SAS (SAS.ST) Stock Price

SAS Price

Delisted

Revenue at SAS has contracted by 1.7% per year over the past 19 years to 42.04 B SEK. Earnings per share have declined at 2.9% per year over the last 14 years. SAS's net margin stands at -13.6%, down from 1.3% several years earlier.

SAS stock price

Volume
Details

Stock Price

How to Read This Chart

This chart tracks the historical stock price of SAS over time. You can switch between daily, weekly, and monthly views and select custom time ranges — from a single day to the full available history. Use the toggle to view price changes in absolute currency terms or as a percentage change relative to the starting date.

Total Return vs. Price Return

The "Total Return" toggle includes reinvested dividends on top of the pure price movement. This is critical because dividends can account for a significant portion of long-term returns. Historically, roughly 40 % of the S&P 500's total return has come from dividends. Always compare total return when evaluating a stock's real performance against a benchmark.

Intraday Price Data

When viewing a one-day time frame, the chart displays real-time intraday price movements. This is useful for observing how SAS stock reacts to market openings, earnings releases, or breaking news throughout the trading session.

What to Look For

Look for long-term trends (sustained upward or downward movements over months and years), support and resistance levels (price zones where the stock repeatedly bounces or reverses), and volatility (how much the price fluctuates day to day). Comparing SAS's price chart to a market index like the S&P 500 can reveal whether the stock is outperforming or underperforming the broader market.

SAS Stock Price History
DateSAS Price
Access this data via the Eulerpool API

SAS Revenue, EBIT, Net Income

  • 3 Years

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  • Max

Revenue
EBIT
Net Income
Details
Date
Revenue
EBIT
Net Income
Jan 1, 2019
46.11 B SEK
1.17 B SEK
589.00 M SEK
Jan 1, 2020
20.51 B SEK
-7.97 B SEK
-9.42 B SEK
Jan 1, 2021
13.96 B SEK
-5.36 B SEK
-6.80 B SEK
Jan 1, 2022
31.82 B SEK
-3.45 B SEK
-7.05 B SEK
Jan 1, 2023
42.04 B SEK
-2.87 B SEK
-5.70 B SEK
Jan 1, 2024 (e)
43.92 B SEK
1.31 B SEK
-469.68 M SEK
Jan 1, 2025 (e)
46.83 B SEK
2.62 B SEK
675.16 M SEK
Jan 1, 2026 (e)
54.31 B SEK
4.64 B SEK
-2.35 B SEK

SAS Income Statement, Balance Sheet, Cash Flow Statement

Last updated Jul 23, 2026, 8:46 PM
 
REVENUEB SEK
REVENUE GROWTH%
GROSS MARGIN%
GROSS INCOMEB SEK
EBITB SEK
EBIT MARGIN%
NET INCOMEB SEK
NET INCOME GROWTH%
SHARESB
20112012201320142015201620172018201920202021202220232024e2025e2026e
41.4135.9942.1838.0139.6539.4642.6544.7246.1120.5113.9631.8242.0443.9246.8354.31
1.69-13.1017.22-9.904.33-0.488.104.843.12-55.51-31.96128.0032.114.456.6315.98
44.5773.8474.2171.4172.2061.8462.0962.6366.6156.6365.6761.1360.2860.2860.2860.28
18.4626.5731.3027.1428.6324.4026.4828.0130.7211.629.1719.4525.3426.4728.2332.74
1.33-0.471.850.221.651.312.412.431.17-7.97-5.36-3.45-2.871.312.624.64
3.21-1.314.370.584.173.315.655.442.53-38.85-38.41-10.84-6.822.985.608.55
-1.69-0.990.18-1.000.611.020.801.420.59-9.42-6.80-7.05-5.70-0.470.68-2.35
-23.94-41.61-118.07-660.11-160.7867.66-21.3677.85-58.55-1,699.32-27.853.69-19.11-91.77-243.92-448.00
0.330.330.330.331.361.461.461.660.410.447.277.277.277.277.277.27
Details

Income Statement Key Figures

Revenue and Revenue Growth

Revenue is the starting point of every income statement — it measures the total sales SAS generates from its core business. Revenue growth (expressed as year-over-year percentage change) is one of the most important indicators of business momentum. Sustained growth above 10 % annually is generally considered strong, while declining revenue is a serious warning sign that demands investigation.

