# Investor AB ser. B (INVE-B.ST)

Canonical: https://gigainvestors.com/s/INVE-B.ST

Analysis as of: 2026-10-16T07:33:37.838Z. Financial observations: FY2002–FY2025.

Listing currency: SEK. Reporting currency: SEK.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: SEK 413.25 per share; close as of 2026-10-15.

Estimated value: low SEK 425.09 per share, central SEK 425.09 per share, high SEK 425.09 per share. Buy at or below the central value SEK 425.09 per share. Valuation as of 2026-10-16T07:33:37.838Z; scenarios are not confidence intervals.

Expected annual return: 10.3% at the stated quote. About 10.3% a year at today's price (required return 10.0%). required return 10.0% a year.

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 2

- Operating margin variation: 0.39×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.55×

- FY2017: 0.61×

- FY2018: -0.02×

- FY2019: 0.72×

- FY2020: 0.60×

- FY2021: 0.86×

- FY2023: 0.70×

- FY2024: 0.66×

- FY2025: 0.71×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 13.9%

- ROIC, second-lowest year: -0.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.2%

- Typical minus recent gross margin: 0.0 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 11.4%

- FY2017: 13.9%

- FY2018: -0.2%

- FY2019: 23.3%

- FY2020: 11.0%

- FY2021: 32.8%

- FY2022: -9.4%

- FY2023: 16.7%

- FY2024: 13.9%

- FY2025: 16.2%

### economics: pass

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SEK 538B

- Net income, five-year total: SEK 543B

- Return on incremental invested capital: 20.0%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -4.9 pp

- Working capital / revenue, final three-year average: 8.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: -0.78×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 0.12×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 11.4% vs 16.2%

- Per-share earnings: 11.02 to 38.73 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.1%

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: SEK 752B

- Cumulative retained earnings: SEK 648B

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 17.0%

- Per-share value change: SEK 27.72

- Per-share value, starting three-year median: SEK 11.02

- Per-share value, ending three-year median: SEK 38.73

- Buybacks concentrated in cheaper years (correlation): -0.26

- Average buyback yield: 0.0%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: SEK 75B

- Cumulative net income, 10 years: SEK 773B

- ROIC, first three-year median: 11.4%

- ROIC, last three-year median: 16.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: SEK 11.02

- FY2017: SEK 14.49

- FY2018: SEK -0.74

- FY2019: SEK 33.05

- FY2020: SEK 17.23

- FY2021: SEK 74.43

- FY2022: SEK -24.41

- FY2023: SEK 38.73

- FY2024: SEK 37.00

- FY2025: SEK 51.42

### accounting: pass

- Sloan accruals exceed 10%

- Sloan accruals: 12.3%

- Receivables to sales index (DSRI): 1.45×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.14×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.12×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 5.8%

- FY2017: 8.2%

- FY2018: -3.4%

- FY2019: 16.8%

- FY2020: 7.3%

- FY2021: 26.9%

- FY2022: 0.0%

- FY2023: 11.6%

- FY2024: 9.4%

- FY2025: 12.3%

## Holders

## Price story

The price assumes assets grow 11.7% yearly for ten years · sales +28.4%

Story as of 2026-10-16T09:59:56.985Z; price observation 2026-10-15.

The price assumes assets grow 11.7% yearly for ten years

### Sales · FY2024–2025

sales +28.4%; source https://filings.xbrl.org/549300VEBQPHRZBKUX38/2024-12-31/ESEF/SE/0/investor-2024-12-31-0-sv/reports/investor-2024-12-31-0-sv.xhtml; observed 2025-05-08.

- FY2016: SEK 63B 

- FY2017: SEK 78B 

- FY2018: SEK 39B 

- FY2019: SEK 142B 

- FY2020: SEK 88B 

- FY2021: SEK 265B 

- FY2022: SEK -25B 

- FY2023: SEK 171B 

- FY2024: SEK 173B 

- FY2025: SEK 222B 

### Gross margin · FY2025

gross margin 97.9%; source https://filings.xbrl.org/549300VEBQPHRZBKUX38/2024-12-31/ESEF/SE/0/investor-2024-12-31-0-sv/reports/investor-2024-12-31-0-sv.xhtml; observed 2025-05-08.

- FY2016: 97.7% 

- FY2017: 98.0% 

- FY2018: 95.4% 

- FY2024: 97.7% 

- FY2025: 97.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in asset management; annual sales are SEK 221.9 billion.

- Source: https://eodhd.com/api/fundamentals/INVE-B.ST.json#2025-12-31 (filed 2025-05-08); FY2025: revenue 221857000000.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back SEK 198 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2016,7635000000],[2017,8411000000],[2018,9179000000],[2019,9948000000],[2020,6889000000],[2021,10722000000],[2022,12286000000],[2023,13499000000],[2024,14704000000],[2025,15929000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/INVE-B.ST.json#2025-12-31 (filed 2025-05-08); FY2025: cash repurchases 198000000 SEK.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); INVE-B.ST SharesStats.PercentInsiders = 0.252 percentage points; cache date 2026-10-16.

### What the price says

The price assumes assets grow 11.7% yearly for ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Price 413.25; FX 1; reported NAV 355; ten-year realization discounted at 0.1; required annual NAV growth 0.11684045290486189. Closing-price date 2026-10-15.

