Carasent AB (CARA) AI Stock Analysis

• Market Cap: kr1.61B
• Dividend Yield: N/A
• Average Volume (3M): 175.33K
• Price to Earnings (P/E): 47.0
• Beta (1Y): 0.03
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 196
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Healthcare Information Services
• EPS (TTM): 0.41
• Shares Outstanding: 72,324,780
• 10 Day Avg. Volume: 229,351
• 30 Day Avg. Volume: 175,329
• PEG Ratio: -0.29
• Price to Book (P/B): 2.36
• Price to Sales (P/S): 5.54
• P/FCF Ratio: -4.00K
• 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): 0.68
• Revenue Forecast (FY): kr389.90M

• Rating: 54 Neutral
• Price Target: kr24.50 ▼(-15.52% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is led by improving fundamentals and a strong balance sheet, but is held back by persistently weak free cash flow, bearish technical trend signals, and a high P/E valuation with no dividend yield provided.

Positive Factors

Conservative balance sheet

Declining absolute debt and low debt-to-equity (low single digits) provide structural financial flexibility. A conservatively financed balance sheet reduces refinancing risk, supports investment or M&A optionality, and cushions the company through industry cycles over the next several quarters.

Revenue growth and profitability turnaround

Sustained top-line expansion alongside a move to positive net income and EBIT in 2025 indicates improving business economics. If maintained, higher scale and restored profitability can fund R&D and customer success, strengthening market position in healthcare tech over the medium term.

Improving operating cash generation

Rising operating cash flow shows core software/subscription operations are generating more cash, supporting recurring revenue durability. Strong OCF helps fund working capital and investments internally, reducing reliance on external financing over the next several quarters.

Negative Factors

Persistently weak free cash flow

Chronic negative free cash flow constrains the company’s ability to self-fund growth, dividends, or bolt-on acquisitions. Even with improving OCF, ongoing capex or working-capital demands that keep FCF negative limit strategic flexibility and raise execution risk over the medium term.

Earnings volatility and recent losses

Large swings from losses to profit indicate earnings are sensitive to operational or one-time factors. This volatility reduces visibility for reinvestment planning and raises the risk that margins could revert, making durable margin expansion less certain in the coming quarters.

Balance sheet contraction

Declining equity and assets point to a shrinking capital base or asset sales, which can limit scale and resilience. Persistent balance-sheet contraction could impair ability to absorb shocks or finance growth organically, increasing dependence on external capital.

Carasent AB Business Overview & Revenue Model

Company Description

Carasent AB (publ) provides cloud based electronic health record (EHR) systems solutions and platform services for healthcare sector in Nordics and Germany. The company offers Webdoc, Webdoc X, Metodika, Ad Curis, Ad Opus, and Data-AL solutions. It also provides Medrave, Vårdrummet, Ad Voca, and HPI Plustoo services, as well as an ecosystem of platform services, including solutions for patient communication and business intelligence. The company was founded in 1997 and is headquartered in Gothenburg, Sweden.

How the Company Makes Money

Carasent AB generates revenue through multiple key streams, primarily by offering subscription-based EHR solutions and related healthcare technology services to healthcare providers. The company charges clients recurring fees for access to its software platforms, which are tailored to meet the specific needs of healthcare organizations. Additionally, Carasent earns revenue through professional services, including implementation, training, and ongoing support for its software solutions. Strategic partnerships with healthcare institutions and technology providers also enhance its market reach and contribute to its earnings, as these collaborations often lead to joint offerings and expanded customer bases.

Carasent AB Financial Statement Overview

Summary

Solid revenue growth and a meaningful profitability turnaround in 2025 support the score, reinforced by a low-leverage balance sheet. The main constraint is weak cash conversion: free cash flow has been consistently negative (near breakeven but still slightly negative in 2025), which limits flexibility despite improving operating cash flow.

Income Statement

Revenue growth has been solid, with sales rising from 275.3M (2024) to 343.8M (2025), and the multi-year trajectory remains upward. Profitability is improving meaningfully: the company moved from a net loss in 2023–2024 to positive net income of 34.7M in 2025, and EBIT also turned positive in 2025 after sizable losses in 2023–2024. The key weakness is earnings volatility across the period (notably losses in 2023–2024 and earlier swings), which reduces confidence in the durability of the latest profitability.

Balance Sheet

The balance sheet appears conservatively financed, with low debt levels relative to equity across the period (debt-to-equity stayed around the low-single-digits). Total debt has also trended down recently (from 50.2M in 2023 to 31.9M in 2025). The main drawback is that equity and total assets have declined since 2022, suggesting some balance sheet contraction over time, though leverage remains modest.

