Byggmax Group AB (BMAX) AI Stock Analysis

• Market Cap: kr3.54B
• Dividend Yield: 1.4%
• Average Volume (3M): 164.06K
• Price to Earnings (P/E): 18.5
• Beta (1Y): 0.71
• Revenue Growth: 4.04%
• EPS Growth: 433.33%
• Country: SE
• Employees: 1,081
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Construction
• EPS (TTM): -0.85
• Shares Outstanding: 58,625,046
• 10 Day Avg. Volume: 111,022
• 30 Day Avg. Volume: 164,062
• PEG Ratio: 0.09
• Price to Book (P/B): 1.28
• Price to Sales (P/S): 0.52
• P/FCF Ratio: 4.28
• 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: 61 Neutral
• Price Target: kr60.00 ▲(9.09% Upside)

The score is driven by solid cash-flow resilience and supportive technical momentum (price above key moving averages with positive MACD). Offsetting this are weaker multi-year operating fundamentals (contracting revenue and compressed margins) and only neutral valuation support (mid P/E and modest dividend yield).

Positive Factors

Strong cash generation

Consistent operating and free cash flow through 2024–2025 indicates durable cash conversion ability. That resilience supports reinvestment in stores and e-commerce, funds debt servicing and buffers cycles, enhancing long-term financial flexibility even if earnings fluctuate.

Omni-channel retail model

A combined store and digital distribution footprint serving both DIY consumers and small professionals creates structural demand diversification. Physical locations plus e-commerce improve customer reach, support scale in procurement/logistics, and provide durable competitive positioning in Nordic markets.

Recent earnings improvement

Meaningful YoY profit improvement in 2025 signals operational recovery from prior weakness. If sustained, this suggests management actions on costs, pricing or assortment are taking hold and could mark the start of a multi-quarter margin restoration rather than a one-off swing.

Negative Factors

Multi-year revenue decline

Persistent top-line contraction erodes scale benefits, reduces bargaining power with suppliers, and raises per-unit fixed costs. If revenue declines continue, pressure on store economics and digital fulfillment margins intensifies, making durable recovery harder without structural change.

Compressed profitability

A material and sustained margin compression reduces cash available for reinvestment and debt reduction. Low-single-digit margins leave limited buffer for cost inflation or demand shocks, increasing vulnerability and requiring persistent operating improvements to restore historical profitability.

Moderate-to-elevated leverage

Debt near or above equity increases sensitivity to earnings volatility and limits strategic flexibility. Elevated leverage raises refinancing and interest-rate risk, constrains capital allocation choices, and makes margin or revenue setbacks more likely to pressure solvency or investment plans over the medium term.

Byggmax Group AB Business Overview & Revenue Model

Company Description

Byggmax Group AB (publ) sells building materials and related products for DIY projects in Sweden, Norway, and internationally. The company offers timber, board materials, garden products, tools, paint, and other products. As of December 31, 2021, it operates 192 stores, including 123 stores in Sweden, 56 stores in Norway, 9 in Finland, and 4 in Denmark, as well as 11 showrooms with Skånska Byggvaror concept. The company also offers its products online. Byggmax Group AB (publ) was founded in 1993 and is headquartered in Solna, Sweden.

How the Company Makes Money

Byggmax generates revenue primarily through the sale of building materials and home improvement products in its physical stores and online. The company operates a cost-efficient retail model that emphasizes low prices and high turnover of inventory. Key revenue streams include direct sales of construction materials, tools, and accessories, as well as seasonal products related to home improvement and renovation projects. Additionally, Byggmax benefits from partnerships with suppliers that enable bulk purchasing and competitive pricing. The company may also engage in promotional activities and loyalty programs to drive customer retention and increase sales volume.

Byggmax Group AB Financial Statement Overview

Summary

Mixed fundamentals: cash flow is a clear strength (solid operating and free cash flow in 2024–2025), but income-statement performance is weak with multi-year revenue contraction and materially compressed margins versus 2020–2022. Balance sheet is serviceable but moderately levered (debt around/above equity), increasing sensitivity to earnings swings.

Income Statement

Profitability has deteriorated materially versus the 2020–2022 period. Revenue has been contracting for several years (down again in 2024 and sharply lower in 2025), and net margin has compressed from strong levels in 2020–2021 to low-single-digits recently. A positive is that 2025 shows improved earnings versus 2024 (net income up meaningfully and margins slightly better), but the overall trajectory still reflects weaker demand/pricing and thinner profitability compared with earlier years.

Balance Sheet

Leverage is moderate-to-elevated, with debt consistently around or above equity (debt-to-equity roughly ~1.0–1.3 in recent years), which increases sensitivity to earnings swings. Equity has been relatively stable, and returns on equity improved in 2025 versus 2023–2024, but remain well below the strong levels seen in 2020–2022. Overall, the balance sheet looks serviceable, though not conservative, and would benefit from stronger profitability or lower debt.

