Bulten AB (BULTEN) AI Stock Analysis

• Market Cap: kr915.08M
• Dividend Yield: 5.49%
• Average Volume (3M): 25.75K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.52
• Revenue Growth: -10.68%
• EPS Growth: -103.85%
• Country: SE
• Employees: 1,915
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Auto - Parts
• EPS (TTM): 0.26
• Shares Outstanding: 21,040,209
• 10 Day Avg. Volume: 24,401
• 30 Day Avg. Volume: 25,746
• PEG Ratio: 0.91
• Price to Book (P/B): 0.63
• Price to Sales (P/S): 0.21
• P/FCF Ratio: 4.17
• 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: kr58.00
• Price Target Upside: 8.82% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: kr43.00 ▼(-19.32% Downside)

The score is held back primarily by weakening financial performance (2025 revenue decline, margin compression, and a small net loss) and clearly bearish technicals (price below major moving averages, negative MACD, and very oversold momentum). A high dividend yield and relatively better cash generation provide partial support but are not enough to outweigh the downturn in profitability and trend weakness.

Positive Factors

Integrated full-service model

Bulten's end-to-end offering (development, manufacturing, testing, aftermarket) creates customer stickiness and revenue durability. Engineering and quality services move it up the value chain versus commodity suppliers, supporting longer contracts, higher switching costs and steadier margins over product cycles.

Embedded logistics & multi-year supply

Being embedded in OEM/Tier JIT/JIS supply chains and holding multi-year contracts provides predictable volumes and strengthens customer dependence. This structural role reduces sales volatility, enhances forecasting, and supports capacity utilization across production cycles.

Positive operating cash generation

Consistent positive operating and free cash flow across the last two years gives Bulten financial flexibility to fund working capital, capex and dividends without immediate refinancing. Cash generation helps absorb cyclical shocks and supports ongoing investment in engineered offerings.

Negative Factors

Revenue decline & margin compression

A clear downturn in revenue and compressed operating profitability in 2025 signals weakening demand or adverse mix/price dynamics. If sustained, this erodes reinvestment capacity, undermines margin recovery, and reduces the company's ability to fund engineering or supply-chain investments that drive long-term competitiveness.

Elevated leverage

Debt roughly equal to equity increases financial fixed charges and lowers flexibility to fund working capital or pursue strategic investments during downturns. Higher leverage magnifies downside risk from cyclical revenue swings and may constrain ability to respond to OEM program shifts or unexpected capex needs.

High customer concentration in automotive

Heavy reliance on automotive production ties Bulten's revenue to a cyclical end market sensitive to macro conditions and production shifts. OEM program timing, vehicle mix changes or supplier consolidation can materially reduce volumes and bargaining power, making top-line stability vulnerable over multi-quarter horizons.

Bulten AB Business Overview & Revenue Model

Company Description

Bulten AB (BULTEN) is a leading global supplier of fasteners and assembly solutions, primarily serving the automotive industry. Headquartered in Sweden, the company specializes in the production and distribution of a wide range of products, including screws, bolts, and other fastening systems, which are essential components in vehicle manufacturing and assembly processes. Bulten operates in several key markets across Europe, Asia, and North America, focusing on innovation and sustainability to meet the evolving needs of its customers.

How the Company Makes Money

Bulten AB generates revenue primarily through the sale of its fasteners and assembly solutions to automotive manufacturers and suppliers. The company's revenue model is centered around long-term contracts with major automotive clients, which provides a stable income stream. Key revenue streams include the sale of standard and customized fasteners, as well as value-added services such as technical support and logistics solutions. Additionally, Bulten benefits from strategic partnerships with leading automotive companies, which enhances its market position and allows for collaborative product development. Factors contributing to its earnings include the increasing demand for lightweight and high-strength materials in the automotive sector, along with a focus on sustainability and innovation in product offerings.

Bulten AB Financial Statement Overview

Summary

Financials are mixed: the income statement deteriorated in 2025 with revenue down ~4.4% YoY and a small net loss, while margins compressed versus 2024. The balance sheet remains workable but leverage is higher (debt-to-equity a bit above 1x) and ROE turned slightly negative. Cash flow is the bright spot with improved operating cash flow and still-positive (though down) free cash flow.

Income Statement

Revenue growth has turned negative in 2025 (down ~4.4% year over year), and profitability weakened materially with net income slipping slightly into a loss. While gross margin has been relatively steady (~18%), operating profitability compressed meaningfully versus 2024 (lower EBIT and EBITDA margins), suggesting cost pressure and/or weaker volume/mix. Positively, the business has demonstrated solid multi-year revenue expansion coming out of 2020–2023, but the latest year shows a clear deterioration that weighs on the score.

Balance Sheet

Leverage is moderate-to-elevated with debt roughly matching equity in 2025 (debt-to-equity a bit above 1x), up from a more conservative profile earlier in the period. Equity remains sizable, but returns have weakened sharply, with return on equity turning slightly negative in 2025 after being positive in prior years. Overall, the balance sheet looks workable, but higher leverage and declining returns reduce financial flexibility if the earnings downturn persists.

