olivLaw · European equity research
Mips AB MIPS.ST
Sweden · Nasdaq Stockholm · ISIN SE0009216278 · Vertical: Listed companies from Sweden
Mips AB develops helmet safety systems that reduce rotational forces on the head, sold as an ingredient technology to other helmet makers. The company is expanding into new categories after acquiring Koroyd at the end of 2025, which could open new revenue sources if integration succeeds. Its total addressable market is 195 million helmets.
At the close of 05 Nov 2026, Mips AB (MIPS.ST) stock was 466.00 SEK (+7.18% on the day), with market capitalisation 12.3 bn SEK, P/E 102.9 on diluted EPS of 4.53 SEK over the last 12 months, dividend yield 1.39%, beta 0.95, 52-week range 212.00–466.00 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)
- 72.7
- overbought (≥ 70)
- Bollinger (20, 2)
- 377.55 – 446.35
- above the upper band · %B 1.29 · band width 16.7%
- SMA 50 / 200
- 393.58 / 310.98
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 12.88 / 8.16
- MACD above 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 | +15.8% | −0.6% | +16.5 pp | — |
| 3 months | +14.3% | −4.2% | +18.4 pp | — |
| 6 months | +64.5% | +4.3% | +60.2 pp | — |
| Year to date | +31.9% | +7.5% | +24.4 pp | — |
| 1 year | +45.4% | +9.9% | +35.5 pp | −8.5% |
| 3 years | +58.3% | +49.8% | +8.5 pp | +12.3% |
| 5 years | −58.1% | +42.8% | −101.0 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 67 percentile of its own 3-quarter history (min 78.0, median 88.4, max 150.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 357.0 m | 483.0 m | 533.0 m |
| Revenue YoY | unavailable | +35.3% | +10.4% |
| Net income | 64.0 m | 141.0 m | 120.0 m |
| Net income YoY | unavailable | +120.3% | −14.9% |
| Diluted EPS | 2.42 | 5.32 | 4.53 |
| Diluted EPS YoY | unavailable | +119.8% | −14.8% |
| net % | 17.9% | 29.2% | 22.5% |
| Free cash flow | 9.0 m | 138.0 m | 138.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 214.0 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 562.0 m SEK
- Total assets
- 1.3 bn SEK
- Debt / equity
- unavailable
- Current ratio
- 2.92x
- ROE
- 20.0%
- ROA
- 11.7%
- FCF margin
- 25.9%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 357.0 m | 483.0 m | 533.0 m | esef· 26 Oct 2026verified |
| Cost of revenue | 104.0 m | 133.0 m | 142.0 m | esef· 26 Oct 2026verified |
| Gross profit | 253.0 m | 350.0 m | 391.0 m | esef· 26 Oct 2026verified |
| Research & development | 35.0 m | 39.0 m | 41.0 m | esef· 26 Oct 2026verified |
| Operating income | 70.0 m | 174.0 m | 156.0 m | esef· 26 Oct 2026verified |
| Interest expense | 2.0 m | 2.0 m | 6.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | 84.0 m | 183.0 m | 158.0 m | esef· 26 Oct 2026verified |
| Income tax | 20.0 m | 42.0 m | 38.0 m | esef· 26 Oct 2026verified |
| Net income | 64.0 m | 141.0 m | 120.0 m | esef· 26 Oct 2026verified |
| Diluted EPS | 2.42 | 5.32 | 4.53 | esef· 26 Oct 2026verified |
| Dividend per share | 5.47 | 6.00 | 6.50 | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 408.0 m | 382.0 m | 214.0 m | esef· 26 Oct 2026verified |
| Inventories | 4.0 m | 8.0 m | 15.0 m | esef· 26 Oct 2026verified |
| Current assets | 562.0 m | 575.0 m | 432.0 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 10.0 m | 8.0 m | 35.0 m | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 71.0 m | 69.0 m | — | esef· 08 May 2025verified |
| Total assets | 738.0 m | 739.0 m | 1.3 bn | esef· 26 Oct 2026verified |
| Current liabilities | 56.0 m | 78.0 m | 148.0 m | esef· 26 Oct 2026verified |
| Equity | 657.0 m | 641.0 m | 562.0 m | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 26.3 m | 26.5 m | 26.5 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 11.0 m | 142.0 m | 148.0 m | esef· 26 Oct 2026verified |
| Capex | 2.0 m | 4.0 m | 10.0 m | esef· 26 Oct 2026verified |
| Free cash flow | 9.0 m ≈ | 138.0 m ≈ | 138.0 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -89.0 m | -10.0 m | -429.0 m | esef· 26 Oct 2026verified |
| Financing cash flow | -42.0 m | -162.0 m | 124.0 m | esef· 26 Oct 2026verified |
| Dividends paid | 144.0 m | 159.0 m | 172.0 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: 12.3 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 | 22.5% | 94 (vs peers) | 12% |
| FCF conversion · Quality | 115.0% | 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 | 26.0x | 100 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 2.9x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 102.9x | 0 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 1.1% | 14 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 1.4% | 20 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 124.6% | 0 (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
- Quality97/100 · 2/3 factors with a value
- Returns12/100 · 2/2 factors with a value
- Valuation6/100 · 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
Mips AB (MIPS.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 533.0 m SEK in 2025; YoY growth 10.4%; net margin 22.5%; ROE 20.0%.
