EQT AB (EQT) AI Stock Analysis

• Market Cap: kr397.89B
• Dividend Yield: 1.21%
• Average Volume (3M): 1.41M
• Price to Earnings (P/E): 50.1
• Beta (1Y): 1.50
• Revenue Growth: 14.62%
• EPS Growth: 108.05%
• Country: SE
• Employees: 1,937
• Sector: Energy
• Sector Strength: 52
• Industry: Asset Management
• EPS (TTM): 5.80
• Shares Outstanding: 1,234,611,900
• 10 Day Avg. Volume: 1,405,391
• 30 Day Avg. Volume: 1,413,846
• PEG Ratio: -11.72
• Price to Book (P/B): 5.24
• Price to Sales (P/S): 14.97
• P/FCF Ratio: 99.74
• 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: kr379.50
• Price Target Upside: 3.38% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 70 Outperform
• Price Target: kr403.00 ▲(9.78% Upside)

The score is driven primarily by solid fundamentals (strong profitability and a reasonably positioned balance sheet) and constructive technical momentum. This is offset by weaker recent cash flow backing/volatility and an expensive valuation (high P/E with only a modest yield). The latest earnings call adds support via strong growth guidance and strategic expansion through Coller, tempered by execution and cost pressures.

Positive Factors

Fundraising and AUM growth

Sustained, large-scale fundraising more than doubling inflows drives durable growth in management fees and scales the firm’s recurring revenue base. Higher activated AUM (target EUR125–130bn) improves fee visibility, supports fee-related EBITDA and strengthens long-term cash generation potential.

High fee-related profitability and margin targets

Elevated fee-related margins reflect operating leverage in investment management and efficient fund economics. A target to exceed 55% suggests sustainable profit conversion from fee revenues as AUM scales, improving long-term free cash flow potential and resilience across market cycles.

Strategic expansion into secondaries and private wealth

Acquiring Coller materially diversifies EQT’s fee mix into secondaries and evergreen private-wealth channels, adding stable, recurring inflows and broadening client access. This structural expansion should enhance AUM durability and reduce reliance on timing-dependent exit events over the medium term.

Negative Factors

Weakened cash generation quality

Operating cash flow declining below net income coverage and volatile free cash flow reduce the reliability of earnings-to-cash conversion. For an asset manager, weaker cash backing limits distribution flexibility, slows deleveraging capacity and increases sensitivity to slower realizations over multiple years.

Rising total debt since 2021

Material increase in debt levels since 2021 constrains balance-sheet flexibility when earnings or exit activity soften. Higher leverage elevates refinancing and interest risks, limits opportunistic investment capacity, and reduces resilience to prolonged market stress for a funds-driven business.

Carry recognition timing and multi-year realization

Significant remaining carried interest potential is lumpy and will be realized over multiple years, creating earnings timing risk. Reliance on future exits and fund cycles makes performance fees volatile, complicating near-term cash generation forecasts and increasing sensitivity to asset-level outcomes.

EQT AB Business Overview & Revenue Model

Company Description

EQT AB (publ) is a private equity firm specializing in buyout investments. The firm focuses on Private Capital & Real Asset segments. It seeks to make investments globally. It seeks to take a majority stake. EQT AB (publ) was founded in 2012 and is based in Stockholm, Sweden and additional offices in Sydney, Australia and Tokyo, Japan.

How the Company Makes Money

EQT generates revenue primarily through management fees and performance fees from its investment funds. The management fees are typically calculated as a percentage of the committed capital or assets under management, providing a steady income stream as long as the funds are active. Performance fees, also known as carried interest, are earned when the investments exceed a predetermined benchmark, aligning EQT's interests with those of its investors. Additionally, EQT may engage in co-investment opportunities and partnerships with institutional investors, further enhancing its revenue potential. The company's strong focus on operational excellence and value creation within its portfolio companies also contributes to its overall profitability.

EQT AB Financial Statement Overview

Summary

Profitability is a clear strength with high margins and a sharp net margin rebound in 2024–2025. The balance sheet appears moderately levered with improved equity scale, but total debt has risen materially since 2021. Cash flow quality is the main drag: operating cash flow covers net income by less than 1x in 2024–2025 and free cash flow has been volatile, including a notable decline in 2025.

Income Statement

Revenue growth has been uneven: strong expansion in 2021 and 2023, followed by a slight decline in 2025 and essentially flat in 2024. Profitability remains a clear strength with consistently high gross, operating, and EBITDA margins, and net margins rebounded sharply after a weak 2023 to solid levels in 2024–2025. The main weakness is volatility in earnings power over the cycle (notably the low net margin year in 2023 and some margin compression versus earlier peak years).

Balance Sheet

The balance sheet looks conservatively levered for the business: debt-to-equity stays in a moderate range, and equity has scaled meaningfully versus 2020–2021, supporting a larger asset base. Returns on equity are currently around ~10% in 2024–2025, improved versus 2022–2023 but well below the exceptional 2020–2021 levels, suggesting normalized profitability. A key watch item is that total debt has risen materially since 2021, which reduces flexibility if earnings soften.

