NOTE Past Earnings Performance
Past criteria checks 4/6
NOTE has been growing earnings at an average annual rate of 9.7%, while the Electronic industry saw earnings growing at 14.3% annually. Revenues have been growing at an average rate of 10% per year. NOTE's return on equity is 15.5%, and it has net margins of 7.1%.
Key information
9.71%
Earnings growth rate
9.81%
EPS growth rate
| Electronic Industry Growth | 24.14% |
| Revenue growth rate | 10.05% |
| Return on equity | 15.46% |
| Net Margin | 7.10% |
| Next Earnings Update | 15 Jul 2026 |
Recent past performance updates
Recent updates
Narrative Update • Jun 02
NOTE: Refined Risk Profile Will Support Future Upside Potential
Analysts reduced their SEK price target on NOTE by SEK 5.50, citing updated views on the company’s risk profile and earnings potential. These changes are now reflected in slightly lower P/E and discount rate assumptions.Narrative Update • May 19
NOTE: Liquidity And Delisting Risks Will Ultimately Define Upside Potential
Narrative Update on NOTE Price Target The updated analyst price target for NOTE reflects a reduction of SEK 5.50, as analysts factor in recent cuts from several firms citing delisting risk and more conservative assumptions on discount rate and future P/E multiples. Analyst Commentary Recent research on NOTE clusters around concerns about delisting risk, liquidity, and how to frame a realistic valuation when visibility on execution and funding is limited.Analysis Article • Apr 26
NOTE AB (publ) Just Missed EPS By 7.8%: Here's What Analysts Think Will Happen Next
Last week, you might have seen that NOTE AB (publ) ( STO:NOTE ) released its first-quarter result to the market. The...Narrative Update • Apr 24
NOTE: Defense Order And Margin Guidance Will Shape Balanced Outlook
Narrative Update on NOTE The analyst price target for NOTE has shifted from SEK 191 to SEK 209.50, with analysts pointing to updated views on long term revenue growth, profitability, risk, and future P/E as key drivers of the change. Analyst Commentary Recent Street research on FiscalNote highlights how analysts are weighing valuation, balance sheet resilience, and execution risk, which can offer context when you think about similar factors that matter for NOTE.Analysis Article • Apr 10
Upgrade: The Latest Revenue Forecasts For NOTE AB (publ) (STO:NOTE)
NOTE AB (publ) ( STO:NOTE ) shareholders will have a reason to smile today, with the covering analyst making...
Narrative Update • Apr 09
NOTE: Defense Order And Tighter Assumptions Will Guide Balanced Future Outlook
Analysts have trimmed their SEK price target on NOTE by SEK 2.00, citing revised expectations for future revenue growth, slightly higher profit margins, a modestly higher discount rate and a lower future P/E multiple in their updated models. Analyst Commentary Bearish analysts are framing the SEK 2.00 trim to NOTE's price target as a reflection of tighter assumptions around what the business can reasonably deliver, both on growth and on valuation.Narrative Update • Mar 26
NOTE: Defense Order And Updated Assumptions Will Shape Balanced Future Outlook
Analysts have trimmed their SEK price target on NOTE by SEK 2, citing updated assumptions for revenue growth, profit margins and future P/E levels as reflected in recent research commentary. Analyst Commentary Bearish analysts are using the latest SEK 2 price target trim on NOTE as a signal to reset expectations around what they see as a more conservative outlook for revenue, margin sustainability and future P/E levels.Narrative Update • Mar 11
NOTE: Updated Assumptions And Defense Order Will Support Balanced Future Outlook
Analysts have adjusted their price target on NOTE to SEK 191 from SEK 200, citing updated assumptions for fair value, discount rate, revenue growth, profit margin, and future P/E. What's in the News NOTE received an order worth SEK 135 million from a long term Nordic defense customer that is a market leader in its field (Key Developments).Narrative Update • Feb 25
NOTE: Defense Order And Revised Assumptions Will Support Balanced Future Outlook
Analysts now set a higher price target for NOTE at SEK182, up from SEK127, reflecting updated assumptions for revenue growth, profit margins, discount rate and future P/E levels. What's in the News NOTE received an order worth SEK 135 million from a long term customer in the defense segment, a Nordic defense company that is described as a market leader in its field (Key Developments).Narrative Update • Feb 11
NOTE: Refined Assumptions And Steady Fair Value Will Support Future Upside
Analysts have slightly adjusted their price target on NOTE to reflect updated assumptions around discount rate, revenue growth, profit margin and future P/E, while keeping fair value broadly aligned with prior estimates. Valuation Changes Fair Value: Held steady at SEK 200.0, indicating no change in the central valuation output.Analysis Article • Feb 02