Gross Margin

Gross margin = (Revenue − Cost of Goods Sold) ÷ Revenue. It reveals what percentage of each dollar of revenue SAS retains after direct production costs. High gross margins (above 50 %) are typical of asset-light businesses like software and brands, while capital-intensive industries like manufacturing often operate below 30 %. Compare SAS's gross margin to industry peers and track it over time to spot improving or deteriorating pricing power.

EBIT and EBIT Margin

EBIT measures operating profit — what remains after subtracting all operating expenses (including R&D, sales, and administrative costs) from gross profit. The EBIT margin shows this as a percentage of revenue. Because it excludes interest and taxes, EBIT allows fair comparisons between companies with different debt levels and tax jurisdictions. A rising EBIT margin indicates improving operational efficiency.

Net Income and Earnings Per Share (EPS)

Net income is the company's final profit after all expenses, interest, and taxes. Dividing net income by the number of shares outstanding gives you EPS — the single most influential metric in stock valuation. Consistent EPS growth is the primary driver of long-term stock price appreciation. Always check whether EPS growth comes from genuine profit improvement or from share buybacks reducing the share count.

Shares Outstanding

The total number of shares SAS has issued. A declining share count (through buybacks) boosts EPS and signals management confidence. A rising share count (through stock issuance) dilutes existing shareholders. Always monitor this number alongside EPS to get the full picture of per-share value creation.

Analyst Estimates

The projected figures represent consensus estimates from professional analysts. Compare these forecasts against SAS's historical growth rates to assess whether expectations are realistic. A company that consistently beats consensus estimates tends to see its stock price rewarded over time, while repeated misses erode investor confidence.

SAS stock margins

The SAS margin analysis displays the gross margin, EBIT margin, as well as the profit margin of SAS. The EBIT margin (EBIT/sales) indicates the percentage of sales that remains as operating profit. The profit margin shows the percentage of sales that remains for SAS.
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Gross margin
EBIT margin
Profit margin
Details
Date
Gross margin
EBIT margin
Profit margin
Jan 1, 2019
66.61 %
2.53 %
1.28 %
Jan 1, 2020
56.63 %
-38.85 %
-45.92 %
Jan 1, 2021
65.67 %
-38.41 %
-48.70 %
Jan 1, 2022
61.13 %
-10.84 %
-22.15 %
Jan 1, 2023
60.28 %
-6.82 %
-13.56 %
Jan 1, 2024 (e)
60.28 %
2.98 %
-1.07 %
Jan 1, 2025 (e)
60.28 %
5.60 %
1.44 %
Jan 1, 2026 (e)
60.28 %
8.55 %
-4.33 %

SAS Stock Revenue, EBIT, Earnings per Share

The SAS earnings per share therefore indicates how much revenue SAS has generated per share in a given period. The earnings before interest and taxes per share shows how much of the operating profit corresponds to each share. The earnings per share indicates how much of the profit belongs to each share.
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  • Max

Revenue per Share
EBIT per share
Earnings per Share
Details
Date
Revenue per Share
EBIT per share
Earnings per Share
Jan 1, 2019
112.41 SEK
2.85 SEK
1.44 SEK
Jan 1, 2020
46.71 SEK
-18.15 SEK
-21.45 SEK
Jan 1, 2021
1.92 SEK
-0.74 SEK
-0.94 SEK
Jan 1, 2022
4.38 SEK
-0.47 SEK
-0.97 SEK
Jan 1, 2023
5.79 SEK
-0.39 SEK
-0.78 SEK
Jan 1, 2024 (e)
6.04 SEK
0.18 SEK
-0.06 SEK
Jan 1, 2025 (e)
6.44 SEK
0.36 SEK
0.09 SEK
Jan 1, 2026 (e)
7.47 SEK
0.64 SEK
-0.32 SEK

