Ratos AB (SE:RATO.B)
:RATO.B
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Ratos AB
(RATO.B)
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Rating:63Neutral
Price Target:
kr35.00
▼(-3.05% Downside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by improved financial resilience (sharp debt reduction and solid free cash flow), partially offset by weak/volatile operating performance (TTM revenue decline and negative EBIT margin). Technicals are slightly bearish with the stock below key moving averages and a negative MACD, while valuation support comes from a moderate P/E and a ~4.24% dividend yield.
Positive Factors
Material Deleveraging / Balance Sheet Strength
Sharp debt reduction and low leverage materially improve financial flexibility, lowering interest burden and increasing capacity to support portfolio companies, fund new investments or weather downturns. This reduces refinancing risk and strengthens resilience over the medium term.
Negative Factors
Revenue Decline and Negative Operating Margin
Sustained top-line pressure and a negative operating margin indicate underlying operational weakness. If revenue and EBIT do not stabilize, the group will struggle to generate consistent operating earnings to fund reinvestment and support portfolio development.
Read all positive and negative factors
Positive Factors
Negative Factors
Material Deleveraging / Balance Sheet Strength
Sharp debt reduction and low leverage materially improve financial flexibility, lowering interest burden and increasing capacity to support portfolio companies, fund new investments or weather downturns. This reduces refinancing risk and strengthens resilience over the medium term.
Read all positive factors
Ratos AB (RATO.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr11.34B
Dividend Yield3.7%
Average Volume (3M)409.16K
Price to Earnings (P/E)13.7
Beta (1Y)1.30
Revenue Growth-40.76%
EPS Growth-255.05%
CountrySE
Employees10,900
SectorGeneral
Sector StrengthN/A
IndustryAsset Management
Share Statistics
EPS (TTM)-2.25
Shares Outstanding242,748,630
10 Day Avg. Volume387,906
30 Day Avg. Volume409,161
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)0.94
Price to Sales (P/S)0.66
P/FCF Ratio6.55
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr36.00Price Target Upside-0.28% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)3.64
Revenue Forecast (FY)kr19.03B
Ratos AB Business Overview & Revenue Model
Company Description
Ratos AB (publ) is a private equity firm specializing in buyouts, turnarounds, add on acquisitions, and middle market transactions. The firm does not invest in early stages and in companies that operate in the arms industry, pornography, or are de...
How the Company Makes Money
Ratos makes money primarily through the operating earnings and cash flows generated by its consolidated portfolio companies. These subsidiaries sell their own products and services to customers, and their revenues (net of costs) contribute to Rato...
Ratos AB Financial Statement Overview
Summary
Income Statement
48
Neutral
Balance Sheet
74
Positive
Cash Flow
69
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 18.86B | 18.83B | 32.12B | 33.75B | 29.88B | 22.55B |
| Gross Profit | 1.22B | -1.32B | 13.96B | 14.64B | 11.69B | 9.11B |
| EBITDA | 2.72B | 1.81B | 3.23B | 5.19B | 2.91B | 2.65B |
| Net Income | 2.08B | -683.00M | 249.00M | 1.22B | 548.00M | 2.64B |
Balance Sheet | ||||||
| Total Assets | 29.17B | 27.89B | 34.54B | 36.13B | 37.17B | 28.39B |
| Cash, Cash Equivalents and Short-Term Investments | 1.37B | 1.14B | 2.19B | 2.36B | 2.53B | 2.23B |
| Total Debt | 8.69B | 7.92B | 9.00B | 10.43B | 13.04B | 8.03B |
| Total Liabilities | 13.77B | 12.45B | 19.78B | 21.68B | 23.39B | 15.06B |
| Stockholders Equity | 13.23B | 13.31B | 12.27B | 12.31B | 12.29B | 11.94B |
Cash Flow | ||||||
| Free Cash Flow | 2.17B | 1.90B | 3.16B | 4.04B | 1.03B | 1.03B |
| Operating Cash Flow | 2.60B | 2.29B | 3.44B | 4.28B | 1.43B | 1.45B |
| Investing Cash Flow | -514.00M | -479.00M | -972.00M | -542.00M | -4.26B | -258.00M |
| Financing Cash Flow | -2.28B | -2.76B | -2.62B | -3.80B | 2.99B | -2.23B |
Ratos AB Technical Analysis
Positive
36.10
Price Trends
33.32
Positive
34.84
Negative
34.91
Negative
Market Momentum
0.07
Negative
60.95
Neutral
90.79
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:RATO.B, the sentiment is Positive. The current price of 36.1 is above the 20-day moving average (MA) of 33.22, above the 50-day MA of 33.32, and above the 200-day MA of 34.91, indicating a neutral trend. The MACD of 0.07 indicates Negative momentum. The RSI at 60.95 is Neutral, neither overbought nor oversold. The STOCH value of 90.79 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:RATO.B.
