Opter AB (OPTER) AI Stock Analysis

• Market Cap: kr417.60M
• Dividend Yield: 3.41%
• Average Volume (3M): 2.61K
• Price to Earnings (P/E): 26.5
• Beta (1Y): 0.28
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 50
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): N/A
• Shares Outstanding: 6,000,000
• 10 Day Avg. Volume: 2,281
• 30 Day Avg. Volume: 2,614
• PEG Ratio: 2.08
• Price to Book (P/B): 15.11
• Price to Sales (P/S): 5.23
• 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: 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: 68 Neutral
• Price Target: kr76.00 ▼(-12.44% Downside)
• Action: Downgraded Date: 03/02/26
• Date: Action: Downgraded 03/02/26

The score is driven primarily by strong financial strength (profitable operations and a debt-free balance sheet), tempered by margin and free-cash-flow pressure in 2025. Technicals are a meaningful drag due to a clear downtrend and negative momentum, while valuation is moderately supportive due to the dividend yield and a mid-range P/E.

Positive Factors

Debt-free, conservative balance sheet

Opter's zero-debt balance sheet and rising equity (≈8.1M to ≈34.5M from 2020–2025) provide durable financial flexibility. This reduces refinancing risk, supports investment or dividends, and allows the company to withstand cyclical stress without levered obligations.

Consistent revenue growth and healthy margins

Sustained revenue growth with robust 2025 operating and net margins signals product-market fit in TMS software and scalable unit economics. Over months to quarters, this supports reinvestment in sales and product, underpinning long-term competitive position if margins stabilize.

Strong operating cash generation

Operating cash conversion above 1x indicates earnings quality and real cash generation. Durably positive operating cash flow supports ongoing R&D, working-capital needs and shareholder returns without reliance on debt, preserving strategic optionality over the next several quarters.

Negative Factors

Sharp gross margin compression

A near-halving of gross margin in 2025 suggests structural cost inflation, pricing pressure, or adverse product mix. If persistent, it erodes sustainable profitability, pressures ROE and limits the firm's ability to fund growth or returns without offsetting price increases or cost restructuring.

Free cash flow collapse in 2025

A fall to zero free cash flow implies investments or working-capital needs fully absorbed operating cash. Persisting FCF weakness would constrain dividends, buybacks or organic expansion and force external funding despite a debt-free balance sheet, raising financing and execution risk.

Limited organizational scale

A small 50-person team can limit sales reach, product development bandwidth and geographic expansion versus larger TMS competitors. Over months, staffing constraints and key-person dependence may slow feature delivery and enterprise sales, hindering durable market-share gains.

Opter AB Business Overview & Revenue Model

Company Description

Opter AB provides transport management systems in Sweden, Norway, Finland, Denmark, Estonia, and Iceland. Its solution digitizes order management, transport planning, communication, and administration. The company was incorporated in 2001 and is based in Johanneshov, Sweden.

How the Company Makes Money

Opter AB Financial Statement Overview

Summary

Strong profitability and scale with a very strong, debt-free balance sheet and high ROE. The score is held back by two key risks: a sharp 2025 gross margin decline and free cash flow falling to zero in 2025 despite solid operating cash flow.

Income Statement

Opter AB shows strong profitability and improving scale, with revenue rising consistently from 2020 to 2025 and a solid 2025 net margin of ~19.8% alongside an EBIT margin of ~23.8%. Profitability has generally improved versus earlier years, but 2025 stands out as a key weakness on the cost line: gross margin fell sharply to ~23.8% from ~49.1% in 2024, suggesting higher direct costs, pricing pressure, or accounting/mix changes. Overall earnings remain healthy, but the gross margin compression in 2025 increases execution risk if it persists.

Balance Sheet

The balance sheet is very strong and conservatively financed, with zero debt reported across all years (debt-to-equity at 0.0). Equity and assets have steadily grown (equity from ~8.1M in 2020 to ~34.5M in 2025), supporting financial flexibility. Returns to shareholders are exceptionally high (return on equity ~57.1% in 2025), reflecting strong profitability relative to the equity base; the main watch-out is that extremely high returns can normalize if profitability softens or the equity base grows faster.

Cash Flow

Cash generation from operations is solid and improving overall, with operating cash flow covering net income in recent years (about 1.39x in 2025 and 1.24x in 2024), indicating good earnings quality. However, free cash flow is a notable concern in 2025: it dropped to 0 with a -100% growth rate versus 2024, implying a step-up in investment or working-capital needs that eliminated surplus cash after spending. This introduces volatility despite otherwise healthy operating cash conversion.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	96.05M	99.49M	91.27M	78.18M	65.52M	55.83M
Gross Profit	41.32M	23.70M	44.79M	36.23M	29.67M	22.81M
EBITDA	20.70M	23.70M	21.54M	17.97M	12.17M	8.89M
Net Income	16.46M	19.68M	17.44M	13.95M	9.49M	6.89M
Balance Sheet
Total Assets	35.41M	49.12M	45.22M	40.41M	34.51M	31.25M
Cash, Cash Equivalents and Short-Term Investments	20.40M	32.67M	29.87M	27.73M	23.39M	21.45M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	12.58M	14.66M	12.94M	11.64M	10.17M	9.52M
Stockholders Equity	22.83M	34.46M	32.28M	28.77M	24.34M	21.73M
Cash Flow
Free Cash Flow	15.34M	0.00	16.07M	13.70M	8.76M	5.84M
Operating Cash Flow	15.34M	20.45M	16.07M	13.84M	8.76M	5.84M
Investing Cash Flow	0.00	0.00	0.00	125.00K	0.00	1.00K
Financing Cash Flow	-17.46M	-17.46M	-13.92M	-9.48M	-6.90M	6.42M

Opter AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GENI	75 Outperform	kr438.21M	18.38	―	3.48%	―	―
OPTER	68 Neutral	kr417.60M	26.46	―	3.41%	―	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
SFTR	58 Neutral	kr126.51M	224.82	―	―	―	―
LOYAL	52 Neutral	kr35.34M	―	―	―	-4.44%	-14.29%
MOBA	46 Neutral	kr14.97M	-0.07	―	―	―	―
GREAT	44 Neutral	kr185.95M	-5.44	―	―	-69.94%	-7367.66%