SSAB Corporation (SSAB.B) AI Stock Analysis

• Market Cap: kr73.50B
• Dividend Yield: 3.8%
• Average Volume (3M): 4.00M
• Price to Earnings (P/E): 15.0
• Beta (1Y): 1.32
• Revenue Growth: -8.04%
• EPS Growth: -37.18%
• Country: SE
• Employees: 14,637
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Steel
• EPS (TTM): 0.44
• Shares Outstanding: 700,651,370
• 10 Day Avg. Volume: 4,025,900
• 30 Day Avg. Volume: 4,003,338
• PEG Ratio: -0.57
• Price to Book (P/B): 1.02
• Price to Sales (P/S): 0.72
• P/FCF Ratio: -20.11
• 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: kr82.00
• Price Target Upside: 11.38% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 65 Neutral
• Price Target: kr77.00 ▲(4.59% Upside)

The score is driven primarily by solid balance-sheet strength but weakening fundamentals, highlighted by multi-year revenue declines and negative free cash flow in 2025. Technicals are mixed with short-term softness versus the 20-day average, while valuation is reasonable with a mid-range P/E and a ~3.6% dividend yield.

Positive Factors

Balance Sheet Strength

A large equity base relative to debt gives SSAB durable financial resilience across steel cycles. This capital buffer supports capital spending, weathering demand troughs, and preserving access to funding without forcing distress sales or abrupt strategy shifts.

Leading Product & Services Mix

SSAB's focus on high-strength steels and processing/logistics services creates structural differentiation. Higher technical specifications and integrated services foster long-term contracts, customer stickiness, and margin resilience versus commodity steel exposure.

Operating Cash Generation

Consistent operating cash flow near 10.1B indicates ongoing core cash generation despite cyclical pressures. This operational cash provides enduring ability to fund working capital and strategic investments, buffering shortfalls from volatile free cash flow.

Negative Factors

Multi-Year Revenue Declines

Sustained revenue contraction undermines scale economies and limits the firm's ability to leverage fixed costs. Continued top-line erosion can compress margins, reduce reinvestment capacity, and weaken competitive positioning over the medium term.

Negative Free Cash Flow in 2025

A shift to materially negative free cash flow increases structural financial flexibility risk. Prolonged negative FCF can force higher borrowing, reduced dividends or curtailed capex, limiting long-term investment in product development and capacity.

Earnings Cyclicality & Volatility

Pronounced cyclicality and historical large loss episodes make earnings and shareholder returns erratic. This volatility complicates long-term planning, heightens refinancing and investment timing risk, and can deter long-horizon contract commitments.

SSAB Corporation Business Overview & Revenue Model

Company Description

SSAB AB (publ) produces and sells steel products in the United States, Sweden, Finland, Germany, Denmark, and internationally. It operates through five segments: SSAB Special Steels, SSAB Europe, SSAB Americas, Tibnor, and Ruukki Construction. The SSAB Special Steels segment offers quenched and tempered steels, and hot-rolled advanced high-strength steel products. The SSAB Europe segment provides strip, plate, and tubular products. The SSAB Americas segment offers heavy steel plates. The Tibnor segment distributes a range of steel and non-ferrous metals in the Nordic region and the Baltics. The Ruukki Construction segment produces and sells building and construction products and services for residential and non-residential construction. The company markets its steel products under the Strenx, Hardox, Docol, GreenCoat, Toolox, Armox, Duroxite, SSAB Boron, SSAB Domex, SSAB Form, SSAB Laser, SSAB Weathering and Cor-Ten, and SSAB Multisteel brands. It serves the heavy transport, construction, automotive, industrial, construction machinery, energy, material handling, and service center industries. The company has a collaboration agreement with Faurecia S.E. to deliver fossil-free steel for automotive seat structures. SSAB AB (publ) was founded in 1878 and is headquartered in Stockholm, Sweden.

How the Company Makes Money

SSAB generates revenue primarily through the production and sale of steel products, which are sold to a diverse range of industries. The company’s key revenue streams include the sale of high-strength steel plates, sheets, and coils, often tailored to meet specific customer requirements. SSAB also earns income from value-added services such as processing, logistics, and technical support, which enhance the appeal of its core products. Additionally, SSAB benefits from strategic partnerships with key players in various sectors, which help to secure long-term contracts and promote its innovative steel solutions. Factors contributing to SSAB's earnings include the global demand for high-performance steel products, fluctuations in raw material prices, and the ability to leverage technological advancements in steel production.

