Asker Healthcare Group AB (ASKER) AI Stock Analysis

• Market Cap: kr23.64B
• Dividend Yield: N/A
• Average Volume (3M): 1.96M
• Price to Earnings (P/E): 46.0
• Beta (1Y): 0.75
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 4,238
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Care Facilities
• EPS (TTM): 0.67
• Shares Outstanding: 383,036,500
• 10 Day Avg. Volume: 378,678
• 30 Day Avg. Volume: 1,960,693
• PEG Ratio: 1.92
• Price to Book (P/B): 4.74
• Price to Sales (P/S): 1.85
• P/FCF Ratio: 42.11
• 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): 2.79
• Revenue Forecast (FY): kr18.84B

• Rating: 54 Neutral
• Price Target: kr66.00 ▼(-19.76% Downside)
• Action: Downgraded Date: 02/18/26
• Date: Action: Downgraded 02/18/26

The score is mainly supported by strong growth and improving operating fundamentals with positive free cash flow, but is pulled down by a pronounced technical downtrend/weak momentum and a high P/E valuation alongside thin net margins and remaining leverage risk.

Positive Factors

Strong revenue growth trend

Sustained, accelerating top-line growth (38.61% in 2025) reflects expanding market penetration and demand for medical products. For a distributor of recurring consumables, this durable revenue expansion supports scale benefits, stronger supplier leverage, and longer-term contract opportunities.

Improving gross and operating margins

Material improvement in gross and operating margins indicates better product mix or procurement terms and improved operating efficiency. Higher structural margins provide a cushion for reinvestment and support sustainable profitability if the company maintains focus on higher-margin specialized products.

Solid, improving cash generation

Consistently positive and rising operating and free cash flow demonstrates strong cash conversion capacity over time. This durable cash generation supports deleveraging, working-capital needs, and reinvestment into distribution and service capabilities essential for long-term competitiveness.

Negative Factors

Thin and volatile net margins

A low net margin (~2.9%) leaves little buffer against cost inflation, pricing pressure, or adverse one-off items. For a distribution business with variable procurement and financing costs, thin net margins raise the risk that earnings swings will materially affect free cash and capital allocation over the medium term.

Elevated leverage despite improvement

Although leverage improved, a debt-to-equity around 1.0 (after much higher prior levels) still constrains flexibility. For a low-margin healthcare distributor, notable gearing increases financing vulnerability, limits M&A or capex optionality, and raises sensitivity to interest-rate or cash-flow shocks.

Weaker cash conversion versus net income

Declining FCF coverage of net income signals worsening cash conversion, likely from working capital or accruals. This structural deterioration reduces available cash for debt paydown and reinvestment, increasing reliance on external funding and heightening risk if earnings prove cyclical.

Asker Healthcare Group AB Business Overview & Revenue Model

Company Description

Asker Healthcare Group AB provides medical supplies, devices, and equipment, and related solutions that support patient care. It offers protective products, infusion products, and dressings; measuring instruments for diabetes and blood pressure; and endoscopy equipment, incubators, and ventilators, as well as pharmaceuticals. The company also provides, supplies, and distributes fittings and equipment; veterinary equipment; surgical and diagnostic instruments; medical supplies and equipment for urology, ultrasound diagnostics, laser treatment, and regenerative medicine; medical equipment for operating rooms, polyclinics, and day surgeries; hygiene equipment; equipment and products for beauty clinics; defibrillators and wound care products; and health-related protection and trauma products for emergency care, police service, and military. In addition, it offers develops and sells disposable medical supplies under the Evercare, Selefa, and Embra brands; distributes eye surgery products; and develops and sells products for time-management, communication, and cognition for schools, assistive technology centres, and other public services. Further, the company provides support and assistance to people needing wound, diabetes, and urological care; ostomy, urology, and rehab services; ambulance services; products for physiotherapy practices; supplies exercise and treatment equipment and measurement; and sells and rents out various mobility aids and rehab products, such as pressure-relieving mattresses and cushions, as well as manufactures and distributes pressure care products. The company operates in Sweden, Norway, Finland, Estonia, Latvia, Lithuania, Netherlands, Belgium, Luxembourg, Denmark, the United Kingdom, Ireland, Germany, Austria, Switzerland, Czech Republic, and Poland. Asker Healthcare Group AB was founded in 2018 and is based in Danderyd, Sweden.

