Analysis

School groups vs SALSA

Do independent school groups with high revenue per pupil deliver better or worse results than expected? We combine the Swedish Companies Registration Office's (BV) revenue data with the SALSA model's demographics-adjusted residual for 20 school groups with sufficient data quality.

Source data: Bolagsverket (BV) · SALSA (Skolverket)

Summary

Groups with revenue data
421
With SALSA data (≥ 2 schools)
20
Performing above expectation
14
Performing below expectation
6

The SALSA model calculates an expected merit value per school based on parents' education level, share of recently immigrated students, and gender distribution. The average SALSA score per school group shows whether their schools as a group perform better (+) or worse (−) than what the student composition predicts — regardless of whether they have favourable students or not.

Revenue is sourced from BV's annual report data and normalised against the total pupil count in the group's active compulsory schools. Note that revenue is not the same as profit (operating margin) — it includes all income.

Revenue per pupil and SALSA score

Sorted by revenue per pupil (highest revenue at top). Schools with fewer than 2 SALSA matches are excluded.

School groupRevenuePupilsRevenue/pupilAvg SALSA scoreSALSA schools
Cedergrenska AB1.4 bn SEK6,310228 k SEK-34.24
AB Parts & Paomees148.2 m SEK820181 k SEK+35.52
5566127600102.7 m SEK603170 k SEK+34.02
Tisenhult-gruppen AB5.9 m SEK2,6902 k SEK+29.65
TED International Holding AB3.6 m SEK2,2902 k SEK+3.26
Internationella Engelska Skolan i Sverige Holdings AB20.0 m SEK28,5501 k SEK+12.843
Frida Utbildning AB2.1 m SEK4,7360 k SEK-1.26
Magnora Aktiebolag3.9 m SEK12,9700 k SEK+6.827
Watma Group AB1.4 m SEK4,6600 k SEK+24.07
AcadeMedia AB23.0 m SEK80,9540 k SEK+5.057
NAPPA AB45 k SEK4700 k SEK-55.02
JENSEN group AB74 k SEK11,6690 k SEK+27.712
BINA HOLDING AB0 SEK2,5070 k SEK-9.33
Almwik Holding AB0 SEK4,2620 k SEK+4.25
Gen Futura AB0 SEK6,6190 k SEK+21.73
Anton i Skåne AB0 SEK5830 k SEK-15.52
A.S. Febo AB0 SEK8000 k SEK-8.04
DeMina Holding AB0 SEK13,7210 k SEK+14.817
Edukatus Alliance Holding AB0 SEK9,3910 k SEK+0.69
55919469090 SEK4200 k SEK+37.52

School groups without sufficient SALSA data

These school groups have revenue data but fewer than 2 SALSA-matched schools, which makes the SALSA average unreliable. They are reported separately for completeness.