## Monthly share-price history (SEK per share)

- 2016-10: SEK 80.28 per share

- 2016-11: SEK 77.88 per share

- 2016-12: SEK 85.13 per share

- 2017-01: SEK 87.23 per share

- 2017-02: SEK 89.50 per share

- 2017-03: SEK 94.30 per share

- 2017-04: SEK 101.23 per share

- 2017-05: SEK 100.45 per share

- 2017-06: SEK 101.50 per share

- 2017-07: SEK 95.75 per share

- 2017-08: SEK 92.90 per share

- 2017-09: SEK 100.58 per share

- 2017-10: SEK 103.73 per share

- 2017-11: SEK 97.73 per share

- 2017-12: SEK 93.53 per share

- 2018-01: SEK 96.28 per share

- 2018-02: SEK 93.78 per share

- 2018-03: SEK 92.30 per share

- 2018-04: SEK 95.78 per share

- 2018-05: SEK 91.40 per share

- 2018-06: SEK 91.23 per share

- 2018-07: SEK 95.85 per share

- 2018-08: SEK 103.18 per share

- 2018-09: SEK 102.68 per share

- 2018-10: SEK 99.18 per share

- 2018-11: SEK 99.68 per share

- 2018-12: SEK 93.90 per share

- 2019-01: SEK 99.28 per share

- 2019-02: SEK 103.13 per share

- 2019-03: SEK 104.68 per share

- 2019-04: SEK 113.18 per share

- 2019-05: SEK 102.58 per share

- 2019-06: SEK 111.53 per share

- 2019-07: SEK 115.15 per share

- 2019-08: SEK 115.05 per share

- 2019-09: SEK 120.28 per share

- 2019-10: SEK 123.63 per share

- 2019-11: SEK 126.55 per share

- 2019-12: SEK 127.80 per share

- 2020-01: SEK 132.05 per share

- 2020-02: SEK 119.33 per share

- 2020-03: SEK 114.28 per share

- 2020-04: SEK 122.80 per share

- 2020-05: SEK 125.25 per share

- 2020-06: SEK 122.93 per share

- 2020-07: SEK 129.15 per share

- 2020-08: SEK 137.85 per share

- 2020-09: SEK 146.75 per share

- 2020-10: SEK 133.60 per share

- 2020-11: SEK 148.40 per share

- 2020-12: SEK 149.80 per share

- 2021-01: SEK 153.60 per share

- 2021-02: SEK 156.20 per share

- 2021-03: SEK 174.10 per share

- 2021-04: SEK 179.73 per share

- 2021-05: SEK 191.60 per share

- 2021-06: SEK 197.25 per share

- 2021-07: SEK 213.30 per share

- 2021-08: SEK 206.40 per share

- 2021-09: SEK 189.14 per share

- 2021-10: SEK 197.90 per share

- 2021-11: SEK 209.95 per share

- 2021-12: SEK 227.75 per share

- 2022-01: SEK 200.35 per share

- 2022-02: SEK 194.10 per share

- 2022-03: SEK 206.15 per share

- 2022-04: SEK 191.14 per share

- 2022-05: SEK 183.02 per share

- 2022-06: SEK 168.18 per share

- 2022-07: SEK 188.80 per share

- 2022-08: SEK 168.70 per share

- 2022-09: SEK 163.58 per share

- 2022-10: SEK 180.36 per share

- 2022-11: SEK 193.00 per share

- 2022-12: SEK 188.56 per share

- 2023-01: SEK 202.35 per share

- 2023-02: SEK 202.60 per share

- 2023-03: SEK 206.05 per share

- 2023-04: SEK 219.80 per share

- 2023-05: SEK 220.65 per share

- 2023-06: SEK 215.65 per share

- 2023-07: SEK 214.95 per share

- 2023-08: SEK 211.10 per share

- 2023-09: SEK 209.80 per share

- 2023-10: SEK 204.40 per share

- 2023-11: SEK 217.80 per share

- 2023-12: SEK 233.50 per share

- 2024-01: SEK 245.90 per share

- 2024-02: SEK 260.40 per share

- 2024-03: SEK 268.65 per share

- 2024-04: SEK 272.35 per share

- 2024-05: SEK 284.40 per share

- 2024-06: SEK 290.20 per share

- 2024-07: SEK 303.80 per share

- 2024-08: SEK 305.35 per share

- 2024-09: SEK 312.55 per share

- 2024-10: SEK 301.45 per share

- 2024-11: SEK 299.25 per share

- 2024-12: SEK 292.70 per share

- 2025-01: SEK 316.30 per share

- 2025-02: SEK 319.75 per share

- 2025-03: SEK 298.35 per share

- 2025-04: SEK 285.30 per share

- 2025-05: SEK 282.20 per share

- 2025-06: SEK 279.75 per share

- 2025-07: SEK 284.50 per share

- 2025-08: SEK 291.35 per share

- 2025-09: SEK 294.05 per share

- 2025-10: SEK 313.55 per share

- 2025-11: SEK 321.40 per share

- 2025-12: SEK 330.40 per share

- 2026-01: SEK 343.20 per share

- 2026-02: SEK 377.75 per share

- 2026-03: SEK 354.30 per share

- 2026-04: SEK 372.00 per share

- 2026-05: SEK 380.75 per share

- 2026-06: SEK 402.55 per share

- 2026-07: SEK 411.00 per share

- 2026-08: SEK 413.10 per share

- 2026-09: SEK 405.80 per share

- 2026-10: SEK 416.15 per share

## Annual estimated value (SEK per share)

- FY2022: low SEK 263.44 per share, central SEK 263.44 per share, high SEK 263.44 per share

- FY2023: low SEK 319.72 per share, central SEK 319.72 per share, high SEK 319.72 per share

- FY2024: low SEK 379.59 per share, central SEK 379.59 per share, high SEK 379.59 per share

- FY2025: low SEK 425.09 per share, central SEK 425.09 per share, high SEK 425.09 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:23.510Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300VEBQPHRZBKUX38/2024-12-31/ESEF/SE/0/investor-2024-12-31-0-sv/reports/investor-2024-12-31-0-sv.xhtml); period 2024-12-31, filed 2025-05-08.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.