Cloetta AB (CLA.B) AI Stock Analysis

• Market Cap: kr15.35B
• Dividend Yield: 2.74%
• Average Volume (3M): 523.54K
• Price to Earnings (P/E): 18.9
• Beta (1Y): 0.22
• Revenue Growth: 0.81%
• EPS Growth: 57.02%
• Country: SE
• Employees: 2,559
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Food Confectioners
• EPS (TTM): 0.80
• Shares Outstanding: 282,884,060
• 10 Day Avg. Volume: 306,057
• 30 Day Avg. Volume: 523,545
• PEG Ratio: 0.22
• Price to Book (P/B): 2.02
• Price to Sales (P/S): 1.35
• P/FCF Ratio: 12.47
• 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): 2.6
• Revenue Forecast (FY): kr8.64B

• Rating: 70 Outperform
• Price Target: kr56.00 ▲(42.42% Upside)
• Action: Reiterated Date: 02/19/26
• Date: Action: Reiterated 02/19/26

The score is driven primarily by improved profitability and a de-risked balance sheet, reinforced by a constructive earnings call with upgraded growth targets, strong cash flow, and higher dividends. Offsetting factors are technically overbought conditions (high RSI/Stoch) and only mid-range valuation, alongside lingering concerns around 2025 top-line softness and some one-off margin support.

Positive Factors

Margin recovery and profitability

Sustained margin expansion reflects successful net revenue management, cost control and portfolio actions, raising underlying earnings power. Higher operating margins improve cash conversion, support reinvestment and dividends, and provide buffer versus commodity or regional volatility.

De-leveraged balance sheet

Marked deleveraging increases financial flexibility and lowers interest risk, enabling capacity for capex, acquisitions or buybacks while maintaining the new net-debt target below 1.5x. Strong equity and low leverage materially reduce solvency risk over the medium-term.

Robust cash generation and shareholder returns

Consistent and rising operating and free cash flow supports a higher, sustainable payout and funds planned capex for growth. Strong cash conversion historically underpins strategic execution and reduces reliance on external funding for expansion or restructuring.

Negative Factors

Softening top-line momentum

A negative revenue print indicates structural demand or pricing headwinds that can erode the base for future margin gains. Sustained top-line weakness would force more reliance on cost measures or price increases, constraining durable growth and earnings scalability.

One-off supplier compensation aided margins

Margins were materially aided by a non-recurring supplier compensation. If that benefit lapses, reported margins and EBIT could decline absent offsetting structural savings or pricing, calling into question the durability of the recent profit recovery.

Commodity exposure (cocoa) in chocolate

Volatile cocoa costs can persistently pressure gross margins in the chocolate category, forcing either margin compression or price moves that risk volume. With chocolate a meaningful slice of sales, extended commodity swings can impair medium-term profitability and planning.

Cloetta AB Business Overview & Revenue Model

Company Description

Cloetta AB (publ) operates as a confectionary company. It manufactures and markets chocolate confectionery products, including pralines, chocolate wafers, dragees, plates, and countlines under the Kexchoklad, Polly, Center, Plopp, Tupla, Royal, Sportlunch, Bridge, Lonka, Sinas, Snippers, and Lonka soft nougat brands. The company also provides confectionery products comprising foams, wine gums, liquorice, toffees, hard boiled candies, and lollypops under the Malaco, Red Band, Ahlgrens bilar, Venco, Chewits, and Juleskum brands. In addition, it offers pastilles under the Läkerol, Mynthon, and King brands, as well as chewing gums under the Jenkki, Sportlife, and Xylifresh brands. Further, the company produces and sells dry roasted nuts under the Nutisal brand. It sells its products through a network of grocery retail trade, service trade, e-commerce, and other sales channels. Cloetta AB (publ) was founded in 1862 and is headquartered in Sundbyberg, Sweden.

How the Company Makes Money

Cloetta generates revenue primarily through the sale of its confectionery products across various segments, including retail, food service, and online platforms. The company benefits from multiple revenue streams, including direct sales to retailers, partnerships with distributors, and private label agreements. Key factors contributing to its earnings include brand loyalty, effective marketing strategies, and a robust supply chain that ensures product availability. Additionally, Cloetta focuses on product innovation and expanding its product lines, which helps attract new customers and retain existing ones, thereby enhancing its profitability.

Cloetta AB Financial Statement Overview

Summary

Profitability and earnings improved materially (gross margin rising to ~38% by 2025; net margin ~9% in 2025; net income up to 791M). Balance sheet de-risked with lower leverage (debt-to-equity ~0.29 in 2025) and stronger ROE (~14%). Main offset is softer top-line momentum in 2025 (revenue dip/negative growth indicated) and some 2025 cash-flow coverage fields are inconsistent, limiting latest-year quality confirmation.

