Nimbus Group AB (BOAT) AI Stock Analysis

• Market Cap: kr605.36M
• Dividend Yield: N/A
• Average Volume (3M): 6.11K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.36
• Revenue Growth: -17.48%
• EPS Growth: 20.08%
• Country: SE
• Employees: 403
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Auto - Recreational Vehicles
• EPS (TTM): -1.72
• Shares Outstanding: 42,631,184
• 10 Day Avg. Volume: 4,447
• 30 Day Avg. Volume: 6,112
• PEG Ratio: -0.02
• Price to Book (P/B): 0.47
• Price to Sales (P/S): 0.34
• P/FCF Ratio: -6.81
• 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): 3.86
• Revenue Forecast (FY): kr1.86B

• Rating: 46 Neutral
• Price Target: kr14.00 ▲(31.46% Upside)
• Action: Reiterated Date: 02/09/26
• Date: Action: Reiterated 02/09/26

The score is held down primarily by weakening fundamentals—declining revenue, losses, and sustained negative operating/free cash flow—despite a comparatively stable balance sheet. Technicals are mixed (short-term improvement but longer-term downtrend), and valuation is constrained by negative earnings with no dividend data to add support.

Positive Factors

Balance-sheet resilience

The company’s moderate leverage and sizeable equity base provide a durable financial cushion that supports liquidity and access to capital. This balance-sheet strength gives the firm runway to withstand cyclical troughs, fund restructuring or capex, and avoids immediate solvency pressure while rebuilding operating performance.

Demonstrated prior margin strength

Historically strong margins indicate the business model can deliver attractive unit economics and pricing power, especially in premium segments. That embedded cost structure and margin capability suggest profitability can recover when demand or pricing normalizes, making improvements sustainable if management controls costs and product mix.

Multi-brand premium positioning & dealer network

Owning multiple brands and direct control over product development, manufacturing and dealer distribution creates a durable competitive moat. Premium brand positioning and an established dealer network support pricing, aftermarket sales, and customer loyalty, which sustain revenue and margin over cycles if market demand stabilizes.

Negative Factors

Declining revenue and EPS

Sustained top-line contraction and steep EPS decline reduce scale advantages and squeeze gross and operating margins. Persisting revenue declines signal weakening end-market demand or lost share, making margin recovery harder and increasing the likelihood of structural repositioning or pricing pressure over the medium term.

Negative operating and free cash flow

Multi-year cash burn undermines financial flexibility, forcing reliance on external financing or asset measures. Persistent negative OCF/FCF elevates refinancing and dilution risk, constrains investments in product and dealer support, and increases the chance that short-term liquidity needs drive suboptimal strategic decisions.

Returns and profitability turned negative

Negative ROE and deteriorating profitability indicate capital is not being used productively and shareholder value is eroding. If losses persist, the company may need restructuring, cost cutting, or capital raises; restoring sustainable returns will require both revenue stabilization and meaningful margin improvement.

Nimbus Group AB Business Overview & Revenue Model

Company Description

Nimbus Group AB (Publ) designs, manufactures, and markets recreational motorboats worldwide. The company provides the boats under the Nimbus, Alukin, Aquador, Bella, Falcon, Flipper, and Paragon Yachts brand names. It offers its products through a network of dealers, retailers, and resellers. The company was founded in 1968 and is based in Gothenburg, Sweden. Nimbus Group AB (Publ) is a subsidiary of R12 Kapital AB.

How the Company Makes Money

Nimbus Group AB generates revenue through multiple streams, primarily from the sale of its boats and marine products. The company sells directly to consumers as well as through a network of dealers and distributors, allowing it to reach a broad market segment. In addition to boat sales, Nimbus Group AB earns income from aftermarket services, including maintenance, repairs, and parts sales, which provide ongoing revenue opportunities. The company also benefits from strategic partnerships with other marine and technology firms, enhancing its product offerings and market reach. Seasonal demand fluctuations in the boating industry, along with the growing trend of recreational boating, contribute significantly to its revenue generation.

