olivLaw · European equity research
INVISIO AB IVSO.ST
Sweden · Nasdaq Stockholm · ISIN SE0001200015 · Vertical: Listed companies from Sweden
INVISIO develops personal communication, intercom and hearing protection systems, mainly for defence and blue-light services. The company matters now because management estimates its addressable market has grown considerably, in line with higher European defence spending, according to. The estimated annual addressable market is 25 billion SEK.
At the close of 05 Nov 2026, INVISIO AB (IVSO.ST) stock was 212.00 SEK (−0.75% on the day), with market capitalisation 9.8 bn SEK, P/E 45.1 on diluted EPS of 4.70 SEK over the last 12 months, dividend yield 1.07%, beta 0.72, 52-week range 202.00–326.50 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 35.3
- weak (30–45)
- Bollinger (20, 2)
- 210.43 – 268.33
- in the lower half of the band · %B 0.03 · band width 24.2%
- SMA 50 / 200
- 236.49 / 251.18
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -5.90 / -1.26
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −14.7% | −0.6% | −14.1 pp | — |
| 3 months | −2.5% | −4.2% | +1.7 pp | — |
| 6 months | −13.3% | +4.3% | −17.6 pp | — |
| Year to date | −19.4% | +7.5% | −26.9 pp | — |
| 1 year | −27.0% | +9.9% | −36.9 pp | −8.5% |
| 3 years | +18.8% | +49.8% | −31.0 pp | +12.3% |
| 5 years | +24.6% | +42.8% | −18.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 41.2, median 50.0, max 56.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.2 bn | 1.8 bn | 1.7 bn |
| Revenue YoY | unavailable | +45.9% | −3.9% |
| Net income | 178.4 m | 306.4 m | 218.1 m |
| Net income YoY | unavailable | +71.7% | −28.8% |
| Diluted EPS | 3.91 | 6.69 | 4.70 |
| Diluted EPS YoY | unavailable | +71.1% | −29.7% |
| net % | 14.4% | 17.0% | 12.6% |
| Free cash flow | 183.7 m | 145.5 m | 285.2 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 400.3 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 1.2 bn SEK
- Total assets
- 1.6 bn SEK
- Debt / equity
- unavailable
- Current ratio
- 3.56x
- ROE
- 19.8%
- ROA
- 14.4%
- FCF margin
- 16.4%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.2 bn | 1.8 bn | 1.7 bn | esef· 26 Oct 2026verified |
| Cost of revenue | 491.2 m | 799.7 m | 723.2 m | esef· 26 Oct 2026verified |
| Gross profit | 747.3 m | 1.0 bn | 1.0 bn | esef· 26 Oct 2026verified |
| Research & development | 141.6 m | 162.0 m | 177.9 m | esef· 26 Oct 2026verified |
| Operating income | 242.9 m | 402.3 m | 308.8 m | esef· 26 Oct 2026verified |
| Depreciation & amortisation | 65.3 m | 61.1 m | 69.1 m | esef· 26 Oct 2026verified |
| EBITDA | 308.2 m ≈ | 463.4 m ≈ | 377.9 m ≈ | esef· 26 Oct 2026derived |
| Interest expense | 9.8 m | 500.0 k | 22.5 m | esef· 26 Oct 2026verified |
| Pre-tax income | 241.9 m | 407.4 m | 290.9 m | esef· 26 Oct 2026verified |
| Income tax | 63.5 m | 101.0 m | 72.8 m | esef· 26 Oct 2026verified |
| Net income | 178.4 m | 306.4 m | 218.1 m | esef· 26 Oct 2026verified |
| Diluted EPS | 3.91 | 6.69 | 4.70 | esef· 26 Oct 2026verified |
| Dividend per share | 0.69 | 1.30 | 2.27 | esef· 26 Oct 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 224.9 m | 242.4 m | 400.3 m | esef· 26 Oct 2026verified |
| Inventories | 238.2 m | 272.3 m | 289.7 m | esef· 26 Oct 2026verified |
| Current assets | 742.5 m | 1.1 bn | 1.1 bn | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 32.9 m | 36.7 m | 64.7 m | esef· 26 Oct 2026verified |
| Goodwill | 58.0 m | 62.9 m | 56.3 m | esef· 26 Oct 2026verified |
| Total assets | 1.1 bn | 1.4 bn | 1.6 bn | esef· 26 Oct 2026verified |
| Current liabilities | 268.1 m | 326.5 m | 317.4 m | esef· 26 Oct 2026verified |
| Equity | 720.4 m | 1.0 bn | 1.2 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 45.6 m | 45.6 m | 46.2 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 204.7 m | 157.0 m | 330.9 m | esef· 26 Oct 2026verified |
| Capex | 21.0 m | 11.5 m | 45.7 m | esef· 26 Oct 2026verified |
| Free cash flow | 183.7 m ≈ | 145.5 m ≈ | 285.2 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -55.0 m | -77.9 m | -148.9 m | esef· 26 Oct 2026verified |
| Financing cash flow | -48.5 m | -70.7 m | -8.6 m | esef· 26 Oct 2026verified |
| Dividends paid | 31.5 m | 59.3 m | 104.9 m | esef· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 9.8 bn SEK
