olivLaw · European equity research
Sivers Semiconductors AB SIVE.ST
Sweden · Nasdaq Stockholm · ISIN SE0003917798 · Vertical: Listed companies from Sweden
Sivers Semiconductors designs and manufactures semiconductor components, notably III-V and indium phosphide lasers and RF circuits used in optical communications and satellite connectivity. The company is positioned where demand for optical I/O in data centers and satellite broadband is rising, and its 2024 annual report lists 128 employees, many with doctorates.
At the close of 05 Nov 2026, Sivers Semiconductors AB (SIVE.ST) stock was 15.10 SEK (−14.59% on the day), with market capitalisation 4.1 bn SEK, beta 1.64, 52-week range 2.90–101.90 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 23.1
- oversold (≤ 30)
- Bollinger (20, 2)
- 15.95 – 29.54
- below the lower band · %B -0.06 · band width 59.7%
- SMA 50 / 200
- 27.30 / 32.41
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -3.19 / -2.70
- 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 | −57.3% | −0.6% | −56.6 pp | — |
| 3 months | −58.9% | −4.2% | −54.7 pp | — |
| 6 months | −69.6% | +4.3% | −74.0 pp | — |
| Year to date | +263.5% | +7.5% | +256.0 pp | — |
| 1 year | +324.6% | +9.9% | +314.7 pp | −8.5% |
| 3 years | +159.2% | +49.8% | +109.4 pp | +12.3% |
| 5 years | −31.2% | +42.8% | −74.0 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.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 132.6 m | 236.3 m | 219.2 m | 306.6 m |
| Revenue YoY | unavailable | +78.2% | −7.2% | +39.8% |
| Net income | -86.4 m | -157.4 m | -183.9 m | -222.6 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -410.00 | -0.68 | -0.78 | -0.81 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | -65.1% | -66.6% | -83.9% | -72.6% |
| Free cash flow | -151.2 m | -113.0 m | -56.7 m | -47.2 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 29.7 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 949.8 m SEK
- Total assets
- 1.3 bn SEK
- Debt / equity
- unavailable
- Current ratio
- 0.92x
- ROE
- -21.8%
- ROA
- -15.7%
- FCF margin
- -15.4%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 132.6 m | 236.3 m | 219.2 m | 306.6 m | esef· 28 Oct 2026verified |
| Cost of revenue | — | — | 215.0 m | 308.6 m | esef· 28 Oct 2026verified |
| Gross profit | — | — | 4.2 m | -2.1 m | esef· 28 Oct 2026verified |
| Research & development | — | — | 103.5 m | 36.3 m | esef· 28 Oct 2026verified |
| Operating income | -185.1 m | -158.6 m | -194.3 m | -177.8 m | esef· 28 Oct 2026verified |
| Interest expense | 13.2 m | 24.5 m | 26.8 m | 69.8 m | esef· 28 Oct 2026verified |
| Pre-tax income | -103.6 m | -175.8 m | -203.6 m | -237.2 m | esef· 28 Oct 2026verified |
| Income tax | -17.2 m | -18.4 m | -19.7 m | -14.6 m | esef· 28 Oct 2026verified |
| Net income | -86.4 m | -157.4 m | -183.9 m | -222.6 m | esef· 28 Oct 2026verified |
| Diluted EPS | -410.00 | -0.68 | -0.78 | -0.81 | esef· 28 Oct 2026verified |
Balance sheet · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 47.2 m | 25.5 m | 17.8 m | 29.7 m | esef· 28 Oct 2026verified |
| Inventories | 29.0 m | 34.6 m | 24.9 m | 10.6 m | esef· 28 Oct 2026verified |
| Current assets | 168.1 m | 191.4 m | 203.3 m | 231.5 m | esef· 28 Oct 2026verified |
| Property, plant & equipment, net | 102.6 m | 91.1 m | 69.0 m | 55.9 m | esef· 28 Oct 2026verified |
| Goodwill | 401.7 m | 391.6 m | 416.0 m | 370.1 m | esef· 28 Oct 2026verified |
| Total assets | 1.6 bn | 1.5 bn | 1.5 bn | 1.3 bn | esef· 28 Oct 2026verified |
| Current liabilities | 141.0 m | 85.4 m | 238.6 m | 252.2 m | esef· 28 Oct 2026verified |
| Total liabilities | 331.0 m | 314.2 m | 411.3 m | 381.2 m | esef· 28 Oct 2026verified |
| Equity | 1.2 bn | 1.2 bn | 1.1 bn | 949.8 m | esef· 28 Oct 2026verified |
| Shares outstanding at year end | 210.7 k | 231.4 m | 235.7 m | 274.8 m | esef· 28 Oct 2026derived |
Cash flow · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -137.5 m | -105.9 m | -48.2 m | -38.5 m | esef· 28 Oct 2026verified |
