Hanza AB (HANZA) AI Stock Analysis

• Market Cap: kr10.20B
• Dividend Yield: 0.65%
• Average Volume (3M): 174.59K
• Price to Earnings (P/E): 23.6
• Beta (1Y): 0.78
• Revenue Growth: 18.96%
• EPS Growth: 48.93%
• Country: SE
• Employees: 3,173
• Sector: Industrials
• Sector Strength: 72
• Industry: Hardware, Equipment & Parts
• EPS (TTM): 2.26
• Shares Outstanding: 62,959,340
• 10 Day Avg. Volume: 196,738
• 30 Day Avg. Volume: 174,586
• PEG Ratio: 0.21
• Price to Book (P/B): 3.20
• Price to Sales (P/S): 0.96
• P/FCF Ratio: 18.40
• 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): 8.15
• Revenue Forecast (FY): kr10.22B

• Rating: 65 Neutral
• Price Target: kr164.00 ▲(29.54% Upside)
• Action: Reiterated Date: 02/25/26
• Date: Action: Reiterated 02/25/26

The score is driven primarily by solid financial momentum (revenue growth and positive operating cash flow) but is held back by increased leverage and earnings-quality/margin volatility. Technicals are supportive with a strong uptrend, while valuation is a headwind due to a higher P/E and low yield.

Positive Factors

Integrated contract manufacturing model

Hanza’s end-to-end manufacturing and engineering offering creates durable customer stickiness and cross-sell opportunities. By bundling development, prototyping and volume production the business captures higher value-added work, supports long-term framework agreements and improves time-to-market for clients.

Strong multi-year revenue growth

Sustained top-line expansion over multiple years signals structural demand and scalable operations. Growing revenue supports fixed-cost leverage, capacity utilization and reinvestment in factories and engineering capabilities, strengthening competitive position in contract manufacturing.

Consistently positive operating cash flow

Material positive operating cash flow demonstrates the core business generates real cash to fund operations and capex. This cash generation underpins organic expansion, reduces reliance on equity issuance and supports servicing of debt from operations over the medium term.

Negative Factors

Sharp increase in leverage (2025)

The large 2025 debt step-up materially increases refinancing and interest-rate sensitivity, reducing financial flexibility. Higher leverage limits resilience to demand shocks and constrains strategic options, particularly given uneven free cash flow and margin pressures that could stress covenants or raise funding costs.

Margin volatility and gross-profit red flag

Significant margin swings and a flagged decline in gross profit indicate persistent mix, pricing or cost issues. Volatile margins reduce earnings predictability, erode return on capital, and weaken the defensive quality of revenue growth, complicating long-term planning and investment returns.

Uneven free cash flow conversion

Inconsistent FCF generation and a notable YoY decline suggest working-capital swings or elevated investment needs absorb cash. Weak FCF conversion limits debt paydown capacity, reduces buffers for cyclicality, and raises the probability of further external financing if operational cash normalization lags.

Hanza AB Business Overview & Revenue Model

Company Description

Hanza AB (publ) provides manufacturing solutions. The company also offers cutting, bending, stamping, welding, and powder coating services for sheet and heavy mechanics; machining services, such as milling, turning, grinding, EMD, and surface treatment; and PCB assembly services. In addition, it provides cable harnesses solutions, including cutting, crimping, and marking, as well as assembly of harnesses based on customer requirements; and system integration and box build assembly services, which include final assembly of systems, testing, delivery to customer stock, and drop shipments to end customers. Further, the company offers gas turbines and offshore applications, as well as provides business advisory services; and 3D CAD modeling, mechanical design, electronic design, and prototyping services. It operates in Sweden, Finland, Estonia, Germany, Poland, the Czech Republic, China, and internationally. The company was formerly known as Hanza Holding AB (publ) and changed its name to Hanza AB (publ) in May 2022. Hanza AB (publ) was incorporated in 2008 and is headquartered in Kista, Sweden.

How the Company Makes Money

Hanza AB generates revenue through a diverse range of service offerings that cater to various stages of the manufacturing process. The company's primary revenue streams include contract manufacturing services, which entail producing components and assemblies for clients across different industries. Additionally, Hanza earns income from its product development services, where it collaborates with clients to design and prototype new products. The company also benefits from strategic partnerships with key players in its target sectors, which can lead to long-term contracts and steady revenue. Factors contributing to its earnings include operational efficiency, the ability to scale production based on client needs, and a focus on high-value sectors that demand complex manufacturing capabilities.

Hanza AB Financial Statement Overview

Summary

Strong multi-year revenue growth and consistently positive operating cash flow support the business, but the sharp 2025 debt increase, volatile margins, and a 2025 gross profit/margin red-flag (vs prior years) raise earnings-quality and balance-sheet risk. Free cash flow is positive recently but uneven and declined in 2025.

