I-Tech AB (ITECH) AI Stock Analysis

• Market Cap: kr623.88M
• Dividend Yield: 3.31%
• Average Volume (3M): 30.18K
• Price to Earnings (P/E): 15.4
• Beta (1Y): -0.23
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 11
• Sector: Technology
• Sector Strength: 88
• Industry: Biotechnology
• EPS (TTM): 0.87
• Shares Outstanding: 11,997,777
• 10 Day Avg. Volume: 43,174
• 30 Day Avg. Volume: 30,179
• PEG Ratio: 0.19
• Price to Book (P/B): 4.39
• Price to Sales (P/S): 3.85
• P/FCF Ratio: 19.71
• 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: 75 Outperform
• Price Target: kr61.00 ▲(13.38% Upside)

Strong financial performance (high profitability, strong cash conversion, and zero-debt balance sheet) is the primary driver of the score. This is tempered by weak technicals (price below key moving averages and negative MACD). Valuation is supportive with a moderate P/E and solid dividend yield.

I-Tech AB Business Overview & Revenue Model

Company Description

I-Tech AB, a bio-technology company, develops and commercializes fouling prevention products in Sweden. The company offers Selektope, a bio-repellent ingredient for marine coatings that provide hard fouling prevention for ships. Selektope prevent barnacles from settling on coated surfaces by temporarily activating the swimming behaviour of barnacle larvae. It serves marine coatings industry. The company was founded in 2000 and is based in Mölndal, Sweden.

How the Company Makes Money

I-Tech AB Financial Statement Overview

Summary

Strong fundamentals: profitable growth (TTM revenue 187.2m, +10.6%) with high margins (EBIT ~28.4%, net ~22.0%), strong free cash flow (FCF 58.0m; ~1.00x net income) and accelerating FCF growth (+27.7%). Balance sheet is very conservative with zero debt and strong ROE (~25.1%). Main risk is margin pressure versus 2023–2024 levels and historical cash flow volatility (negative in 2021).

Income Statement

TTM (Trailing-Twelve-Months) revenue is 187.2m with continued growth (+10.6%), following very strong expansion in 2022–2024. Profitability is a key strength: TTM gross margin is ~49.5% and operating profitability is high (EBIT margin ~28.4%), supporting a strong net margin (~22.0%). A notable positive is the clear turnaround from losses in 2020–2021 to consistently strong profits from 2022 onward. The main watch-out is that TTM gross margin is lower than 2023–2024 levels, suggesting some margin pressure even as earnings remain robust.

Balance Sheet

The balance sheet is very conservative, with zero total debt in TTM (Trailing-Twelve-Months) and a strong equity base (168.0m equity vs. 190.3m assets). Returns are also strong, with TTM return on equity around 25.1%, reflecting efficient profitability without reliance on leverage. Prior years show only minimal debt usage and low debt-to-equity when present, reinforcing financial flexibility. The primary limitation is that the dataset doesn’t provide liquidity details (e.g., cash/current assets), but leverage risk appears low.

Cash Flow

Cash generation is strong and high quality: TTM (Trailing-Twelve-Months) operating cash flow is 58.2m and free cash flow is 58.0m, with free cash flow closely matching net income (~1.00x), indicating solid earnings conversion. Free cash flow growth is very strong in TTM (+27.7%), accelerating from 2024. The main weakness is historical volatility—cash flow was negative in 2021—though results have been consistently positive and improving since 2022.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	187.24M	179.45M	120.86M	83.63M	52.90M	52.82M
Gross Profit	92.62M	95.22M	63.54M	45.13M	27.48M	25.18M
EBITDA	61.19M	54.31M	30.34M	18.06M	1.60M	3.02M
Net Income	41.11M	39.01M	20.20M	10.62M	-2.65M	-4.81M
Balance Sheet
Total Assets	190.29M	173.11M	152.44M	125.41M	115.12M	120.18M
Cash, Cash Equivalents and Short-Term Investments	135.73M	100.16M	83.26M	52.75M	35.01M	40.98M
Total Debt	0.00	7.79M	0.00	2.25M	4.29M	8.62M
Total Liabilities	22.29M	15.73M	16.20M	9.37M	10.19M	13.58M
Stockholders Equity	168.00M	157.39M	136.24M	116.03M	104.94M	106.60M
Cash Flow
Free Cash Flow	58.03M	35.04M	32.76M	20.06M	-2.43M	4.88M
Operating Cash Flow	58.16M	35.17M	35.14M	20.13M	-1.70M	5.39M
Investing Cash Flow	-497.00K	-408.00K	-2.38M	-822.00K	-928.00K	-558.00K
Financing Cash Flow	-16.20M	-17.86M	-2.25M	-1.56M	-3.35M	-2.79M

I-Tech AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ITECH	75 Outperform	kr623.88M	15.44	―	3.31%	―	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
ONCO	50 Neutral	kr1.06B	-3.71	―	―	131.20%	32.28%