How the Company Makes Money

ASKER generates revenue through multiple streams, primarily by selling its pharmaceutical products and medical devices to healthcare providers, hospitals, and pharmacies. The company employs a direct sales model as well as partnerships with distributors to expand its market reach. Additionally, ASKER may engage in licensing agreements for its proprietary technologies, allowing other companies to utilize its innovations in exchange for royalties or upfront fees. Strategic partnerships with research institutions and other healthcare entities also contribute to funding and collaborative development projects, enhancing ASKER's product pipeline and market presence. Overall, the combination of direct sales, licensing, and partnerships forms the backbone of ASKER's revenue model.

Asker Healthcare Group AB Financial Statement Overview

Summary

Strong revenue growth and improving gross/operating margins support the score, with consistently positive and rising free cash flow. Offsetting this are thin/volatile net margins, a still-leveraged balance sheet despite improvement, and weaker recent cash conversion versus net income.

Income Statement

Revenue growth is a clear strength, accelerating to 38.61% in 2025 after steady expansion in 2022–2024. Profitability has improved at the gross level (gross margin rose from ~27.9% in 2021 to ~40.9% in 2025) and operating margin also trends higher versus 2023–2024. However, net profitability is thin (net margin ~2.9% in 2025) and has been volatile versus prior years, which suggests earnings are sensitive to costs, financing, or non-operating items.

Balance Sheet

Leverage remains a key constraint: debt is high relative to equity across the period, improving meaningfully in 2025 (debt-to-equity ~1.00) after being elevated in 2021–2024 (~1.65–2.19). The rising equity base and larger asset base support improved balance sheet resilience, but the capital structure still carries notable debt risk for a low net-margin business.

Cash Flow

Cash generation is solid and generally improving: operating cash flow increased from 382M (2021) to 1,328M (2025), and free cash flow remains consistently positive. Free cash flow growth rebounded sharply in 2025 (+87.786%) after a small decline in 2024. Offsetting this, free cash flow covers only about ~56% of net income in 2025 (down from ~72% in 2024 and ~86–87% in 2022–2023), pointing to weaker cash conversion versus recent history.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	16.79B	15.03B	13.45B	11.72B	9.35B
Gross Profit	6.87B	5.88B	4.52B	3.78B	2.61B
EBITDA	1.23B	1.47B	1.12B	1.12B	670.00M
Net Income	492.00M	360.00M	203.00M	430.00M	467.00M
Balance Sheet
Total Assets	16.77B	13.12B	11.33B	10.23B	7.36B
Cash, Cash Equivalents and Short-Term Investments	884.00M	490.00M	391.00M	211.00M	494.00M
Total Debt	6.54B	5.96B	4.97B	4.74B	3.93B
Total Liabilities	10.19B	9.62B	8.29B	7.44B	5.54B
Stockholders Equity	6.55B	3.47B	3.02B	2.76B	1.79B
Cash Flow
Free Cash Flow	738.00M	879.00M	901.00M	853.00M	258.00M
Operating Cash Flow	1.33B	1.23B	1.05B	976.00M	382.00M
Investing Cash Flow	-2.91B	-1.46B	-783.00M	-1.86B	-843.00M
Financing Cash Flow	2.02B	305.00M	-83.00M	572.00M	619.00M

Asker Healthcare Group AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ALIF.B	61 Neutral	kr18.23B	33.56	7.24%	0.46%	5.14%	236.75%
MCOV.B	56 Neutral	kr32.84B	38.21	―	0.66%	13.89%	231.42%
EKTA.B	55 Neutral	kr21.76B	76.19	3.08%	4.25%	-0.90%	-70.95%
ASKER	54 Neutral	kr23.64B	46.02	―	―	―	―
ARJO.B	54 Neutral	kr7.27B	22.07	5.42%	3.01%	-0.05%	-13.44%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
VITR	49 Neutral	kr12.51B	-2.50	3.34%	0.80%	-1.29%	―

Asker Healthcare Group AB Corporate Events

Asker Healthcare Delivers Strong 2025 on M&A-Driven Growth and Margin Gains

Asker Healthcare Group reported a strong 2025, with net sales rising 12% to SEK 16.8bn and adjusted EBITA up 17%, lifting the margin to 9.5% for the year and 10% in the fourth quarter. Profit and earnings per share grew sharply, cash flow from operations improved, and return on net working capital stayed high, underscoring a stable core business and solid financial position.

Growth was driven by 14 acquisitions during the year, including four signed in the fourth quarter, alongside continuous operational improvements and economies of scale, particularly in the Central and West business areas. The group kept leverage below its 2.5x EBITDA target, proposed a dividend for shareholders and signalled an active M&A agenda for 2026 as it seeks to further consolidate the European medtech market and support efficiency and sustainability in healthcare.

