Saab stock outlook turns positive as S&P lifts growth view
Published on 11/10/2026 at 18:38 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSGrowth outlook strengthens
- S&P Global Ratings raised Saab AB's outlook to positive while affirming its BBB+ rating.
- The agency expects strong growth across Saab's divisions and sees the backlog supporting revenue visibility.
- Potential credit-rating upside depends on sustained growth, margin improvement and conservative leverage.
Saab AB's credit outlook improved on Tuesday, November 10, after S&P Global Ratings revised its outlook to positive from stable and affirmed the company's BBB+ rating. The agency cited Saab's strong operating performance, growing backlog and expectations for higher revenue and profitability.
Forecasts move higher
S&P expects Saab's revenue to approach SEK 100 billion in 2026, compared with SEK 79 billion in 2025. Its forecast for 2027 reaches SEK 120 billion. The agency said the outlook reflects growth across Saab's divisions, supported by programs including GlobalEye, Giraffe radar, Gripen E, German fleet renewal and Poland's submarine order.
The rating analysis points to an order backlog of SEK 364 billion at the end of the third quarter of 2026, providing revenue visibility for the next three to four years. S&P also expects adjusted free operating cash flow of SEK 5 billion to SEK 6 billion annually in 2026 and 2027.
Capacity and credit remain key
S&P expects Saab to expand GlobalEye production from about two aircraft a year to six by around 2030. It also sees annual Gripen production capacity rising from 15 aircraft to 25 to 30. New facilities in the United States and India are intended to support additional production in missiles, ground combat systems, submarines and aircraft.
The agency said a future upgrade could follow within six to 12 months if Saab maintains its momentum, improves margins toward about 15% and keeps adjusted debt to EBITDA well below 1.5 times. It also highlighted risks from customer concentration, Saab's smaller scale than some defense peers and possible operational pressure on profitability or cash generation.
Saab stock traded at 59.00 euros on Lang & Schwarz at 18:33 CET on Tuesday, November 10, 2026.
Saab AB stock facts
- Company: Saab AB
- ISIN: SE0021921269
- Lang & Schwarz quote: 59.00 euros at 18:33 CET on November 10, 2026
- Credit outlook: Positive from S&P Global Ratings
- Rating: BBB+ affirmed
- Order backlog: SEK 364 billion at the end of Q3 2026
European defense companies remain exposed to government procurement cycles and changing security priorities. Saab's Swedish home-market profile can be followed through the OMXS30 market environment.
More news and analyses are available on Saab stock.
