Actic Group AB (ATIC) AI Stock Analysis

• Market Cap: kr694.05M
• Dividend Yield: N/A
• Average Volume (3M): 100.53K
• Price to Earnings (P/E): 8.9
• Beta (1Y): 1.22
• Revenue Growth: 2.98%
• EPS Growth: N/A
• Country: SE
• Employees: 459
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Personal Products & Services
• EPS (TTM): 0.17
• Shares Outstanding: 22,755,710
• 10 Day Avg. Volume: 67,959
• 30 Day Avg. Volume: 100,534
• PEG Ratio: -0.01
• Price to Book (P/B): 3.48
• Price to Sales (P/S): 1.17
• P/FCF Ratio: 5.00
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 3.14
• Revenue Forecast (FY): kr717.12M

• Rating: 51 Neutral
• Price Target: kr31.00 ▼(-18.64% Downside)
• Action: Reiterated Date: 02/19/26
• Date: Action: Reiterated 02/19/26

The score is held back mainly by elevated balance-sheet leverage and weak technical momentum (price below major moving averages with negative MACD). Offsetting factors are improving profitability with consistently positive free cash flow and a relatively low P/E that provides valuation support.

Positive Factors

Consistent cash generation

Consistently positive operating and free cash flow—even through loss-making years—indicates the business reliably converts memberships into cash. This durable cash generation supports debt service, routine maintenance and reinvestment in clubs, improving the company's ability to execute multi-month deleveraging and operational plans.

Recurring subscription revenue model

A membership-driven, subscription-like revenue model creates predictable, recurring cash inflows and higher revenue visibility versus transactional businesses. That structural revenue base supports long-term planning, stable staffing and facility utilization, and provides resilience to short-term demand swings if retention remains steady.

Return to profitability

Rebounding to positive net income in 2025 signals improving cost control and operating leverage potential. Sustainable profitability strengthens internal capital generation, helps rebuild equity over time and increases strategic optionality for reinvestment in club experience and retention initiatives.

Negative Factors

High leverage

Debt roughly five times equity materially elevates refinancing and solvency risk and constrains strategic flexibility. High leverage increases interest burden, limits capacity for capex or marketing, and makes the company vulnerable to slower cash conversion or rate shocks over the coming months.

Flat to declining revenue

Stagnant top-line growth reduces the ability to absorb fixed costs inherent in gym operations and limits the scope to deleverage via organic revenue expansion. Without sustained member growth or higher pricing, margin improvement and long-term earnings growth will remain constrained.

Modest margins and earnings volatility

Low operating margins and volatile year-to-year net income undermine predictability of future free cash flow. This variability complicates capital allocation, makes servicing high debt harder during down-cycles, and raises uncertainty around sustaining recent profitability improvements.

Actic Group AB Business Overview & Revenue Model

Company Description

Actic Group AB (publ) operates gyms and wellness chains in Sweden, Norway, Germany, and Austria. The company offers individual training in the gym, outdoors, and digitally; and personal training, group training, and access to bathhouses that are connected to its facilities. It also provides goods and related services, including dietary supplements, such as energy bars and energy drinks, as well as sells training clothes through an online stores; and various other training products. In addition, the company offers training packages for corporate customers' employees, as well as arranges education program for instructors. It operates 167 clubs; and serves 184,000 members. Actic Group AB (publ) was founded in 1981 and is headquartered in Solna, Sweden.

How the Company Makes Money

Actic Group AB generates revenue through multiple streams primarily derived from membership fees, which account for the majority of its earnings. Customers pay for monthly or annual gym memberships that grant them access to fitness facilities and services. In addition to memberships, Actic offers personal training sessions and specialized group classes, providing additional revenue opportunities. The company may also generate income through partnerships with corporate clients, offering tailored fitness programs for employee wellness initiatives. Seasonal promotions and introductory offers can attract new members, further enhancing revenue growth. Additionally, the company may explore ancillary revenue sources such as merchandise sales or nutritional products.

Actic Group AB Financial Statement Overview

Summary

Profitability improved with a return to positive earnings in 2025 and cash generation has been consistently positive. However, revenue has been broadly flat and the balance sheet is heavily levered (high debt relative to equity), which elevates financial risk and limits flexibility.

Income Statement

Revenue has been broadly flat over the last few years with a slight decline in 2025, pointing to limited top-line momentum. Profitability has improved meaningfully: after multiple loss-making years (2021–2024), the company returned to positive earnings in 2025 with a solid net margin. That said, operating profitability remains modest versus the cost structure (low EBIT margin), and the sharp year-to-year swings in net income raise questions about earnings durability.

Balance Sheet

The balance sheet is heavily levered, with debt running at roughly five times equity across the period, which materially increases financial risk and reduces flexibility. Equity is relatively small compared with the asset base, and returns to shareholders have been volatile—negative for several years before turning strongly positive in 2025. While the 2025 profitability rebound helps, leverage remains the key constraint.

Cash Flow

Cash generation is a relative strength: operating cash flow and free cash flow have been consistently positive across all years provided, even when net income was negative. Free cash flow generally tracks earnings well, and 2025 free cash flow remained healthy despite a decline versus 2024. The main weakness is that cash flow covers less than half of total debt in the latest periods, leaving the company reliant on continued steady cash generation to manage leverage.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	695.14M	693.79M	678.33M	749.78M	629.22M
Gross Profit	53.84M	688.40M	673.65M	747.09M	626.80M
EBITDA	202.19M	218.18M	215.51M	183.32M	147.12M
Net Income	77.89M	-8.76M	-37.19M	-36.33M	-94.09M
Balance Sheet
Total Assets	1.32B	1.30B	1.33B	1.46B	1.60B
Cash, Cash Equivalents and Short-Term Investments	90.21M	48.27M	34.77M	34.90M	32.36M
Total Debt	1.23B	883.67M	923.81M	1.01B	1.11B
Total Liabilities	1.09B	1.14B	1.16B	1.26B	1.41B
Stockholders Equity	233.58M	160.13M	166.84M	205.32M	189.36M
Cash Flow
Free Cash Flow	162.55M	172.03M	139.73M	108.77M	90.04M
Operating Cash Flow	183.40M	190.44M	168.26M	146.66M	113.72M
Investing Cash Flow	38.96M	-18.40M	312.00K	-39.45M	-24.37M
Financing Cash Flow	-180.39M	-158.51M	-168.62M	-104.84M	-201.44M

Actic Group AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 38.10
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ATIC, the sentiment is Positive. The current price of 38.1 is above the 20-day moving average (MA) of 29.95, above the 50-day MA of 31.36, and above the 200-day MA of 27.71, indicating a neutral trend. The MACD of -0.23 indicates Negative momentum. The RSI at 51.97 is Neutral, neither overbought nor oversold. The STOCH value of 60.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:ATIC.

Actic Group AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EMBELL	62 Neutral	kr823.86M	11.94	12.72%	3.17%	0.78%	1.33%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
DURC.B	58 Neutral	kr783.90M	-313.57	-1.19%	2.30%	-4.95%	-157.76%
ATIC	51 Neutral	kr694.05M	8.91	28.33%	―	2.98%	―
BULTEN	48 Neutral	kr907.73M	-82.52	-0.32%	5.49%	-10.68%	-103.85%
BOAT	46 Neutral	kr605.36M	-3.60	-11.15%	―	-17.48%	20.08%
PIERCE	46 Neutral	kr755.42M	-774.60	-1.41%	―	15.59%	16.67%