Income Statement

Revenue has grown consistently (from ~2.15B in 2020 to ~6.03B in 2025), indicating solid demand and scale-up. Profitability improved from a small loss in 2020 to positive net income thereafter, but margins have been volatile: net margin peaked in 2023 (~5.2%) and fell back to ~2.3% in 2024; 2025 margin data is not provided. Gross margin was healthy in 2021–2024 (~42%–46%), but the 2025 gross profit level implies a much lower gross margin versus prior years, suggesting mix/price/cost pressure or a data inconsistency—either way it flags risk to earnings quality.

Balance Sheet

The company has grown its equity base over time, but leverage has increased meaningfully as it scaled: total debt rose sharply to ~2.58B in 2025 (from ~1.01B in 2024). Earlier years showed improving leverage (debt relative to equity fell from ~1.11 in 2021 to ~0.51 in 2023), but the 2025 step-up in debt is a clear negative, increasing refinancing and interest-rate sensitivity. Returns on equity were strong in 2022–2023 (~13%–16%) and more modest in 2024 (~7.5%), pointing to some profitability dilution as the balance sheet expanded.

Cash Flow

Operating cash flow is consistently positive and scaled up to ~517M in 2025, supporting the business’s expansion. Free cash flow has been positive in recent years (2023–2025), but it is volatile: negative in 2021–2022, recovered in 2023, improved in 2024, then declined in 2025 (free cash flow down ~28% year over year). Cash conversion also looks mixed in 2024, with free cash flow running well below net income, suggesting working-capital or investment demands are absorbing cash.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	6.03B	4.85B	4.14B	3.55B	2.52B
Gross Profit	345.00M	2.05B	1.84B	1.53B	1.15B
EBITDA	622.00M	423.00M	450.00M	297.00M	231.50M
Net Income	246.00M	111.00M	214.00M	121.00M	80.00M
Balance Sheet
Total Assets	5.31B	3.64B	2.93B	2.54B	1.95B
Cash, Cash Equivalents and Short-Term Investments	490.00M	276.00M	340.00M	137.00M	45.80M
Total Debt	2.58B	1.01B	689.00M	696.00M	648.60M
Total Liabilities	3.49B	2.16B	1.58B	1.64B	1.37B
Stockholders Equity	1.81B	1.48B	1.34B	898.00M	585.50M
Cash Flow
Free Cash Flow	315.00M	302.00M	28.00M	-35.00M	-15.00M
Operating Cash Flow	517.00M	569.00M	277.00M	145.00M	126.10M
Investing Cash Flow	-567.00M	-632.00M	-295.00M	-184.00M	-185.70M
Financing Cash Flow	272.00M	-12.00M	217.00M	120.00M	-21.50M

Hanza AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 126.60
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:HANZA, the sentiment is Positive. The current price of 126.6 is below the 20-day moving average (MA) of 144.58, below the 50-day MA of 135.66, and above the 200-day MA of 114.60, indicating a bullish trend. The MACD of 7.64 indicates Negative momentum. The RSI at 74.44 is Negative, neither overbought nor oversold. The STOCH value of 86.85 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:HANZA.

Hanza AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HANZA	65 Neutral	kr10.20B	23.56	―	0.65%	18.96%	48.93%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
NCAB	57 Neutral	kr9.84B	43.38	―	―	0.26%	-30.60%
NOTE	53 Neutral	kr5.45B	15.08	17.21%	3.91%	-2.98%	2.44%

Hanza AB Corporate Events

HANZA boosts defense-focused capacity with new Årjäng factory

HANZA has inaugurated a new production facility in Årjäng, Sweden, expanding its regional manufacturing cluster and adding capacity aimed particularly at customers in the defense and security sector. Sweden’s Minister of Defense, Pål Jonson, attended the opening and highlighted the role of a robust domestic industrial base amid Europe’s changing security environment.

The Årjäng plant is designed to improve production flows, increase capacity, and handle more technically advanced assignments, supporting HANZA’s strategy of offering local, end-to-end manufacturing with short lead times. The launch coincides with the company’s strongest quarter to date, marked by 10 percent organic growth and an improved operating margin for year-end 2025, underscoring how the expanded capacity underpins continued growth and competitiveness for both HANZA and its customers.

The most recent analyst rating on (SE:HANZA) stock is a Hold with a SEK146.00 price target. To see the full list of analyst forecasts on Hanza AB stock, see the SE:HANZA Stock Forecast page.

HANZA Delivers Record 2025 Results and Launches New HANZA 2028 Strategy

HANZA AB reported a record 2025, with full-year net sales rising 24% to SEK 6.0 billion and adjusted operating profit climbing to SEK 459 million, lifting the adjusted operating margin to 7.6%. The group achieved 10% organic growth in the fourth quarter despite weak overall market demand, while “old HANZA” delivered a 9.9% operating margin, marking seven consecutive quarters of margin improvement.

The company met its HANZA 2025 financial targets with pro forma sales of about SEK 6.5 billion and an operating margin of roughly 8.3%, underscoring strengthened core operations and successful integration of acquisitions. Solid operating cash flow and a net debt-to-EBITDA ratio of 1.9, below its leverage target, give the group room to pursue its next strategic phase, HANZA 2028, which will further expand its European platform and enhance organizational and reporting transparency for investors.

