CTEK AB (CTEK) AI Stock Analysis

• Market Cap: kr990.86M
• Dividend Yield: N/A
• Average Volume (3M): 157.63K
• Price to Earnings (P/E): 37.7
• Beta (1Y): 0.58
• Revenue Growth: 3.06%
• EPS Growth: -795.86%
• Country: SE
• Employees: 205
• Sector: Industrials
• Sector Strength: 72
• Industry: Hardware, Equipment & Parts
• EPS (TTM): 0.20
• Shares Outstanding: 69,976,270
• 10 Day Avg. Volume: 99,192
• 30 Day Avg. Volume: 157,630
• PEG Ratio: -0.21
• Price to Book (P/B): 1.23
• Price to Sales (P/S): 1.07
• P/FCF Ratio: 6.15
• 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): 1.1
• Revenue Forecast (FY): kr923.12M

• Rating: 55 Neutral
• Price Target: kr15.50 ▲(22.43% Upside)
• Action: Reiterated Date: 02/08/26
• Date: Action: Reiterated 02/08/26

The score is primarily driven by improved 2025 financial performance (earnings and free cash flow recovery) but tempered by a volatile multi-year track record and the most recent revenue contraction. Technicals are mixed (stronger short-term positioning but below the 200-day and slightly negative MACD). Valuation is a key drag due to the high P/E and lack of dividend yield data.

Positive Factors

Improving cash generation

Operating and free cash flow turned solidly positive in 2024–2025 with a pronounced step-up in 2025. Sustained positive FCF improves the company’s ability to fund operations, reduce leverage, invest in R&D or distribution, and increases strategic optionality over the medium term.

Improved balance-sheet leverage

Leverage has materially improved from 2020 and remained in a more manageable range through 2023–2025, with relatively stable equity. A stronger capital structure lowers refinancing risk, supports incremental investment and M&A, and increases resilience to demand cycles over months to years.

Diversified channels & electrification exposure

CTEK’s multi-channel sales (retail/aftermarket, B2B, OEM) and product focus on battery management plus growing electrification solutions diversify demand and reduce single-channel dependence. Structural EV and electrification trends provide a durable market tailwind for core products and OEM partnerships.

Negative Factors

Revenue volatility and recent decline

Top-line performance has been inconsistent, with modest 2024 growth followed by a 2025 decline. Persistent revenue volatility limits scale benefits, undermines margin stability and reinvestment capacity, and makes it harder to demonstrate a durable turnaround in earnings and cash flow over the next several quarters.

Inconsistent profitability history

The company swung from losses in 2023–2024 to modest positive earnings in 2025, but margins remain volatile and well below peak. This stop-start profit record implies earnings durability is unproven and could reverse without sustained revenue growth and improved cost structure.

Uneven cash conversion historically

Although recent cash generation improved, historical negative cash flow in 2021–2022 and inconsistent cash conversion across years signal that operating cash can fluctuate materially. This variability raises funding and working-capital risk if revenue or margins weaken again.

CTEK AB Business Overview & Revenue Model

Company Description

CTEK AB (publ) provides battery charging products for all types of vehicles in Sweden, Nordics, DACH, the Americas, rest of Europe, and internationally. The company offers products ranging from 12V and 24V battery chargers, load balancing systems, and back-end solutions and accessories for electric vehicle charging. It serves in various industries, such as municipalities, energy companies, housing cooperatives, property owners, corporations, parking companies, and private individuals. The company was founded in 1997 and is based in Vikmanshyttan, Sweden.

How the Company Makes Money

CTEK generates revenue primarily through the sale of its battery management products, including smart chargers, battery maintenance solutions, and accessories. The company offers a range of products tailored for different applications, such as automotive, motorcycle, marine, and industrial use. Key revenue streams include direct sales to consumers via retail and e-commerce channels, as well as partnerships with automotive manufacturers and distributors who integrate CTEK's solutions into their offerings. Additionally, CTEK benefits from recurring revenue through the sale of maintenance products and accessories, further enhancing customer loyalty and engagement. Strategic partnerships with leading automotive brands and participation in key industry events also contribute to the company's visibility and market reach, driving sales growth.

CTEK AB Financial Statement Overview

Summary

Financials show a meaningful turnaround in 2025 with a return to positive earnings and stronger free cash flow, alongside more manageable leverage versus earlier years. However, results have been volatile across the period and the latest revenue decline makes the recovery less proven.

Income Statement

Revenue has been choppy, with modest growth in 2024 followed by a decline in 2025. Profitability shows a sharp recovery versus 2023–2024 losses, with 2025 returning to positive earnings and stronger operating profitability, but margins remain well below the strong 2020 peak and have been volatile across the period. Overall, the income statement is improving, but the track record is inconsistent and recent revenue contraction is a key watch item.

