John Mattson Fastighetsforetagen AB (JOMA) AI Stock Analysis

• Market Cap: kr4.68B
• Dividend Yield: N/A
• Average Volume (3M): 78.66K
• Price to Earnings (P/E): 13.8
• Beta (1Y): 0.45
• Revenue Growth: 6.45%
• EPS Growth: N/A
• Country: SE
• Employees: 46
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Development
• EPS (TTM): 0.42
• Shares Outstanding: 75,793,930
• 10 Day Avg. Volume: 59,690
• 30 Day Avg. Volume: 78,657
• PEG Ratio: -1.73
• Price to Book (P/B): 0.83
• Price to Sales (P/S): 7.87
• P/FCF Ratio: 23.21
• 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): 2.75
• Revenue Forecast (FY): kr711.05M

• Rating: 58 Neutral
• Price Target: kr66.00 ▼(-4.62% Downside)
• Action: Downgraded Date: 02/18/26
• Date: Action: Downgraded 02/18/26

The score is driven primarily by mixed financial performance: a recent rebound is offset by high leverage and uneven earnings/cash quality. Technical signals are weak (below moving averages with negative MACD), while valuation is moderately supportive due to a relatively low P/E.

Positive Factors

Recurring rental income business model

A rental-focused business generates recurring, relatively predictable cash inflows over time. For a residential portfolio this supports stable operating cash and underwriting for maintenance and development, enabling long-term asset management and steady revenue even through cycles.

Improving free cash flow generation

Accelerating free cash flow in 2025 indicates improving operational cash conversion and reduces refinancing pressure. Stronger FCF supports reinvestment, debt servicing, and cushions cyclical headwinds, improving the company's capacity to fund capex and development internally.

Growing equity base and sizable assets

A rising equity base increases loss-absorbing capacity and provides room for development activity. Sizable assets support scale advantages in property management and potential value creation from upgrades and selective disposals over the medium term.

Negative Factors

Elevated leverage and debt sensitivity

High leverage raises refinancing and interest-rate risks and magnifies downside if property values or rental cash flows weaken. With debt exceeding equity historically, capital structure constraints can limit strategic flexibility and increase vulnerability to tougher financing markets.

Volatile profitability and earnings quality

Material swings in earnings and dependence on non-recurring items weaken predictability of returns and cash available for dividends or reinvestment. Volatility complicates planning for development projects and raises uncertainty about sustainable margins and long-term earnings power.

Geographic and regulatory concentration risk

Concentration in Stockholm and exposure to Swedish rent-setting and regulatory dynamics heightens vulnerability to localized economic, policy, or housing-market shocks. Limited geographic diversification can amplify the impact of regional downturns or regulatory changes on cash flows.

John Mattson Fastighetsforetagen AB Business Overview & Revenue Model

Company Description

John Mattson Fastighetsföretagen AB (publ) operates as a residential property owner in Sweden. It owns, develops, and manages approximately 4,400 rental apartments, as well as commercial premises and leasehold properties. The company was founded in 1965 and is headquartered in Lidingö, Sweden.

How the Company Makes Money

JOMA generates revenue primarily through rental income from its extensive portfolio of residential and commercial properties. The company leases spaces to various tenants, including individuals, families, and businesses, ensuring a steady cash flow. Additionally, JOMA engages in property development projects, where it invests in building new properties or renovating existing ones to increase their value and rental potential. The company may also earn revenue through property management services provided to third-party property owners. Strategic partnerships with construction firms, local governments, and financial institutions further enhance JOMA's ability to develop and manage properties efficiently, contributing to its overall profitability.

John Mattson Fastighetsforetagen AB Financial Statement Overview

Summary

Recent improvement in earnings and cash flow (2024–2025) and a growing equity base, but profitability and cash conversion have been volatile across years and the balance sheet remains debt-heavy, increasing risk.

Income Statement

Revenue has generally expanded over the period, including strong growth in 2025, but profitability has been volatile. After a sharp loss in 2023, earnings recovered in 2024–2025, yet net income is still below the 2024 level and prior years show unusually large margin swings, suggesting results may be influenced by non-recurring items typical in property companies. Overall: improving trend recently, but with meaningful earnings volatility.

Balance Sheet

The company operates with elevated leverage: debt is higher than equity in recent years (about 1.2x in 2024; higher in 2021–2023), which increases sensitivity to property values and financing conditions. On the positive side, equity has grown from 2020 to 2025 and total assets are sizable, but the capital structure remains debt-heavy for comfort, and profitability on equity has been inconsistent (including a negative year in 2023).

Cash Flow

Cash generation is generally positive with free cash flow positive in most years and accelerating in 2025, following a weak/negative year in 2022. However, cash flow from operations has been low relative to reported earnings in several years (notably 2021–2024), indicating earnings quality can be uneven and more dependent on non-cash accounting effects. Overall: improving cash flow recently, but conversion of profits into cash is not consistently strong.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	673.00M	642.70M	610.40M	621.00M	407.90M
Gross Profit	618.20M	574.20M	561.20M	519.30M	334.40M
EBITDA	721.20M	700.00M	-1.14B	115.80M	1.73B
Net Income	394.80M	429.00M	-1.26B	123.70M	1.33B
Balance Sheet
Total Assets	15.24B	14.76B	14.56B	16.42B	16.55B
Cash, Cash Equivalents and Short-Term Investments	70.70M	61.00M	433.70M	47.60M	227.50M
Total Debt	7.18B	7.21B	7.57B	9.27B	9.79B
Total Liabilities	8.78B	8.74B	8.97B	10.77B	11.30B
Stockholders Equity	6.37B	5.94B	5.52B	5.54B	5.14B
Cash Flow
Free Cash Flow	228.30M	175.30M	141.20M	-10.00M	116.70M
Operating Cash Flow	230.40M	175.60M	145.70M	-4.60M	121.10M
Investing Cash Flow	-126.70M	-169.60M	766.30M	247.60M	-4.25B
Financing Cash Flow	-94.10M	-378.70M	-526.00M	-422.80M	4.35B

John Mattson Fastighetsforetagen AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 69.20
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:JOMA, the sentiment is Negative. The current price of 69.2 is above the 20-day moving average (MA) of 63.23, above the 50-day MA of 65.71, and above the 200-day MA of 64.27, indicating a bearish trend. The MACD of -1.00 indicates Positive momentum. The RSI at 39.70 is Neutral, neither overbought nor oversold. The STOCH value of 18.08 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:JOMA.

John Mattson Fastighetsforetagen AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SFAST	70 Neutral	kr4.33B	11.02	6.08%	1.80%	-2.06%	―
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
JOMA	58 Neutral	kr4.68B	13.81	―	―	6.45%	―
EAST	57 Neutral	kr4.47B	10.84	―	2.39%	―	―
PRISMA	53 Neutral	kr4.03B	11.99	―	―	―	―
BRIN.B	51 Neutral	kr3.28B	-38.63	1.13%	―	51.80%	―