Nederman Holding AB (NMAN) AI Stock Analysis

• Market Cap: kr5.17B
• Dividend Yield: 2.41%
• Average Volume (3M): 16.46K
• Price to Earnings (P/E): 19.0
• Beta (1Y): 0.74
• Revenue Growth: 2.05%
• EPS Growth: -11.66%
• Country: SE
• Employees: 2,492
• Sector: Industrials
• Sector Strength: 72
• Industry: Industrial - Machinery
• EPS (TTM): 1.86
• Shares Outstanding: 35,146,020
• 10 Day Avg. Volume: 13,179
• 30 Day Avg. Volume: 16,464
• PEG Ratio: -1.06
• Price to Book (P/B): 2.37
• Price to Sales (P/S): 1.03
• P/FCF Ratio: 37.89
• 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): 7.6
• Revenue Forecast (FY): kr5.40B

• Rating: 54 Neutral
• Price Target: kr150.00 ▼(-7.64% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is held back primarily by weakening cash flow/cash conversion, softer year-over-year profitability, and a technically weak setup (below major moving averages with negative MACD). Offsetting factors include a still-reasonable valuation with a moderate dividend yield and a cautiously improving outlook from the earnings call driven by better order momentum and operational efficiency gains.

Positive Factors

Growing service and aftermarket revenue

A growing service and aftermarket stream increases recurring revenue and raises lifetime value of installed equipment. That recurring income is less cyclical than capital projects, supports margin resilience, and provides predictable follow-on cash flow to fund operations and incremental investments.

Divisional margin improvements from efficiency gains

Sustained margin uplift in core divisions reflects structural operational improvements. Higher divisional margins enhance cash conversion per unit of sales, provide buffer in downturns, and validate management's productivity initiatives that can be rolled out across the footprint to sustainably lift group profitability.

Recent strong cash flow and capacity to invest

Strong recent operating cash flow and improving short-term net debt provide durable financial flexibility. This enables targeted capex, facility modernizations and working capital support without immediate reliance on external funding, preserving the firm's ability to execute strategic upgrades and service expansion.

Negative Factors

Weakened cash conversion and falling free cash flow

Material decline in operating and free cash flow reduced FCF coverage of net income to ~41% in 2025. Lower cash conversion constrains deleveraging, limits reinvestment capacity and raises sensitivity to cyclical downturns, making long-term capital allocation and dividend security more uncertain.

Moderate-to-elevated leverage and shrinking equity

Leverage near parity with equity reduces financial flexibility and increases interest-rate and refinancing exposure. Declining equity and weakening returns on equity highlight pressure on capital structure, limiting the firm's ability to absorb shocks or pursue larger strategic M&A without additional funding.

Postponed large projects and regional demand weakness

Postponed projects and softer regional demand (notably APAC weakness and lower process-technology investment) indicate structural hesitancy among end customers. This reduces visibility on order cadence, risks prolonged lower volumes, and can pressure utilization and returns even if aftermarket grows.

Nederman Holding AB Business Overview & Revenue Model

Company Description

Nederman Holding AB (publ) operates as an environmental technology company in Sweden and internationally. The company operates through four segments: Nederman Extraction & Filtration Technology; Nederman Duct & Filter Technology; Nederman Process Technology; and Nederman Monitoring & Control Technology. It offers industrial air filtration products for heavy process industries, including metal fabrication, power generation, mineral processing, chemical, and other industries, as well as for fiber-based production, process industry operations, and auto industry aftermarket sectors. The company also provides air filtration products, such as gas turbine inlet air filtration systems, and filters and related media products for the power generation and textile industries under the Nederman Pneumafil brand. In addition, it offers metal chip processing and ash handling systems to metal machining plants, metal recyclers, solid fuel-fired power plants, and others under the Nederman National Conveyors brand name; and designs and engineers components and systems, as well as provide manufacturing, assembling, installation, and after-sales services. Further, the company offers technologies for evaporation, drying, and filtration of liquids; and extrusion, spheronization, feeding, and pelleting in the chemical industry under the LCI brand name. Additionally, it supplies gas and dust analyzers based on tuneable diode laser absorption spectroscopy; and provides particulate monitors and intelligent controls for filtration systems and related material flow processes. The company also develops, manufactures, and markets solutions for monitoring industrial emissions and portable instruments. It sells its products through its own sales organization, agents, and resellers. The company was founded in 1944 and is headquartered in Helsingborg, Sweden.

How the Company Makes Money

Nederman generates revenue through the sale of its wide range of air filtration and environmental solutions, which include both products and services. Key revenue streams comprise direct sales of equipment, installation services, and maintenance contracts. The company benefits from a diverse customer base across various industries, which helps mitigate risks associated with market fluctuations. Additionally, Nederman engages in strategic partnerships and collaborations to expand its market reach and enhance product offerings, further contributing to its earnings. The company also invests in R&D to develop innovative solutions that address emerging environmental challenges, thereby creating additional revenue opportunities.

Nederman Holding AB Financial Statement Overview

Summary

Profitability remains decent (2025 gross margin ~39.7%, operating margin ~8.7%) but softened vs 2024, with net income down (273.9M vs 345.2M). Leverage is moderate-to-elevated (debt-to-equity ~0.98) and equity declined year over year. Cash generation is the main weak spot: operating cash flow and free cash flow dropped materially in 2025, with weaker cash conversion.

Income Statement

Profitability remains solid for an industrial machinery name, with 2025 gross margin at ~39.7% and operating margin at ~8.7%, but both profitability and scale have softened versus 2024 (operating margin ~10.6%, net margin ~5.9%). Revenue has been essentially flat-to-down recently (2024 and 2025 both slightly negative growth), and net income fell to 273.9M in 2025 from 345.2M in 2024, pointing to some cyclical or cost pressure. Offsetting that, the company has demonstrated an ability to deliver meaningful profitability through the cycle (notably the improvement from 2020 levels).

