This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Saab AB is a Swedish defense contractor whose primary business is the development and sale of weapons systems and military equipment. According to SIPRI data for 2024, the company generated approximately $5.54 billion in defense revenue, representing about 92% of its total revenue of $6.03 billion. This places Saab among the world's top arms-producing companies.
The company's product portfolio includes purpose-built weapons platforms such as the Gripen fighter jet, missile systems, naval combat systems, and advanced electronic warfare equipment. Saab recently secured a contract with the NATO Support and Procurement Agency to deliver a comprehensive live training system for the Slovak Ministry of Defence and has consolidated its naval operations into a dedicated business area to strengthen its focus on maritime defense.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.