AAK AB (AAK) AI Stock Analysis

• Market Cap: kr67.09B
• Dividend Yield: 1.92%
• Average Volume (3M): 462.66K
• Price to Earnings (P/E): 19.7
• Beta (1Y): 0.33
• Revenue Growth: 4.79%
• EPS Growth: -1.93%
• Country: SE
• Employees: 4,000
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Packaged Foods
• EPS (TTM): 3.49
• Shares Outstanding: 259,629,200
• 10 Day Avg. Volume: 462,417
• 30 Day Avg. Volume: 462,663
• PEG Ratio: 1.15
• Price to Book (P/B): 4.08
• Price to Sales (P/S): 1.82
• P/FCF Ratio: 74.00
• 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: kr295.50
• Price Target Upside: 13.31% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 67 Neutral
• Price Target: kr289.00 ▲(10.81% Upside)

AAK AB's overall stock score is driven by strong profitability and a solid balance sheet, though cash flow challenges are a concern. The technical indicators show a positive trend, supporting the stock's stability. The valuation is moderate, with a reasonable P/E ratio and a modest dividend yield.

Positive Factors

Strong Profitability

Consistent profitability indicates effective cost management and pricing power, supporting long-term financial stability and growth potential.

Solid Balance Sheet

A low debt-to-equity ratio suggests conservative financial management, providing flexibility for future investments and resilience against economic downturns.

Revenue Growth

Strong revenue growth indicates successful market expansion and product demand, which can drive future earnings and shareholder value.

Negative Factors

Cash Flow Challenges

Cash flow challenges can limit the company's ability to invest in growth opportunities and meet financial obligations, posing a risk to long-term sustainability.

Declining Net Profit Margin

A declining net profit margin may indicate rising costs or pricing pressures, potentially affecting profitability and competitiveness over time.

Low Operating Cash Flow to Net Income Ratio

A low ratio suggests that earnings are not being efficiently converted into cash, which could impact liquidity and the ability to fund operations or growth initiatives.

AAK AB Business Overview & Revenue Model

Company Description

AAK AB (AAK) is a leading provider of value-adding vegetable oils and fats, serving various sectors including food, confectionery, and cosmetics. The company specializes in producing high-quality, customized solutions tailored to meet the specific needs of its customers. AAK operates globally, leveraging its extensive expertise in processing and refining oils to deliver products such as cocoa butter equivalents, bakery fats, and specialty oils that enhance the functionality and quality of food and non-food applications.

How the Company Makes Money

AAK generates revenue primarily through the sale of its specialized vegetable oils and fats across several market segments. The company's revenue model is built on long-term partnerships with customers, focusing on customized solutions that meet their specific requirements. Key revenue streams include the food segment, which encompasses bakery, dairy, and confectionery applications, and the technical segment, which includes products for personal care and industrial use. AAK also invests in research and development to innovate new products and improve existing ones, thereby enhancing customer loyalty and driving sales. Significant partnerships with global brands in food and cosmetics further bolster AAK's earnings, as they provide stable demand and opportunities for co-developing new products.

AAK AB Financial Statement Overview

Summary

AAK AB exhibits strong profitability and a solid balance sheet, with stable margins and low leverage. However, challenges in cash flow management, particularly the negative free cash flow, could pose risks if not addressed.

Income Statement

AAK AB demonstrates strong profitability with a consistent gross profit margin above 25% and a net profit margin around 7%. The company has shown resilience in revenue growth, recovering from a decline in 2023 to a positive growth rate in TTM. EBIT and EBITDA margins are stable, indicating efficient operations. However, the slight decline in gross profit margin from 2024 to TTM suggests potential cost pressures.

Balance Sheet

The company's balance sheet is solid with a low debt-to-equity ratio of 0.27 in TTM, reflecting prudent financial management. Return on equity remains robust at approximately 17.7%, indicating effective use of equity capital. The equity ratio is healthy, suggesting a strong asset base. However, the increase in total debt from 2024 to TTM warrants monitoring.

