QleanAir AB (QAIR) AI Stock Analysis

• Market Cap: kr402.68M
• Dividend Yield: N/A
• Average Volume (3M): 6.98K
• Price to Earnings (P/E): 10.5
• Beta (1Y): 0.80
• Revenue Growth: -5.37%
• EPS Growth: 23.22%
• Country: SE
• Employees: 118
• Sector: Industrials
• Sector Strength: 72
• Industry: Industrial - Pollution & Treatment Controls
• EPS (TTM): 0.87
• Shares Outstanding: 14,859,200
• 10 Day Avg. Volume: 5,753
• 30 Day Avg. Volume: 6,978
• PEG Ratio: >-0.01
• Price to Book (P/B): 1.36
• Price to Sales (P/S): 0.64
• P/FCF Ratio: 4.32
• 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): 2.56
• Revenue Forecast (FY): kr486.99M

• Rating: 65 Neutral
• Price Target: kr28.00 ▲(37.25% Upside)
• Action: Reiterated Date: 02/08/26
• Date: Action: Reiterated 02/08/26

The score is driven primarily by improving financial performance—especially the 2025 cash flow rebound and reduced leverage—offset by historically volatile profitability and pressured 2025 gross margin. Technically, the stock is in an uptrend but appears overextended (RSI ~74). Valuation looks reasonable with a ~14 P/E, but no dividend yield data is available to strengthen the case.

Positive Factors

Recurring revenue model

QleanAir's core model of placing units under rental/subscription and service contracts creates recurring revenue tied to an installed base. This structure delivers predictable, contractually backed cash flows, higher customer retention and upsell potential, supporting stability across business cycles.

Stronger cash generation (2025)

Material improvement in 2025 operating cash flow and FCF strengthens liquidity and earnings quality. Robust FCF supports reinvestment in installed base, maintenance of service operations, and debt reduction, enhancing the firm's capacity to fund growth and absorb near-term shocks.

Lower leverage and ROE recovery

A reduced debt-to-equity ratio and recovered ROE signal healthier capitalization and improved returns on shareholders' equity. Lower leverage increases financial flexibility for capex or contracting, reduces solvency risk, and improves capacity to invest in durable service and product rollout.

Negative Factors

Revenue/profit volatility

Historical swings in revenue and profitability across multiple years indicate underlying demand fluctuation or execution risk. Such volatility complicates multi-period planning, weakens confidence in trend extrapolation for installed-base growth, and raises earnings predictability concerns.

Compressed gross margin (2025)

A materially lower 2025 gross margin versus prior years suggests pressure from costs, pricing or product mix. Sustained margin compression would erode operating leverage, reduce incremental profitability from new contracts and limit the company's ability to invest while keeping service economics attractive.

Weak OCF coverage

Despite higher absolute cash flow, a low operating cash flow coverage ratio (0.30) signals limited buffer relative to required outflows. This can constrain investment cadence, make the business sensitive to working-capital swings, and reduce resilience if revenues or collections falter.

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 malls, casinos, and offshore facilities, such as oil platforms, offshore, cruise ships and shipping, and security facilities and institutions. It serves production, logistics centers and warehouses, food and beverage, healthcare, transportation, and airport industries; and MedTech companies and compounding pharmacies, as well as offices, conference centers, hotels, restaurants, and school facilities. The company was formerly known as QleanAir Holding AB (publ) and changed its name to QleanAir AB (publ) in July 2021. QleanAir AB (publ) was founded in 1988 and is headquartered in Solna, Sweden.

How the Company Makes Money

QleanAir AB generates revenue through the sale and rental of its air filtration systems and related services. Key revenue streams include direct sales of air purification units to clients in various sectors, long-term rental agreements that provide ongoing income, and maintenance services that ensure the optimal performance of their products. Additionally, QAIR often engages in partnerships with organizations in healthcare and industrial sectors, which can lead to bulk sales or collaborative projects that further enhance their market reach. The company may also benefit from government regulations promoting clean air standards, as this drives demand for their products.