SAS business model & stock analysis

The history of SAS AB dates back to 1946 when the airlines SAS (Scandinavian Airlines System) was founded in Sweden, Norway, and Denmark. The idea behind it was to create a common aviation company that would provide Scandinavians with better connections to Europe, North America, and later Asia. SAS quickly became the flagship of the Nordic aviation industry and established itself as one of the most respected companies in the industry. In the 1970s, SAS focused more on the business class, which now plays an important part of the business model, and became the first carrier in Europe to offer a separate area for business travelers. Today, SAS is one of the leading European airlines with a comprehensive range of flights and destinations worldwide, including New York, Beijing, Dubai, and many more. However, SAS is not only active in aviation but has expanded its business in recent years and now also offers a wide range of services in travel, hotels, and business travel. SAS is now an integrated travel company that offers a variety of travel options and experiences, including flight, hotel, car rental, and customized travel solutions. Currently, the SAS business model consists of three main business areas: SAS Scandinavian Airlines, SAS Ground Handling, and SAS Technical Services. SAS Scandinavian Airlines is the airline that serves a variety of routes in Scandinavia, Europe, and overseas. SAS Ground Handling is responsible for ground services such as baggage handling, check-in, and boarding at all SAS airports. SAS Technical Services is responsible for aircraft maintenance and technical systems. SAS also offers a wide range of products and services aimed at providing customers with a pleasant and stress-free travel experience. This includes the EuroBonus program, which allows customers to earn reward points and redeem them for flights, hotel stays, or other benefits. In addition, SAS offers various service packages such as Fast Track service, lounge access, meal vouchers, and more. Another important focus of SAS is sustainability. SAS has set a goal to be climate-neutral by 2030 and has invested in renewable energy, cleaner technologies, and more sustainable operations in recent years. As a result, SAS has achieved significantly lower CO2 emissions per passenger and flight hour in recent years. Overall, SAS is an integrated travel company that offers a wide range of flight, hotel, and travel solutions. With a strong history, a broad business field, and a clear sustainability strategy, SAS is one of the leading European airlines and a key player in the travel sector.

SAS SWOT Analysis

Strengths

• Strong brand reputation in the market • Diversified customer base • Extensive product portfolio • Robust financial performance • Efficient supply chain management

Weaknesses

• Lack of innovation in recent product launches • High dependency on a few key suppliers • Limited market presence in certain regions • Relatively higher production costs compared to competitors • Inadequate investment in digital marketing

Opportunities

• Growing demand for analytics and data management solutions • Expansion into emerging markets with increasing IT adoption • Technological advancements in AI and machine learning • Strategic partnerships and acquisitions • Rising need for cybersecurity solutions

Threats

• Intense competition from both established players and startups • Potential economic downturn impacting customer spending • Rapidly changing technology landscape • Increasing government regulations on data privacy • Cybersecurity risks and data breaches

SAS Eulerpool Fair Value

Details

Fair Value Estimate

What Is Fair Value?

Fair value is an estimate of what a stock is truly "worth" based on its financial fundamentals, independent of the current market price. If the calculated fair value is above the current share price, the stock may be undervalued — and vice versa. This chart shows three different fair value approaches so you can cross-check them against each other.

Earnings-Based Fair Value

Calculated by multiplying the current earnings per share (EPS) by the average historical P/E ratio over a selected multi-year period. The smoothing over several years filters out temporary spikes or dips. If this fair value exceeds the market price, it suggests the stock is cheap relative to its earning power.

Example: Fair Value (Earnings) 2022 = EPS 2022 × Average P/E 2019–2021

Revenue-Based Fair Value

Derived by multiplying revenue per share by the average historical price-to-sales ratio. This method is particularly useful for companies with volatile or temporarily depressed earnings, as revenue tends to be more stable than profits. It answers: "At what price has the market historically valued each dollar of this company's sales?"

