C-Rad AB Class B (SE:CRAD.B)
:CRAD.B
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C-Rad AB Class B
(CRAD.B)
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Rating:64Neutral
Price Target:
kr40.00
▲(25.39% Upside)
Action:Reiterated
Date:05/09/26
The score is supported by a conservative balance sheet and solid operating profitability, but is held back by declining TTM revenue, compressed net margins, and weaker/less consistent cash generation. Technicals show an uptrend, yet overbought momentum signals raise near-term risk, while valuation is moderate with no dividend support.
Positive Factors
Conservative balance sheet
Very low leverage (debt/equity ~0.05) materially lowers financial risk and preserves strategic optionality. This balance-sheet strength gives management flexibility to fund R&D, service expansion, or weather cyclical hospital capex patterns without urgent refinancing, supporting resilience over the next 2–6 months.
Negative Factors
Declining TTM revenue
A TTM revenue decline (~-3.19%) signals weaker new equipment installations or slower adoption versus prior periods. Sustained top-line contraction reduces operating leverage, limits the ability to scale service and software attachments, and narrows the runway to restore stronger organic growth within the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low leverage (debt/equity ~0.05) materially lowers financial risk and preserves strategic optionality. This balance-sheet strength gives management flexibility to fund R&D, service expansion, or weather cyclical hospital capex patterns without urgent refinancing, supporting resilience over the next 2–6 months.
Read all positive factors
C-Rad AB Class B (CRAD.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr1.26B
Dividend YieldN/A
Average Volume (3M)58.03K
Price to Earnings (P/E)42.4
Beta (1Y)0.48
Revenue Growth-8.92%
EPS Growth-8.33%
CountrySE
Employees110
SectorHealthcare
Sector Strength45
IndustryMedical - Specialties
Share Statistics
EPS (TTM)0.88
Shares Outstanding32,904,050
10 Day Avg. Volume15,927
30 Day Avg. Volume58,029
Financial Highlights & Ratios
PEG Ratio-1.27
Price to Book (P/B)3.12
Price to Sales (P/S)2.45
P/FCF Ratio21.52
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.41
Revenue Forecast (FY)kr454.74M
C-Rad AB Class B Business Overview & Revenue Model
Company Description
C-Rad AB (publ) develops, manufactures, and sells products and systems with applications in radiotherapy for the treatment of cancer in Europe, the Middle East, Africa, the Americas, and the Asia Pacific. The company offers Catalyst+ HD, a patient...
How the Company Makes Money
C-Rad makes money primarily by selling its radiation therapy positioning and motion-management systems to healthcare providers (e.g., hospitals and radiotherapy clinics). Revenue is typically generated from (1) equipment/system sales (hardware and...
C-Rad AB Class B Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
84
Very Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 427.90M | 441.90M | 469.00M | 424.62M | 301.33M | 261.15M |
| Gross Profit | 179.20M | 306.00M | 323.00M | 287.21M | 205.30M | 170.23M |
| EBITDA | 57.80M | 55.30M | 83.91M | 48.90M | 27.35M | 45.71M |
| Net Income | 29.70M | 10.50M | 56.45M | 35.53M | 7.48M | 25.10M |
Balance Sheet | ||||||
| Total Assets | 500.20M | 500.80M | 489.36M | 405.54M | 339.17M | 306.71M |
| Cash, Cash Equivalents and Short-Term Investments | 135.20M | 171.20M | 150.90M | 129.36M | 121.90M | 122.42M |
| Total Debt | 9.40M | 18.80M | 9.00M | 1.75M | 4.08M | 6.37M |
| Total Liabilities | 152.10M | 153.60M | 164.37M | 134.36M | 96.63M | 75.62M |
| Stockholders Equity | 348.10M | 347.20M | 325.00M | 271.18M | 242.54M | 231.09M |
Cash Flow | ||||||
| Free Cash Flow | 13.29M | 50.30M | 29.21M | 16.45M | -1.53M | 12.37M |
| Operating Cash Flow | 18.20M | 71.10M | 30.08M | 33.38M | 9.69M | 18.17M |
| Investing Cash Flow | -23.50M | -20.80M | -6.67M | -16.93M | -11.22M | -5.80M |
| Financing Cash Flow | -21.40M | -15.10M | -7.04M | -5.69M | -2.38M | 1.04M |
C-Rad AB Class B Technical Analysis
Positive
31.90
Price Trends
32.81
Positive
30.05
Positive
31.10
Positive
Market Momentum
1.40
Negative
61.64
Neutral
70.94
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CRAD.B, the sentiment is Positive. The current price of 31.9 is below the 20-day moving average (MA) of 35.93, below the 50-day MA of 32.81, and above the 200-day MA of 31.10, indicating a bullish trend. The MACD of 1.40 indicates Negative momentum. The RSI at 61.64 is Neutral, neither overbought nor oversold. The STOCH value of 70.94 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:CRAD.B.
C-Rad AB Class B Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | kr1.26B | 42.40 | 6.93% | ― | -8.92% | -8.33% | |
55 Neutral | kr1.15B | -105.72 | -4.20% | ― | 28.39% | -141.02% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | kr557.20M | -66.25 | -2.52% | ― | -19.24% | 64.78% | |
49 Neutral | kr824.50M | -21.42 | -4.42% | ― | 4.66% | 27.83% | |
48 Neutral | kr216.28M | -4.18 | -18.55% | ― | 0.31% | -26.18% | |
47 Neutral | kr660.30M | -5.19 | -36.55% | ― | 48.53% | 17.86% |
* Healthcare Sector Average
SE:CRAD.B
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C-Rad AB Class B Corporate Events
C-Rad and SeeTreat Forge Alliance to Advance Personalised Radiotherapy Workflows
May 15, 2026
C-Rad AB has entered into a partnership with Australian software company SeeTreat to integrate C-Rad’s Catalyst# HD surface-guided radiation therapy platform with SeeTreat’s ART.1 adaptive decision support software. The combined soluti...
C-RAD Unveils Clinician-Led SGRT Enhancements and New Modular System at ESTRO 2026
May 13, 2026
C-RAD AB, a global leader in Surface Guided Radiation Therapy, is using the ESTRO 2026 conference in Stockholm to showcase enhancements to its flagship Catalyst HD system and introduce Catalyst LITE, underscoring a strategy centered on customer-le...
C-RAD Launches Transformation Drive as Q1 Shows Strong Orders but Weaker Revenue
May 6, 2026
C-RAD reported a mixed first quarter of 2026, with order intake rising 19 percent to MSEK 115 while revenue fell 12 percent to MSEK 105 and organic growth slipped 4 percent. Profitability improved, as EBIT increased to MSEK 12 with a 12 percent ma...
C-RAD Targets Profitable Growth as Demand for Advanced Radiotherapy Solutions Rises
Apr 10, 2026
C-RAD AB, a leader in surface tracking technology for radiotherapy, focuses on products and services that enhance treatment accuracy, patient safety and clinical efficiency in cancer care. With a growing installed base in roughly 60 countries and ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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