School groupRevenueSchoolsPupils
Amerikanska Gymnasiet i Sverige AB182.1 m SEK52,020
5565735049178.1 m SEK21,350
5565771838136.8 m SEK285
5565672812134.6 m SEK1720
5565706768131.8 m SEK1330
British Schools AB122.4 m SEK51,137
5565977609121.7 m SEK1680
556643104494.1 m SEK1570
556775912093.4 m SEK1350
556480083690.6 m SEK4637
556709711788.4 m SEK3920
556412709985.4 m SEK2537
556908115081.4 m SEK2488
556482393781.2 m SEK2479
556733561680.3 m SEK2562
559414859479.8 m SEK4456
556731459573.5 m SEK2490
559260276671.5 m SEK3604
559234014465.9 m SEK1410
556557014963.8 m SEK1440
559176034262.8 m SEK2355
556853681661.6 m SEK8336
556699653360.4 m SEK9233
556460726458.5 m SEK5303
556235899353.8 m SEK1370
556695785752.4 m SEK4275
556507558651.6 m SEK10427
556507276548.9 m SEK4259
556613698147.6 m SEK7295
559020780847.3 m SEK1—
559068955946.5 m SEK1440
556696603145.1 m SEK1370
556999016044.1 m SEK180
556478739743.6 m SEK2312
556724065942.0 m SEK2213
556622201341.8 m SEK2140
556916256241.5 m SEK1170
556203590641.2 m SEK1270
556597467140.3 m SEK1160
556628599439.5 m SEK1260
556856862939.5 m SEK1260
556781229138.4 m SEK2272
559297695438.3 m SEK2300
559195513238.3 m SEK3263
556676592038.0 m SEK1340
556548479636.8 m SEK1230
556811112336.7 m SEK2220
556462972235.3 m SEK3233
556728285934.9 m SEK1310
556955565834.5 m SEK2119
556591799334.4 m SEK1240
556678941734.0 m SEK7180
556640340733.1 m SEK2192
559119822032.7 m SEK1220
556518738132.6 m SEK7161
556492213531.8 m SEK3183
556830325831.5 m SEK3155
556887856430.9 m SEK4140
556705884630.1 m SEK2197
556896356429.8 m SEK2199
556488948229.5 m SEK1220
556847812629.2 m SEK1180
556449826829.1 m SEK2189
559036732128.0 m SEK3—
556554121528.0 m SEK170
556709139127.7 m SEK3151
556767566427.4 m SEK4314
556752155326.8 m SEK1210
556453512726.5 m SEK3162
556463248626.2 m SEK1142
556552802226.2 m SEK2210
556627009525.6 m SEK2174
556881356125.4 m SEK1100
556614695624.1 m SEK2152
556748270723.7 m SEK1210
556754513123.6 m SEK1108
559081603822.7 m SEK4162
556753838322.6 m SEK1230
556865854522.2 m SEK1150
556406568722.2 m SEK1250
556732782921.8 m SEK2130
559198649121.5 m SEK4128
556811915921.2 m SEK3141
556626405621.0 m SEK1210
556557279820.4 m SEK4150
556585853620.3 m SEK1100
556637962320.0 m SEK130
556681497519.9 m SEK2101
556815455219.7 m SEK1120
559014446419.7 m SEK4105
556646769119.4 m SEK1100
556630461319.4 m SEK1120
559081806719.3 m SEK292
559166824819.3 m SEK220
559208474219.2 m SEK2129
556717479119.0 m SEK3103
556697305219.0 m SEK4122
556802737818.8 m SEK180
556734288518.8 m SEK3101
556781206918.6 m SEK280
556879341718.1 m SEK2129
556947280518.0 m SEK2106
Attendo AB (publ)18.0 m SEK270
556918278417.9 m SEK298
556033583717.8 m SEK2112
RegattaKompetens AB17.3 m SEK3590
559039980317.2 m SEK399
556593350316.5 m SEK2109
556793551416.4 m SEK284
556750344516.3 m SEK328
556457194016.3 m SEK1104
559034016116.2 m SEK286
556635967416.1 m SEK281
556800527516.0 m SEK186
556628256116.0 m SEK285
556720623915.9 m SEK1150
556547573715.8 m SEK280
556622985115.6 m SEK152
556623843115.6 m SEK173
556772692115.5 m SEK160
556593405515.3 m SEK289
556781587215.3 m SEK278
559234378315.1 m SEK190
556836691714.9 m SEK284
556951674214.7 m SEK160
556657830714.4 m SEK190
559057923014.3 m SEK184
556808442914.2 m SEK191
556808780214.2 m SEK174
556621406914.2 m SEK1210
556782978214.0 m SEK173
556787393913.8 m SEK175
556850519113.8 m SEK2119
559135502813.7 m SEK169
556815972613.6 m SEK169
556810007613.6 m SEK168
556903643613.5 m SEK273
559005372313.3 m SEK1110
556692533413.3 m SEK263
559093885713.2 m SEK264
556875786713.1 m SEK364
556832427012.9 m SEK169