Example: Fair Value (Revenue) 2022 = Revenue per Share 2022 × Average P/S 2019–2021

Dividend-Based Fair Value

Calculated by dividing the dividend per share by the average historical dividend yield. This approach is most relevant for mature, consistently dividend-paying companies. If the resulting fair value is higher than the current price, it implies the stock offers a better yield than its historical average.

Example: Fair Value (Dividend) 2022 = Dividend per Share 2022 ÷ Average Yield 2019–2021

How to Use This Chart

When all three fair value lines converge above the current price, it strengthens the case that the stock is undervalued. When they diverge, investigate why — it may indicate a structural shift in margins, payout policy, or growth rate. The forward estimates on the right extend the analysis using projected fundamentals, helping you assess whether the current price already reflects future growth expectations.

SAS historical P/E ratio, EBIT multiple, and P/S ratio

SAS annual returns

Details

Annual Return

What This Chart Shows

This chart breaks down 's total annual return into two components: price return (gains or losses from stock price movement) and dividend return (income received from dividend payments). Together, they represent the total return an investor would have earned in each calendar year.

Price Return

Price return measures the percentage change in 's stock price from January 1st to December 31st of each year. Positive bars indicate the stock appreciated; negative bars show a decline. This is the component most investors focus on, but it tells only part of the story — especially for dividend-paying stocks.

Dividend Return

Dividend return represents the income generated from dividends paid during the year, expressed as a percentage of the starting stock price. While it may seem small in any single year (typically 1–4 % for established companies), dividends compound significantly over decades and have historically contributed roughly 40 % of total stock market returns.

What to Look For

Examine how many years showed positive vs. negative returns to gauge consistency. A stock with mostly positive years and small drawdowns suggests lower risk. Also compare 's annual returns to a benchmark index — consistently outperforming the market is a hallmark of a strong investment. Pay attention to the worst years: understanding downside risk is just as important as chasing upside potential.

SAS shares outstanding

The number of shares of SAS was 7.27 B in 2025. This indicates how many shares SAS is divided into. Since shareholders are the owners of a company, each share represents a small portion of the company's ownership.
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  • Max

Number of stocks
Details
Date
Number of stocks
Jan 1, 2019
410.22 M Stocks
Jan 1, 2020
439.11 M Stocks
Jan 1, 2021
7.27 B Stocks
Jan 1, 2022
7.27 B Stocks
Jan 1, 2023
7.27 B Stocks
Jan 1, 2024 (e)
7.27 B Stocks
Jan 1, 2025 (e)
7.27 B Stocks
Jan 1, 2026 (e)
7.27 B Stocks

SAS stock splits

In SAS's history, there have been no stock splits.
Price targets and forecasts for SAS are not yet available.

SAS Earnings Estimates

DateEPS estimateRevenue EstimateQuarterly report
12/3/20200.72SEK4.30 BSEK2020 Q4
8/25/2020-0.31SEK3.34 BSEK2020 Q3
5/28/2020-0.32SEK10.66 BSEK2020 Q2
2/26/2020-0.45SEK9.94 BSEK2020 Q1
12/5/20190.38SEK13.42 BSEK2019 Q4
8/27/20190.76SEK13.56 BSEK2019 Q3
5/28/2019-0.55SEK10.25 BSEK2019 Q2
2/27/2019-0.40SEK9.49 BSEK2019 Q1
12/4/20180.41SEK12.65 BSEK2018 Q4
8/31/20180.98SEK13.29 BSEK2018 Q3