Cash Flow

Cash generation is positive with free cash flow consistently close to net income across the period, indicating generally good earnings-to-cash conversion. However, operating cash flow covers net income by less than 1x in 2024–2025 (down from strong coverage in 2021 and 2023), pointing to weaker near-term cash backing. Free cash flow growth is also volatile, including a significant decline in 2025 after a very strong 2023.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.69B	2.63B	2.65B	2.08B	1.50B	1.60B
Gross Profit	1.83B	1.40B	1.81B	1.38B	995.80M	1.23B
EBITDA	1.56B	1.48B	1.55B	1.09B	745.30M	1.05B
Net Income	840.00M	728.00M	776.00M	129.90M	176.30M	909.40M
Balance Sheet
Total Assets	11.07B	11.37B	11.48B	9.21B	9.60B	3.89B
Cash, Cash Equivalents and Short-Term Investments	5.58B	6.15B	5.33B	1.11B	644.90M	587.90M
Total Debt	2.60B	2.65B	2.22B	2.15B	2.15B	614.00M
Total Liabilities	3.76B	3.85B	3.38B	3.20B	3.20B	948.90M
Stockholders Equity	7.31B	7.51B	8.10B	6.00B	6.40B	2.94B
Cash Flow
Free Cash Flow	-60.00M	395.00M	447.00M	921.20M	518.20M	596.70M
Operating Cash Flow	-23.00M	430.00M	464.00M	944.80M	549.20M	608.20M
Investing Cash Flow	-26.00M	-34.00M	-2.00M	-38.80M	-1.55B	-895.20M
Financing Cash Flow	-256.00M	-425.00M	-574.00M	-415.20M	1.15B	-20.30M

EQT AB Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 367.10
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:EQT, the sentiment is Neutral. The current price of 367.1 is above the 20-day moving average (MA) of 357.73, above the 50-day MA of 342.05, and above the 200-day MA of 319.50, indicating a neutral trend. The MACD of 0.64 indicates Positive momentum. The RSI at 40.73 is Neutral, neither overbought nor oversold. The STOCH value of 4.79 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:EQT.

EQT AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
INDU.A	81 Outperform	kr192.37B	13.92	8.24%	2.00%	13.97%	-56.08%
INVE.A	80 Outperform	kr1.05T	6.62	8.06%	1.61%	79.31%	-65.65%
INVE.B	79 Outperform	kr1.05T	6.67	8.06%	1.60%	79.31%	-65.65%
INDU.C	74 Outperform	kr192.37B	13.92	8.24%	2.02%	13.97%	-56.08%
EQT	70 Outperform	kr397.89B	50.13	―	1.21%	14.62%	108.05%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
KINV.B	46 Neutral	kr20.22B	163.06	0.33%	―	-97.64%	―

EQT AB Corporate Events

EQT Delivers Record Exit Activity in 2025 and Moves Into Secondaries With Coller Capital Deal

EQT AB reported a year of strong execution in 2025, marked by its most active exit year ever, continued fundraising strength for closed-ended strategies and a strategic push into evergreen structures targeting private wealth and open-ended institutional investors. Key funds in its Private Capital and Real Assets segments are performing on or above plan, and the firm further sharpened its strategic direction with the appointment of Per Franzén as CEO and the proposal of Jean Eric Salata as chair, alongside a streamlined organization with broadly unchanged headcount. Financially, adjusted total revenue rose to €2.73 billion and adjusted EBITDA to €1.64 billion, with a 60% EBITDA margin, while the firm expanded shareholder returns via higher dividends and share buybacks and kept total AUM broadly stable at €270 billion despite elevated realizations. EQT also moved to deepen its position in the secondary market by signing an agreement in January 2026 to acquire Coller Capital, a leading global secondaries firm with €28 billion in fee-generating assets, signaling an ambition to broaden its product offering and capture more of the private markets value chain.

The most recent analyst rating on (SE:EQT) stock is a Hold with a SEK400.00 price target. To see the full list of analyst forecasts on EQT AB stock, see the SE:EQT Stock Forecast page.

EQT to Acquire Coller Capital in Major Push Into Booming Secondaries Market

EQT has agreed to acquire UK-headquartered Coller Capital, one of the world’s largest dedicated secondaries firms with nearly USD 50 billion in assets under management, in a transaction valued at a base consideration of USD 3.2 billion in new EQT shares plus up to USD 500 million in contingent cash consideration. The deal adds Coller’s 35-year track record in private equity and private credit secondaries, a global team of 330 professionals, and a diversified product set spanning institutional funds, evergreen private wealth vehicles and insurance-focused solutions, creating a combined platform that will cover private equity, infrastructure, real estate and secondaries at scale. Strategically, the combination positions EQT to capitalize on the rapidly expanding secondaries market, deepen relationships with institutional and private wealth clients, accelerate growth in Asia and adjacent real-asset secondaries, and broaden insurance-dedicated offerings, while maintaining Coller’s independent origination and investment processes under its existing leadership; EQT expects the transaction to be accretive to fee-related earnings and to significantly enhance its competitiveness as a full-service private markets provider.

The most recent analyst rating on (SE:EQT) stock is a Hold with a SEK400.00 price target. To see the full list of analyst forecasts on EQT AB stock, see the SE:EQT Stock Forecast page.