Ratos AB (SE:RATO.B)
:RATO.B
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Ratos AB
(RATO.B)
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Rating:56Neutral
Price Target:
kr33.00
▼(-1.49% Downside)
Action:ReiteratedDate:02/18/26
The score is held back primarily by the sharp 2025 profitability reversal (revenue decline and net loss), despite supportive positives from resilient operating/free cash flow and improving leverage. Technical signals are broadly neutral with mild support from longer-term moving averages, and valuation is moderately attractive with a ~3.5% dividend yield.
Positive Factors
Strong cash generation
Ratos' ability to convert portfolio operations into substantial operating cash (~2.3B) and positive free cash flow (~1.9B) is a durable strength. Consistent cash generation supports reinvestment, active ownership initiatives, dividends and continued deleveraging even if earnings remain volatile for several quarters.
Negative Factors
Sharp 2025 profitability deterioration
A large revenue decline and a full-year net loss signal material operational or market issues in the portfolio. Negative gross profit and EBIT reduce the company's capacity to fund investments internally, threaten margin stability and can impair long-term value creation until profitability normalizes.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Ratos' ability to convert portfolio operations into substantial operating cash (~2.3B) and positive free cash flow (~1.9B) is a durable strength. Consistent cash generation supports reinvestment, active ownership initiatives, dividends and continued deleveraging even if earnings remain volatile for several quarters.
Read all positive factors
Ratos AB (RATO.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr11.03B
Dividend Yield3.7%
Average Volume (3M)409.16K
Price to Earnings (P/E)―
Beta (1Y)1.23
Revenue Growth-22.65%
EPS Growth-14.05%
CountrySE
Employees10,900
SectorGeneral
Sector StrengthN/A
IndustryAsset Management
Share Statistics
EPS (TTM)0.34
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
kr50.00Price Target Upside49.25% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)3.34
Revenue Forecast (FY)kr19.24B
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
34
Negative
Balance Sheet
60
Neutral
Cash Flow
66
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 18.83B | 32.12B | 33.75B | 29.88B | 22.55B |
| Gross Profit | -1.32B | 13.96B | 14.64B | 11.69B | 9.11B |
| EBITDA | 1.81B | 3.23B | 5.19B | 2.91B | 2.65B |
| Net Income | -683.00M | 249.00M | 1.22B | 548.00M | 2.64B |
Balance Sheet | |||||
| Total Assets | 27.89B | 34.54B | 36.13B | 37.17B | 28.39B |
| Cash, Cash Equivalents and Short-Term Investments | 1.14B | 2.19B | 2.36B | 2.53B | 2.23B |
| Total Debt | 7.92B | 9.00B | 10.43B | 13.04B | 8.03B |
| Total Liabilities | 12.45B | 19.78B | 21.68B | 23.39B | 15.06B |
| Stockholders Equity | 13.31B | 12.27B | 12.31B | 12.29B | 11.94B |
Cash Flow | |||||
| Free Cash Flow | 1.90B | 3.16B | 4.04B | 1.03B | 1.03B |
| Operating Cash Flow | 2.29B | 3.44B | 4.28B | 1.43B | 1.45B |
| Investing Cash Flow | -479.00M | -972.00M | -542.00M | -4.26B | -258.00M |
| Financing Cash Flow | -2.76B | -2.62B | -3.80B | 2.99B | -2.23B |
Ratos AB Technical Analysis
Neutral
33.50
Price Trends
34.68
Negative
35.16
Negative
35.23
Negative
Market Momentum
-0.53
Negative
52.22
Neutral
57.48
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:RATO.B, the sentiment is Neutral. The current price of 33.5 is above the 20-day moving average (MA) of 32.70, below the 50-day MA of 34.68, and below the 200-day MA of 35.23, indicating a neutral trend. The MACD of -0.53 indicates Negative momentum. The RSI at 52.22 is Neutral, neither overbought nor oversold. The STOCH value of 57.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | kr7.03B | 6.12 | ― | 6.23% | -0.22% | -58.80% | |
64 Neutral | kr7.38B | 37.43 | 15.16% | ― | 11.30% | -14.49% | |
63 Neutral | kr9.46B | 8.37 | 11.24% | 2.18% | 4.72% | -38.28% | |
56 Neutral | kr11.03B | -18.24 | 6.59% | 3.70% | -22.65% | -14.05% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | kr5.26B | -3.58 | 7.55% | 0.79% | -25.75% | -27.25% | |
53 Neutral | kr16.42B | -3.91 | -23.18% | 1.13% | 22.38% | -153.85% |
* General Sector Average
SE:RATO.B
Ratos AB
33.50
8.53
34.18%
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221.40
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-19.25%
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5.47%
SE:MCAP
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38.58%
SE:ORES
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154.60
53.46
52.86%
Ratos AB Corporate Events
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, ...
Ratos Sets Date for Publication and Presentation of 2025 Year-end Report
Feb 3, 2026
Ratos has announced that it will publish its Year-end Report for 2025 on 16 February, followed by a same-day presentation led by President and CEO Gustaf Salford and CFO Anna Vilogorac. The company will host the briefing via audiocast and teleconf...
Ratos Nomination Committee Backs Full Re-Election of Board for 2026 AGM
Feb 2, 2026
Ratos’s nomination committee has proposed that the 2026 Annual General Meeting elect six ordinary Board members without deputies, recommending the re-election of current Chairman Per-Olof Söderberg along with existing directors Tone Lun...
Ratos Sets March Date for Capital Markets Day in Stockholm
Jan 20, 2026
Ratos will host its Capital Markets Day on 19 March 2026 at the IVA Conference Center in Stockholm, where CEO Gustaf Salford, CFO Anna Vilogorac and representatives from several portfolio companies will brief institutional investors, analysts and ...
Aibel Wins NOK 20 Billion Equinor Framework Deals, Bolstering Ratos-Owned Energy Supplier
Jan 8, 2026
Aibel has secured major framework agreements with Equinor, estimated at NOK 20 billion over an initial five-year term, reinforcing its leading role in maintenance and modifications on the Norwegian continental shelf and covering a wide portfolio o...
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.