NP3 Fastigheter AB (NP3) AI Stock Analysis

• Market Cap: kr16.60B
• Dividend Yield: 1.75%
• Average Volume (3M): 60.44K
• Price to Earnings (P/E): 13.0
• Beta (1Y): 0.48
• Revenue Growth: 14.33%
• EPS Growth: 204.60%
• Country: SE
• Employees: 71
• Sector: General
• Sector Strength: N/A
• Industry: Real Estate - Services
• EPS (TTM): 3.62
• Shares Outstanding: 61,580,795
• 10 Day Avg. Volume: 74,310
• 30 Day Avg. Volume: 60,438
• PEG Ratio: 0.27
• Price to Book (P/B): 1.49
• Price to Sales (P/S): 7.01
• P/FCF Ratio: 0.00
• 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: kr241.50
• Price Target Upside: -5.66% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 2
• EPS Forecast (FY): 17.44
• Revenue Forecast (FY): kr2.38B

• Rating: 68 Neutral
• Price Target: kr290.00 ▲(13.28% Upside)
• Action: Downgraded Date: 02/09/26
• Date: Action: Downgraded 02/09/26

The score is driven primarily by financials: solid growth and profitability are tempered by elevated leverage and weak cash conversion, with free cash flow collapsing to zero in 2025. Technicals are supportive with the stock trading above major moving averages and positive MACD. Valuation is moderately attractive with a mid-teens P/E and a modest dividend yield.

Positive Factors

Recurring rental income

NP3’s core model is long-term commercial leases, which create predictable, recurring cash inflows across economic cycles. That contract-level stability supports steady rental revenue, underpins debt servicing capacity and provides a durable earnings base for 2–6+ month horizons.

Consistent revenue expansion

A multi-year trend of rising top line, including strong 2025 growth, indicates effective asset acquisition/management and leasing execution. Sustained revenue growth strengthens cash flow prospects and supports long-term portfolio scaling and reinvestment strategies.

Diversified commercial portfolio

NP3’s mix across logistics, office and retail in growth regions and emphasis on sustainable development reduces concentration risk and aligns with structural demand (logistics/secular urbanization). Portfolio diversification supports resilience to sector-specific downturns.

Negative Factors

Elevated leverage

Leverage levels typical for real estate are nonetheless meaningful; debt-to-equity near 1.35–1.65 limits financial flexibility and increases sensitivity to interest rate moves, refinancing cycles and property valuation shocks over the medium term.

Weak cash conversion / FCF risk

Operational cash conversion lagging accounting earnings and a collapse of free cash flow in 2025 signal limited internal funding for capex, acquisitions or debt reduction. This elevates refinancing and liquidity risk absent external capital or improved cash generation.

Earnings volatility

Intermittent sharp swings in profitability, including a reported loss in 2023, reduce confidence in margin sustainability. Volatility complicates forecasting cash available for debt service, dividends or reinvestment and raises execution risk for management plans.

NP3 Fastigheter AB Business Overview & Revenue Model

Company Description

NP3 Fastigheter AB (publ), a real estate company, rents commercial real properties. The company's real estate portfolio consists of commercial, industrial, logistics, office, and other properties, which include housing, restaurants, storage rooms, and gym, as well as hotels and community properties, such as schools located in Sundsvall, Gävle, Dalarna, Östersund, Umeå, Skellefteå, Luleå, and Central Sweden. As of December 30, 2021, it owned approximately 1,784,000 square meters of lettable area. The company was founded in 2007 and is headquartered in Sundsvall, Sweden.

How the Company Makes Money

NP3 generates revenue primarily through rental income from its diverse portfolio of commercial properties. The company leases space to various tenants, including logistics operators, office users, and retail businesses, which provides a steady cash flow. Additionally, NP3 earns income from property management services and may also engage in property development projects that can lead to increased asset value and profitability. Strategic partnerships with local municipalities and businesses further enhance its ability to secure long-term leases and investment opportunities, contributing to its overall financial performance.

NP3 Fastigheter AB Financial Statement Overview

Summary

Strong revenue expansion through 2025 and robust profitability in 2024–2025, but earnings have been volatile (including a 2023 loss). Leverage is meaningful (debt-to-equity ~1.35–1.65) and cash generation is a key weakness: operating cash flow trails net income in 2024–2025 and free cash flow drops to zero in 2025.