The most recent analyst rating on (SE:ASKER) stock is a Hold with a SEK75.00 price target. To see the full list of analyst forecasts on Asker Healthcare Group AB stock, see the SE:ASKER Stock Forecast page.

Asker Healthcare Reshapes Leadership in M&A and ESG to Support Growth Agenda

Asker Healthcare Group has reshuffled its senior leadership, appointing current M&A Director Lovisa Hedin as Head of M&A and promoting Head of HR Kerstin Mjömark to Head of HR and ESG, effective 1 April, while current M&A chief Ola Nordh and ESG head Sanna Norman will depart later in the year after a transition period. CEO Johan Falk highlighted Hedin’s central role in building Asker’s decentralized, locally driven M&A model and its strong acquisition pipeline, and underscored the strategic importance of integrating ESG work into local businesses under Mjömark’s leadership to meet the group’s 2030 sustainability targets, reinforcing the company’s growth and sustainability agenda within the European healthcare market.

The most recent analyst rating on (SE:ASKER) stock is a Hold with a SEK78.00 price target. To see the full list of analyst forecasts on Asker Healthcare Group AB stock, see the SE:ASKER Stock Forecast page.

Asker Healthcare Group Sets Date for 2025 Year-End Report and Webcast

Asker Healthcare Group will release its Year-End Report for 2025 on 10 February at 08:10 CET and will host a webcast presentation the same day at 10:00 CET for investors, analysts and media. CEO Johan Falk and CFO Thomas Moss will present and comment on the results, followed by a Q&A session, with presentation materials and an on-demand replay to be made available on the company’s website, underscoring Asker’s efforts to maintain transparent communication with the capital market and other stakeholders.

The most recent analyst rating on (SE:ASKER) stock is a Buy with a SEK90.00 price target. To see the full list of analyst forecasts on Asker Healthcare Group AB stock, see the SE:ASKER Stock Forecast page.

Asker Healthcare Group to Boost German Homecare Presence with GHC/MPF Acquisition

Asker Healthcare Group has agreed to acquire 100% of German Healthcare GmbH and Medicalprodukte Vertrieb Flensburg GmbH, two interlinked German homecare-focused medical supplies businesses specialising in incontinence and urology products. The target companies, which also supply clinics and pharmacies and generated around SEK 300 million in revenue with 140 employees in the past financial year, bring both global-branded items and attractive private-label ranges that Asker plans to leverage across its European network; subject to regulatory approval, the deal is expected to close in the first quarter of 2026 and to boost the group’s EBITA margin, strengthening Asker’s market position in the German homecare segment and broadening its product offering for stakeholders across Europe.

The most recent analyst rating on (SE:ASKER) stock is a Buy with a SEK107.00 price target. To see the full list of analyst forecasts on Asker Healthcare Group AB stock, see the SE:ASKER Stock Forecast page.

Asker Healthcare Group Acquires Van Heek Medical to Strengthen Benelux Presence

Asker Healthcare Group has announced the acquisition of Van Heek Medical, a prominent manufacturer and distributor of medical supplies in the Benelux region. This strategic move is expected to enhance Asker’s presence in the region and contribute positively to the company’s EBITA margin, following regulatory approvals expected in early 2026.

The most recent analyst rating on (SE:ASKER) stock is a Buy with a SEK107.00 price target. To see the full list of analyst forecasts on Asker Healthcare Group AB stock, see the SE:ASKER Stock Forecast page.

Asker Healthcare Group Announces Board Changes at Extraordinary General Meeting

At the Extraordinary General Meeting of Asker Healthcare Group AB held on December 9, 2025, the board resolved to maintain its composition of six members and approved the payment of board and committee fees to all members until the next Annual General Meeting in 2026. Karl Petersson was elected as a new board member, replacing Anders Nyman who resigned. This meeting reflects the company’s commitment to maintaining strong governance and leadership continuity, which is crucial for its ongoing operations and strategic objectives in the healthcare sector.

The most recent analyst rating on (SE:ASKER) stock is a Buy with a SEK107.00 price target. To see the full list of analyst forecasts on Asker Healthcare Group AB stock, see the SE:ASKER Stock Forecast page.

Asker Healthcare Group Acquires French Cardiology Distributor Cardio Dépôt

Asker Healthcare Group has acquired Cardio Dépôt, a French distributor specializing in cardiology medical devices and consumables. This acquisition is expected to enhance Asker’s product offerings and digital presence in the cardiology field, positively impacting the group’s EBITA margin and supporting its growth strategy.

The most recent analyst rating on (SE:ASKER) stock is a Buy with a SEK107.00 price target. To see the full list of analyst forecasts on Asker Healthcare Group AB stock, see the SE:ASKER Stock Forecast page.