olivLaw · European equity research
Studsvik AB (publ) SVIK.ST
Sweden · Nasdaq Stockholm · ISIN SE0000653230 · Vertical: Listed companies from Sweden
Studsvik AB is a Swedish nuclear services and reactor software group serving civil and defence customers. In 2025 its services division rebuilt margins, while its software division prepares for small modular reactors (SMRs), making the company relevant to the nuclear revival. Services sales rose substantially, but Scandpower sales declined.
At the close of 05 Nov 2026, Studsvik AB (publ) (SVIK.ST) stock was 191.40 SEK (−2.35% on the day), with market capitalisation 1.6 bn SEK, P/E 42.2 on diluted EPS of 4.54 SEK over the last 12 months, dividend yield 1.04%, beta 0.58, 52-week range 191.40–364.00 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)
- 36.3
- weak (30–45)
- Bollinger (20, 2)
- 193.39 – 221.68
- below the lower band · %B -0.07 · band width 13.6%
- SMA 50 / 200
- 215.87 / 252.91
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -4.88 / -3.40
- 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 | −9.1% | −0.6% | −8.4 pp | — |
| 3 months | −13.4% | −4.2% | −9.2 pp | — |
| 6 months | −32.6% | +4.3% | −36.9 pp | — |
| Year to date | −28.6% | +7.5% | −36.1 pp | — |
| 1 year | −21.6% | +9.9% | −31.5 pp | −8.5% |
| 3 years | +87.6% | +49.8% | +37.8 pp | +12.3% |
| 5 years | +113.6% | +42.8% | +70.8 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 21.9, median 59.0, max 100.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 826.0 m | 893.1 m | 883.3 m |
| Revenue YoY | unavailable | +8.1% | −1.1% |
| Net income | 48.6 m | 9.6 m | 37.3 m |
| Net income YoY | unavailable | −80.2% | +288.7% |
| Diluted EPS | 5.91 | 1.17 | 4.54 |
| Diluted EPS YoY | unavailable | −80.2% | +288.0% |
| net % | 5.9% | 1.1% | 4.2% |
| Free cash flow | 41.0 m | -45.5 m | 95.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 49.9 m SEK
- Financial debt
- 115.0 m SEK
- Net debt
- 65.1 m SEK
- Equity
- 387.0 m SEK
- Total assets
- 1.0 bn SEK
- Debt / equity
- 0.30x
- Current ratio
- 0.87x
- ROE
- 9.4%
- ROA
- 3.6%
- FCF margin
- 10.8%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 826.0 m | 893.1 m | 883.3 m | esef· 26 Oct 2026verified |
| Cost of revenue | 616.4 m | 694.7 m | 670.7 m | esef· 26 Oct 2026verified |
| Gross profit | 209.7 m | 198.4 m | 212.6 m | esef· 26 Oct 2026verified |
| Research & development | 11.9 m | 14.0 m | 14.5 m | esef· 26 Oct 2026verified |
| Operating income | 73.4 m | 26.8 m | 68.6 m | esef· 26 Oct 2026verified |
| Interest expense | 16.0 m | 19.6 m | 19.7 m | esef· 26 Oct 2026verified |
| Pre-tax income | 58.4 m | 17.0 m | 52.4 m | esef· 26 Oct 2026verified |
| Income tax | 9.8 m | 7.4 m | 15.0 m | esef· 26 Oct 2026verified |
| Net income | 48.6 m | 9.6 m | 37.3 m | esef· 26 Oct 2026verified |
| Diluted EPS | 5.91 | 1.17 | 4.54 | esef· 26 Oct 2026verified |
| Dividend per share | 2.00 | 2.00 | 2.00 | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 97.8 m | 56.3 m | 49.9 m | esef· 26 Oct 2026verified |
| Receivables | 141.7 m | 181.2 m | 124.6 m | esef· 26 Oct 2026verified |
| Inventories | 16.3 m | 7.2 m | 20.2 m | esef· 26 Oct 2026verified |
| Current assets | 357.8 m | 342.7 m | 303.7 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 237.4 m | 286.5 m | — | esef· 08 May 2025verified |
| Total assets | 1.0 bn | 1.1 bn | 1.0 bn | esef· 26 Oct 2026verified |
| Accounts payable | 38.6 m | 34.8 m | 35.8 m | esef· 26 Oct 2026verified |
| Short-term debt | 99.3 m | 122.7 m | 39.5 m | esef· 26 Oct 2026verified |
| Long-term debt | 29.5 m | 65.7 m | 75.5 m | esef· 26 Oct 2026verified |
| Current liabilities | 371.6 m | 408.3 m | 350.7 m | esef· 26 Oct 2026verified |
| Total liabilities | 618.0 m | 662.6 m | 618.9 m | esef· 26 Oct 2026verified |
| Equity | 389.2 m | 403.0 m | 387.0 m | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 8.2 m | 8.2 m | 8.2 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 82.4 m | 21.7 m | 119.9 m | esef· 26 Oct 2026verified |
| Capex | 41.4 m | 67.1 m | 24.2 m | esef· 26 Oct 2026verified |
| Free cash flow | 41.0 m ≈ | -45.5 m ≈ | 95.7 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -31.0 m | -99.8 m | -21.5 m | esef· 26 Oct 2026verified |
| Financing cash flow | -71.8 m | 32.1 m | -99.9 m | esef· 26 Oct 2026verified |
| Dividends paid | 16.4 m | 16.4 m | 16.4 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: 47 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.6 bn SEK
Key indicators