Cash Flow

Cash generation is a clear strength: operating cash flow and free cash flow have remained solid across the cycle, including strong free cash flow in 2024–2025. Free cash flow has been high relative to net income in recent years, suggesting earnings are translating into cash reasonably well. The main weakness is volatility in free-cash-flow growth year to year (notably a steep decline in 2025 versus 2024), indicating cash results can swing with working-capital and operating conditions.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	6.13B	5.99B	6.11B	7.26B	7.64B
Gross Profit	273.00M	2.08B	132.00M	2.46B	2.61B
EBITDA	966.00M	857.00M	780.00M	1.07B	1.36B
Net Income	191.00M	67.00M	26.00M	313.00M	621.00M
Balance Sheet
Total Assets	5.46B	5.91B	6.17B	6.51B	6.07B
Cash, Cash Equivalents and Short-Term Investments	11.00M	11.00M	10.00M	19.00M	43.00M
Total Debt	3.26B	2.48B	2.74B	2.87B	2.19B
Total Liabilities	2.95B	3.50B	3.80B	4.15B	3.82B
Stockholders Equity	2.52B	2.40B	2.36B	2.36B	2.25B
Cash Flow
Free Cash Flow	752.00M	780.00M	635.00M	281.00M	585.00M
Operating Cash Flow	809.00M	860.00M	781.00M	536.00M	814.00M
Investing Cash Flow	-79.00M	-77.00M	-153.00M	-308.00M	-466.00M
Financing Cash Flow	-731.00M	-783.00M	-654.00M	-253.00M	-375.00M

Byggmax Group AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 55.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BMAX, the sentiment is Positive. The current price of 55 is below the 20-day moving average (MA) of 56.92, above the 50-day MA of 53.65, and above the 200-day MA of 53.79, indicating a bullish trend. The MACD of 1.25 indicates Negative momentum. The RSI at 71.40 is Negative, neither overbought nor oversold. The STOCH value of 82.53 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:BMAX.

Byggmax Group AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RVRC	78 Outperform	kr7.16B	23.45	23.71%	2.02%	6.44%	0.49%
SYSR	66 Neutral	€17.95B	25.98	11.96%	1.55%	2.11%	13.90%
INWI	64 Neutral	kr9.05B	17.60	9.78%	3.37%	3.41%	-1.70%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
BMAX	61 Neutral	kr3.54B	18.51	7.24%	1.40%	4.04%	433.33%
LIAB	57 Neutral	kr14.35B	26.47	7.36%	2.61%	-1.96%	-19.69%
BALCO	47 Neutral	kr379.86M	-10.33	-4.80%	―	-0.80%	-442.39%

Byggmax Group AB Corporate Events

Byggmax Boosts Profitability, Cuts Debt and Proposes Higher Dividend for 2025

Byggmax Group reported modest full-year 2025 sales growth of 2.5% to SEK 6.1 billion and a like-for-like sales increase of 3.4%, while significantly strengthening profitability, with the EBITA margin rising to 5.9% from 3.9% and earnings per share climbing 185% to SEK 3.25. Despite a 1.6% decline in fourth-quarter sales, weighed down by assortment streamlining and negative currency effects in the company’s seasonally weak period, EBITA losses narrowed and the group further deleveraged, cutting net debt excluding leases to SEK 354 million, the lowest level in more than a decade, underpinning the Board’s proposal to more than double the dividend to SEK 1.65 per share. Management attributed the improved performance to sharpened focus on core offerings, store reconfigurations, expanded own-brand assortment, and a restructuring of logistics to boost availability and efficiency, and signaled continued emphasis in 2026 on driving sales and margins within the existing store infrastructure, supported by a new customer and marketing function aimed at deepening customer insight and strengthening the company’s position for profitable growth.

The most recent analyst rating on (SE:BMAX) stock is a Hold with a SEK57.00 price target. To see the full list of analyst forecasts on Byggmax Group AB stock, see the SE:BMAX Stock Forecast page.

Byggmax Group Announces Change in Nomination Committee

Byggmax Group AB announced a change in its Nomination Committee following the divestment of shares by Verdipapirfondet Odin Sverige, leading to the resignation of their representative, Peter Nygren. The company will evaluate the necessity of appointing a new member to the committee, adhering to the principles set by the Annual General Meeting, and any changes will be communicated accordingly.

The most recent analyst rating on (SE:BMAX) stock is a Hold with a SEK48.00 price target. To see the full list of analyst forecasts on Byggmax Group AB stock, see the SE:BMAX Stock Forecast page.