QleanAir AB Financial Statement Overview

Summary

Financials are improving but uneven: 2025 shows a clear rebound (loss to profit), materially stronger operating and free cash flow, and lower leverage (debt-to-equity down to 0.74). Offsetting this, revenue and profitability have been volatile over multiple years and 2025 gross margin is notably low versus prior years, keeping confidence in margin durability moderate.

Income Statement

Revenue has been volatile over the last several years (declines in 2021 and 2024, rebound in 2023, and strong growth in 2025), but profitability has weakened versus earlier highs. Net income swung from a loss in 2024 to a profit in 2025, and EBITDA margin improved year-over-year in 2025, yet gross margin in 2025 is notably low versus prior years and suggests pressure from costs or mix. Overall, the business shows resilience and recovery, but earnings quality and margin stability are inconsistent.

Balance Sheet

Leverage has moderated, with debt-to-equity improving to 0.74 in 2025 from above 1.0 in 2022–2024, which reduces balance-sheet risk. Equity has been fairly stable, but total assets have declined since 2023, pointing to some contraction or asset efficiency changes. Returns on equity recovered to 13.0% in 2025 after being negative in 2024, though still below the stronger levels seen in 2020–2023—leaving the balance sheet healthier than last year but not fully back to prior strength.

Cash Flow

Cash generation strengthened materially in 2025: operating cash flow rose to 80.1M and free cash flow increased to 67.7M, with strong free cash flow growth versus 2024. Free cash flow remains solid relative to net income (about 0.85x in 2025), supporting earnings quality. A key watch-out is that operating cash flow coverage is still low (0.30 in 2025), even if improved from 2024, indicating cash flow may not be consistently strong relative to required outflows captured by that measure.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	454.74M	450.38M	503.52M	455.17M	450.58M
Gross Profit	41.13M	293.22M	344.04M	311.02M	318.04M
EBITDA	78.99M	48.51M	102.43M	56.04M	109.64M
Net Income	27.89M	-1.43M	43.37M	13.29M	59.26M
Balance Sheet
Total Assets	563.20M	631.13M	662.05M	647.72M	610.81M
Cash, Cash Equivalents and Short-Term Investments	39.53M	52.04M	56.88M	66.96M	69.66M
Total Debt	158.14M	240.82M	246.54M	261.07M	235.00M
Total Liabilities	348.48M	429.41M	446.75M	463.75M	416.72M
Stockholders Equity	214.72M	201.72M	215.29M	183.98M	194.09M
Cash Flow
Free Cash Flow	67.73M	15.92M	38.86M	1.44M	75.86M
Operating Cash Flow	80.07M	39.74M	62.65M	29.73M	104.15M
Investing Cash Flow	-19.08M	-23.83M	-23.79M	-28.29M	-28.30M
Financing Cash Flow	-67.74M	-21.25M	-46.24M	-6.56M	-59.20M

QleanAir AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 20.40
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:QAIR, the sentiment is Positive. The current price of 20.4 is below the 20-day moving average (MA) of 26.67, below the 50-day MA of 23.58, and below the 200-day MA of 21.50, indicating a neutral trend. The MACD of 0.67 indicates Positive momentum. The RSI at 56.15 is Neutral, neither overbought nor oversold. The STOCH value of 61.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:QAIR.

QleanAir AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
QAIR	65 Neutral	kr402.68M	10.50	13.38%	―	-5.37%	23.22%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
ABSO	59 Neutral	kr2.13B	35.34	―	1.51%	-8.97%	-31.59%
MTRS	55 Neutral	kr30.23B	296.38	2.49%	0.93%	4.97%	-65.71%
ELAN.B	50 Neutral	kr1.67B	-44.52	-1.46%	6.60%	-7.32%	-139.66%
GOMX	48 Neutral	kr2.74B	-94.90	―	―	9.60%	40.86%
SALT.B	46 Neutral	kr866.28M	-12.66	-39.97%	―	11.85%	6.39%