Cash Flow

Cash generation is a relative bright spot: operating cash flow improved in 2025 versus 2024, and free cash flow remained positive despite a year-over-year decline. Over the period, free cash flow has been volatile (including negative in 2021), but the last two years show consistently positive free cash flow, supporting liquidity. The main concern is that free cash flow growth is negative in 2025, and cash conversion has not been consistently strong across the cycle.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.04B	5.81B	5.76B	4.47B	3.73B
Gross Profit	928.00M	1.07B	968.00M	826.00M	710.00M
EBITDA	354.00M	528.00M	426.00M	338.00M	395.00M
Net Income	-11.00M	135.00M	103.00M	74.00M	143.00M
Balance Sheet
Total Assets	4.45B	5.10B	4.85B	4.36B	3.42B
Cash, Cash Equivalents and Short-Term Investments	289.00M	350.00M	340.00M	451.00M	242.00M
Total Debt	1.79B	1.73B	1.67B	1.36B	880.00M
Total Liabilities	2.68B	3.05B	3.01B	2.53B	1.73B
Stockholders Equity	1.72B	2.01B	1.80B	1.80B	1.66B
Cash Flow
Free Cash Flow	259.00M	115.00M	205.00M	31.00M	-122.00M
Operating Cash Flow	429.00M	319.00M	353.00M	298.00M	48.00M
Investing Cash Flow	-193.00M	-203.00M	-659.00M	-266.00M	-165.00M
Financing Cash Flow	-258.00M	-124.00M	203.00M	167.00M	109.00M

Bulten AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 53.30
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BULTEN, the sentiment is Negative. The current price of 53.3 is above the 20-day moving average (MA) of 49.88, above the 50-day MA of 49.98, and below the 200-day MA of 54.55, indicating a bearish trend. The MACD of -1.17 indicates Positive momentum. The RSI at 24.80 is Positive, neither overbought nor oversold. The STOCH value of 3.42 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:BULTEN.

Bulten AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EMBELL	71 Outperform	kr837.98M	13.09	12.72%	3.17%	0.78%	1.33%
BORG	69 Neutral	kr1.55B	17.83	23.44%	4.95%	9.20%	11.72%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
MEKO	61 Neutral	kr4.05B	95.75	0.68%	5.42%	2.16%	-90.31%
BMAX	61 Neutral	kr3.52B	18.42	7.24%	1.40%	4.04%	433.33%
BULTEN	48 Neutral	kr915.08M	-82.05	-0.32%	5.49%	-10.68%	-103.85%
NOBI	41 Neutral	kr2.65B	-0.81	-83.34%	―	-9.81%	-200.79%

Bulten AB Corporate Events

Bulten Takes Full Control of Indian Operations in Strategic Expansion Beyond Automotive

Bulten AB, a Swedish-headquartered global fastener manufacturer with a strong base in the automotive industry and growing exposure to consumer electronics and other industrial segments, is expanding its international footprint to align with customer demand in structurally growing markets. The company offers a broad portfolio of standard and customized fasteners and full-service solutions, positioning itself as a key partner in complex, global supply chains.

Following a strategic review, Bulten has agreed to buy out its joint venture partner and take full ownership of its operations in India, underscoring the country’s importance in its long-term growth strategy. The group plans to relocate its Indian operations to Chennai, situating itself in a major industrial hub for consumer electronics and advanced manufacturing and in close proximity to global contract manufacturers, key customers and suppliers. Under a Memorandum of Understanding with local authorities, Bulten will develop a new facility in stages, with an initial investment of SEK 30–50 million and further expansion to be assessed as demand evolves. The move marks one of the first tangible shifts beyond Bulten’s traditional automotive focus, targeting structurally growing segments like consumer electronics and other industrial applications and positioning the company to benefit from China-plus-one strategies and the broader diversification of global supply chains, which could deepen customer relationships and open new profit pools over time.

The most recent analyst rating on (SE:BULTEN) stock is a Buy with a SEK60.00 price target. To see the full list of analyst forecasts on Bulten AB stock, see the SE:BULTEN Stock Forecast page.

Bulten Hit by Customer Cyberattack and Duties but Strengthens Cash Flow in 2025

Bulten reported a sharp decline in full-year 2025 net sales, down 13.1% to SEK 5,045 million, and a halving of operating earnings as anti-dumping duties, restructuring costs and the fallout from a major customer’s cyberattack weighed on results. Despite the setback, adjusted operating margin held at 4.2%, cash flow from operating activities improved to SEK 429 million and net debt was reduced, prompting the board to prioritize balance-sheet strength by proposing no dividend for 2025, while order intake in the fourth quarter recovered slightly and operating profitability improved versus the prior year’s quarter.

The most recent analyst rating on (SE:BULTEN) stock is a Hold with a SEK51.00 price target. To see the full list of analyst forecasts on Bulten AB stock, see the SE:BULTEN Stock Forecast page.

Bulten Sets Date for Q4 and Year-End 2025 Results Presentation

Bulten Group will publish its interim fourth-quarter and full-year 2025 report on 3 February 2026 at 1:30 p.m. CET, followed by a live webcast and conference call at 3:30 p.m. CET where President and CEO Axel Berntsson and CFO Anna Åkerblad will present and discuss the results in English and take questions from analysts, media and investors. The reporting date and accompanying presentation will give the market an opportunity to assess Bulten’s recent performance and strategic progress in its core fasteners business, with materials made available on the company’s website to support continued transparency for shareholders and other stakeholders.

The most recent analyst rating on (SE:BULTEN) stock is a Hold with a SEK51.00 price target. To see the full list of analyst forecasts on Bulten AB stock, see the SE:BULTEN Stock Forecast page.