Invisio (OM:IVSO) has put fresh numbers on the table for Q2 2026, with revenue of SEK512.8 million and basic EPS of SEK1.25, setting a clear marker for how the year is shaping up. The company has seen revenue move from SEK426.9 million in Q2 2025 to SEK512.8 million in Q2 2026, while quarterly EPS shifted from SEK0.69 to SEK1.25, giving investors a straightforward read on the top line and per share performance heading into the back half of the year. With trailing net profit margins at 13%, the latest report keeps the spotlight firmly on how efficiently Invisio is turning sales into earnings.
See our full analysis for Invisio.With the headline figures in place, the next step is to line these results up against the key Invisio narratives to see which stories the numbers support and which views may need a rethink.
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Quarterly earnings climb to SEK57.9 million
- Net income for Q2 2026 came in at SEK57.9 million, up from SEK28.9 million in Q1 2026 and SEK31.4 million in Q2 2025, while basic EPS over the same three quarters moved from SEK0.54 in Q1 2025 to SEK0.63 in Q1 2026 and SEK1.25 in Q2 2026.
- Consensus narrative points to rising defense budgets and modernization programs as key drivers, and Invisio’s trailing 12 month net income of SEK249 million and basic EPS of SEK5.36 give some earnings support to that view, even as quarterly profit has swung from a loss of SEK4.2 million in Q3 2025 to SEK166.4 million in Q4 2025 and then SEK57.9 million in Q2 2026.
- Supporters of the bullish view may highlight that trailing 12 month revenue is SEK1,918.7 million, compared with quarterly revenue figures that moved between SEK291.3 million and SEK684 million over the last six reported quarters. This is consistent with a business selling into larger, sometimes lumpy defense and public safety contracts.
- At the same time, the move from a Q3 2025 loss to positive earnings in later quarters shows how timing of large orders can affect any single period. This is exactly the kind of volatility that bullish investors need to factor in when leaning on growth stories tied to long procurement cycles.
Stronger recent profit and the scale of Invisio’s trailing 12 month earnings are exactly what bullish investors focus on when they argue that the current share price does not fully reflect the long term earnings potential of its defense and public safety contracts. They often back this up by pointing to multi year modernization programs and an expanding order book that are intended to feed into those numbers over time. 🐂 Invisio Bull Case
Margins and valuation pull in different directions
- Trailing net profit margin sits at 13%, compared with 14.8% a year earlier, while the stock trades on a trailing P/E of about 40x, roughly in line with a 40.2x peer average but above the wider European Aerospace & Defense average of 30.5x.
- Bears argue that paying around 40x trailing earnings for Invisio leaves limited room for disappointment, and the drop in net margin from 14.8% to 13% gives them a clear data point, even though the same dataset also shows trailing 12 month net income at SEK249 million and a DCF fair value estimate of SEK374.67 that is higher than the current share price of SEK215.60.
- Critics focus on the gap between Invisio’s P/E of about 40x and the broader industry at 30.5x, suggesting that if earnings or margins do not match the stronger parts of the sector, the valuation could drift closer to that lower industry multiple.
- What pushes back against the cautious view is that analysts in the data expect earnings to grow about 34.02% per year and revenue about 16.5% per year, which is faster than the Swedish market figure of a 1.7% annual revenue decline quoted in the same dataset. Skeptics are essentially arguing that these forecasts may prove too optimistic.
For investors who are wary about paying a premium P/E while margins are a touch softer, this mix of valuation and profitability metrics is what fuels the more cautious Invisio bear case, especially if future earnings do not land where the current forecasts suggest. 🐻 Invisio Bear Case
DCF fair value and price target gap
- The dataset shows a DCF fair value of SEK374.67 per share and an analyst price target of SEK326.43, both above the current share price of SEK215.60, and analysts’ consensus in the same data implies around 51.4% upside from that current level.
- Consensus narrative frames Invisio as benefiting from forecast earnings growth of about 34.02% per year and revenue growth of 16.5% per year, and the difference between the current price and both the DCF fair value and analyst target highlights how much relies on those forecasts, even as trailing 12 month basic EPS of SEK5.36 and revenue of SEK1,918.7 million provide a concrete base for those models.
- Supporters of the consensus view point out that the stock is shown as trading roughly 42.5% below the DCF fair value estimate in the data. Alongside the 51.4% implied upside from the analyst target, this suggests the valuation models are anchored in higher future earnings than the trailing SEK249 million net income.
- What stands out for more cautious readers is that both the DCF and the price target depend on Invisio lifting profitability from the current 13% net margin level, so the existing margin compression from 14.8% to 13% is an important factor to watch when thinking about how realistic those upside scenarios are.
Next Steps
To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Invisio on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.
If the mixed sentiment around Invisio’s latest earnings and valuation leaves you undecided, review the underlying data now and form your own view. To see what investors are optimistic about, take a closer look at the 3 key rewards
See What Else Is Out There
Invisio carries a relatively high P/E of about 40x alongside softer net margins at 13%, which leaves limited room if profitability or expectations slip.
If you are uneasy about paying up for Invisio while its margin trend and valuation feel tight, compare it with companies screened as 231 high quality undervalued stocks to see if other ideas line up better with your comfort zone.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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