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 12.6% | 89 (vs peers) | 12% |
| FCF conversion · Quality | 130.8% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 13.7x | 100 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 3.6x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 45.1x | 19 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.9% | 36 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 1.1% | 15 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 36.8% | 100 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality94/100 · 2/3 factors with a value
- Returns49/100 · 2/2 factors with a value
- Valuation27/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
INVISIO AB (IVSO.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.7 bn SEK in 2025; YoY growth -3.9%; net margin 12.6%; ROE 19.8%.
The estimated value range is 47.60–93.15 SEK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 62.30 SEK, the price of 212.00 SEK leaves a potential of -70.6% (value / price − 1) and a margin of safety of -240.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 12.6%
- FCF conversion: 130.8%
- Interest coverage: 13.7x
- Current ratio: 3.6x
- Payout ratio (FCF): 36.8%
What contradicts it
- P/E (TTM): 45.1x
- Shareholder yield (distributions): 1.1%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| IVSO.STInvisio Ab | 9.8 bn | 45.1 | 19.8% | 12.6% | −3.9% | −18% / +19% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
1- and 3-year price returns: for IVSO.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 115.28 Total return -45% · Per year -45% | 204.70 Total return -2% · Per year -2% | 309.56 Total return 47% · Per year 47% |
| 3 years | 93.89 Total return -54% · Per year -23% | 189.23 Total return -8% · Per year -3% | 316.71 Total return 53% · Per year 15% |
| 5 years | 76.46 Total return -61% · Per year -17% | 174.93 Total return -13% · Per year -3% | 324.02 Total return 59% · Per year 10% |
- Exit P/E± 47.31
- Net margin± 33.12
- Annual revenue growth± 29.55
- Annual dilution± 2.78
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
INVISIO develops personal communication, intercom and hearing protection systems, mainly for defence and blue-light services. The company matters now because management estimates its addressable market has grown considerably, in line with higher European defence spending, according to 1. The estimated annual addressable market is 25 billion SEK 1.
SWOT
Strengths
- Integrated portfolio of communication and hearing protection, with patented cable technology and intercom systems without direct competition.
- Long-term contracts with defence and emergency service customers provide visibility on revenue.
- The Racal Acoustics brand holds a strong position in heavy vehicles, with US market approvals completed in 2025.
Weaknesses
- Heavy dependence on defence-industry customers makes the company sensitive to budget and political cycles.
- Public procurement is slow and sometimes volatile, making short-term revenue planning difficult.
- A small employee base limits the capacity to run several large programmes at the same time.
Opportunities
- Rising European defence budgets could turn the addressable market into a larger revenue base.
- Still low penetration in the target market and expansion into new regions in Asia and the Middle East offer growth potential.
- Intercom and related products, such as wireless solutions, could widen the range of users and vehicles addressed.
Threats
- Large competitors could respond with pricing or similar integrated products.
- Costly and lengthy certifications can delay new product launches and raise costs.
- Component and material prices, as well as carbon taxes, could reduce margins if they cannot be passed on to customers.
Risks
- Concentration on defencehigh
Defence customers account for most sales, so a change in policy or budgets could quickly affect revenue.
- Order volatilityhigh
Long procurement cycles and political decisions can produce uneven orders, making quarterly results hard to predict.
- Certification and compliancemedium
Independent tests and recertifications can take up to two years and may delay product launches, with additional costs.
- Material costsmedium
Limited raw materials and carbon taxes could raise production costs if they cannot be passed on to customers.