The most recent analyst rating on (SE:HANZA) stock is a Hold with a SEK146.00 price target. To see the full list of analyst forecasts on Hanza AB stock, see the SE:HANZA Stock Forecast page.

HANZA to Present HANZA 2028 Strategy at March Capital Markets Day

HANZA will host a Capital Markets Day on March 10 at its Kista headquarters, spotlighting the completed HANZA 2025 cluster-building phase and unveiling the HANZA 2028 strategy, which includes new financial targets and insights from BMK Group to illustrate the next phase of European expansion. The event, available both onsite and via webcast, is designed to brief investors, analysts, and media on how the updated plan and BMK integration aim to deepen customer value, scale its manufacturing clusters, and sustain profitability, signaling continued confidence in strategic execution.

The most recent analyst rating on (SE:HANZA) stock is a Hold with a SEK151.00 price target. To see the full list of analyst forecasts on Hanza AB stock, see the SE:HANZA Stock Forecast page.

HANZA Boosts Share Capital After Completing BMK Group Acquisition

HANZA AB has increased its registered share capital to SEK 6,295,933.80 and its total number of shares to 62,959,338 following the issuance of 16,999,998 new shares as part of the consideration for its recently completed acquisition of BMK Group GmbH. The all-share component of the BMK transaction expands HANZA’s capital base and share count, underlining the company’s strategy of scaling its global manufacturing and advisory platform through acquisitions, which may further strengthen its position with large industrial customers and broaden its geographic and operational footprint.

The most recent analyst rating on (SE:HANZA) stock is a Hold with a SEK149.00 price target. To see the full list of analyst forecasts on Hanza AB stock, see the SE:HANZA Stock Forecast page.

HANZA to Release 2025 Year-End Report and Host Investor Presentation on 24 February

HANZA will publish its 2025 year-end report on 24 February at 7:30 a.m. CET and will hold an English-language presentation later that morning, led by CEO Erik Stenfors and CFO Lars Åkerblom, for investors, analysts and media via webcast and teleconference. The report, along with the presentation materials and a replay of the webcast, will be made available on the company’s website, underlining HANZA’s efforts to maintain transparency and structured communication with the capital market as it continues to grow its international manufacturing platform.

The most recent analyst rating on (SE:HANZA) stock is a Hold with a SEK146.00 price target. To see the full list of analyst forecasts on Hanza AB stock, see the SE:HANZA Stock Forecast page.

HANZA Named 3M’s Global Supplier of the Year, Strengthening Strategic Partnership

HANZA has been named Supplier of the Year by U.S.-based industrial giant 3M, emerging as the top performer among more than 6,000 suppliers worldwide. The recognition, presented at 3M’s headquarters in Minneapolis, highlights HANZA’s consistently strong results in quality, service, innovation and continuous improvement, and underscores the deepening strategic partnership between the two companies. 3M singled out HANZA’s proactive investments, process development and focus on strengthening the shared value chain, suggesting the award could further entrench HANZA’s position as a key global manufacturing partner and bolster its reputation in the wider industrial supply chain market.

The most recent analyst rating on (SE:HANZA) stock is a Hold with a SEK145.00 price target. To see the full list of analyst forecasts on Hanza AB stock, see the SE:HANZA Stock Forecast page.

HANZA Seals BMK Acquisition with Share Deal, Expanding European Electronics Footprint

HANZA AB has completed the acquisition of German electronics manufacturer BMK Group GmbH through a share exchange valued at around SEK 1.8 billion, issuing approximately 17 million new shares that give BMK’s three founders about 27% ownership in the enlarged group and dilute existing shareholders by roughly the same proportion. The deal adds roughly SEK 3.3 billion in annual revenue, 1,500 employees and top-tier electronics manufacturing capabilities in Germany, the Czech Republic and Israel, marking the completion of HANZA’s 2025 strategy to build five European manufacturing clusters, bolstering capacity for its defence-oriented LYNX programme and setting the stage for a new 2028 strategic phase with updated operational and financial targets, while maintaining leverage below the group’s net debt/EBITDA ceiling.

The most recent analyst rating on (SE:HANZA) stock is a Hold with a SEK137.00 price target. To see the full list of analyst forecasts on Hanza AB stock, see the SE:HANZA Stock Forecast page.

HANZA Registers Information Document for Share Issue in BMK Group Acquisition

HANZA has published an information document related to a non-cash share issue to the sellers of BMK Group GmbH, executed by the board under a mandate from an extraordinary general meeting as part of the BMK acquisition. The document, prepared under the EU Prospectus Regulation and registered with the Swedish Financial Supervisory Authority, is available on the company’s website and marks a formal step in settling the transaction in shares, underscoring HANZA’s ongoing expansion strategy and its use of equity-based consideration in major acquisitions.

The most recent analyst rating on (SE:HANZA) stock is a Hold with a SEK137.00 price target. To see the full list of analyst forecasts on Hanza AB stock, see the SE:HANZA Stock Forecast page.