Nimbus Group AB Financial Statement Overview

Summary

Overall financial quality is weak: profitability has swung from healthy margins (2020–2022) to deeper losses in 2024–2025, and operating/free cash flow has been negative in 2022–2025 with further deterioration in 2025. The balance sheet is a relative bright spot with moderate leverage and sizeable equity, but returns have turned negative and sustained cash burn raises funding risk if the downturn persists.

Income Statement

Operating performance has deteriorated meaningfully: revenue has declined in the last two annual periods (2024 and 2025) after growth in 2021–2023. Profitability has also swung sharply from solid positive margins in 2020–2022 to losses in 2024–2025, with 2025 showing a much deeper net loss than 2024 and weaker gross margin versus prior years. The main strength is the company’s demonstrated ability to generate healthy margins in the earlier part of the cycle, but the current earnings trajectory is unfavorable.

Balance Sheet

Leverage looks manageable: debt-to-equity remains moderate (roughly 0.30–0.37 in 2022–2025) and improved versus 2020’s higher leverage. Equity is still sizeable, which provides some balance-sheet resilience despite the recent losses. The key weakness is returns on equity turning negative in 2024–2025, indicating the balance sheet is not currently being used profitably and could come under pressure if losses persist.

Cash Flow

Cash generation is a clear weak point: operating cash flow is negative in 2022–2025 (and free cash flow is negative across 2022–2025), contrasting with strong positive cash flow in 2020–2021. Free cash flow deterioration in 2025 versus 2024 reinforces the downshift in underlying cash earnings. While free cash flow appears better than reported net income in loss years (helped by non-cash charges/working-capital effects), the business is still consuming cash, which increases funding risk if the downturn continues.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.37B	1.62B	1.90B	1.75B	1.46B
Gross Profit	117.92M	214.70M	287.56M	336.23M	292.97M
EBITDA	-9.23M	-45.16M	145.08M	227.40M	190.71M
Net Income	-167.70M	-61.43M	45.05M	149.64M	133.01M
Balance Sheet
Total Assets	1.78B	2.40B	2.01B	1.57B	1.23B
Cash, Cash Equivalents and Short-Term Investments	32.52M	5.32M	8.14M	-189.35M	153.86M
Total Debt	292.68M	405.20M	315.04M	255.70M	118.94M
Total Liabilities	792.55M	1.24B	1.15B	822.20M	622.41M
Stockholders Equity	986.03M	1.16B	862.99M	748.53M	605.09M
Cash Flow
Free Cash Flow	-68.17M	-110.06M	-82.23M	-127.53M	97.16M
Operating Cash Flow	-58.53M	-67.86M	-20.70M	-61.68M	140.49M
Investing Cash Flow	-28.38M	-39.40M	-132.52M	-84.58M	-154.79M
Financing Cash Flow	110.84M	96.95M	171.46M	-8.65M	134.29M

Nimbus Group AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 10.65
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BOAT, the sentiment is Positive. The current price of 10.65 is below the 20-day moving average (MA) of 13.02, below the 50-day MA of 11.88, and below the 200-day MA of 13.40, indicating a bullish trend. The MACD of 0.53 indicates Negative momentum. The RSI at 64.87 is Neutral, neither overbought nor oversold. The STOCH value of 82.78 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:BOAT.

Nimbus Group AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RVRC	78 Outperform	kr7.30B	23.56	23.71%	2.02%	6.44%	0.49%
BORG	70 Outperform	kr1.72B	18.66	23.44%	4.95%	9.20%	11.72%
SODER	62 Neutral	kr181.86M	23.29	6.37%	3.38%	2.88%	-51.00%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
FOI.B	54 Neutral	kr6.30B	116.83	2.04%	6.24%	-2.98%	-30.48%
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%