Income Statement

Profitability improved meaningfully over the last few years, with higher gross margin (about 31% in 2022 rising to ~38% in 2025) and stronger operating and net margins (net margin ~5–6% in 2023–2024 rising to ~9% in 2025). Earnings also strengthened (net income 437M in 2023 to 791M in 2025). The main weakness is top-line momentum: after growth in 2022–2024, 2025 revenue dipped slightly versus 2024 (and the provided 2025 revenue growth rate is negative), suggesting demand/pricing softness or tougher comparables.

Balance Sheet

Leverage looks conservative and is improving: debt-to-equity declined from ~0.52–0.59 (2020–2021) to ~0.29 in 2025, alongside rising equity (about 4.2B in 2020 to 5.7B in 2025). Returns on equity also strengthened (roughly 8–9% in 2023–2024 up to ~14% in 2025), indicating better efficiency/profit generation on shareholder capital. A watch item is that total assets fell from 11.1B (2024) to 10.4B (2025), which could reflect portfolio/working-capital shifts, though not necessarily negative given the lower leverage.

Cash Flow

Cash generation is solid and improving in absolute terms: operating cash flow increased from 765M (2024) to 1,057M (2025), and free cash flow rose from 602M to 924M with strong growth shown in 2025. Free cash flow has generally covered net income well in prior years (e.g., ~64% in 2023 and ~79% in 2024), supporting earnings quality. The key weakness is data consistency in 2025 where the provided cash-flow-to-earnings style coverage fields are shown as 0.0, which prevents confirming coverage metrics for the latest year from the dataset.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	8.53B	8.61B	8.30B	6.87B	6.05B
Gross Profit	3.21B	2.87B	2.60B	2.13B	2.15B
EBITDA	1.42B	1.14B	1.05B	661.00M	854.00M
Net Income	791.00M	477.00M	437.00M	275.00M	472.00M
Balance Sheet
Total Assets	10.41B	11.14B	10.68B	10.32B	9.55B
Cash, Cash Equivalents and Short-Term Investments	737.00M	953.00M	658.00M	583.00M	692.00M
Total Debt	1.60B	2.51B	2.48B	2.48B	2.37B
Total Liabilities	4.71B	5.71B	5.58B	5.32B	5.03B
Stockholders Equity	5.71B	5.43B	5.10B	4.99B	4.51B
Cash Flow
Free Cash Flow	924.00M	602.00M	496.00M	305.00M	664.00M
Operating Cash Flow	1.06B	765.00M	778.00M	519.00M	858.00M
Investing Cash Flow	-131.00M	-91.00M	-280.00M	-213.00M	-191.00M
Financing Cash Flow	-1.19B	-367.00M	-379.00M	-406.00M	-436.00M

Cloetta AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 39.32
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CLA.B, the sentiment is Positive. The current price of 39.32 is below the 20-day moving average (MA) of 50.16, below the 50-day MA of 45.09, and above the 200-day MA of 36.96, indicating a bullish trend. The MACD of 2.25 indicates Positive momentum. The RSI at 86.51 is Negative, neither overbought nor oversold. The STOCH value of 86.99 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:CLA.B.

Cloetta AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CLA.B	70 Outperform	kr15.35B	18.86	12.72%	2.74%	0.81%	57.02%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
DUNI	62 Neutral	kr4.52B	14.75	9.65%	4.83%	3.79%	39.15%
VIVA	61 Neutral	kr2.98B	14.15	―	4.40%	19.47%	46.15%
MSON.B	58 Neutral	kr1.67B	164.24	-0.17%	2.34%	-2.95%	-112.90%
SCST	55 Neutral	kr8.39B	23.13	―	2.56%	7.37%	2.90%
HUMBLE	50 Neutral	kr3.16B	197.77	0.87%	―	5.99%	-38.16%

Cloetta AB Corporate Events

Cloetta Caps Profitable 2025 with Margin Gains and Dividend Raise

The company’s 2025 performance featured 1.9% organic growth, an adjusted EBIT margin of 12.1%, record low leverage, and SEK 924m free cash flow, prompting a proposed dividend hike as operational restructuring and cost savings accelerated more quickly than planned while the CandyKing concept entered New York.

The most recent analyst rating on ($SE:CLA.B) stock is a Buy with a SEK48.00 price target. To see the full list of analyst forecasts on Cloetta AB stock, see the SE:CLA.B Stock Forecast page.