Nyab (OM:NYAB) Stock Looks Cheap As Cash Strength Fuels Optimism

Nyab stock has been grinding higher in recent months, yet still trades at SEK6.52 and a trailing P/E of 16x, below a peer average of 25.1x. The market has treated it like a solid but unexciting construction contractor. Q2 2026 results cut straight across that reputation. Revenue reached €161.9m with net income of €7.7m, and the story is less about a single quarter and more about a balance sheet that now sits in net cash and an order book that management believes can support the next phase of growth.

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Q2 2026 Earnings Summary

• Revenue, Q2 2026 vs. Q2 2025: €161.9m vs. €135.8m (up 19%)
• Net Income, Q2 2026 vs. Q2 2025: €7.7m vs. €4.2m (up 83%)
• Basic EPS, Q2 2026 vs. Q2 2025: €0.011 vs. €0.0059 (up 86%)
• Operating Margin, Q2 2026 vs. Q2 2025: 5.1% vs. 4.1% (improved by 1.0 percentage point)

Prefer clear visuals instead of another wall of earnings tables and ratios? See Nyab's full financial picture, including an easy to read valuation breakdown, in our company report for Nyab.

Nyab earnings tilt sentiment toward cautious optimism

For a company often seen as a steady Nordic infrastructure play, Nyab's current figures give the constructive view real backing. Civil Engineering now drives 81% of revenue with Q2 margin at 6.3% and a backlog of €501.6m alongside a book to bill around 1.2x. Revenue on a rolling 12 month view sits at €566.5m and the balance sheet has shifted into €12m of net cash with free cash flow of €35.6m over the same period. That combination supports the idea of a capital light, cash generative contractor.

Nyab risks remain visible despite stronger print

The cautious take on Nyab still has plenty to work with. Consulting, 19% of revenue, has softer order intake with rolling book to bill at 0.7x and lower margins, which management expects to weigh on group profitability for several years. Energy exposure has fallen to 46% of revenue while infrastructure has risen to 42%, so mix is shifting and carries execution and pricing risk. Conversion of Phase 1 projects into Phase 2, including Uppsala Tramway, is not guaranteed and timing could affect cash flow and earnings volatility.

With Nyab now in net cash yet facing project timing and margin uncertainty, do you actually know how much balance sheet stress the business can absorb before equity risk spikes? Check the financial health analysis of Nyab stock.

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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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