Coverage and freshness
Score by group
- Valuation44
- Balance sheet20
- Returns49
- Quality60
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
Neutral profile · Score 47/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 9.9% | 43 (vs peers) | 17% |
| Net margin · Quality | 4.2% | 47 (vs peers) | 10% |
| FCF conversion · Quality | 256.5% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.5x | 30 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 0.9x | 5 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 42.2x | 19 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.1% | 76 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 1.0% | 15 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 17.2% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet20/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality60/100 · 3/3 factors with a value
- Returns49/100 · 2/2 factors with a value
- Valuation44/100 · 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
Studsvik AB (SVIK.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 883.3 m SEK in 2025; YoY growth -1.1%; net margin 4.2%; ROE 9.4%.
The estimated value range is 70.46–153.39 SEK per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 96.59 SEK, the price of 191.40 SEK leaves a potential of -49.5% (value / price − 1) and a margin of safety of -98.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 47/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 256.5%
- FCF yield: 6.1%
- Payout ratio (FCF): 17.2%
What contradicts it
- Current ratio: 0.9x
- P/E (TTM): 42.2x
- Shareholder yield (distributions): 1.0%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): 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% |
| 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 SVIK.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 | 106.77 Total return -43% · Per year -43% | 189.30 Total return -0% · Per year -0% | 285.87 Total return 51% · Per year 51% |
| 3 years | 92.29 Total return -50% · Per year -20% | 185.16 Total return -0% · Per year -0% | 308.60 Total return 65% · Per year 18% |
| 5 years | 79.77 Total return -55% · Per year -15% | 181.11 Total return -0% · Per year -0% | 333.15 Total return 81% · Per year 13% |
- Exit P/E± 46.29
- Net margin± 32.40
- Annual revenue growth± 28.11
- Annual dilution± 2.72
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
Studsvik AB is a Swedish nuclear services and reactor software group serving civil and defence customers. In 2025 its services division rebuilt margins, while its software division prepares for small modular reactors (SMRs), making the company relevant to the nuclear revival. Services sales rose substantially, but Scandpower sales declined.1
SWOT
Strengths
- Recognised global leadership in reactor analysis software, with an independent customer base.
- Clear margin recovery in the services division after efficiency measures and a better delivery organisation.
- Combined technical capabilities in waste treatment, fuel testing and decommissioning within one structure.
Weaknesses
- Scandpower sales are seasonal and declined in the latest year, making results harder to forecast.
- One period's result was influenced by non-recurring items, such as a refund related to a past fraud.
- No formal workforce target exists, and supply-chain data is limited, which complicates a full assessment.
Opportunities
- NRC approval for software aimed at small modular reactors could open new markets in the United States.
- Integrating products from the BlackStarTech acquisition could enable combined software and hardware solutions.
- Demand for waste treatment from civil nuclear, fusion and defence could grow the volume of inDRUM projects.
Threats
- Delays in the regulatory timetable for new reactors could postpone software revenue.
- Exchange-rate swings can affect results, as happened in 2025.
- Legal decommissioning obligations and security requirements could raise long-term costs.
Risks
- Dependence on NRC timingmedium
If the safety evaluation for SMRs slips, commercial opportunities for the Scandpower division could be postponed.
- Seasonal revenuemedium
The seasonal pattern of Scandpower sales makes quarterly results volatile.
- Currency exposuremedium
Currency effects can substantially change reported results, especially in the software division.
- Decommissioning obligationshigh
Costs of decommissioning nuclear facilities in Sweden remain a long-term commitment affecting cash flows.