Cash Flow

Operating cash flow has generally been positive and improved to 40.4M in 2025 (from 37.7M in 2024), which is supportive of core business health. However, free cash flow has been persistently weak and mostly negative, including a near-breakeven but still slightly negative result in 2025 (-0.5M) and deeper deficits in prior years (e.g., -73.7M in 2023). This points to ongoing cash demands (likely investment or working-capital swings) that limit financial flexibility despite improving operating performance.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	343.82M	275.26M	243.98M	195.26M	137.13M
Gross Profit	289.00M	232.71M	197.77M	161.42M	112.90M
EBITDA	73.34M	17.52M	2.91M	58.81M	17.91M
Net Income	34.67M	-42.26M	-46.45M	31.17M	-148.00K
Balance Sheet
Total Assets	941.01M	1.07B	1.09B	1.37B	1.30B
Cash, Cash Equivalents and Short-Term Investments	139.48M	262.02M	373.88M	694.83M	882.77M
Total Debt	31.94M	41.20M	50.17M	38.88M	16.34M
Total Liabilities	133.00M	179.42M	138.24M	144.30M	129.54M
Stockholders Equity	808.00M	892.87M	955.41M	1.23B	1.17B
Cash Flow
Free Cash Flow	-476.00K	-5.15M	-73.67M	-57.95M	-5.75M
Operating Cash Flow	40.44M	37.73M	-4.47M	33.61M	32.48M
Investing Cash Flow	-35.98M	-120.07M	-55.53M	-209.50M	-125.12M
Financing Cash Flow	-122.22M	-16.38M	-263.28M	-10.20M	756.56M

Carasent AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 29.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CARA, the sentiment is Negative. The current price of 29 is above the 20-day moving average (MA) of 23.65, above the 50-day MA of 25.55, and above the 200-day MA of 27.04, indicating a bearish trend. The MACD of -0.60 indicates Negative momentum. The RSI at 41.94 is Neutral, neither overbought nor oversold. The STOCH value of 73.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:CARA.

Carasent AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CARA	54 Neutral	kr1.61B	47.02	―	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Carasent AB Corporate Events

Carasent Boosts Growth and Swings to Profit in 2025

Carasent AB reported strong full-year 2025 results, with net sales rising 25% to SEK 343.8 million, driven by 14% organic growth and contributions from acquisitions. The company significantly improved profitability, turning EBITDA to SEK 73.3 million from SEK 11.6 million, lifting the EBITDA margin to 21% and swinging to a SEK 34.8 million profit after tax, supported by a 14% increase in ARR and robust net retention of 110%.

In the fourth quarter, net sales grew 19% to SEK 93.6 million and organic growth reached 16%, while adjusted EBITDA margin climbed to 25%, reflecting improved operational efficiency. Operating cash flow strengthened to SEK 40.4 million for the year and free cash flow excluding acquisitions turned nearly breakeven, indicating healthier underlying cash generation despite a lower year-end cash balance as the company continues to invest in growth.

The most recent analyst rating on (SE:CARA) stock is a Hold with a SEK26.00 price target. To see the full list of analyst forecasts on Carasent AB stock, see the SE:CARA Stock Forecast page.

Carasent to Present Q4 2025 Interim Results on 12 February

Carasent AB, a Swedish healthcare technology company providing digital solutions to healthcare providers, will publish its interim report for the fourth quarter of 2025 on 12 February 2026 at 07:00 CET. The business focuses on software and digital platforms that streamline clinical and administrative work for healthcare professionals.

On the same day, Carasent will host a webcast presentation of the Q4 results at 08:00 CET, complemented by a teleconference option for participants who wish to ask questions verbally. The scheduled presentation underscores the company’s effort to maintain transparent communication with investors and other stakeholders around its financial performance and operational progress.

The most recent analyst rating on (SE:CARA) stock is a Hold with a SEK26.00 price target. To see the full list of analyst forecasts on Carasent AB stock, see the SE:CARA Stock Forecast page.

Carasent Nomination Committee Proposes Unchanged Board Line-Up for 2026 AGM

Carasent AB’s nomination committee has presented its proposal for the composition of the board of directors ahead of the company’s 2026 annual general meeting, recommending that the board remain at five members. The committee proposes the re-election of current directors Henric Carlsson, Johan Kallblad, Cecilia Lager, Tomas Meerits and Camilla Skoog, with Meerits to continue as chairman, while current board member Dr. Carol Wildhagen has declined re-election; the proposals signal continuity in governance and strategic direction ahead of the AGM scheduled for 20 April 2026, with further details to be disclosed in the formal meeting notice.

The most recent analyst rating on (SE:CARA) stock is a Hold with a SEK26.00 price target. To see the full list of analyst forecasts on Carasent AB stock, see the SE:CARA Stock Forecast page.

Carasent AB Increases Shareholding to Over 5%

Carasent AB, a company involved in share trading and financial management, has announced that its holding of own shares has exceeded 5% of the total shares and voting rights. This development is part of a share buy-back program aimed at adjusting the company’s capital structure and facilitating acquisitions using its own shares, reflecting strategic financial management and potential growth opportunities.

The most recent analyst rating on (SE:CARA) stock is a Hold with a SEK29.00 price target. To see the full list of analyst forecasts on Carasent AB stock, see the SE:CARA Stock Forecast page.