SSAB Corporation Financial Statement Overview

Summary

Financials are resilient for a cyclical steel producer (strong equity base and manageable debt), but fundamentals have cooled materially from the 2021–2023 peak. Multi-year revenue declines and a swing to negative free cash flow in 2025 (-3.45B) weigh on the score despite still-positive operating cash flow (~10.1B).

Income Statement

Profitability remains solid in the latest annual period (2025) with positive gross profit, EBIT, EBITDA and net income, but earnings power has clearly cooled from the 2021–2023 peak. Revenue has been declining for multiple years (negative growth rates from 2023 through 2025), and profits have stepped down materially versus 2023–2024. A notable weak spot is the large loss in 2022, highlighting cyclical sensitivity and less consistent profitability across the cycle.

Balance Sheet

The balance sheet looks conservatively structured with equity consistently far exceeding total debt (e.g., 2025 debt of ~13.5B vs equity of ~67.8B), supporting resilience in a cyclical steel environment. Leverage appears moderate and improved versus 2020 levels, with debt staying relatively contained while assets and equity remain large. The main watch-out is that returns to shareholders have been volatile across years (strong in 2021/2023, negative in 2022), reflecting earnings cyclicality rather than balance-sheet stress.

Cash Flow

Operating cash generation has generally been strong, including a solid 2025 operating cash flow (~10.1B), but cash conversion has become less reliable lately. Free cash flow swung from strongly positive in 2021–2024 to negative in 2025 (-3.45B), suggesting elevated capital spending or working-capital drag. While prior years showed healthy free cash flow relative to net income (notably 2021–2023), the latest negative free cash flow increases near-term financial flexibility risk despite still-positive operating cash flow.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	96.22B	103.45B	119.49B	124.98B	95.89B
Gross Profit	12.39B	14.52B	22.55B	-2.12B	23.47B
EBITDA	10.26B	13.29B	21.26B	32.62B	22.21B
Net Income	4.90B	6.52B	13.03B	-10.88B	14.66B
Balance Sheet
Total Assets	106.13B	110.73B	107.84B	109.71B	112.02B
Cash, Cash Equivalents and Short-Term Investments	22.77B	27.81B	28.92B	24.90B	13.80B
Total Debt	13.48B	10.15B	10.62B	10.68B	12.51B
Total Liabilities	38.31B	39.71B	39.89B	42.52B	38.51B
Stockholders Equity	67.78B	70.97B	67.87B	67.12B	73.48B
Cash Flow
Free Cash Flow	-3.45B	3.68B	14.91B	13.21B	11.49B
Operating Cash Flow	10.08B	11.90B	21.47B	18.16B	14.87B
Investing Cash Flow	-10.74B	-6.61B	-5.29B	-3.89B	-2.27B
Financing Cash Flow	-3.00B	-5.20B	-12.77B	-723.00M	-5.03B

SSAB Corporation Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 73.62
• 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:SSAB.B, the sentiment is Neutral. The current price of 73.62 is below the 20-day moving average (MA) of 75.22, above the 50-day MA of 70.09, and above the 200-day MA of 60.58, indicating a neutral trend. The MACD of 1.36 indicates Positive momentum. The RSI at 50.46 is Neutral, neither overbought nor oversold. The STOCH value of 27.98 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:SSAB.B.

SSAB Corporation Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BOL	67 Neutral	kr178.10B	21.59	11.99%	―	8.30%	-8.62%
SSAB.B	65 Neutral	kr73.50B	14.97	7.29%	3.80%	-8.04%	-37.18%
HPOL.B	62 Neutral	kr25.04B	12.89	13.67%	4.87%	-4.11%	-17.57%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
BILL	53 Neutral	kr17.93B	25.22	4.43%	3.81%	2.55%	98.53%
STE.R	51 Neutral	kr81.51B	-463.10	―	3.46%	3.43%	78.62%
STE.A	47 Neutral	kr81.51B	-472.55	―	2.50%	3.43%	78.62%