Balance Sheet

Leverage is moderate in the most recent periods, with debt-to-equity improving materially versus 2020’s elevated leverage and staying in a more manageable range in 2023–2025. Equity has been relatively stable, supporting the capital structure, but returns on equity were deeply negative in 2023–2024 before turning modestly positive in 2025, highlighting that balance-sheet strength still depends on sustaining the earnings recovery.

Cash Flow

Cash generation is a relative bright spot recently: operating cash flow and free cash flow are solidly positive in 2024–2025, and 2025 shows a sharp step-up in free cash flow versus the prior year. That said, cash flow was negative in 2021–2022, and cash conversion has not been consistently strong across the full period, so the durability of the recent improvement remains the main risk.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	831.60M	913.80M	884.20M	925.40M	895.30M
Gross Profit	77.40M	484.60M	441.20M	453.40M	461.20M
EBITDA	153.20M	97.70M	74.20M	117.00M	119.30M
Net Income	26.30M	-42.00M	-256.90M	2.70M	4.40M
Balance Sheet
Total Assets	1.34B	1.42B	1.52B	1.71B	1.57B
Cash, Cash Equivalents and Short-Term Investments	165.90M	141.80M	192.30M	10.00M	53.50M
Total Debt	404.30M	410.90M	510.50M	694.10M	571.30M
Total Liabilities	621.40M	726.30M	781.30M	1.05B	911.40M
Stockholders Equity	718.00M	693.20M	735.10M	662.30M	655.00M
Cash Flow
Free Cash Flow	144.10M	53.70M	49.70M	-165.10M	-95.40M
Operating Cash Flow	151.40M	122.70M	135.20M	-46.60M	-28.40M
Investing Cash Flow	-57.80M	-68.80M	-82.50M	-115.70M	-66.80M
Financing Cash Flow	-59.10M	-108.20M	134.60M	115.20M	50.30M

CTEK AB Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 12.66
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CTEK, the sentiment is Neutral. The current price of 12.66 is below the 20-day moving average (MA) of 14.24, below the 50-day MA of 13.34, and below the 200-day MA of 13.81, indicating a neutral trend. The MACD of 0.42 indicates Positive momentum. The RSI at 51.50 is Neutral, neither overbought nor oversold. The STOCH value of 30.66 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:CTEK.

CTEK AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
CTEK	55 Neutral	kr990.86M	37.69	-4.53%	―	3.06%	-795.86%
FING.B	49 Neutral	kr58.33M	-1.70	-37.93%	―	-82.93%	94.83%
SGG	48 Neutral	kr431.24M	-88.67	―	―	9.96%	-176.74%
RO	47 Neutral	kr60.26M	-2.40	-26.75%	―	-0.73%	-136.62%
ACCON	47 Neutral	kr808.72M	-37.80	-9.00%	―	-1.32%	51.89%

CTEK AB Corporate Events

CTEK Boosts Margins and Returns to Profit Despite Lower 2025 Sales

CTEK AB reported lower sales but stronger profitability for 2025, with full-year net sales falling to SEK 832 million from SEK 914 million and organic growth down 6 percent, while the gross margin improved to 58.8 percent and adjusted EBITA margin rose to 11.4 percent. The company swung from a loss to an operating profit of SEK 75 million and profit after tax of SEK 26 million, supported by robust cash flow from operating activities of SEK 151 million and a sharp rise in Q4 gross margin to 63.2 percent, even as fourth-quarter net sales fell 21 percent organically; the board plans to withhold a dividend for 2025 to preserve financial flexibility, leverage has been reduced to 1.2x adjusted EBITDA, and the nomination committee has proposed Andreas Örje Wellstam as new chairman, signaling continued focus on margins, balance sheet strength and product development.

The most recent analyst rating on (SE:CTEK) stock is a Sell with a SEK12.50 price target. To see the full list of analyst forecasts on CTEK AB stock, see the SE:CTEK Stock Forecast page.

CTEK AB Proposes New Chairman Amid Leadership Changes

CTEK AB’s Nomination Committee has proposed Andreas Örje Wellstam as the new Chairman of the Board, succeeding Johan Menckel, who will become CEO of LKAB. Wellstam, who will join Investment AB Latour as Chief Investment Officer, previously led Swegon to prominence in the indoor climate products sector. This leadership change could impact CTEK’s strategic direction and stakeholder interests.

The most recent analyst rating on (SE:CTEK) stock is a Hold with a SEK13.00 price target. To see the full list of analyst forecasts on CTEK AB stock, see the SE:CTEK Stock Forecast page.