The estimated value range is 67.03–115.91 SEK per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 83.42 SEK, the price of 466.00 SEK leaves a potential of -82.1% (value / price − 1) and a margin of safety of -458.6% (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: 22.5%
- FCF conversion: 115.0%
- Interest coverage: 26.0x
- Current ratio: 2.9x
What contradicts it
- P/E (TTM): 102.9x
- FCF yield: 1.1%
- Shareholder yield (distributions): 1.4%
- Payout ratio (FCF): 124.6%
- The price is above the estimated value range
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% |
| MIPS.STMips AB | 12.3 bn | 102.9 | 20.0% | 22.5% | +10.4% | +49% / +53% |
| 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% |
| 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 MIPS.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 | 291.65 Total return -37% · Per year -37% | 514.24 Total return 11% · Per year 11% | 772.71 Total return 67% · Per year 67% |
| 3 years | 317.32 Total return -29% · Per year -11% | 626.22 Total return 38% · Per year 11% | 1,028.18 Total return 125% · Per year 31% |
| 5 years | 345.26 Total return -21% · Per year -5% | 762.58 Total return 70% · Per year 11% | 1,368.10 Total return 202% · Per year 25% |
- Exit P/E± 156.55
- Net margin± 109.59
- Annual revenue growth± 85.18
- Annual dilution± 9.21
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
Mips AB develops helmet safety systems that reduce rotational forces on the head, sold as an ingredient technology to other helmet makers. The company is expanding into new categories after acquiring Koroyd at the end of 2025, which could open new revenue sources if integration succeeds. Its total addressable market is 195 million helmets 1.
SWOT
Strengths
- Leading position in rotation-protection solutions and an extensive patent portfolio.
- Ingredient-brand model that allows integration into helmets from several manufacturers.
- Scientific evidence and independent tests supporting the technology's effectiveness.
Weaknesses
- Dependence on helmet makers' decisions and end-consumer demand.
- Sales concentrated among a small number of large customers.
- Low penetration in some regions, including Asia and markets outside the Nordics and the US.
Opportunities
- Expansion into the safety category and lower-priced segments.
- New oblique-impact testing standards could lift demand.
- Integrating the Koroyd acquisition could open energy-management categories.
Threats
- Lower demand if economic slowdown or higher interest rates weigh on consumers.
- Entry of competitors with in-house solutions as awareness grows.
- Geopolitical and trade tensions that could disrupt the supply chain.
Risks
- Weaker consumer demandhigh
Global economic conditions and higher borrowing costs could reduce demand for helmets with Mips technology.
- Dependence on large customershigh
A small number of customers generate a significant share of sales, and losing one could affect results.
- Diverging testing standardsmedium
If standards favor other solutions, the company's technology could lose relevance in some categories.
- Geopolitical supply chainmedium
Significant production in China could be affected by trade tensions, and diversification is not yet complete.
- Product liability and litigationlow
Damage claims or patent disputes could generate significant legal costs.
Investment thesis
What would need to be true (bull case)
- If testing standards increasingly include oblique impact, demand for Mips technology could grow across several categories.
