1.6%	0.8%	1.0%	1.7%	2.0%
Enterprise value	SEK 9.5B	SEK 12.1B	SEK 9.4B	SEK 11.1B	SEK 31B	SEK 13.3B	SEK 4.8B	SEK 2.7B
Net debt / EBITDA	0.65×	-1.77×	-2.4×	-0.56×	-0.24×	-0.45×	-1.66×	-0.49×
Cash conversion cycle (days)	43	26	52	28	-5	55	-14	-24