- inDRUM project timinglow
ESS waste simulation tests are planned for 2026; delays could postpone proof of the technology to customers.
Investment thesis
What would need to be true (bull case)
- If SMR projects expand and NRC approval turns into contracts, the Scandpower division could recover sales and benefit from rising demand.
- Services margins have returned to a high level after efficiency work; if this holds, group profitability could keep improving.
- Demand for fuel testing and waste treatment is reported as rising, which could support volumes over several years.
What would break the thesis
- Scandpower sales have fallen, and seasonality makes a quick recovery hard to anticipate.
- Recent results benefited from non-recurring items and currency effects, which could make profit less predictable.
- If the regulatory timetable for new reactors is delayed, demand for the division's software could stay weak for longer.
What to watch
- Completion of the safety evaluation for SMR software2026
- Results of ESS waste simulation tests for inDRUM2026
- Scandpower revenue development after the seasonal pattern of the yearQ1 2027
- Dividend policy, given that no dividend was proposed for 2025next 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
Studsvik is a nuclear-sector technology group providing radioactive waste treatment, fuel testing, decommissioning of facilities and reactor analysis software. Activities are split into two reported segments, Studsvik Nuclear Services and Studsvik Scandpower.1 The two divisions are complementary: one operates physical facilities and projects, the other sells calculation tools and engineering services.1
The company also carries the legal obligation to decommission the nuclear facilities it operates in Sweden, funded partly through annual payments to the Nuclear Waste Fund administered by Riksgälden.1 This creates a long-term commitment but also a stable revenue source from decommissioning services. The group averaged 510 employees in 2025, compared with 549 the year before.1
The structure the company reports shows that services carry higher capital intensity, while software depends on recurring contracts and licensing.1 Development decisions focus on innovation, especially the inDRUM technology for volume reduction and the BlackStarTech acquisition in February 2025.1
Segments
Studsvik Scandpower
The reactor software and engineering division had sales of 164.5 MSEK in 2025, down from the prior year, and operating profit fell to 29.6 MSEK.1 The company stresses the seasonal nature of sales and notes that the result benefited from currency effects and a refund related to a 2024 fraud.1 The division acquired BlackStarTech and obtained NRC approval for its software for SMRs, which opens commercial opportunities.1
Market context
According to the report, the global nuclear market is in a clear transition towards clean and stable baseload power, supported by climate targets and energy security.1 The company says demand for independent analysis is strong in North America, Europe and Asia, and the number of SMR customers using Studsvik methods tripled in 2025.1 The waste and decommissioning market is also growing, linked to civil nuclear, fusion and defence.1
Market momentum, however, depends on regulatory timetables and investment in new reactors, which can be delayed.1 If SMR projects expand faster than expected, demand for software and engineering services could rise; if they slip, Scandpower revenue could remain under pressure.1
Trends
- Nuclear revival and small modular reactorstailwind
The company signals that the nuclear sector is stronger than in many years, and NRC approval for use of its software in SMRs opens access to a growing segment.1 The effect depends on project pace and completion of the safety evaluation expected in 2026.1
- Higher demand for fuel testingtailwind
Customers intensified requests for fuel and material tests, and the company expects demand to hold in 2026.1 This supports services revenue as long as project volumes remain stable.1
- Seasonality and currency swingsmixed
Scandpower revenue is seasonal, and results can be affected by exchange rates, as happened in 2025.1 These swings can make quarter-to-quarter comparison difficult.1
- Delays in innovation projectsheadwind
Simulation tests of ESS waste are planned for 2026, and proving the inDRUM technology depends on their results.1 If technical milestones slip, commercialisation of the innovation could be slower.1
Competitive position
Studsvik presents its Scandpower division as a global leader in reactor analysis software, independent of fuel suppliers.1 Competition comes from other nuclear engineering service providers and specialist software firms, and the company stresses the advantage of its independent position and licences across several reactor types.1
In waste and decommissioning services, competition comes from European and American firms specialised in radioactive waste management; the sources do not name them, so we cannot list them here.1
- Reactor analysis software providers
Specialist nuclear engineering software vendors, referred to generically in the report without names.
- Nuclear engineering firms
Engineering service companies for reactor operators, cited only generically in the source.
- Radioactive waste management operators
Firms offering nuclear waste treatment and storage, competing with Studsvik in the services segment.
- Nuclear decommissioning providers
Companies specialised in facility decommissioning, competing for projects in Sweden and abroad.
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
- Annual report 202308 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Studsvik 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.