olivLaw · European equity research
Mycronic AB (publ) MYCR.ST
Sweden · Nasdaq Stockholm · ISIN SE0025158629 · Vertical: Listed companies from Sweden
Mycronic is a Swedish group that develops and sells production equipment for electronics, from pattern generators for photomasks and circuit board assembly lines to dispensing systems and chip bonding and testing technologies. In 2025 the group kept a high operating margin, while divisions oriented toward artificial intelligence and electric vehicles grew and Pattern Generators remained the most profitable. According to the annual report, net sales reached 3 232 MSEK and operating profit 1 623 MSEK.
At the close of 05 Nov 2026, Mycronic AB (publ) (MYCR.ST) stock was 275.40 SEK (−3.50% on the day), with dividend yield 1.00%, beta 1.15, 52-week range 188.88–359.00 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)
- 29.2
- oversold (≤ 30)
- Bollinger (20, 2)
- 271.64 – 339.34
- in the lower half of the band · %B 0.06 · band width 22.2%
- SMA 50 / 200
- 319.42 / 282.66
- mixed trend
- MACD (12, 26, 9)
- -10.34 / -8.09
- 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 | −23.3% | −0.6% | −22.6 pp | — |
| 3 months | −15.5% | −4.2% | −11.4 pp | — |
| 6 months | −5.9% | +4.3% | −10.2 pp | — |
| Year to date | +23.4% | +7.5% | +15.8 pp | — |
| 1 year | +27.7% | +9.9% | +17.8 pp | −8.5% |
| 3 years | +118.2% | +49.8% | +68.4 pp | +12.3% |
| 5 years | +169.5% | +42.8% | +126.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 5.7 bn | 7.1 bn | 7.9 bn |
| Revenue YoY | unavailable | +23.7% | +12.5% |
| Net income | 998.0 m | 1.7 bn | 1.6 bn |
| Net income YoY | unavailable | +68.6% | −7.3% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 17.5% | 23.8% | 19.7% |
| Free cash flow | 1.5 bn | 1.7 bn | 1.3 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.3 bn SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 7.1 bn SEK
- Total assets
- 10.9 bn SEK
- Debt / equity
- unavailable
- Current ratio
- 2.30x
- ROE
- 22.8%
- ROA
- 14.6%
- FCF margin
- 16.6%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 5.7 bn | 7.1 bn | 7.9 bn | esef· 26 Oct 2026verified |
| Cost of revenue | 2.9 bn | 3.3 bn | 3.8 bn | esef· 26 Oct 2026verified |
| Gross profit | 2.9 bn | 3.7 bn | 4.2 bn | esef· 26 Oct 2026verified |
| Research & development | 653.0 m | 747.0 m | 978.0 m | esef· 26 Oct 2026verified |
| Operating income | 1.2 bn | 2.0 bn | 1.9 bn | esef· 26 Oct 2026verified |
| Interest expense | 13.0 m | 15.0 m | 17.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | 1.3 bn | 2.1 bn | 2.0 bn | esef· 26 Oct 2026verified |
| Income tax | 266.0 m | 396.0 m | 410.0 m | esef· 26 Oct 2026verified |
| Net income | 998.0 m | 1.7 bn | 1.6 bn | esef· 26 Oct 2026verified |
| Dividend per share | — | 4.50 | 2.75 | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.1 bn | 3.0 bn | 2.3 bn | esef· 26 Oct 2026verified |
| Inventories | — | 2.1 bn | 2.2 bn | esef· 26 Oct 2026verified |
| Current assets | 5.3 bn | 6.9 bn | 6.4 bn | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 288.0 m | 373.0 m | 371.0 m | esef· 26 Oct 2026verified |
| Goodwill | — | 2.1 bn | 2.6 bn | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | — | 581.0 m | 878.0 m | esef· 26 Oct 2026verified |
| Total assets | 8.3 bn | 10.4 bn | 10.9 bn | esef· 26 Oct 2026verified |
| Current liabilities | 2.5 bn | 3.2 bn | 2.8 bn | esef· 26 Oct 2026verified |
| Total liabilities | 3.1 bn | 3.8 bn | 3.8 bn | esef· 26 Oct 2026verified |
| Equity | 5.3 bn | 6.6 bn | 7.1 bn | esef· 26 Oct 2026verified |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.6 bn | 1.9 bn | 1.4 bn | esef· 26 Oct 2026verified |
| Capex | 103.0 m | 126.0 m | 91.0 m | esef· 26 Oct 2026verified |
| Free cash flow | 1.5 bn ≈ | 1.7 bn ≈ | 1.3 bn ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -195.0 m | -500.0 m | -1.1 bn | esef· 26 Oct 2026verified |
| Financing cash flow | -447.0 m | -552.0 m | -862.0 m | esef· 26 Oct 2026verified |
| Share repurchases | 26.0 m | 19.0 m | 19.0 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
- indicators available: 4 of at least 6
- score weight coverage: 22.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
23% · 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: indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 19.7% | 92 (vs peers) | 27% |
| FCF conversion · Quality | 84.4% | 78 (on a fixed band) | 27% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 114.1x | 100 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 2.3x | 100 (on a fixed band) | 18% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
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
- Quality85/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
Mycronic AB (publ) (MYCR.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 7.9 bn SEK in 2025; YoY growth 12.5%; net margin 19.7%; ROE 22.9%.