Balance Sheet

Leverage is moderate-to-elevated, with debt running close to equity (2025 debt-to-equity ~0.98; 2024 ~0.91), which reduces flexibility if conditions weaken. Equity has also declined versus 2024 (2.51B in 2025 vs 2.72B in 2024), while total debt stayed roughly flat, keeping leverage pressure in place. Returns on equity are respectable but trending down (2025 ~10.9% vs ~12.7% in 2024 and higher in 2021–2023), consistent with the recent earnings step-down.

Cash Flow

Cash generation weakened materially in 2025: operating cash flow dropped to 381.7M from 595.9M in 2024, and free cash flow fell to 157.2M from 343.2M. Free cash flow covered only ~41% of net income in 2025 (vs ~58% in 2024 and ~66% in 2023), indicating lower cash conversion and/or higher cash investment needs. The multi-year picture is mixed—cash flow was strong in 2021–2023 but has been more volatile since, raising the risk that near-term cash returns and balance sheet de-levering could be constrained.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.78B	5.90B	6.19B	5.18B	4.04B
Gross Profit	2.29B	2.32B	2.25B	1.87B	1.52B
EBITDA	791.90M	900.10M	863.80M	704.50M	632.10M
Net Income	273.90M	345.20M	340.90M	328.70M	305.30M
Balance Sheet
Total Assets	6.79B	7.25B	6.42B	6.22B	4.73B
Cash, Cash Equivalents and Short-Term Investments	667.50M	825.20M	815.20M	721.20M	541.60M
Total Debt	2.48B	2.48B	2.12B	2.13B	1.51B
Total Liabilities	4.27B	4.53B	4.05B	4.03B	3.01B
Stockholders Equity	2.51B	2.72B	2.37B	2.19B	1.72B
Cash Flow
Free Cash Flow	157.20M	343.20M	380.70M	174.90M	410.80M
Operating Cash Flow	381.70M	595.90M	576.30M	345.70M	519.80M
Investing Cash Flow	-372.70M	-293.50M	-236.70M	-615.30M	-120.90M
Financing Cash Flow	-102.10M	-321.20M	-224.20M	402.70M	-356.80M

Nederman Holding AB Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 162.40
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:NMAN, the sentiment is Neutral. The current price of 162.4 is above the 20-day moving average (MA) of 145.07, above the 50-day MA of 153.42, and below the 200-day MA of 165.09, indicating a neutral trend. The MACD of -1.40 indicates Negative momentum. The RSI at 49.27 is Neutral, neither overbought nor oversold. The STOCH value of 81.65 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:NMAN.

Nederman Holding AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EPRO.B	67 Neutral	kr16.09B	23.19	12.07%	1.33%	1.51%	-11.25%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
ALIG	61 Neutral	kr13.35B	22.15	9.59%	2.09%	-1.74%	26.36%
ABSO	59 Neutral	kr2.21B	31.70	―	1.51%	-8.97%	-31.59%
NMAN	54 Neutral	kr5.17B	19.00	―	2.41%	2.05%	-11.66%
TROAX	50 Neutral	kr5.88B	40.72	12.49%	2.57%	-5.67%	-33.12%
SALT.B	46 Neutral	kr878.97M	-11.57	-40.77%	―	11.85%	6.39%

Nederman Holding AB Corporate Events

Nederman Banks Modest Growth, Lower Margins but Signals Stronger Platform for Recovery

Nederman reported modest currency-neutral growth in orders and sales for 2025, but lower earnings and margins, as weaker foreign currencies, U.S. customs duties and prior non-recurring items weighed on adjusted EBITA, while cash flow from operations remained solid and the board proposed an unchanged dividend. Management highlighted that recent investments in efficiency, capacity, local production and product development, coupled with targeted exposure to high-growth industries and selected acquisitions, have strengthened the company’s competitive position and set a platform for higher profitability once industrial demand recovers, even as customers in some markets continue to delay larger projects amid geopolitical and macroeconomic uncertainty.

The most recent analyst rating on (SE:NMAN) stock is a Hold with a SEK166.00 price target. To see the full list of analyst forecasts on Nederman Holding AB stock, see the SE:NMAN Stock Forecast page.

Nederman Announces Share Repurchase Plan to Support Incentive Programs

Nederman Holding AB’s Board of Directors has authorized the repurchase of up to 100,000 shares on Nasdaq Stockholm, valued at a maximum of SEK 25 million, to support its long-term incentive programs. This strategic move aims to enhance the company’s operational flexibility and align with shareholder interests, potentially impacting its market positioning and stakeholder relations.

The most recent analyst rating on (SE:NMAN) stock is a Hold with a SEK169.00 price target. To see the full list of analyst forecasts on Nederman Holding AB stock, see the SE:NMAN Stock Forecast page.

Nederman Proposes New Chairman Amid Leadership Transition

Nederman Holding AB’s Nomination Committee has proposed Andreas Örje Wellstam as the new chairman of the board, succeeding Johan Menckel, who will step down to become CEO of LKAB. Wellstam, who will also become Chief Investment Officer at Investment AB Latour, previously led Swegon to become a European leader in indoor climate products. This leadership change is expected to influence Nederman’s strategic direction and strengthen its position in the environmental technology sector.

The most recent analyst rating on (SE:NMAN) stock is a Hold with a SEK169.00 price target. To see the full list of analyst forecasts on Nederman Holding AB stock, see the SE:NMAN Stock Forecast page.