- Low penetration of the total market suggests long-term growth potential, especially in lower-priced segments.
- The Koroyd acquisition and expansion into the safety category could diversify revenue sources.
What would break the thesis
- If consumer demand falls due to economic conditions, revenue could be hit harder than expected.
- Customer concentration could amplify the impact of losing a key partner.
- Competing solutions or standards that do not favor Mips technology could reduce market share.
What to watch
- Progress of the Koroyd integration and its contribution to results2026
- Adoption of EN17950 in sport and ECE 22.06 requirements in motorcycle helmets2027
- Share of sales from the five largest customersnext 10-K
- Progress toward the 2029 financial targets2029
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
Mips offers rotation-protection technology for helmets, operating as an ingredient brand rather than selling directly to end users. The company organizes its activity into three helmet categories: sport, motorcycle and safety. In its 2025 annual report, Mips targets net sales of 2 billion SEK by 2029, an operating margin of 50% and distribution of 50% of net profit 1.
The business model depends on end-user helmet demand, since Mips does not directly control consumer sales. The company works with helmet manufacturers and protects its position through an extensive patent portfolio. The Koroyd acquisition, consolidated from 31 December 2025, could extend the company into energy-management protection, with integration planned for 2026 1.
Customer concentration remains a feature: in 2025 the company supplied over 150 customers, but its five largest accounted for 43% of sales, versus 40% a year earlier 1. As the company expands into other categories and regions, dependence on individual customers could decline.
Segments
Sport
The sport category covers bicycle, snow, equestrian, team sport and other helmets. The total market is estimated at 65 million helmets a year, while Mips' addressable part for bicycle helmets is 35 million 1. Bicycle helmets make up most of the company's sales.
Motorcycle
The motorcycle category is split into road and scooter helmets and motocross and snowmobile helmets. Mips estimates the total market at 85 million helmets a year, with its focus market around 40 million 1. Growth is driven mainly by Asia and some developing countries.
Safety
The safety category includes industrial helmets and helmets for police, military and rescue services. The total market is about 400 million helmets a year, with Mips' focus market at 110 million, including 10 million for LEAF 1. The company sees volume here growing faster than the total market.
Market context
Mips estimates the total helmet market at 550 million units a year and its current addressable market at 195 million 1. The company says it has penetrated only a small part of this market, suggesting long-term growth potential. The minimum price point at which its technology can be integrated has fallen to 25 USD, extending access to lower-priced segments.
Testing standards shape demand: EN17950 introduces oblique-impact testing in sport, and ECE 22.06 has required oblique-impact certification for motorcycle helmets since January 2024 1. If these requirements spread, Mips products could become more relevant, though the pace of adoption remains uncertain.
Trends
- Urbanization and e-mobilitytailwind
Rising urban populations and e-bikes could increase the number of riders wearing helmets, although higher speeds can raise the risk of serious accidents 1.
- Oblique-impact testing standardstailwind
If new European and international standards include oblique impact, demand for Mips technology could grow across several segments.
- Cyclical demand in bicycle sportmixed
After a period of high inventories and weak demand, customers have resumed orders, but macroeconomic uncertainty and interest rates can influence consumption.
- Sourcing costs and international tradeheadwind
Trade tensions and dependence on production in China could affect the supply chain, while diversification toward other Asian countries and Europe is under way.
Competitive position
Mips is considered the market leader for solutions that reduce rotational head impact in helmets, but competition could grow as awareness of this risk spreads 1. Competitors fall into two groups: ingredient brands with a small customer base, and helmet makers developing their own technologies limited to one brand.
The company believes its broad patent portfolio partly limits the launch of competing technologies 1. However, it acknowledges that the number of competitors could increase if demand for rotation protection expands.
- Other rotation-protection ingredient suppliers
Competitors in the ingredient-brand category with a limited number of customers, according to the annual report.
- Helmet brands with proprietary technology
Manufacturers developing their own protection systems, but limited to a single brand.
- Helmet makers with integrated solutions
Companies that could adopt in-house or external solutions as standards evolve.
- Regional suppliers in Asia
Local players that could become relevant in growing Asian markets.
News & filings
In the press
- My web version of Mars MIPS, now have builtin C compilerHacker News · 25 Jul 2026 · EN
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 / Mips 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.