The estimated value range is 26.98–33.32 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 29.82 SEK, the price of 275.40 SEK leaves a potential of -89.2% (value / price − 1) and a margin of safety of -823.7% (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 (indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 19.7%
- FCF conversion: 84.4%
- Interest coverage: 114.1x
- Current ratio: 2.3x
What contradicts it
- 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, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
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% |
| 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% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for MYCR.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
Scenarios are not available. input data missing
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
Mycronic is a Swedish group that develops and sells production equipment for electronics, from pattern generators for photomasks and circuit board assembly lines to dispensing systems and chip bonding and testing technologies. In 2025 the group kept a high operating margin, while divisions oriented toward artificial intelligence and electric vehicles grew and Pattern Generators remained the most profitable. According to the annual report, net sales reached 3 232 MSEK and operating profit 1 623 MSEK.
SWOT
Strengths
- The group has a very high operating margin in the Pattern Generators division and a leading position in several technology niches.
- Diversification across four divisions and several regions reduces dependence on a single sector or market.
- The balance sheet is described as stable, with a net cash position and significant credit facilities.
Weaknesses
- The PCB Assembly Solutions division saw lower operating profit in 2025, showing sensitivity to weak European markets.
- Currency exposure is significant, mainly against the US dollar and euro, and the effect on results depends on exchange rates.
- Revenue in some segments depends on large and irregular orders, which makes revenue harder to forecast.
Opportunities
- If demand for AI data centers continues, the chip bonding and testing segments could keep growing.
- The laser replacement program and modernization of the installed base could generate additional service and parts revenue.
- Expansion in Southeast Asia, including the Thailand factory, could support customers moving their production.
Threats
- Trade tariffs and technology restrictions could reduce access to certain markets or components.
- Competition from large groups such as Applied Materials or Nordson could pressure margins.
- A decline in investment in semiconductors or consumer electronics could reduce new orders.
Risks
- Currency exposurehigh
Most sales are made in foreign currency, while a significant part of costs is in SEK. The report shows that without forward contracts, currency movements could materially affect results.
- Dependence on specific markets and customershigh
Revenue in some divisions depends on a few large customers or a single region, and a change in their investment could have a visible effect.
- Geopolitical tensions and trademedium
The report identifies trade wars, tariffs and political instability as risks that could disrupt deliveries and market access.
- Single suppliers and supply chainmedium
Some components come from single suppliers, and shortages or delays could postpone deliveries and affect revenue.
- Intellectual property protectionmedium
The group's technologies are sensitive, and a cybersecurity incident or loss of know-how could weaken its competitive advantage.
Investment thesis
What would need to be true (bull case)
- If investment in artificial intelligence continues, the Global Technologies division could sustain strong revenue growth.
- High margins in Pattern Generators and aftermarket revenue could give the group financial stability.
- Expansion in Asia and recent acquisitions could open new revenue sources and reduce dependence on a single market.
What would break the thesis
- Total operating profit fell 4 percent in 2025, showing that revenue growth does not automatically translate into higher profit.
- The PCB Assembly Solutions division saw a lower operating margin, and if Europe stays weak the pressure could continue.
- Currency exposure and tariffs could erode results if they are not offset by forward contracts or price adjustments.