Cash Flow

AAK AB's cash flow performance is mixed. While operating cash flow is positive, the free cash flow is negative in TTM, indicating potential cash management challenges. The free cash flow growth rate has improved significantly, but the negative free cash flow to net income ratio highlights cash flow volatility. The operating cash flow to net income ratio is low, suggesting limited cash conversion efficiency.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	46.27B	45.05B	46.03B	50.42B	35.45B	27.93B
Gross Profit	10.76B	13.00B	11.73B	9.76B	7.75B	7.36B
EBITDA	5.70B	5.76B	4.99B	3.36B	3.05B	2.89B
Net Income	3.41B	3.54B	2.95B	1.77B	1.44B	1.56B
Balance Sheet
Total Assets	33.17B	34.39B	30.55B	33.99B	27.17B	22.28B
Cash, Cash Equivalents and Short-Term Investments	1.48B	1.91B	1.50B	1.51B	1.00B	1.20B
Total Debt	4.91B	3.57B	4.49B	7.25B	4.57B	4.39B
Total Liabilities	13.98B	14.24B	13.38B	18.91B	15.34B	12.54B
Stockholders Equity	19.12B	20.09B	17.12B	15.04B	11.78B	9.70B
Cash Flow
Free Cash Flow	-632.00M	1.11B	4.07B	-1.30B	-111.00M	1.28B
Operating Cash Flow	692.00M	2.35B	5.31B	-73.00M	508.00M	2.02B
Investing Cash Flow	-677.00M	-598.00M	-1.20B	-1.23B	-650.00M	-1.15B
Financing Cash Flow	309.00M	-1.33B	-4.06B	1.79B	-65.00M	-570.00M

AAK AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 260.80
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:AAK, the sentiment is Negative. The current price of 260.8 is above the 20-day moving average (MA) of 259.33, below the 50-day MA of 262.60, and above the 200-day MA of 258.85, indicating a bearish trend. The MACD of -2.02 indicates Positive momentum. The RSI at 48.31 is Neutral, neither overbought nor oversold. The STOCH value of 56.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:AAK.

AAK AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CLA.B	73 Outperform	kr12.43B	17.14	12.72%	2.74%	0.81%	57.02%
ZZ.B	71 Outperform	kr5.53B	22.09	51.65%	2.54%	48.79%	38.02%
AXFO	69 Neutral	kr66.44B	31.20	31.10%	3.05%	6.28%	-10.08%
SCST	68 Neutral	kr6.50B	20.99	―	2.56%	7.37%	2.90%
AAK	67 Neutral	kr67.09B	19.68	18.20%	1.92%	4.79%	-1.93%
AMBEA	65 Neutral	kr10.65B	16.55	13.39%	1.56%	10.83%	16.24%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%

AAK AB Corporate Events

AAK Increases Share Capital After Employee Warrant Conversions

AAK AB has increased its total number of shares and votes during December 2025 by 375,000 following employee participation in its long-term incentive program, Warrants Program series 2022/2027, which allowed conversion of subscription warrants into new shares. After this issuance, the company now has 260,451,002 shares and votes outstanding, modestly diluting existing holdings but underscoring the ongoing use of equity-based incentives to align employees’ interests with long-term shareholder value.

The most recent analyst rating on (SE:AAK) stock is a Sell with a SEK255.00 price target. To see the full list of analyst forecasts on AAK AB stock, see the SE:AAK Stock Forecast page.

AAK Sets February 5 Investor Call for Fourth-Quarter and Full-Year 2025 Results

AAK AB has scheduled a conference call and webcast for investors and analysts on February 5, 2026, to present its interim report for the fourth quarter and its full year-end report for 2025. The event, led by President and CEO Johan Westman and CFO Tomas Bergendahl, will follow the publication of the report earlier that morning, with presentation materials and a replay to be made available on the company’s investor website, underscoring AAK’s ongoing efforts to maintain transparent communication with the financial markets.

The most recent analyst rating on (SE:AAK) stock is a Sell with a SEK255.00 price target. To see the full list of analyst forecasts on AAK AB stock, see the SE:AAK Stock Forecast page.

AAK AB Expands Shares and Votes Through Employee Incentive Program

AAK AB announced an increase in its total number of shares and votes by 446,800 as a result of its long-term incentive program for employees, known as the Warrants Program series 2022/2027. This change, which took place in November 2025, brings the total number of shares and votes to 260,076,002. The program reflects AAK’s commitment to employee engagement and could potentially enhance its market position by aligning employee interests with company growth.

The most recent analyst rating on (SE:AAK) stock is a Hold with a SEK289.00 price target. To see the full list of analyst forecasts on AAK AB stock, see the SE:AAK Stock Forecast page.

AAK CEO Increases Shareholding, Signaling Confidence in Future

AAK AB’s President and CEO, Johan Westman, has increased his stake in the company by acquiring an additional 9,392 shares, bringing his total holdings to 73,000 shares. This acquisition is part of the company’s incentive program, which allows for the exercise of warrants, and has been duly reported to the Swedish Financial Supervisory Authority. This move could signal confidence in the company’s future prospects and may positively influence stakeholder perception.

The most recent analyst rating on (SE:AAK) stock is a Sell with a SEK255.00 price target. To see the full list of analyst forecasts on AAK AB stock, see the SE:AAK Stock Forecast page.