Income Statement

Revenue has expanded steadily from 2020 to 2025 (with a very strong 2025 growth rate), and profitability in 2024–2025 is robust with high operating and net margins. That said, earnings have been volatile across the cycle (notably a loss in 2023 and unusually elevated margins in 2021–2022), which reduces confidence in the durability of reported profits.

Balance Sheet

The balance sheet shows meaningful leverage typical of real estate, with debt-to-equity consistently around ~1.35–1.65. Equity has grown over time and return on equity improved into 2024–2025 versus 2023, but the company remains debt-heavy, leaving it more sensitive to property values and refinancing conditions.

Cash Flow

Operating cash flow is positive and has improved over time, but cash conversion versus accounting earnings is weak in 2024–2025 (operating cash flow covers only ~0.31x of net income in 2024 and ~0.53x in 2025). Free cash flow was solid in most years shown, but drops to zero in 2025 (and the reported free cash flow growth is -100%), indicating a sharp deterioration in cash available after investment needs.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.27B	1.99B	1.80B	1.55B	1.24B
Gross Profit	1.73B	1.51B	1.35B	1.15B	913.00M
EBITDA	2.20B	1.43B	707.00M	1.56B	859.00M
Net Income	1.27B	914.00M	-62.00M	1.22B	2.02B
Balance Sheet
Total Assets	27.54B	24.60B	21.89B	21.85B	18.72B
Cash, Cash Equivalents and Short-Term Investments	291.00M	245.00M	696.00M	213.00M	272.00M
Total Debt	14.40B	12.73B	12.09B	12.35B	10.47B
Total Liabilities	16.83B	15.04B	14.04B	14.19B	11.97B
Stockholders Equity	10.67B	9.44B	7.82B	7.62B	6.70B
Cash Flow
Free Cash Flow	0.00	864.00M	563.00M	723.00M	571.00M
Operating Cash Flow	1.03B	864.00M	563.00M	723.00M	571.00M
Investing Cash Flow	-2.21B	-2.50B	-632.00M	-2.35B	-3.24B
Financing Cash Flow	1.38B	1.55B	48.00M	1.56B	2.83B

NP3 Fastigheter AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 256.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:NP3, the sentiment is Positive. The current price of 256 is below the 20-day moving average (MA) of 262.80, below the 50-day MA of 260.12, and below the 200-day MA of 256.12, indicating a bullish trend. The MACD of 1.57 indicates Negative momentum. The RSI at 56.99 is Neutral, neither overbought nor oversold. The STOCH value of 79.79 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:NP3.

NP3 Fastigheter AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NP3	68 Neutral	kr16.60B	13.00	12.28%	1.75%	14.33%	204.60%
CIBUS	64 Neutral	kr12.56B	11.88	8.13%	6.92%	20.75%	―
FABG	63 Neutral	kr26.46B	-75.80	0.76%	2.39%	-3.46%	―
PLAZ.B	60 Neutral	kr9.54B	13.66	5.26%	2.91%	8.42%	―
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
NYF	47 Neutral	kr15.41B	28.43	3.19%	1.93%	0.03%	―
CORE.A	45 Neutral	kr7.07B	-1.69	-8.81%	2.28%	-6.30%	52.27%

NP3 Fastigheter AB Corporate Events

NP3 Fastigheter boosts portfolio and earnings as northern Sweden growth continues

During the fourth quarter of 2025, NP3 Fastigheter accelerated its expansion in northern Sweden through eight transactions to acquire 27 commercial properties with an underlying value of SEK 682 million, adding 72,700 square meters of lettable area and SEK 73 million in annual rental value, alongside several earlier-agreed acquisitions that were accessed in the period. After year-end the company continued its acquisition strategy with two additional properties and guided for profit from property management of SEK 1,180 million in 2026, supported by a 14% rise in rental income to SEK 2,274 million, a 15% increase in net operating income to SEK 1,725 million, and a 20% jump in profit from property management per common share to SEK 16.33, underscoring stronger earnings capacity and a solid growth trajectory ahead of its May 2026 annual general meeting.

The most recent analyst rating on (SE:NP3) stock is a Buy with a SEK283.00 price target. To see the full list of analyst forecasts on NP3 Fastigheter AB stock, see the SE:NP3 Stock Forecast page.