Soder Sportfiske AB (SODER) AI Stock Analysis

• Market Cap: kr174.24M
• Dividend Yield: 3.38%
• Average Volume (3M): 2.07K
• Price to Earnings (P/E): 25.8
• Beta (1Y): 0.10
• Revenue Growth: 2.88%
• EPS Growth: -51.00%
• Country: SE
• Employees: 44
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Leisure
• EPS (TTM): 0.18
• Shares Outstanding: 8,458,475
• 10 Day Avg. Volume: 1,248
• 30 Day Avg. Volume: 2,071
• PEG Ratio: 3.13
• Price to Book (P/B): 1.97
• Price to Sales (P/S): 0.83
• P/FCF Ratio: 17.49
• 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: 62 Neutral
• Price Target: kr22.50 ▼(-5.06% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is primarily supported by a very strong balance sheet (no debt, rising equity) and solid 2025 free cash flow, but is held back by a sharp deterioration in 2025 gross profitability and only neutral technical/valuation signals.

Positive Factors

Balance sheet strength

A debt-free balance sheet with rising equity provides durable financial flexibility: it lowers solvency risk, supports capital allocation for capex, dividends or M&A, and gives the company resilience during downturns, sustaining strategic optionality over the medium term.

Free cash flow generation

Positive and material free cash flow in 2025 that tracks reported earnings indicates cash-quality of profits and supports internal investment, dividends, or balance-sheet strengthening without reliance on external financing, improving long-term financial stability.

Consistent revenue growth

Steady top-line growth demonstrates persistent market demand and stable commercial execution. Even modest, consistent revenue increases provide a base for margin recovery efforts and scalability, reducing reliance on one-off gains and supporting medium-term business planning.

Negative Factors

Gross margin collapse

A dramatic deterioration in gross profitability signals structural pressure (higher COGS, pricing erosion, or product mix shifts). Such a collapse directly undermines core earnings power and return on invested capital, requiring substantive strategic or operational fixes to restore sustainable margins.

Compressed operating margins

Persistent margin compression limits retained earnings and reinvestment capacity. Lower operating margins reduce the company's ability to fund growth initiatives or absorb cost shocks, weakening long-term competitiveness and making dividend or expansion targets harder to sustain without margin recovery.

Volatile cash conversion

Historical swings in operating cash flow increase forecast uncertainty and strain planning. Even with 2025 improvement, inconsistent cash conversion raises the chance of short-term liquidity needs or reactive financing, undermining the durability of the company's free-cash-flow advantage.

Soder Sportfiske AB Business Overview & Revenue Model

Company Description

Söder Sportfiske AB (publ) engages in the sale of sport fishing products in Sweden. It offers fishing rods, fishing lures, fishing reels, tools, caps, clothes, stickers, measuring decals, and accessories under the Söder Tackle, Söder Sportfiske, Söder Custom, and Eastfield Lures brand names. The company sells its products through e-commerce websites, such as Sportfiskeprylar.se, Sportfishtackle.com, and Sportfishtackle.de; and physical store. Söder Sportfiske AB (publ) was incorporated in 2004 and is based in Årsta, Sweden.

How the Company Makes Money

Soder Sportfiske AB generates revenue primarily through the sale of fishing equipment and accessories via its retail outlets and e-commerce platform. The company capitalizes on a broad product assortment to attract a wide customer base, ranging from hobbyists to seasoned anglers. SODER also benefits from partnerships with well-known fishing gear manufacturers, which allow it to offer exclusive products and promotions. Seasonal promotions and events further drive sales, leveraging the peak fishing seasons to maximize revenue. Additionally, the company may earn ancillary income from offering workshops, seminars, and fishing-related services, although the primary revenue stream remains its product sales.

Soder Sportfiske AB Financial Statement Overview

Summary

Strong solvency (no debt and rising equity) and improved 2025 free cash flow support financial stability, but operating performance is pressured: 2025 gross margin fell sharply (~2.8% vs ~40% in 2023–2024) and EBITDA/EBIT margins compressed despite steady revenue growth.

Income Statement

Revenue has grown steadily since 2022 (2023–2025), with 2025 showing low single-digit growth. Profitability, however, has weakened materially: 2025 gross margin collapsed to ~2.8% versus ~40% in 2023–2024, and EBITDA/EBIT margins also compressed. Net margin held around ~3% in 2024–2025, but overall earnings quality looks pressured given the sharp decline in gross profit despite higher revenue.

Balance Sheet

The balance sheet is conservatively positioned with zero debt reported across all periods and a growing equity base (up from ~SEK 89.8m in 2024 to ~SEK 102.3m in 2025). Assets have remained relatively stable while equity has increased, supporting financial flexibility. The main weakness is that returns on equity have come down meaningfully from very high levels in 2020 to more modest levels in recent years (latest ROE not provided for 2025), consistent with reduced profitability.

Cash Flow

Cash generation is generally solid in the most recent year, with 2025 free cash flow of ~SEK 11.5m and free cash flow closely matching net income (near 1:1), which supports earnings quality. That said, cash flow has been volatile: 2022 showed negative operating cash flow and negative free cash flow, and operating cash flow relative to revenue remains low in 2025 versus 2024. Free cash flow growth in 2025 is positive, but the year-to-year swings increase risk.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	243.60M	232.40M	222.80M	187.10M	194.70M
Gross Profit	6.80M	91.80M	89.70M	86.20M	77.60M
EBITDA	12.70M	16.40M	14.50M	4.70M	13.50M
Net Income	7.80M	7.20M	5.70M	3.10M	9.00M
Balance Sheet
Total Assets	139.90M	135.30M	134.80M	135.30M	135.60M
Cash, Cash Equivalents and Short-Term Investments	39.10M	34.40M	21.10M	11.10M	18.40M
Total Debt	0.00	0.00	0.00	0.00	0.00
Total Liabilities	37.50M	45.50M	47.10M	40.90M	43.00M
Stockholders Equity	102.30M	89.80M	87.70M	88.00M	92.60M
Cash Flow
Free Cash Flow	11.50M	17.60M	7.10M	-3.20M	1.90M
Operating Cash Flow	11.90M	18.50M	9.50M	-3.00M	3.20M
Investing Cash Flow	-400.00K	-100.00K	500.00K	-300.00K	-57.20M
Financing Cash Flow	-6.70M	-5.10M	0.00	2.00M	52.70M

Soder Sportfiske AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 23.70
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SODER, the sentiment is Negative. The current price of 23.7 is above the 20-day moving average (MA) of 21.35, above the 50-day MA of 21.70, and below the 200-day MA of 25.30, indicating a bearish trend. The MACD of -0.11 indicates Positive momentum. The RSI at 42.10 is Neutral, neither overbought nor oversold. The STOCH value of 41.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:SODER.

Soder Sportfiske AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RVRC	78 Outperform	kr7.13B	12.87	23.71%	2.02%	6.44%	0.49%
NELLY	71 Outperform	kr3.84B	13.97	51.02%	―	12.45%	118.98%
BORG	70 Outperform	kr1.69B	17.16	23.44%	4.95%	9.20%	11.72%
SODER	62 Neutral	kr174.24M	25.78	6.37%	3.38%	2.88%	-51.00%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
USWE	48 Neutral	kr69.22M	57.97	-16.28%	―	24.34%	39.30%
PIERCE	46 Neutral	kr733.74M	40.54	-1.41%	―	15.59%	16.67%