A detailed design of a new rotational single sheet tester device which allows comprehensive multiaxial magneto-mechanical analysis of ferromagnetic sheets is proposed. The challenges that arose during the mechanical and magnetic design phases are addressed. The applicability of the device is tested by performing magneto-mechanical measurements on an M400-50A electrical steel sheet. Results under several multiaxial magneto-mechanical loadings with circular and alternating magnetic flux densities are reported. It is shown that the effect of multiaxial stress on iron losses can be much more significant than that of uniaxial stress.