EESG©

Eulerpool ESG Scorecard© for the SAS stock

62/100
37
Environment
63
Social
85
Governance
E

Environment

20
Scope 1 - Direct Emissions3,071,000
Scope 2 - Indirect emissions from purchased energy5,100
Scope 3 - Indirect emissions within the value chain311
Total CO₂ emissions3,076,100
CO₂ reduction strategy
Coal energy
Nuclear power
Animal experiments
Fur & Leather
Pesticides
Palm Oil
Tobacco
Genetically modified organisms
Climate concept
Sustainable forestry
Recycling regulations
Environmentally friendly packaging
Hazardous substances
Fuel consumption and efficiency
Water consumption and efficiency
S

Social

20
Percentage of female employees38
Percentage of women in management
Percentage of Asian employees
Share of Asian management
Percentage of Hispanic/Latino employees
Hispano/Latino Management share
Percentage of Black employees
Black Management Share
Percentage of white employees
White Management Share
Adult content
Alcohol
Weapons
Firearms
Gambling
Military contracts
Human rights concept
Privacy concept
Occupational health and safety
Catholic
G

Governance (Corporate Governance)

4
Environmental reporting
Stakeholder Engagement
Call Back Policies
Antitrust law

The Eulerpool ESG Scorecard© is the strictly copyrighted intellectual property of Eulerpool Research Systems. Any unauthorized use, imitation, or infringement will be actively pursued and may lead to significant legal consequences. For licenses, collaborations, or usage rights, please contact us directly via our contact form. Contact Form to us.

SAS shareholder structure

% Name
21.80412%
Government of Sweden
Government of Sweden
21.80412%
Government of Denmark
Government of Denmark
3.42084%
Knut och Alice Wallenbergs Stiftelse
Knut och Alice Wallenbergs Stiftelse
0.65602%
SEB Investment Management AB
SEB Investment Management AB
0.50044%
Zeinou (Paul)
Zeinou (Paul)
0.50000%
Undrum (Harald Stian)
Undrum (Harald Stian)

SAS Executives and Management Board

AW

Mr. Anko Van der Werff

(48)

President, Chief Executive Officer

Compensation17.68 M SEK
CD

Mr. Carsten Dilling

(62)

Independent Chairman of the Board

Compensation710,000.00 SEK
LJ

Mr. Lars-Johan Jarnheimer

(64)

Independent Vice Chairman of the Board

Compensation497,000.00 SEK
KK

Mr. Kay Kratky

(66)

Independent Director

Compensation420,000.00 SEK
HU

Hr. Oscar Stege Unger

(49)

Independent Director

Compensation370,000.00 SEK

SAS Supply Chain

SAS Supply Chain

Correlation: how closely stock prices move together

Same directionNo relationOpposite
30 companies
#Name1M3M6M1Y2YTrend
1
0.75
0.43
0.78
0.84
0.48
2
0.41
-0.31
0.36
0.67
0.45
3
-0.19
0.20
0.54
0.29
0.44
#Name1M3M6M1Y2YTrend
1
-0.25
0.66
-0.60
-0.62
2
Vercom
Supplier
0.68
0.52
0.60
0.87
3
Everfuel
Supplier
0.69
0.70
-0.47
0.28
4
Awardit
Supplier
0.50
0.14
0.60
-0.50
-0.50
5
0.36
-0.09
0.77
-0.30
-0.43

Frequently asked questions about SAS

The business model of SAS AB, a leading Scandinavian airline, revolves around offering commercial airline transportation and related services. SAS AB primarily operates in the markets of Sweden, Norway, and Denmark, providing domestic and international flights. The company's services include passenger transportation, cargo transportation, and aviation-related consultancy services. SAS AB focuses on meeting the evolving needs of travelers by offering a range of travel classes, innovative products, and a strong focus on sustainability. By continuously adapting to market demands and offering high-quality services, SAS AB aims to maintain its position as a preferred choice for travelers in the region.

All fundamentals and in-depth analysis of SAS

Our stock analysis for SAS stock includes important financial indicators such as revenue, profit, P/E ratio, P/S ratio, EBIT, as well as information on dividends. We also assess aspects such as stocks, market capitalization, debt, equity, and liabilities of SAS. If you are looking for more detailed information on these topics, we offer comprehensive analyses on our subpages.