556807752212.9 m SEK166
556503759412.9 m SEK170
559116750612.9 m SEK161
559030650112.7 m SEK264
556986630312.7 m SEK191
556710663712.6 m SEK190
556956818012.5 m SEK254
556859177912.3 m SEK163
556971805812.2 m SEK165
556968683412.2 m SEK161
556599618712.2 m SEK161
556728820312.2 m SEK484
556462530812.1 m SEK170
556765731612.1 m SEK261
556873709112.0 m SEK269
556566240912.0 m SEK160
556917855011.9 m SEK190
559094585211.9 m SEK180
559043476611.8 m SEK170
556844609911.7 m SEK265
556750742011.6 m SEK180
559252776511.4 m SEK266
556595933411.4 m SEK158
556898842111.1 m SEK262
556491288811.1 m SEK255
559037586011.1 m SEK255
556670861510.9 m SEK254
556868676910.8 m SEK262
556895357310.8 m SEK168
559159769410.6 m SEK148
559006807710.4 m SEK155
556813523910.3 m SEK370
559131673110.2 m SEK242
556585150710.2 m SEK150
556946382010.1 m SEK163
556457562810.1 m SEK160
55681925039.9 m SEK252
55659640529.8 m SEK141
55936323339.7 m SEK153
55688787969.7 m SEK159
55661038259.6 m SEK155
55910716669.6 m SEK258
55661688939.5 m SEK150
55696315339.5 m SEK152
55680421389.5 m SEK248
55691456419.4 m SEK156
55682211389.3 m SEK167
55685543149.3 m SEK120
55649465309.3 m SEK140
55697512999.2 m SEK137
55694341109.2 m SEK135
55908122359.2 m SEK147
55900400769.0 m SEK154
55654690299.0 m SEK151
55630785098.9 m SEK155
Dille Bolagen Aktiebolag8.8 m SEK2360
55913215258.6 m SEK1—
55696826438.6 m SEK146
55691636698.6 m SEK144
55919129438.6 m SEK152
55683971858.4 m SEK140
55675958708.4 m SEK163
55911486968.3 m SEK145
55649343538.3 m SEK144
55926250648.2 m SEK139
55675921828.1 m SEK143
55921396788.1 m SEK146
55670013418.1 m SEK142
55681217348.1 m SEK2—
55688524378.0 m SEK154
55675223537.9 m SEK139
55676538937.9 m SEK1—
55685599177.9 m SEK258
55674876567.8 m SEK139
55645175707.8 m SEK145
55903602927.8 m SEK138
55928175397.6 m SEK2123
55673377297.5 m SEK124
55687834267.5 m SEK152
55900613387.4 m SEK134
55692212367.4 m SEK142
55694085107.4 m SEK139
55902169167.3 m SEK131
55919013347.3 m SEK1—
55921026017.3 m SEK238
55696315747.3 m SEK132
55915360647.2 m SEK137
55682860817.1 m SEK140
55696315417.1 m SEK138
55901805267.0 m SEK137
55694441507.0 m SEK133
55679119866.9 m SEK130
55690261716.9 m SEK129
55657868856.9 m SEK133
55676329396.8 m SEK140
55670899816.8 m SEK134
55680217936.7 m SEK140
55932323326.7 m SEK129
55697472146.7 m SEK141
55917695256.6 m SEK128
55687370756.4 m SEK135
55676403616.3 m SEK135
55918091496.3 m SEK1—
55664507396.3 m SEK138
55680718636.2 m SEK144
55652618146.2 m SEK135
55649776266.1 m SEK138
55645403256.0 m SEK135
55906768536.0 m SEK141
55651602486.0 m SEK134
55684626905.9 m SEK136
55920505375.9 m SEK135
55686196045.9 m SEK133
55905792555.8 m SEK133
55678742005.8 m SEK131
55698902125.8 m SEK125
55689590675.7 m SEK128
55906839415.7 m SEK129
55688999095.7 m SEK139
55901905415.7 m SEK135
55694309365.6 m SEK126
55699212075.6 m SEK133
55671306525.6 m SEK1—
55661247225.6 m SEK125
55699039575.5 m SEK134
55680017795.5 m SEK135
55933078455.5 m SEK1—
55945018005.4 m SEK132
55909574935.4 m SEK126
55923464715.4 m SEK229
55680420705.4 m SEK150
Serudia AB5.4 m SEK2120
55662747175.3 m SEK128
55905367925.3 m SEK138
55925783625.2 m SEK127
55696315585.2 m SEK126
55907764225.2 m SEK131
55938695475.2 m SEK127
55664933825.1 m SEK129
55697293785.1 m SEK125
55661114485.1 m SEK127
55692049505.1 m SEK132
55693256235.0 m SEK128
55668923025.0 m SEK1—
55665920194.9 m SEK125
55669913934.9 m SEK127
55680447464.9 m SEK16
55908462824.8 m SEK127
55942189834.8 m SEK124
55674915004.8 m SEK122
55656070654.7 m SEK126
55666575154.7 m SEK290
55680128674.6 m SEK119
55931620594.6 m SEK125
55685804834.6 m SEK120
55903361284.6 m SEK123
