Photocat A/S (PCAT) AI Stock Analysis

• Market Cap: kr15.59M
• Dividend Yield: N/A
• Average Volume (3M): 1.24K
• Price to Earnings (P/E): 28.1
• Beta (1Y): 0.68
• Revenue Growth: -13.83%
• EPS Growth: -61.64%
• Country: SE
• Employees: 7
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals - Specialty
• EPS (TTM): N/A
• Shares Outstanding: 5,995,000
• 10 Day Avg. Volume: 2,820
• 30 Day Avg. Volume: 1,240
• PEG Ratio: -0.21
• Price to Book (P/B): 2.11
• Price to Sales (P/S): 1.76
• P/FCF Ratio: -68.92
• 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: 54 Neutral
• Price Target: kr3.50 ▼(-39.97% Downside)
• Action: Reiterated Date: 03/19/26
• Date: Action: Reiterated 03/19/26

The score is driven primarily by improving fundamentals in 2025 (profitability returning and much stronger operating cash flow, supported by low leverage). This is tempered by weak technicals (price below key moving averages with negative MACD) and valuation uncertainty (negative P/E and no dividend yield provided), reflecting ongoing inconsistency and investor caution.

Positive Factors

Return to profitability

Photocat’s 2025 return to positive EBIT and net income after multi-year losses signals a meaningful operational inflection. Durable profitability restoration improves ability to self-fund R&D and commercial expansion, strengthens creditor confidence, and reduces reliance on external capital over the medium term.

Improved operating cash flow

A sharp increase in operating cash flow to 5.66M in 2025 indicates better core cash generation and working-capital management. Sustained OCF supports reinvestment, funds routine capex and inventories, and provides a buffer against cyclical downturns if maintained across multiple reporting periods.

Conservative balance sheet

Low leverage and a conservative capital structure enhance financial resilience and flexibility. Modest debt relative to equity reduces refinancing and interest-rate risk, enabling the company to pursue selective investments or weather revenue variability without undermining solvency over the medium term.

Negative Factors

Historic earnings volatility

Repeated losses across 2020–2024 highlight execution and demand variability risks. Such volatility undermines predictability of margins and cash flow, complicates capital allocation and planning, and raises the probability that profitability could reverse absent sustained operational improvements.

Negative free cash flow

Persistent negative free cash flow despite stronger operating cash flow indicates that reinvestment or working-capital needs are consuming cash. If FCF remains negative, the company may need external financing for growth or to cover deficits, which can dilute shareholders or increase leverage over time.

Small scale and limited resources

A very small workforce constrains operational capacity, scalability and redundancy. Dependence on few employees raises execution and key-person risk, limits ability to expand commercial reach or ramp production quickly, and can slow response to competitive or regulatory changes.

Photocat A/S Business Overview & Revenue Model

Company Description

Photocat A/S researches, develops, and produces photocatalytic technology solutions for building materials and asphalts that reduces harmful matters caused by air pollution worldwide. Its photocatalytic building materials degrades air pollutants when exposed to light. The company's products include NOxOFF, a formulated coating for wet concrete, bitumen roofing, and asphalt road surfaces; Actifloor, which acts as a giant natural filter for surfaces; Photocat Garden, a concrete impregnation with photocatalytic attributes that helps in reducing air pollutants; and ShineOn. Photocat A/S was founded in 2005 and is based in Roskilde, Denmark.

Photocat A/S Financial Statement Overview

Summary

2025 shows a clear operational turnaround with revenue growth (+9.67% YoY), a return to positive EBIT (1.1M) and net income (0.86M), and sharply higher operating cash flow (5.66M). Offsetting this, results have been volatile across prior years (losses in most of 2020–2024) and free cash flow is negative in 2024–2025, keeping financial quality in the mid-range despite improved leverage (modest debt vs equity).

Income Statement

Profitability improved meaningfully in 2025, with revenue up to 13.7M (+9.67% YoY) and a return to positive EBIT (1.1M) and net income (0.86M) after losses in 2024. That said, results have been volatile over the period: revenues declined in 2023–2024 before rebounding, and net income was negative in most prior years (2020–2024). Gross profit levels also fluctuate materially, indicating execution and/or pricing/mix variability that still elevates earnings risk.

Balance Sheet

The balance sheet looks conservatively financed. Total debt is modest (about 1.7–1.8M recently) versus equity (about 10.5–11.4M in 2024–2025), implying low leverage and improved financial resilience. However, the company posted negative returns on equity in 2021–2024, reflecting that the capital base has not consistently produced profits, even with manageable debt.

Cash Flow

Cash generation has improved but remains uneven. Operating cash flow strengthened sharply in 2025 (5.66M) versus 2024 (1.15M) and the negative operating cash flow seen in 2020–2022, which is a clear positive inflection. The key weakness is free cash flow, which is negative in 2024 and 2025 (including a decline in 2025), suggesting reinvestment and/or working-capital needs are still consuming cash despite better operating performance.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	12.53M	13.74M	12.11M	16.89M	16.94M	15.69M
Gross Profit	4.80M	8.33M	6.18M	6.33M	4.46M	5.41M
EBITDA	1.53M	3.01M	743.00K	-1.01M	-910.82K	102.54K
Net Income	-2.66M	859.00K	-2.63M	-1.92M	-2.99M	-2.16M
Balance Sheet
Total Assets	20.13M	24.88M	19.55M	23.11M	22.61M	18.47M
Cash, Cash Equivalents and Short-Term Investments	289.00K	443.00K	306.00K	229.89K	89.81K	1.42M
Total Debt	1.58M	1.72M	1.78M	1.75M	979.62K	2.43M
Total Liabilities	10.14M	13.44M	9.07M	10.86M	8.45M	7.17M
Stockholders Equity	9.98M	11.44M	10.48M	12.25M	14.17M	11.30M
Cash Flow
Free Cash Flow	1.56M	-350.00K	-621.00K	568.11K	-7.98M	-3.07M
Operating Cash Flow	1.95M	5.66M	1.15M	733.07K	-1.08M	-155.01K
Investing Cash Flow	-2.13M	-6.01M	-1.75M	-3.51M	-6.90M	-2.91M
Financing Cash Flow	250.31K	488.00K	683.00K	2.92M	6.66M	2.43M

Photocat A/S Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 5.83
• 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:PCAT, the sentiment is Negative. The current price of 5.83 is above the 20-day moving average (MA) of 3.39, above the 50-day MA of 4.09, and below the 200-day MA of 6.41, indicating a bearish trend. The MACD of -0.48 indicates Positive momentum. The RSI at 37.45 is Neutral, neither overbought nor oversold. The STOCH value of 14.31 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:PCAT.

Photocat A/S Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
PCAT	54 Neutral	kr15.59M	28.08	―	―	-13.83%	-61.64%
AERO	47 Neutral	kr44.02M	-0.99	-75.93%	0.00%	―	―
AXIC.A	44 Neutral	kr107.01M	-6.99	-29.85%	―	114.57%	53.86%
XPC	44 Neutral	kr55.73M	-5.87	―	―	―	―
ORGC	42 Neutral	kr140.25M	-4.90	-153.91%	―	-18.29%	-48.74%