Humana AB (HUM) AI Stock Analysis

• Market Cap: kr2.20B
• Dividend Yield: 2.01%
• Average Volume (3M): 120.62K
• Price to Earnings (P/E): 9.0
• Beta (1Y): 0.64
• Revenue Growth: 2.11%
• EPS Growth: 92.69%
• Country: SE
• Employees: 11,127
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Care Facilities
• EPS (TTM): 0.55
• Shares Outstanding: 51,826,057
• 10 Day Avg. Volume: 123,370
• 30 Day Avg. Volume: 120,620
• PEG Ratio: 0.16
• Price to Book (P/B): 0.81
• Price to Sales (P/S): 0.25
• P/FCF Ratio: 3.78
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: kr44.00 ▼(-12.70% Downside)
• Action: Downgraded Date: 02/08/26
• Date: Action: Downgraded 02/08/26

The score is anchored by middling financial performance: weakening revenue/margins and higher leverage offset stable operations and generally decent cash conversion. Technicals are a meaningful drag due to a clear downtrend and negative momentum, while the low P/E and dividend yield provide a notable valuation cushion.

Positive Factors

Publicly funded business model

Humana's core revenue derives from public reimbursements for social‑care services. That contract‑backed model produces relatively predictable, non‑cyclical cash inflows and long‑term demand tied to public care mandates, supporting durable revenue visibility in the Nordics.

Consistent cash generation

Free cash flow historically tracks net income and in 2024 fully covered reported profit, showing earnings quality and operational cash conversion. Reliable FCF underpins the ability to fund operations, meet obligations and sustain service delivery even if near‑term profitability softens.

Scale and service diversification

Humana operates across personal assistance, residential and specialist care with a workforce exceeding 11,000. This scale and multi‑service footprint enhance operational flexibility, public tender competitiveness and geographic risk diversification, supporting long‑run contract wins and service continuity.

Negative Factors

Rising leverage

Leverage increased materially in 2025 and the capital structure is tilted toward debt. Higher indebtedness reduces financial flexibility, raises refinancing and interest risk, and limits the firm's capacity to absorb reimbursement cuts or invest in service expansion without adding further risk.

Weakening revenue trend

Revenue turned negative in 2025 after prior modest expansion, indicating weakening demand or contract mix. Sustained top‑line decline erodes scale economies, pressures margins, and can reduce competitiveness in public procurements, constraining medium‑term operational resilience.

Margin compression and thin profitability

Gross margin compressed markedly in 2025 while net margin stays thin and volatile. Persistent margin pressure reduces free cash flow cushions, heightens sensitivity to staffing and reimbursement shifts, and limits capacity to reinvest in quality or growth without external financing.

Humana AB Business Overview & Revenue Model

Company Description

Humana AB (publ) provides individual and family care services for children and adults in Sweden, Finland, Norway, and Denmark. It operates through five segments: Individual & Family, Personal Assistance, Elderly Care, Finland, and Norway segments. The Individual & Family segment provides care and treatment for psychosocial disorders, mental illness, and functional impairment; residential care homes; interim and regular family-based care services; special service housing; outpatient care services; assisted living homes; and specially adapted housing for individuals with functional impairments and special education schools. The Personal Assistance segment offers care services and assistance to individuals with functional impairments. The Elderly Care segment provides elderly care home services. The Finland segment offers individual and family care for children, young people and families with psychiatric diagnoses or psychosocial disorders; special service housing for individuals with functional impairments; elderly care homes; and elderly day care services. The Norway segment provides individual and family care, personal assistance, and special service housing for individuals with functional impairments. The company was founded in 2001 and is headquartered in Stockholm, Sweden.

How the Company Makes Money

Humana AB generates revenue primarily through its health insurance offerings, which include premiums collected from policyholders for various health plans. Additionally, the company earns revenue from government contracts, particularly in the areas of public health and social care. Key revenue streams include individual and group insurance plans, long-term care services, and consultancy services related to health and wellness. The company has formed strategic partnerships with healthcare providers and other stakeholders in the health sector, which help enhance its service offerings and improve operational efficiencies, ultimately contributing to its earnings.

Humana AB Financial Statement Overview

Summary

Fundamentals are stable but constrained: revenue momentum weakened into a 2025 decline and gross margin compressed sharply, while net margin remains thin. Cash conversion is generally decent but softened in 2025, and the balance sheet is a key risk with meaningfully higher debt and elevated leverage versus equity.

Income Statement

Revenue growth has slowed materially, with 2025 showing a decline after modest expansion in 2023–2024. Profitability is mixed: operating profitability is relatively steady, but gross margin compressed sharply in 2025 versus prior years, and net margin remains thin and somewhat volatile (notably improving in 2025 versus 2024, but still low). Overall, the income statement reflects stable operations with weakening top-line momentum and pressure on underlying margins.

