QleanAir AB (SE:QAIR)
:QAIR
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QleanAir AB
(QAIR)
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Rating:54Neutral
Price Target:
kr23.50
▲(15.20% Upside)
Action:Reiterated
Date:05/23/26
The score is driven primarily by a fair-to-good financial recovery with improving leverage and consistently positive cash flow, but is held back by the sharp TTM revenue decline and a clearly bearish technical picture (price below key moving averages with negative MACD). Valuation is only middling with a ~26x P/E and no dividend support.
Positive Factors
Recurring subscription/service model
QleanAir’s clean-air-as-a-service model creates durable recurring revenue from rentals, maintenance and consumables. An installed base under contract produces predictable cash flows, higher customer stickiness and upsell opportunities that support long-term revenue visibility and margin preservation.
Negative Factors
Sharp recent revenue contraction
A ~58% TTM revenue drop is structurally significant: it erodes scale economics, reduces recurring revenue base and weakens bargaining power with customers and suppliers. Sustained top-line weakness would pressure margins, cash flow and the value of the installed base over several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring subscription/service model
QleanAir’s clean-air-as-a-service model creates durable recurring revenue from rentals, maintenance and consumables. An installed base under contract produces predictable cash flows, higher customer stickiness and upsell opportunities that support long-term revenue visibility and margin preservation.
Read all positive factors
QleanAir AB (QAIR) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr304.61M
Dividend YieldN/A
Average Volume (3M)6.98K
Price to Earnings (P/E)26.1
Beta (1Y)0.79
Revenue Growth1.03%
EPS GrowthN/A
CountrySE
Employees118
SectorIndustrials
Sector Strength72
IndustryIndustrial - Pollution & Treatment Controls
Share Statistics
EPS (TTM)1.95
Shares Outstanding14,859,200
10 Day Avg. Volume5,753
30 Day Avg. Volume6,978
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)1.36
Price to Sales (P/S)0.64
P/FCF Ratio4.32
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)3.08
Revenue Forecast (FY)kr489.79M
QleanAir AB Business Overview & Revenue Model
Company Description
QleanAir AB (publ) provides air cleaning solutions for professional environments worldwide. The company offers freestanding smoking cabins for protection against secondhand smoke; cleanrooms for aseptic spaces; and smoking solutions for shopping m...
How the Company Makes Money
QleanAir primarily makes money by providing air cleaning equipment as a subscription/service (often described as “clean air as a service”), where customers pay recurring fees to use the units rather than purchasing them outright. Under this model,...
QleanAir AB Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
60
Neutral
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 452.13M | 454.74M | 450.38M | 503.52M | 455.17M | 450.58M |
| Gross Profit | 110.23M | 41.13M | 293.22M | 344.04M | 311.02M | 318.04M |
| EBITDA | 77.10M | 78.99M | 48.51M | 102.43M | 56.04M | 109.64M |
| Net Income | 28.91M | 27.89M | -1.43M | 43.37M | 13.29M | 59.26M |
Balance Sheet | ||||||
| Total Assets | 567.54M | 563.20M | 631.13M | 662.05M | 647.72M | 610.81M |
| Cash, Cash Equivalents and Short-Term Investments | 31.82M | 39.53M | 52.04M | 56.88M | 66.96M | 69.66M |
| Total Debt | 181.13M | 158.14M | 240.82M | 246.54M | 261.07M | 235.00M |
| Total Liabilities | 349.30M | 348.48M | 429.41M | 446.75M | 463.75M | 416.72M |
| Stockholders Equity | 218.25M | 214.72M | 201.72M | 215.29M | 183.98M | 194.09M |
Cash Flow | ||||||
| Free Cash Flow | 59.42M | 67.73M | 15.92M | 38.86M | 1.44M | 75.86M |
| Operating Cash Flow | 72.53M | 80.07M | 39.74M | 62.65M | 29.73M | 104.15M |
| Investing Cash Flow | -19.40M | -19.08M | -23.83M | -23.79M | -28.29M | -28.30M |
| Financing Cash Flow | -54.09M | -67.74M | -21.25M | -46.24M | -6.56M | -59.20M |
QleanAir AB Technical Analysis
Negative
20.40
Price Trends
25.93
Negative
24.46
Negative
23.17
Negative
Market Momentum
-1.40
Positive
32.41
Neutral
4.57
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:QAIR, the sentiment is Negative. The current price of 20.4 is below the 20-day moving average (MA) of 25.56, below the 50-day MA of 25.93, and below the 200-day MA of 23.17, indicating a bearish trend. The MACD of -1.40 indicates Positive momentum. The RSI at 32.41 is Neutral, neither overbought nor oversold. The STOCH value of 4.57 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:QAIR.
QleanAir AB Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | kr2.24B | 22.38 | ― | 1.51% | -5.71% | -24.91% | |
57 Neutral | kr3.67B | -997.43 | ― | ― | ― | ― | |
54 Neutral | kr304.61M | 26.14 | 13.38% | ― | 1.03% | ― | |
54 Neutral | kr36.38B | 61.02 | 2.49% | 0.93% | -6.73% | -33.99% | |
54 Neutral | kr1.84B | 17.08 | -1.46% | 6.60% | -16.82% | -35.30% | |
50 Neutral | kr1.47B | -10.24 | -39.97% | ― | 120.73% | 7.14% |
* Industrials Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.