55673850904.5 m SEK124
55679383854.5 m SEK122
55903491884.4 m SEK129
55697533374.4 m SEK120
55928329004.4 m SEK122
55662315014.4 m SEK1—
55903270284.4 m SEK119
55696315664.4 m SEK125
55680414604.3 m SEK124
55646448204.3 m SEK126
55668879894.3 m SEK127
55699180704.3 m SEK126
55693575434.1 m SEK115
55696617954.1 m SEK112
55691908524.0 m SEK110
55649922524.0 m SEK126
55681576474.0 m SEK19
55905327004.0 m SEK121
55697233974.0 m SEK118
55917989464.0 m SEK230
55696070463.9 m SEK123
55679114573.9 m SEK121
55690634553.9 m SEK1—
55903069313.9 m SEK254
55678572623.7 m SEK140
55659103113.7 m SEK121
55667533973.7 m SEK119
55926379373.7 m SEK119
55693506703.7 m SEK125
55650583273.7 m SEK120
55683924423.7 m SEK120
55925257773.6 m SEK1—
55693298803.6 m SEK118
55905053003.6 m SEK120
55903858693.6 m SEK118
55695290183.5 m SEK118
55684388643.5 m SEK122
55626412163.5 m SEK116
55668745163.5 m SEK124
55693787703.4 m SEK121
55911760853.3 m SEK118
55911113973.3 m SEK118
55678292463.2 m SEK2—
55943858403.2 m SEK116
55674793563.2 m SEK117
55679672103.2 m SEK116
55652991783.0 m SEK116
55667307913.0 m SEK111
Hergla Fastighetsbolag AB3.0 m SEK2170
55923409043.0 m SEK116
55686431822.9 m SEK118
55905594482.8 m SEK123
55686729342.7 m SEK1—
55951154692.6 m SEK119
55668063692.6 m SEK126
55948265872.3 m SEK118
55693887462.2 m SEK117
Magelhusen AB2.1 m SEK181,020
55939606432.0 m SEK155
55942665291.9 m SEK111
55665275851.8 m SEK110
55672260621.4 m SEK3138
55682129391.4 m SEK180
55698851051.2 m SEK1—
5568183957900 k SEK4220
Reprendo AB846 k SEK3550
ES Sustainable Real Estate AB725 k SEK2263
5568095003670 k SEK120
5568434004468 k SEK132
Svensson Enterprises AB336 k SEK5750
5592425689289 k SEK123
5591082895280 k SEK119
5592599939234 k SEK123
5569607434205 k SEK111
5593815870200 k SEK118
PROCURAMA AB180 k SEK31,300
Livslinjen Terapi och Konsult Sverige AB159 k SEK2120
559023650051 k SEK2411
JWA Management AB20 k SEK3300
Wejshag Invest AB11 k SEK5710
55673587747 k SEK119
55673604324 k SEK127
Lilla Park och Min Skola AB0 SEK181,590
Ambea AB ( publ )0 SEK17230
Ekberg, Lund & Partners Aktiebolag0 SEK3340
Move & Walk Förvaltning AB0 SEK6—
Impius AB0 SEK4220
Aspero Invest AB0 SEK3870
55679631280 SEK1370
Academy X Holding AB0 SEK2230
55904745150 SEK230
55923584270 SEK3238
55936573060 SEK3135
55945236890 SEK2134
55689612530 SEK114
55919531780 SEK260
55914335100 SEK181,295
55918937540 SEK3390
55644184490 SEK1550
55672958850 SEK1180
55914166220 SEK1460
55940503600 SEK1190
55922221770 SEK1—

Method and limitations

Revenue data comes from the Swedish Companies Registration Office's (BV) annual report database. Not all independent school groups have reported data or are represented in Skolkoll's BV integration — coverage is therefore partial.

The SALSA score per school group is calculated as the average of all constituent schools' residuals (mr). School groups with fewer than 2 matched schools are excluded because an average based on 1 school is sensitive to random variations.

Revenue ≠ profit: High revenue per pupil may be due to high rents, large staffing costs, or the group's business model. A fairer profitability measure would be operating margin, which is not available in this dataset.

The analysis is descriptive — it shows correlations, not causation. The fact that a school group has high revenue and a positive SALSA score does not prove that the money creates the results. It could equally be a selection effect (students with favourable backgrounds choose these schools regardless of demographics adjustment) or third factors.

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