C-Rad AB Class B (CRAD.B) AI Stock Analysis

• Market Cap: kr872.88M
• Dividend Yield: N/A
• Average Volume (3M): 58.03K
• Price to Earnings (P/E): 168.7
• Beta (1Y): 0.47
• Revenue Growth: -5.80%
• EPS Growth: -65.99%
• Country: SE
• Employees: 99
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): 0.20
• Shares Outstanding: 32,904,050
• 10 Day Avg. Volume: 15,927
• 30 Day Avg. Volume: 58,029
• PEG Ratio: -1.27
• Price to Book (P/B): 3.12
• Price to Sales (P/S): 2.45
• P/FCF Ratio: 15.22
• 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): 2.56
• Revenue Forecast (FY): kr507.67M

• Rating: 55 Neutral
• Price Target: kr26.00 ▼(-18.50% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is held up by strong financial footing (very low leverage, solid gross margins) and supportive cash generation, but is weighed down by a sharp 2025 profitability decline, clearly bearish technical signals, and a demanding valuation (P/E ~90) without dividend support.

Positive Factors

Conservative balance sheet

Debt-to-equity has remained minimal (roughly ~0.6%–5.4% 2023–2025) while equity grew materially (~200m to ~347m). That conservative capital structure provides durable financial flexibility to fund R&D, service expansion and absorb demand shocks without needing frequent external financing.

Structurally high gross margins

Sustained gross margins in the mid-to-high 60s reflect product differentiation and software/recurring revenue mix. High gross profitability supports long-term margin sustainability, funds service and software development, and creates room to invest in go-to-market or integration partnerships without immediate margin erosion.

Improved cash generation in 2025

Material operating and free cash flow (~71m) in 2025 enhances self funding for maintenance, upgrades and recurring-service investments. Strong FCF in the most recent year strengthens long-term ability to support installed-base monetization and reduces reliance on external capital for strategic initiatives.

Negative Factors

Profitability reset in 2025

A sharp net margin collapse from ~12% to ~2.4% signals structural pressure on operating profitability—whether from mix, pricing, or cost rises. Persistently lower margins would constrain reinvestment, reduce returns on capital, and could force strategic choices that slow long-term growth or product roadmap spending.

Negative revenue & EPS growth

Declining top-line and steep EPS contraction indicate weakening demand or execution challenges. Continued negative growth undermines operating leverage and the conversion of installed base to recurring revenue, making it harder to sustain R&D, service expansion, and long-term margin recovery without corrective strategy.

Uneven historical cash flow

Historical FCF volatility—including a negative year in 2022—raises uncertainty about cash generation consistency. Volatile cash flow complicates budgeting for product development, service scale-up and may necessitate external financing in downturns despite recent improvement, increasing execution risk over time.

C-Rad AB Class B Business Overview & Revenue Model

Company Description

C-Rad AB (publ), together with its subsidiaries, develops, manufactures, and sells systems with applications in radiation therapy for the treatment of cancer worldwide. The company operates through two segments, Positioning and Imaging. Its products include Sentinel 4D CT, a laser-based optical surface scanning system; Catalyst, a 4D surface image guided radiation therapy (SIGRT) solution; Catalyst HD, an SIGRT solution on stereotactic radiation therapy for online patient tracking before and during treatment delivery; Catalyst+, an SIGRT solution for high precision patient positioning, intra-fraction motion management, and respiratory gating; and Catalyst+ HD, a solution for high precision patient positioning, intra-fraction motion management, and respiratory gating for conventional and stereotactic treatment delivery. The company's products also comprise Catalyst Tomo, an enhanced positioning solution for tomotherapy; Catalyst PT, a real-time tracking solution for particle therapy; Cyrpa laser positioning products; cAccessory, which automates the registration and validation of treatment accessories; and cPatient that automates patient identity validation without the need for contact between patients and devices. In addition, it offers installation, application training, and aftersales services. C-Rad AB (publ) was founded in 2004 and is headquartered in Uppsala, Sweden.

How the Company Makes Money

C-Rad AB generates revenue primarily through the sale of its medical devices and software solutions to hospitals and healthcare facilities specializing in oncology treatment. The company has a diversified revenue model that includes direct sales, recurring revenue from service contracts, and maintenance agreements for its products. Key revenue streams include the sale of hardware systems such as the C-RAD Catalyst and Sentinel systems, as well as software licenses for their advanced imaging and treatment planning tools. Additionally, C-Rad benefits from strategic partnerships with major players in the healthcare industry, which can enhance market access and provide opportunities for collaborative product development. The company's focus on innovation and quality, combined with the growing demand for precision medicine in cancer treatment, positions it to capture significant market share and drive future growth.

C-Rad AB Class B Financial Statement Overview

Summary

Strong balance sheet with very low leverage and growing equity supports resilience. Gross margins remain structurally high (~65%–69%), but 2025 showed a clear profitability reset (revenue -3.5%, net margin down to ~2.4% from ~12.0% in 2024) and cash flow has been historically uneven despite solid 2025 operating/free cash flow.

Income Statement

C-Rad AB Class B shows structurally strong gross profitability (gross margin ~65%–69% across 2020–2025), indicating good pricing power/product mix. However, growth and earnings quality weakened in the latest year: 2025 revenue declined (-3.5%) and net profit margin fell sharply to ~2.4% (from ~12.0% in 2024), with EBIT margin down to ~10.2% (from ~17.1%). Overall, profitability is positive but appears volatile year-to-year, with a notable step-down in 2025.

Balance Sheet

The balance sheet looks conservatively financed with very low leverage: debt-to-equity remains modest (roughly ~0.6%–5.4% over 2023–2025, and still low historically). Equity has grown over time (from ~200m in 2020 to ~347m in 2025), supporting financial flexibility. A watch item is that returns on equity peaked in 2024 (~17%) but likely compressed in 2025 alongside the profit decline (not provided for 2025), suggesting reduced efficiency even as the balance sheet remains strong.