Ratos AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | kr6.91B | 3.42 | ― | 6.23% | 2.88% | 256.86% | |
69 Neutral | kr8.38B | 31.40 | 15.16% | ― | 18.06% | 10.57% | |
63 Neutral | kr11.34B | 13.66 | 6.59% | 3.70% | -40.76% | -255.05% | |
63 Neutral | kr10.63B | -4.79 | 11.24% | 2.18% | 8.58% | -60.72% | |
63 Neutral | kr21.55B | -2.27 | -23.18% | 1.13% | 8.76% | -3392.98% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | kr5.66B | -3.58 | 7.55% | 0.79% | -191.26% | -204.37% |
* General Sector Average
SE:RATO.B
Ratos AB
35.20
-0.73
-2.02%
SE:CRED.A
Creades AB
80.65
3.60
4.67%
SE:BURE
Bure Equity AB
298.80
14.52
5.11%
SE:SVOL.B
Svolder AB Class B
54.40
-1.51
-2.70%
SE:MCAP
MedCap AB
565.50
129.50
29.70%
SE:ORES
Investment AB Oresund
153.60
43.69
39.75%
Ratos AB Corporate Events
Ratos posts stronger Q1 margins and reshapes portfolio under new strategy
May 4, 2026
Ratos reported steady first-quarter 2026 performance, with net sales from continuing operations edging up to SEK 4,497m and organic growth rebounding to 3.4% after a prior-year decline. Adjusted EBITA rose 21% to SEK 417m, lifting the adjusted mar...
Ratos Sets Date and Investor Call for First-Quarter 2026 Report
Apr 22, 2026
Ratos, the Stockholm-headquartered Nordic investment company, manages a diversified portfolio through active ownership aimed at long-term value creation, supported by substantial 2025 sales and earnings. Its holdings span multiple sectors in the r...
Ratos lists LTI 2026 convertible debentures on Nasdaq Stockholm to protect tax treatment
Apr 20, 2026
Ratos has moved to list convertible debentures issued under its LTI 2026 long-term incentive programme on Nasdaq Stockholm’s convertible bonds list. The instruments, which mature in 2030, are largely financed by participants through bank loa...
Ratos Installs New Chairman at Infrastructure Asset Presis Infra
Apr 10, 2026
Ratos-owned Presis Infra, a major Nordic infrastructure maintenance specialist headquartered in Bergen, has appointed Daniel Kjørberg Siraj as its new Chairman, effective 10 April 2026, replacing Jacob Landén. Siraj brings more than 20 y...
Ratos AGM Backs Dividend, Incentive Plan and Expanded Deal-Making Mandates
Mar 25, 2026
Ratos’ Annual General Meeting in Stockholm approved the 2025 accounts, discharged the board and CEOs from liability, and reappointed a six-member board led by Chairman Per-Olof Söderberg alongside auditor Ernst Young. Share-based remun...
Ratos Unveils New Investment-Focused Strategy and Financial Targets for 2026–2028
Mar 19, 2026
Ratos is repositioning itself from an operating company back to a focused Nordic investment company, broadening its mandate to include both majority and minority holdings across Industry and Infrastructure. The new model is sector-agnostic within ...
Ratos-owned HL Display bolsters European footprint with Deinzer acquisition
Mar 5, 2026
HL Display, majority-owned by Swedish investment group Ratos, has completed the acquisition of Germany-based Deinzer Holding GmbH, a long-established provider of custom point-of-sale display solutions. HL Display, which posted SEK 3 billion in sal...
Ratos Highlights Strategic Evolution and Legacy in 2025 Report
Mar 4, 2026
Ratos AB’s 2025 annual and sustainability report highlights the company’s long transformation from its 1905 roots in Söderberg Haak to a modern Nordic investment group. The report underlines strategic shifts between listed and un...
Ratos Calls 2026 AGM, Sets Procedures for Shareholder Participation
Feb 20, 2026
Ratos AB has summoned its shareholders to the Annual General Meeting on 25 March 2026 at the Grand Hôtel in Stockholm, offering participation either in person, by proxy or through postal voting. Shareholders must be registered with Euroclear ...
Ratos-owned HL Display names Jonas Magnusson as new CEO to drive next growth phase
Feb 18, 2026
Ratos-owned HL Display, a Stockholm-based global provider of in-store merchandising and communication solutions for food and non-food retailers and branded goods suppliers, operates in over 70 countries with installations in 350,000 stores and sev...
Ratos Boosts Underlying Profit as Portfolio Restructuring Drives Heavy Impairments
Feb 16, 2026
Ratos reported a mixed 2025, with continuing operations delivering adjusted EBITA of SEK 1,931m, up 17%, and a stronger adjusted EBITA margin, despite a 6% decline in net sales and heavy non-cash goodwill impairments, mainly in the Plantasjen unit...
Ratos to Divest Expin Group Rail Infrastructure Operations to Baneservice
Feb 15, 2026
Ratos has agreed to divest the operational business of Expin Group, including its Elektrosignal Infra and Ratatek units that specialise in electrification and signalling and telecommunication systems for rail infrastructure in Sweden and Finland, ...
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.