Saab AB updates guidance and order book, shares watched by defense investors

By Anna Wagner, Analysts & Consensus desk. Reviewed prior to publication on 2026-06-25, 13:30.

Saab AB (SE0000112385) recently reiterated its strong order intake and long-term financial ambitions, citing sustained defense demand and a record order backlog in its latest investor materials. The Stockholm-listed group continues to benefit from higher NATO-related spending, according to recent market commentary from Nordic brokers.

Order backlog and growth targets

In its 2026 capital markets and investor information, Saab highlighted that its order backlog had reached a new record level above SEK 120 billion, supported by multi-year orders for fighter systems, surveillance and missile systems, as reported in its latest full-year and interim updates. The company continues to target organic sales growth above 10 percent per year over the medium term, with an ambition to maintain an operating margin above 10 percent, according to its current financial targets presented to investors. Saab is listed on Nasdaq Stockholm, making it a key European defense name alongside peers such as BAE Systems and Thales.

The group has emphasized that its order intake in recent years has outpaced sales, reflecting multi-year procurement programs in Sweden and other NATO and partner countries, and that this dynamic underpins revenue visibility through the late 2020s. Recent investor presentations describe a broad customer base including the Swedish Armed Forces, export customers in Europe, Asia and the Americas, and multinational defense collaborations, which diversify contract risk and support a long pipeline of project milestones and potential follow-on upgrades.

Analyst expectations and valuation context

Analyst consensus compiled on major financial platforms shows most covering banks rate Saab shares at Buy or Hold, with an average 12-month price target implying moderate upside from recent trading levels, according to data from services such as MarketScreener and Bloomberg. Several Nordic and international houses, including SEB, Handelsbanken and UBS, have highlighted the companys leverage to long-term increases in European defense budgets and NATO capability targets in their recent research summaries. The shares are often compared on valuation metrics such as forward earnings multiples and free cash flow yield to peers like BAE Systems on the London market and Rheinmetall on Xetra.

Recent research commentary describes Saab as having a robust balance sheet after previous capital measures and strong cash generation, which together support rising capital expenditure for capacity expansion and potential selective acquisitions. Equity analysts also point to execution risks in ramping up production and integrating new contracts into existing facilities, but they generally see the diversified product portfolio and high barriers to entry in defense electronics and air systems as counterbalancing these concerns. For income-focused investors, dividend yields remain moderate, as Saab continues to prioritize reinvestment and growth over high payout ratios, aligned with its long-term growth guidance.

What the company sells

Saab AB generates most of its revenue from advanced defense and security systems, including the Gripen fighter aircraft family, radar and surveillance systems, command-and-control solutions and guided weapon systems, as outlined in its segment reporting. These offerings position the company as a key supplier for air, land and naval capabilities.

Where the stock trades today

Saab AB shares trade on Nasdaq Stockholm under the ticker SAAB B; recent indicative pricing data show the B-shares in the SEK 600 to 700 range in mid-2026, according to Swedish exchange and financial data services.

This article was produced with AI assistance and editorially reviewed. Price and company figures without guarantee; prices and dates may change at short notice. No investment advice, no buy or sell recommendation. Stock-market transactions carry risks up to and including total loss.