Rankings Semiconductors Sivers Semiconductors
Sivers Semiconductors
32
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Multiples vs own history−15
- Margin−10
- Absolute price level−8
Strengths
- Insider buying+2
- Orders and partners+1
How the score is built
From 100 to 32, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 18.86 SEK
- Median analyst target
- 7.70 SEK
- Upside to median
- −59.2%
- Analysts
- 2
- Target range
- 7.40 – 8.00 SEK
- 52-week change
- +380%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−19 of −30
- −10MarginOperating margin −102% and net loss SEK 294m on SEK 278m revenue (TTM); gross margin is −7.6% vs 63–82% in 2022–2023. The loss has grown every year since 2022 (−86 → −223 → −294m).
- −4Quality of growthRevenue fell 25% in Q1 and 12% in Q2 2026 (SEK 53.8m), and TTM revenue (278m) is below 2025 (307m). Product sales rose 18% at constant currencies, but NRE income is being deliberately cut, and growth is pushed to a 'ramp' in 2027.
- −5Capital allocation and dilutionThe share count has risen 18% over a year and from 211 to 339m since 2022 (+60%); dilution every year (−31% in 2022, −17% in 2025). Directed issue of about SEK 700m at SEK 57 in 2026, conversion of a USD 12m loan to shares and a new option program proposed on 30/9.
Price
Today's multiples against the company's own history and its peers. · 2 findings−23 of −35
- −15Multiples vs own historyEV/Sales 41 and P/S 40.7 vs 3.4-9.8 in 2022-2025 (only the 2021 bubble was on par with 37); P/B 11.9 vs 0.7-4.2 and P/TBV 134. The stock is up 862% in 52 weeks, even though revenue has fallen.
- −8Absolute price levelEnterprise value approx. SEK 11.4bn for a company with SEK 278m in revenue, negative gross margin, FCF of SEK −130m and earnings yield of −2.6%. The price assumes that a pipeline of USD 1.2bn (not orders) turns into revenue at high margin.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−13 of −35
- −6Financial restatement (governance)On 16/7-2026 Sivers restated the accounts for 2024–2025: revenue for 2024 was cut from SEK 243.7m to 219.2m, and the net loss for 2025 was increased from SEK 186.5m to 222.6m. The stock fell 13.5% the same day and about 70% from the June peak (EUR 10.23).
- −4Execution and delaysAdjusted EBITDA of −SEK 35.5m in Q2 vs Redeye's expectation of −16.9m; management cites delays in the approval of the US defense budget, and the long-term financial model will only be reached from 2028.
- −3Cash flow and continued capital needOperating cash flow −SEK 70m in Q2 alone (−20m a year earlier) and FCF −SEK 130m TTM; social security charges on the share price rise cost 42.9m in the quarter. With a planned scale-up in 2027 and a possible dual listing on Nasdaq New York, further capital raises are likely.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Insider buyingOn 13/7-2026 CEO Vickram Vathulya (about SEK 950,000) and five board members bought shares with a one-year holding period.
- +1Orders and partnersOrder of USD 8.2m from ALL.SPACE (Ka-band beamforming) and a USD 3.4m programme with SemiNex after the quarter; collaboration with GlobalFoundries on silicon photonics and Jabil on optical transceivers.
Caveats
What the score does not capture, or where the data is weak.
No analyst forecasts on stockanalysis (forecast 404), so the PEG/upside formulas have thin support. The 2024–2025 accounts were restated (July 2026), so historical figures are uncertain. Cash at 30/6 (SEK 62.7m) is before the directed issue of c. SEK 700m and the conversion of the Bootstrap loan; the share count is therefore now 339m vs 300m in the balance sheet. Public short positions (AQR, D.E. Shaw at end of Sept. 2026) are mentioned in news feeds but are not verified and not scored.
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