| Capex | 13.7 m | 7.1 m | 8.6 m | 8.7 m | esef· 28 Oct 2026verified |
| Free cash flow | -151.2 m ≈ | -113.0 m ≈ | -56.7 m ≈ | -47.2 m ≈ | esef· 28 Oct 2026derived |
| Investing cash flow | -166.0 m | -60.0 m | -42.3 m | -54.6 m | esef· 28 Oct 2026verified |
| Financing cash flow | 35.2 m | 145.0 m | 82.2 m | 110.7 m | esef· 28 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: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 4.1 bn SEK
Key indicators
Coverage and freshness
Score by group
33% · 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: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -72.6% | 8 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 32.2% | 100 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -2.5x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 0.9x | 10 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -1.1% | 0 (on a fixed band) | 25% |
| 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 sheet4/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial8/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 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
Sivers Semiconductors AB (SIVE.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 306.6 m SEK in 2025; YoY growth 39.8%; net margin -72.6%; ROE -21.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 32.2%
What contradicts it
- Net margin: -72.6%
- Interest coverage: -2.5x
- Current ratio: 0.9x
- FCF yield: -1.1%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, 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% |
| SIVE.STSivers Semiconductors AB | 4.1 bn | — | -21.8% | -72.6% | +39.8% | +261% / +161% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
1- and 3-year price returns: for SIVE.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Sivers Semiconductors designs and manufactures semiconductor components, notably III-V and indium phosphide lasers and RF circuits used in optical communications and satellite connectivity. The company is positioned where demand for optical I/O in data centers and satellite broadband is rising, and its 2024 annual report lists 128 employees, many with doctorates 1.
SWOT
Strengths
- High technical competence, with a significant share of employees holding doctorates, and proprietary III-V and indium phosphide technologies.
- Technical partnership with an optical I/O developer anchors the company's laser products in high-performance applications.
- Product portfolio with energy efficiency highlighted in the report, useful in a market where consumption is becoming sensitive.
Weaknesses
- The relatively small team and customer base may limit the ability to scale production quickly.
- The share price fell sharply in 2024, reflecting uncertainty in investor perception.
- The company pays no dividend and depends on external financing or dilution to support its growth.
Opportunities
- If adoption of optical I/O in data centers grows, demand for DFB lasers could accelerate.
- Growth in satellite connectivity could bring additional orders to the wireless division.
- Extending the InP100 platform to new optical applications could open new markets.
Threats
- Competition from larger laser and optical component producers could reduce market share.
- Dependence on a few large partners and customers could expose the company to sudden order changes.
- Compliance costs under new EU sustainability reporting rules could increase the administrative burden.
Risks
- Dilution from new share issueshigh
The authorization to issue shares or convertibles could reduce value for existing shareholders if used.
- No dividendmedium
The company has stated it has not paid dividends and intends to reinvest resources in growth, which limits shareholder returns.
- Dependence on adoption of new technologieshigh
The value of optical products depends on customers adopting optical I/O; if the transition is delayed, revenues could fall short of expectations.