- Dependence on talentmedium
The company relies on staff with rare skills in acoustics, software and certification; their departure could slow development.
Investment thesis
What would need to be true (bull case)
- If European defence spending rises as management expects, demand for INVISIO systems could accelerate considerably.
- Leadership in the heavy vehicle segment and long contracts could provide a relatively stable revenue base.
- Intercom, with no direct competitor, could become a high-volume product if adoption continues.
What would break the thesis
- If defence budgets grow more slowly than estimated, the addressable market could remain well below expectations.
- Concentration on a few segments and customers could amplify the impact of any order delay.
- If margins are eroded by costs or competitive pressure, profitability could suffer.
What to watch
- Development of orders in Europe linked to rising defence budgets2026
- Pace of Intercom adoption in public procurement contracts2026
- Effect of US market certification for the Racal Acoustics brand2026
- Development of margins amid material costs and carbon taxesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
INVISIO offers integrated systems for communication and hearing protection for mobile users in the field, as well as intercom systems for vehicles that combine sound, voice, data and power supply 1. Products are developed in close collaboration with customers and subject to external certification, and manufacturing is carried out by contract manufacturers 1. Sales are mostly made through public tenders and multi-year framework agreements 1.
The main customers are actors linked to defence and emergency services, and in fiscal 2025 defence-related customers accounted for most sales 1. The company had 314 full-time equivalent employees at the end of 2025 and more than 250 000 users of its systems 1.
Strategy rests on the scalability of the business model: higher penetration in existing markets, a broader product portfolio, access to new user groups and geographic expansion, according to the annual report 1.
Segments
Personal communication systems
Personal systems for defence are estimated at 9.0 billion SEK per year, and those for blue-light services at 2.0 billion SEK per year 1. Penetration in the defence target market is above ten percent, leaving room for growth 1.
Intercom and in-vehicle systems
The Intercom system, commercially launched in 2023, is estimated at 12.5 billion SEK per year, and in-vehicle communication for heavy vehicles at 1.5 billion SEK per year, the latter with long-term contracts 1.
Heavy vehicle systems
The division resulting from the Racal Acoustics acquisition targets crews in heavy military vehicles, with a well-known brand and contracts that can run for 20–25 years 1.
Market context
INVISIO's total addressable market is estimated at 25 billion SEK per year, almost 80 percent above the previous estimate of 14 billion SEK, with main markets in the USA, Europe and selected Asian countries 1. The company expects European defence spending to rise significantly over the next 10–15 years, which could accelerate demand 1.
The market is concentrated, with high entry barriers: costly certifications, long tenders and required interoperability 1. Volatility in defence orders and long decision cycles are, at the same time, a foreseeable challenge 1.
Trends
- Rising defence budgetstailwind
Tense geopolitics has led to much higher defence allocations, and INVISIO estimates the impact on demand for communication equipment will materialise gradually from 2026 1.
- Modernisation of communication systemstailwind
Multi-year modernisation and digitalisation programmes, as well as the spread of radios, support demand for advanced solutions 1.
- Protection against noisetailwind
More powerful weapon systems and noisy vehicles increase the risk of hearing damage, supporting demand for hearing protection 1.
- Procurement cycles and volatilityheadwind
Procurement decisions are slow and sometimes politically influenced, and volumes can fluctuate considerably, making revenue harder to forecast 1.
Competitive position
The market for hearing protection headsets is large and mature, dominated by a small number of large producers, and there are also smaller suppliers of headsets with microphones placed in or outside the ear 1. For intercom systems there is, according to the report, no actor offering a similar system, but the company must create demand for a new category 1.
INVISIO argues its advantage is system integration, combining in-ear and over-the-ear headsets with patented cable technology 1. In the heavy vehicle segment, the Racal Acoustics brand is the leader in a mature market, after the largest competitor ceased its defence-oriented activities in the USA 1.
- Large hearing protection headset producers
The market is dominated by a few large players, not named in the source.
- Suppliers of advanced in-ear and in-ear microphone headsets
Competition in the segment of compact headsets with microphones placed in or outside the ear.
- Producers of helmet-integrated communication
Competitors offering communication integrated into protective helmets.
- Former US vehicle competitor
The main vehicle competitor has ended its defence-oriented activity, which strengthened the Racal Acoustics brand position.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / INVISIO AB · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.