What to watch
- Trend in new orders (orderstock) in the Global Technologies and High Volume divisionsQ1 2027
- Operating margin of PCB Assembly Solutions after the move to Kista2027
- Effect of the Hprobe acquisition and the Magnetic Test segment on revenue2027
- Results of the Thailand factory and pace of expansion in Southeast Asianext 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
Mycronic AB (publ), headquartered in Täby and listed on Nasdaq Stockholm, Large Cap, is organized into four divisions: Pattern Generators, PCB Assembly Solutions, High Volume and Global Technologies. According to the annual report, the group had 486 employees in 2025 and spent 445 MSEK on research and development. The divisions have their own services and operate in Europe, Asia and North America.
Besides selling new equipment, the group earns revenue from spare parts and services, which form part of each division's sales. The report also mentions a laser replacement program that replaces gas lasers with semiconductor lasers to upgrade the installed base and reduce greenhouse gas emissions.
The group continued to expand internationally: in 2025 a factory in Thailand was opened, and the Global Technologies division grew through acquisitions, including Hprobe and Surfx, which created two new business areas. The Modus acquisition, completed in October 2024, was integrated during 2025.
Segments
Pattern Generators
The division produces pattern writing systems for photomasks used in the semiconductor and display industries. Group net sales were 3 232 MSEK in 2025, and the division had the highest margin, with an operating margin of 50.2 percent. About 95 percent of sales come from Asia, and aftermarket accounts for 29 percent of revenue.
High Volume
The report describes the division as the world's largest supplier of automated systems for dispensing and protective coating for the electronics industry, including components for electric vehicles. Net sales rose 20 percent versus 2024 to 1 720 MSEK, and the report mentions a new production site in Thailand.
Global Technologies
The division covers circuit board testing (PCB Test), chip bonding (Die Bonding), applied plasma, magnetic testing and photonic interconnects. Net sales grew 43 percent to 1 632 MSEK, supported by demand linked to artificial intelligence data centers.
Market context
The report describes electronics demand as shaped by investment in artificial intelligence, supply chains that are becoming more regional, and tariffs. The European market for PCB Assembly Solutions was weak in 2025 while the US market improved, and the High Volume division saw strong demand from China and other Asian countries.
The group's customers are makers of semiconductors, consumer electronics, electric vehicles and electronics for aerospace and defense. The report stresses that these sectors drive order volumes, and 2025 net sales of 3 232 MSEK reflect demand from both semiconductors and other fields.
Trends
- Artificial intelligence investmenttailwind
Demand for multilayer circuit boards and optical connections for AI data centers supported the Global Technologies division, especially the PCB Test and Die Bonding segments. If AI investment continues, this demand could support group growth.
- Regionalization of supply chainstailwind
Chinese manufacturers are moving part of their production outside China, and the group aims to expand by following these customers to new locations. The report considers this trend favorable for High Volume, since new factories require new equipment.
- Tariffs and geopolitical tensionsheadwind
The report cites tariffs, restrictions on access to advanced semiconductors and geopolitical tensions as factors adding uncertainty. If these tensions intensify, they could affect orders and supply costs.
- Weakness in the European marketheadwind
Europe, the main market for PCB Assembly Solutions, stayed weak in 2025 due to poor economic development, although the division gained market share. If the European market does not recover, pressure on this division's revenue could continue.
Competitive position
Competitors depend on the division. For Pattern Generators the report lists Applied Materials and Heidelberg Instruments. For PCB Assembly Solutions the competitors are Europlacer, Fuji and Koh Young, and for High Volume they are Nordson, PVA, Anda and GKG.
In Global Technologies competition is fragmented: PCB Test is compared with Hioki, Microcraft and Nidec, Die Bonding with ASMPT and Besi, Applied Plasma with Applied Materials, Lam Research and Tokyo Electron, and Photonic Interconnects with NanoScribe, OpenLight and XCelePrint.
- Applied MaterialsAMAT
Cited in the report as a competitor for Pattern Generators and for Applied Plasma within Global Technologies.
- NordsonNDSN
Cited as a competitor of the High Volume division in dispensing and protective coating.
- Lam ResearchLRCX
Mentioned as a competitor in the Applied Plasma segment within Global Technologies.
- Koh Young
Cited as a competitor of PCB Assembly Solutions in 3D circuit board inspection; not listed in the US.
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 / Mycronic AB (publ) · 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.