- Customer concentrationmedium
A small number of important partners could cause large swings in orders and revenue.
- Sustainability reporting compliancelow
Preparing for CSRD and ESRS requires additional resources, and delays could bring compliance costs.
Investment thesis
What would need to be true (bull case)
- If optical I/O becomes standard in data centers, the company's laser technology could hold a valuable position.
- Rapid growth of the wireless division in the SATCOM market could support revenues in the coming period.
- The team's technical competence and strategic partnerships could turn the technological lead into contracts.
What would break the thesis
- If optical adoption is delayed, investments in capacity could remain underused for a longer period.
- Dilution through new issues could reduce the gains of existing shareholders even if the business grows.
- The sharp share price decline in 2024 shows the market could remain skeptical until further evidence of profitability appears.
What to watch
- Development of wireless division revenue and SATCOM orders2025
- Progress of the Ayar Labs partnership and volumes of lasers delivered2025
- Use of the authorization to issue shares or convertiblesnext annual general meeting
- Completion of the purchasing policy and decision on joining RBA2025
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
Sivers Semiconductors is a group that designs, develops and manufactures semiconductor products, according to its 2024 annual report 1. Its activity rests on technologies such as indium phosphide (InP), the InP100 platform and DFB laser arrays used in high-speed optical communications. At year end 2024 the group had 128 employees, of whom 25 percent were women and 75 percent men 1.
Segments
Optics and optical I/O for data centers
Sivers supplies light sources and DFB laser arrays that power the optical I/O solutions of partner Ayar Labs, intended to replace electrical connections in HPC computers. The company states that the technology cuts energy use by 90 percent compared with current solutions 1.
Wireless communications and SATCOM
The wireless division showed, according to the report, strong growth especially in the SATCOM market, where satellite services are shifting from video to broadband connectivity anywhere in the world 1. Sivers delivers compact, energy-efficient directional antennas and RFICs for 5G CPE 1.
Market context
The market for semiconductors used in optical communications and satellites is described in the report as undergoing rapid change, with copper a bottleneck in data centers 1. The report also highlights energy consumption as increasingly important in system design, which could favor the company's optical technologies if adoption expands.
Trends
- Shift from electrical to optical interconnectstailwind
As copper becomes a limit in data centers, optical I/O could become standard; if this transition accelerates, Sivers' laser solutions could benefit directly.
- Expansion of satellite connectivitytailwind
Satellite services are evolving toward global broadband, which raises demand for compact antennas and RF components and could support growth in the wireless division.
- Energy demands and sustainability regulationmixed
Energy requirements and new EU reporting rules under CSRD and ESRS require additional investment in data and processes, which can raise administrative costs.
- Share price volatility and access to capitalheadwind
The share fell significantly in 2024, and the authorization for new shares or convertibles shows that dilutive financing remains an option; if the market stays difficult, financing could become more costly.
Competitive position
The annual report does not explicitly name competitors. The market for lasers and optical components for data centers and communications is contested by several specialized semiconductor producers, and Sivers positions itself through its III-V technology and partnerships with optical I/O suppliers.
- Ayar Labs
Partner of Sivers in optical I/O solutions, not a direct competitor in the report analyzed; the company is named as developer of the SuperNova product.
- III-V laser producers for optical communications
Specialized semiconductor laser companies competing in the same high-speed communications applications, not named individually in the source.
- RF module suppliers for SATCOM and 5G
Producers of RF circuits and antennas for satellite terminals and 5G, active in the same market as Sivers' wireless division, not named in the source.
- Integrated circuit makers for data centers
Companies integrating optics and electronics for data center interconnects, potential competitors or partners in optical I/O applications.
News & filings
In the press
- A 1,700% Jump Turns Retail Trader Favorite Sivers Into Short BetBloomberg Markets · 28 May 2026 · EN
Annual reports (ESEF)
- Annual report 202528 Oct 2026
- Annual report 202408 May 2025
- Annual report 202309 Jul 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Sivers Semiconductors AB · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.