Cash Flow

Cash generation is generally solid and improved materially in 2025, with operating cash flow and free cash flow both ~71m (and free cash flow equaling net income per the provided ratio). That said, free cash flow growth turned negative in 2025 (-11.6%) after strong prior-year gains, and cash flow has been uneven historically (including negative free cash flow in 2022). Overall cash conversion is acceptable but volatility reduces confidence versus more consistent peers.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	441.90M	469.00M	424.62M	301.33M	261.15M
Gross Profit	306.00M	323.00M	287.21M	205.30M	170.23M
EBITDA	55.30M	83.91M	48.90M	27.35M	45.71M
Net Income	10.50M	56.45M	35.53M	7.48M	25.10M
Balance Sheet
Total Assets	500.80M	489.36M	405.54M	339.17M	306.71M
Cash, Cash Equivalents and Short-Term Investments	171.20M	150.90M	129.36M	121.90M	122.42M
Total Debt	18.80M	9.00M	1.75M	4.08M	6.37M
Total Liabilities	153.60M	164.37M	134.36M	96.63M	75.62M
Stockholders Equity	347.20M	325.00M	271.18M	242.54M	231.09M
Cash Flow
Free Cash Flow	71.10M	29.21M	16.45M	-1.53M	12.37M
Operating Cash Flow	71.10M	30.08M	33.38M	9.69M	18.17M
Investing Cash Flow	-20.80M	-6.67M	-16.93M	-11.22M	-5.80M
Financing Cash Flow	-15.10M	-7.04M	-5.69M	-2.38M	1.04M

C-Rad AB Class B Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 31.90
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CRAD.B, the sentiment is Negative. The current price of 31.9 is above the 20-day moving average (MA) of 27.71, above the 50-day MA of 30.25, and below the 200-day MA of 32.50, indicating a bearish trend. The MACD of -1.29 indicates Positive momentum. The RSI at 31.34 is Neutral, neither overbought nor oversold. The STOCH value of 40.94 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:CRAD.B.

C-Rad AB Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PAX	56 Neutral	kr1.09B	-74.03	-4.20%	―	21.71%	-80.37%
CRAD.B	55 Neutral	kr872.88M	168.74	6.93%	―	-5.80%	-65.99%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SEZI	49 Neutral	kr753.85M	-4.95	-36.55%	―	62.24%	21.16%
BACTI.B	46 Neutral	kr564.21M	13.94	-2.52%	―	-8.10%	62.08%
SEDANA	44 Neutral	kr894.03M	-17.24	-4.42%	―	13.48%	28.98%
INTEG.B	42 Neutral	kr221.61M	-5.27	-18.55%	―	0.62%	-82.70%

C-Rad AB Class B Corporate Events

C-RAD’s New CEO Targets Sharper Execution After Profit Slump in 2025

C-RAD reported a weaker fourth quarter and full-year 2025, with order intake and revenue declining in the quarter and EBIT margin contracting, although gross margins remained strong and full-year order intake rose slightly. Earnings and earnings per share fell sharply year-on-year, but adjusted figures excluding one-time management change costs and negative currency effects showed more resilient profitability, and the board proposed a modest dividend of SEK 0.10 per share.

New CEO Tomas Blomquist emphasized that C-RAD has solid fundamentals—technology, balance sheet and market position—but needs sharper focus and execution to unlock its full potential. He outlined priorities for 2026 centered on commercial execution, clearer accountability, streamlined structures and a focused innovation pipeline, aiming to reduce business volatility, strengthen profitability and build C-RAD into a more predictable, globally scalable cancer care solutions provider.

The most recent analyst rating on ($SE:CRAD.B) stock is a Hold with a SEK35.00 price target. To see the full list of analyst forecasts on C-Rad AB Class B stock, see the SE:CRAD.B Stock Forecast page.

C-RAD Schedules Year-End 2025 Results Presentation for 12 February

C-RAD AB announced that it will publish its year-end report and fourth-quarter 2025 results on Thursday, 12 February 2026 at 08:00 CET, followed by an English-language presentation at 11:00 CET led by CEO Tomas Blomquist and CFO Linda Frölén. Investors and analysts can participate via webcast or teleconference, with opportunities to ask questions, and a recording of the event will later be made available on the company’s website, underscoring C-RAD’s efforts to maintain transparent communication with capital markets as it advances its position in the radiation therapy technology sector.

The most recent analyst rating on ($SE:CRAD.B) stock is a Hold with a SEK35.00 price target. To see the full list of analyst forecasts on C-Rad AB Class B stock, see the SE:CRAD.B Stock Forecast page.

C-RAD Names Former Biotage Chief Tomas Blomquist as CEO to Drive Next Growth Phase

C-RAD has appointed Tomas Blomquist as its new CEO, effective 2 February 2026, bringing in an international life science and medtech executive with more than 30 years’ experience, including a recent five-year tenure as CEO of Biotage and senior commercial roles at Abbott, Alere, Analyticon Biotechnologies and Johnson & Johnson. The leadership change sees acting CEO and CFO Linda Frölén return to her CFO role and the end of board member Peter Simonsbacka’s consulting assignment, with the board positioning Blomquist’s track record in building profitable growth and leading transformations as key to unlocking C-RAD’s strategic potential and shareholder value in the high-growth cancer care segment.

The most recent analyst rating on ($SE:CRAD.B) stock is a Hold with a SEK35.00 price target. To see the full list of analyst forecasts on C-Rad AB Class B stock, see the SE:CRAD.B Stock Forecast page.