Saab AB Class B

SAAB B: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Saab Earnings: Strong Start to 2025; Fair Value Up 18% on Dynamics-Driven Cash Flow Growth

Loredana Muharremi

May 9, 2025

Wide-moat Saab delivered a strong start to 2025, with sales up 11.3% year on year to SEK 15.8 billion and EBIT rising 22% to SEK 1.45 billion, lifting the margin to 9.2%. The order backlog grew 19% to SEK 189 billion, equivalent to 2.9 times trailing revenue, with a book/bill ratio of 1.2 times. Export markets now account for 74% of the backlog, underscoring Saab’s growing international footprint and alignment with rising European defense demand.

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Saab AB Class B

Saab Earnings: Strong Start to 2025; Fair Value Up 18% on Dynamics-Driven Cash Flow Growth

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