Balance Sheet

Leverage is a key constraint: debt has risen meaningfully in 2025 and the debt load remains high versus equity, with debt-to-equity increasing to above prior-year levels. Returns on equity are positive but not consistently improving and remain moderate, suggesting the balance sheet is working but with limited cushion if operating conditions weaken. Asset base is sizable, but the capital structure is tilted toward debt, raising financial risk.

Cash Flow

Cash generation is generally solid and supports earnings quality: free cash flow tracks net income well across the period (and in 2024 it fully covered reported profit). That said, 2025 free cash flow declined and operating cash flow coverage remains modest, indicating the company does not have a large cash-flow buffer relative to its obligations. Overall cash flow is steady, but recent momentum has softened.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	10.01B	10.29B	9.65B	9.20B	8.19B
Gross Profit	427.00M	896.00M	757.00M	9.14B	8.13B
EBITDA	1.11B	1.05B	908.00M	901.00M	892.00M
Net Income	237.00M	144.00M	176.00M	210.00M	276.00M
Balance Sheet
Total Assets	9.39B	10.63B	10.03B	9.81B	9.00B
Cash, Cash Equivalents and Short-Term Investments	366.00M	583.00M	675.00M	690.00M	695.00M
Total Debt	6.72B	5.15B	5.41B	5.40B	4.92B
Total Liabilities	6.14B	7.33B	7.10B	7.07B	6.45B
Stockholders Equity	3.12B	3.16B	2.89B	2.74B	2.55B
Cash Flow
Free Cash Flow	666.00M	570.00M	451.00M	442.00M	582.00M
Operating Cash Flow	770.00M	869.00M	621.00M	633.00M	689.00M
Investing Cash Flow	172.00M	-532.00M	-151.00M	-246.00M	-260.00M
Financing Cash Flow	-1.13B	-434.00M	-457.00M	-424.00M	-521.00M

Humana AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 50.40
• 50DMA: Negative
• 100DMA: Negative
• 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:HUM, the sentiment is Negative. The current price of 50.4 is above the 20-day moving average (MA) of 45.04, above the 50-day MA of 47.79, and above the 200-day MA of 42.25, indicating a neutral trend. The MACD of -1.83 indicates Positive momentum. The RSI at 36.91 is Neutral, neither overbought nor oversold. The STOCH value of 43.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:HUM.

Humana AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ATT	65 Neutral	kr15.19B	18.50	―	1.47%	2.96%	73.50%
STIL	64 Neutral	kr1.69B	30.39	―	―	13.36%	-20.56%
AMBEA	63 Neutral	kr9.68B	15.35	13.39%	1.56%	10.83%	16.24%
CARA	54 Neutral	kr1.61B	47.12	―	―	―	―
HUM	52 Neutral	kr2.20B	8.99	7.53%	2.01%	2.11%	92.69%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
XSPRAY	44 Neutral	kr1.09B	-6.03	-35.03%	―	―	25.14%

Humana AB Corporate Events

Humana Boosts Profitability, Cuts Debt and Lifts Dividend Despite Lower 2025 Revenue

Humana AB reported weaker fourth-quarter 2025 revenue of SEK 2,483 million, down 8% year-on-year, with organic growth at -1.9% and adjusted operating profit falling to SEK 87 million, while full-year net revenue slipped 3% but operating profit rose 9% and net profit surged to SEK 238 million, helped by stronger margins over the year and lower leverage, as net debt excluding leases dropped 20% to SEK 1,199 million. Despite lower sales volumes, fewer customers and a reduced workforce, the care group strengthened cash generation with a higher fourth-quarter free cash flow of SEK 174 million, increased its client satisfaction index to 85, completed the acquisition of Norway’s Familiehjelpgruppen, secured an agreement for a new elderly care home in Sollentuna, achieved SBTi validation of its climate targets, and proposed a 35% higher dividend of SEK 1.35 per share for the 2025 financial year, underscoring management’s confidence in future growth driven by a stronger project pipeline and bolt-on acquisitions.

The most recent analyst rating on (SE:HUM) stock is a Hold with a SEK50.00 price target. To see the full list of analyst forecasts on Humana AB stock, see the SE:HUM Stock Forecast page.