NOTE's (STO:NOTE) Solid Earnings Have Been Accounted For Conservatively
NOTE AB (publ)'s ( STO:NOTE ) recent earnings report didn't offer any surprises, with the shares unchanged over the...Analysis Article • Jan 29
Earnings Update: NOTE AB (publ) (STO:NOTE) Just Reported Its Annual Results And Analysts Are Updating Their Forecasts
NOTE AB (publ) ( STO:NOTE ) came out with its yearly results last week, and we wanted to see how the business is...Narrative Update • Jan 27
NOTE: Reset Multiple And Solid Q3 Will Support Future Upside Potential
Narrative Update on NOTE Analysts have reduced their price target on NOTE from US$18 to US$7. This reflects a reset valuation multiple while they reference a solid recent Q3 report as support for their updated view.Narrative Update • Jan 12
NOTE: Reset Multiple And Solid Q3 Will Support Upside Potential
Narrative Update on NOTE Analysts have trimmed their price target on NOTE to US$7 from US$18, reflecting a lower valuation multiple after recent research, while still pointing to what they describe as a solid Q3 showing. Analyst Commentary Recent Street research on NOTE points to a reset valuation framework, with the price target cut to US$7 from US$18, while still highlighting what is described as a solid Q3 report.Narrative Update • Dec 14
NOTE: Reset Multiple And Solid Quarter Will Drive Long-Term Upside
Narrative Update on Analyst Price Target Analysts have cut their price target on NOTE to $7 from $18, reflecting a reset valuation multiple. They also point to a solid recent quarterly report as support for the updated outlook.Narrative Update • Nov 30
NOTE: Strong Q3 Performance Will Drive Long-Term Upside Despite Sector Re-Rating
Analysts have lowered the price target for NOTE substantially, from $18 to $7, as they cite a reset in valuation multiples despite a solid recent earnings report. Analyst Commentary Market observers have provided updated insights regarding NOTE following the recent adjustment in valuation.Narrative Update • Nov 15
NOTE: Solid Third-Quarter Performance Will Support Prospects Despite Market Headwinds
Analysts have lowered their price target for FiscalNote to $7 from $18, citing a reset valuation multiple. This change comes despite what they describe as a solid third-quarter report.Narrative Update • Nov 01
NOTE: Fair Value Outlook Will Remain Steady As Projections Hold
Analysts have reaffirmed their fair value estimate for NOTE at $206.00, citing slight refinements in key financial assumptions and a long-term outlook that remains unchanged. Valuation Changes Fair Value Estimate remains unchanged at $206.00.Narrative Update • Oct 17
Relocation To European Facilities Will Secure Future Resilience
Analysts have revised their price target for NOTE downward from $210 to $206. This change reflects adjustments to projected revenue growth and discount rates in their updated outlook.Analysis Article • Oct 06
Calculating The Intrinsic Value Of NOTE AB (publ) (STO:NOTE)
Key Insights Using the 2 Stage Free Cash Flow to Equity, NOTE fair value estimate is kr183 NOTE's kr198 share price...Narrative Update • Oct 03
Relocation To European Facilities Will Secure Future Resilience
Analysts have raised their price target for NOTE from $168.50 to $210.00. They cite expectations of stronger revenue growth, higher profit margins, and a modestly increased discount rate.Analysis Article • Jul 18
Results: NOTE AB (publ) Exceeded Expectations And The Consensus Has Updated Its Estimates
It's been a good week for NOTE AB (publ) ( STO:NOTE ) shareholders, because the company has just released its latest...Analysis Article • May 02
There May Be Some Bright Spots In NOTE's (STO:NOTE) Earnings
NOTE AB (publ)'s ( STO:NOTE ) earnings announcement last week didn't impress shareholders. However, our analysis...Analysis Article • Mar 19
NOTE AB (publ)'s (STO:NOTE) Price Is Out Of Tune With Earnings
With a median price-to-earnings (or "P/E") ratio of close to 22x in Sweden, you could be forgiven for feeling...
New Narrative • Feb 12
Strong Cash Flow Will Support Potential Investments In EV Charger Market
Stabilization of demand and cost realignment may increase net margins as volumes improve, supporting capacity building and future revenue growth.Analysis Article • Oct 22
Some May Be Optimistic About NOTE's (STO:NOTE) Earnings
The market was pleased with the recent earnings report from NOTE AB (publ) ( STO:NOTE ), despite the profit numbers...Analysis Article • Oct 15
Earnings Working Against NOTE AB (publ)'s (STO:NOTE) Share Price
With a price-to-earnings (or "P/E") ratio of 14.3x NOTE AB (publ) ( STO:NOTE ) may be sending bullish signals at the...Analysis Article • Sep 20
NOTE (STO:NOTE) Has A Pretty Healthy Balance Sheet
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Analysis Article • Mar 15
Does NOTE (STO:NOTE) Deserve A Spot On Your Watchlist?
Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...Analysis Article • Jan 30
Returns on Capital Paint A Bright Future For NOTE (STO:NOTE)
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'll...Analysis Article • Dec 09
Do NOTE's (STO:NOTE) Earnings Warrant Your Attention?
It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How NOTE makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 3,773 | 268 | 161 | 0 |
| 31 Dec 25 | 3,814 | 281 | 147 | 0 |
| 30 Sep 25 | 3,838 | 268 | 144 | 0 |
| 30 Jun 25 | 3,817 | 257 | 145 | 0 |
| 31 Mar 25 | 3,849 | 249 | 150 | 0 |
| 31 Dec 24 | 3,901 | 248 | 155 | 0 |
| 30 Sep 24 | 3,956 | 266 | 152 | 0 |
| 30 Jun 24 | 4,181 | 288 | 153 | 0 |
| 31 Mar 24 | 4,247 | 299 | 144 | 0 |
| 31 Dec 23 | 4,243 | 320 | 138 | 0 |
| 30 Sep 23 | 4,201 | 328 | 131 | 0 |
| 30 Jun 23 | 4,097 | 303 | 122 | 0 |
| 31 Mar 23 | 3,917 | 283 | 118 | 0 |
| 31 Dec 22 | 3,687 | 254 | 115 | 0 |
| 30 Sep 22 | 3,463 | 223 | 111 | 0 |
| 30 Jun 22 | 3,218 | 231 | 109 | 0 |
| 31 Mar 22 | 2,962 | 219 | 107 | 0 |
| 31 Dec 21 | 2,643 | 194 | 98 | 0 |
| 30 Sep 21 | 2,295 | 158 | 95 | 0 |
| 30 Jun 21 | 2,043 | 138 | 88 | 0 |
| 31 Mar 21 | 1,901 | 125 | 83 | 0 |
| 31 Dec 20 | 1,874 | 116 | 85 | 0 |
| 30 Sep 20 | 1,891 | 110 | 86 | 0 |
| 30 Jun 20 | 1,892 | 104 | 85 | 0 |
| 31 Mar 20 | 1,830 | 94 | 84 | 0 |
| 31 Dec 19 | 1,760 | 92 | 83 | 0 |
| 30 Sep 19 | 1,674 | 90 | 79 | 0 |
| 30 Jun 19 | 1,564 | 79 | 86 | 0 |
| 31 Mar 19 | 1,476 | 72 | 86 | 0 |
| 31 Dec 18 | 1,379 | 64 | 82 | 0 |
| 30 Sep 18 | 1,307 | 58 | 81 | 0 |
| 30 Jun 18 | 1,248 | 63 | 73 | 0 |
| 31 Mar 18 | 1,207 | 57 | 70 | 0 |
| 31 Dec 17 | 1,176 | 72 | 73 | 0 |
| 30 Sep 17 | 1,139 | 67 | 74 | 0 |
| 30 Jun 17 | 1,122 | 63 | 73 | 0 |
| 31 Mar 17 | 1,096 | 62 | 74 | 0 |
| 31 Dec 16 | 1,098 | 45 | 72 | 0 |
| 30 Sep 16 | 1,115 | 39 | 75 | 0 |
| 30 Jun 16 | 1,128 | 38 | 78 | 0 |
| 31 Mar 16 | 1,125 | 36 | 78 | 0 |
| 31 Dec 15 | 1,122 | 35 | 79 | 0 |
| 30 Sep 15 | 1,064 | 35 | 73 | 0 |
| 30 Jun 15 | 1,038 | 34 | 73 | 0 |
Quality Earnings: NOTE has high quality earnings.
Growing Profit Margin: NOTE's current net profit margins (7.1%) are higher than last year (6.5%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: NOTE's earnings have grown by 9.7% per year over the past 5 years.
Accelerating Growth: NOTE's earnings growth over the past year (7.6%) is below its 5-year average (9.7% per year).
Earnings vs Industry: NOTE earnings growth over the past year (7.6%) exceeded the Electronic industry 6.5%.
Return on Equity
High ROE: NOTE's Return on Equity (15.5%) is considered low.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/15 04:09 |
| End of Day Share Price | 2026/06/12 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
| |
| Ownership | 10 years |
| |
| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
NOTE AB (publ) is covered by 4 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Anders Akerblom | Nordea Markets |
| Anton Ingves | Nordea Markets |
| Michael Latimore | Northland Capital Markets |