SBF AG (CY1K) AI Stock Analysis

• Market Cap: €48.53M
• Dividend Yield: N/A
• Average Volume (3M): 1.36K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.62
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: DE
• Employees: 313
• Sector: Industrials
• Sector Strength: 72
• Industry: Railroads
• EPS (TTM): N/A
• Shares Outstanding: 9,706,429
• 10 Day Avg. Volume: 374
• 30 Day Avg. Volume: 1,358
• PEG Ratio: 0.33
• Price to Book (P/B): 0.86
• Price to Sales (P/S): 0.55
• P/FCF Ratio: -9.69
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: €5.00 ▼(-13.04% Downside)

The score is primarily constrained by multi-year net losses and weak cash generation (negative free cash flow and negative operating cash flow in 2024). Technical indicators are broadly neutral with only mild positive momentum, while valuation is hampered by a negative P/E and no dividend support.

Positive Factors

Revenue Rebound

A 22.8% revenue rebound in 2024 indicates recovering demand for rolling-stock components and stronger series-production program activity. Sustained top-line growth helps absorb fixed costs, supports capacity utilization, and provides a foundation to restore operating profitability over multiple quarters.

Healthy Gross Margins

Mid-40% gross margins reflect structurally productive manufacturing and value-added engineering content in rail subsystems. Stable margins provide a durable buffer to cover SG&A and R&D, enabling margin recovery as volumes scale without requiring immediate price increases or risky cost cutting.

Moderate Leverage

A low debt-to-equity ratio (~0.29) and a sizeable equity base give financial flexibility for capex, working-capital needs, and contract fulfilment typical in rail manufacturing. Moderate leverage reduces default risk and supports strategic investment even if recovery takes multiple quarters.

Negative Factors

Persistent Net Losses

Multi-year net losses and a negative 2024 EBIT margin indicate structural profitability issues. Continued operating deficits erode retained earnings and hinder reinvestment, increasing reliance on external financing and making it harder to achieve sustained returns for shareholders without clear path to positive operating leverage.

Weak Cash Generation

Negative operating cash flow in the latest year and persistent negative free cash flow show the business is not self-funding. This raises liquidity and execution risk, limits the ability to fund growth or absorb contract timing swings, and may force dependence on debt or equity raises over the medium term.

Rising Debt & Negative ROE

An increase in total debt alongside multi-year negative ROE signals deteriorating capital efficiency. If losses continue, higher leverage can strain interest coverage and restrict investment options, amplifying long-term solvency and shareholder-return risks in a cyclical industrial sector.

SBF AG Business Overview & Revenue Model

Company Description

SBF AG, through its subsidiary, SBF Spezialleuchten GmbH, engages in the development, manufacture, and distribution of ceiling and lighting systems for indoor and outdoor rail vehicles. The company primarily serves rail vehicle manufacturers. It also provides interior and exterior lighting, as well as ceiling systems for trams, underground and suburban trains, regional trains, and high-speed trains. The company was founded in 1862 and is headquartered in Leipzig, Germany. SBF AG is a subsidiary of ELBER GmbH.

How the Company Makes Money

SBF AG Financial Statement Overview

Summary

Revenue rebounded strongly in 2024 (+22.8% YoY) and leverage is moderate (debt-to-equity ~0.29), but results are weighed down by net losses in 2022–2024, negative operating profit in 2024, and persistently negative free cash flow with operating cash flow turning negative in 2024.

Income Statement

Revenue rebounded strongly in 2024 (+22.8% YoY) after a slight decline in 2023, and gross margins have held fairly steady around the mid‑40% range. However, profitability has deteriorated versus earlier years: the company posted net losses in 2022–2024, with 2024 operating profit still negative (EBIT margin about -2.6%) and EBITDA roughly break-even. Overall, growth is improving, but earnings quality and margin stability have weakened materially since 2021.

Balance Sheet

Leverage remains moderate with debt-to-equity around 0.29 in 2024, and equity is sizable relative to the asset base, which provides balance-sheet cushion. That said, returns on equity are negative in 2022–2024, reflecting the recent losses, and total debt increased in 2024 versus 2023. Overall balance-sheet risk looks manageable, but sustained losses could pressure equity returns over time.

Cash Flow

Cash generation is inconsistent: operating cash flow swung from positive in 2023 to negative in 2024, and free cash flow is negative across all years shown. While 2024 free cash flow is less negative than 2022, the business is still not self-funding, and negative operating cash flow in the latest year raises execution and working-capital risk. Overall, cash flow remains the weakest part of the financial profile.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	46.20M	49.15M	33.96M	34.84M	31.18M	21.40M
Gross Profit	10.17M	22.74M	15.92M	14.75M	18.78M	7.30M
EBITDA	1.35M	193.66K	―	2.34M	5.30M	3.29M
Net Income	-697.72K	-1.99M	-3.36M	-649.05K	4.73M	2.09M
Balance Sheet
Total Assets	46.51M	49.36M	45.39M	48.95M	42.48M	30.05M
Cash, Cash Equivalents and Short-Term Investments	6.08M	6.73M	10.80M	13.70M	9.85M	3.81M
Total Debt	7.91M	9.16M	6.08M	7.46M	7.56M	8.74M
Total Liabilities	15.65M	17.86M	11.86M	12.11M	13.29M	13.38M
Stockholders Equity	30.86M	31.50M	33.53M	36.84M	29.19M	16.67M
Cash Flow
Free Cash Flow	-2.80M	-2.80M	-1.27M	-8.05M	-1.01M	-2.99M
Operating Cash Flow	-1.78M	-1.78M	688.00K	-5.07M	94.00K	17.00K
Investing Cash Flow	-2.95M	-2.95M	-1.79M	1.02M	-977.00K	-3.83M
Financing Cash Flow	-745.00K	-745.00K	-492.00K	8.21M	5.08M	5.36M

SBF AG Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
CY1K	48 Neutral	€48.53M	-29.62	-5.10%	―	―	―