Humana AB Launches Share Buyback to Bolster Capital Structure and Acquisition Flexibility

Humana AB’s board has decided to repurchase up to 1,000,000 of the company’s own shares under a mandate from the 2025 annual general meeting, aiming to strengthen its capital structure and increase strategic flexibility for potential future acquisitions. The buybacks, to be executed in cash via an investment firm on Nasdaq Stockholm in line with the Nordic Main Market Rulebook, will be completed before the 2026 annual general meeting and are limited so that Humana’s total holding of treasury shares does not exceed 10% of its 51,826,058 outstanding shares, adding to the 3,485,273 shares the company already holds and signalling an active approach to capital management that may support shareholder value and acquisition-driven growth.

The most recent analyst rating on (SE:HUM) stock is a Hold with a SEK50.00 price target. To see the full list of analyst forecasts on Humana AB stock, see the SE:HUM Stock Forecast page.

Humana Completes Acquisition of Norwegian Care Provider Familiehjelpgruppen

Humana AB has completed the acquisition of Norwegian care provider Familiehjelpgruppen AS, following approval from the national Competition Authority. The deal significantly expands Humana’s preventive care and support services for children and young people in Norway, particularly within foster homes, and strengthens its position as a leading care provider in this segment. Familiehjelpgruppen, which generates annual revenues of about NOK 120 million, will be consolidated into Humana’s accounts from 2 February 2026, adding both service breadth and specialist staff to Humana’s Norwegian operations.

The most recent analyst rating on (SE:HUM) stock is a Hold with a SEK50.00 price target. To see the full list of analyst forecasts on Humana AB stock, see the SE:HUM Stock Forecast page.

Humana to Present Fourth-Quarter and Full-Year 2025 Results on 6 February

Humana AB has announced that it will publish its interim report for the fourth quarter and full year 2025 on 6 February 2025 at 08:00 CET, followed by a webcast and telephone conference at 09:00 CET where CEO and President Nathalie Boulas Nilsson and CFO Christoffer Herou will present the results. The report presentation, including slides and both live and recorded webcasts, will be made available via Humana’s and Financial Hearings’ websites, offering investors and other stakeholders multiple channels for participation and Q&A, underlining the company’s commitment to transparent financial communication and engagement with the capital market.

The most recent analyst rating on (SE:HUM) stock is a Hold with a SEK50.00 price target. To see the full list of analyst forecasts on Humana AB stock, see the SE:HUM Stock Forecast page.

Humana Expands Elderly and LSS Care with New Central Sollentuna Facility

Humana has signed an agreement with property owner Knut Olsson Fastigheter AB to establish a new modern elderly care home with 100 beds and an LSS group home with six beds in central Sollentuna, just beside the municipal council hall and major public transport links. Scheduled for completion in 2028 and to be run by Humana within Sollentuna’s Freedom of Choice System, the environmentally certified facility supports both companies’ long-term strategies—accelerating Humana’s growth in elderly care, one of its prioritized expansion areas, while advancing Knut Olsson Fastigheter’s focus on sustainable, socially oriented properties—and aligns with the municipality’s ambition to broaden high-quality care options and enhance living conditions for older people and individuals with disabilities.

The most recent analyst rating on (SE:HUM) stock is a Hold with a SEK50.00 price target. To see the full list of analyst forecasts on Humana AB stock, see the SE:HUM Stock Forecast page.

Humana’s Nomination Committee Backs Full Board Re-Election and Continued Chairmanship

Humana’s Nomination Committee is proposing that the company’s Board of Directors for the 2026 financial year remains at seven members elected by the AGM, with all current directors – Grethe Aasved, Carolina Oscarius Dahl, Monica Lingegård, Leena Munter, Anders Nyberg, Ralph Riber and Fredrik Strömholm – standing for re-election and Nyberg put forward to continue as Chairman. The committee, composed of representatives from major shareholders and the current chair, stresses the importance of continuity after the addition of several new directors in 2023 and amid recent changes in senior management, signalling a clear preference for stability in governance as Humana navigates its ongoing development in key operational areas ahead of the AGM on 7 May 2026.

The most recent analyst rating on (SE:HUM) stock is a Hold with a SEK50.00 price target. To see the full list of analyst forecasts on Humana AB stock, see the SE:HUM Stock Forecast page.

Humana AB Expands Preventive Care Services with Acquisition of Familiehjelpgruppen AS

Humana AB has announced the acquisition of Familiehjelpgruppen AS, a respected provider of family-based care services in Norway. This acquisition will enhance Humana’s capacity in foster homes and expand its offerings in preventive care, particularly for children and young people. The transaction, expected to complete in January 2026, will be financed with existing cash and is subject to regulatory approval. This strategic move is set to strengthen Humana’s market position and service quality, aligning with its focus on quality, ethics, and the best interests of children.

The most recent analyst rating on (SE:HUM) stock is a Buy with a SEK52.00 price target. To see the full list of analyst forecasts on Humana AB stock, see the SE:HUM Stock Forecast page.