Stille AB (STIL) AI Stock Analysis

• Market Cap: kr1.71B
• Dividend Yield: N/A
• Average Volume (3M): 6.57K
• Price to Earnings (P/E): 30.7
• Beta (1Y): 0.16
• Revenue Growth: 13.36%
• EPS Growth: -20.56%
• Country: SE
• Employees: 162
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): 3.37
• Shares Outstanding: 8,985,447
• 10 Day Avg. Volume: 9,615
• 30 Day Avg. Volume: 6,571
• PEG Ratio: -7.86
• Price to Book (P/B): 2.48
• Price to Sales (P/S): 3.10
• P/FCF Ratio: 112.94
• 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): 8.7
• Revenue Forecast (FY): kr642.09M

• Rating: 64 Neutral
• Price Target: kr194.00 ▲(4.02% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is driven primarily by solid underlying financial quality and a very conservative balance sheet, but capped by weaker cash-flow conversion in 2025 and slowing recent growth. Technicals are mixed-to-weak (negative MACD and price below key longer-term averages), and valuation appears demanding with a ~29 P/E and no dividend yield data to offset it.

Positive Factors

Balance Sheet Health

Zero reported debt and very low historical leverage provide durable financial flexibility. Low leverage reduces refinancing risk, supports investment in tooling and product development, and preserves capacity to absorb hospital procurement cyclicality without threatening solvency.

Margin Sustainability

High gross margins reflect differentiated, precision surgical instruments and pricing power versus commodity vendors. Sustained gross margins allow funding of R&D and manufacturing quality, supporting long-term product competitiveness and protecting operating profitability against moderate sales shocks.

Niche Surgical Franchise

Focused product portfolio and long-term hospital contracts create repeatable demand and higher switching costs. This niche positioning and distribution partnerships support steady institutional sales, enabling predictable servicing cycles and gradual international expansion over time.

Negative Factors

Revenue Momentum

Material slowdown in top-line growth reduces the firm's ability to leverage fixed manufacturing costs and compress unit economics gains. If persistent, slower revenue restricts reinvestment capacity, lengthens payback on new product launches, and may signal market saturation or competitive share erosion.

Cash Conversion Volatility

Sharp FCF decline and weak cash-to-earnings conversion indicate volatile working capital or timing of investments. That volatility undermines the practical benefits of a debt-free balance sheet by limiting internally generated funds for capex, acquisitions, or shareholder returns over multi-quarter horizons.

Operating Margin Pressure

Compression of operating margin versus the prior year signals rising cost or price pressure in the business. Sustained margin erosion would reduce return on equity and cash flow available for growth initiatives, possibly requiring restructuring or pricing actions that could strain customer relationships.

Stille AB Business Overview & Revenue Model

Company Description

Stille AB develops, manufactures, and sells surgical instruments in Sweden and internationally. It offers artery forceps and ligature clamps; bone cutters and rongeurs; clamps, curettes, raspatories, elevators, forceps, and micro instruments; needle holders, and wire twisting and holding forceps; and osteotomes, chisels, retractors and skin hooks, scissors, and other products, as well as c-arm tables. The company also provides ERCP/abdominal fluoroscopy, neuro/spine, pain management, urology, and vascular surgeries. In addition, it provides instrument repair, maintenance, and inspection services. Further, the company's products are used in various open surgeries. It has a collaboration agreement with GE Healthcare and distribution agreement with Synovis Micro. The company sells through OEM manufacturers of C-frames, distributors, and direct sales. The company was founded in 1841 and is headquartered in Torshälla, Sweden. Stille AB is a subsidiary of Linc AB.

How the Company Makes Money

Stille AB generates revenue through the sale of its surgical instruments and medical devices to hospitals, clinics, and healthcare providers worldwide. The company's revenue model is primarily based on direct sales and distribution partnerships, which allow them to reach a broader market. Key revenue streams include the sale of surgical instruments, instrument sets, and disposable products. Stille also benefits from long-term contracts with healthcare institutions, ensuring a steady flow of income. Additionally, partnerships with other medical technology firms and participation in medical conferences and exhibitions help to enhance their market presence and drive sales.

Stille AB Financial Statement Overview

Summary

Strong balance sheet with zero debt (2025) and solid profitability (~51% gross margin, ~9.8% net margin). However, revenue momentum has slowed materially in the last two years and cash flow quality is a key risk: 2025 free cash flow fell sharply and cash conversion vs earnings weakened.

Income Statement

Revenue expanded strongly from 2020 to 2025 (142.6M to 567.6M), but growth slowed materially in the last two years (2024: ~0.9%, 2025: ~2.7%) and 2025 revenue slightly declined versus 2024. Profitability remains solid with a ~51% gross margin and ~9.8% net margin in 2025, though operating profitability compressed versus 2024 (EBIT margin ~12.8% vs ~14.9%). Overall: good margins and scale-up, but recent momentum and profitability are less consistent.

Balance Sheet

The balance sheet is conservatively positioned with very low leverage, culminating in zero total debt in 2025 (debt-to-equity 0.0) after already modest leverage in 2023–2024 (~0.09–0.10). Equity and assets have grown materially since 2020, indicating strengthening financial capacity. The main watch item is that returns on equity are moderate (where provided), suggesting profitability is good but not exceptionally high relative to the equity base.

Cash Flow

Cash generation is the most volatile area. Operating cash flow was positive in 2025 (36.1M), but it covered a relatively small portion of earnings (operating cash flow to net income ~0.31), and free cash flow fell sharply in 2025 (15.6M; ~-79% growth) with free cash flow covering less than half of net income (~0.43). While 2024 cash flow was much stronger (free cash flow ~59.2M and ~0.81 of net income), the swing in 2025 raises questions about working-capital or investment timing and the durability of conversion.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	567.63M	569.95M	294.89M	246.35M	187.09M
Gross Profit	287.97M	295.64M	132.17M	111.57M	83.46M
EBITDA	72.69M	118.97M	56.04M	44.78M	28.89M
Net Income	55.70M	58.21M	26.65M	27.32M	16.10M
Balance Sheet
Total Assets	1.05B	1.00B	804.89M	342.55M	308.85M
Cash, Cash Equivalents and Short-Term Investments	118.66M	158.49M	241.45M	36.68M	27.80M
Total Debt	0.00	63.09M	62.94M	70.77M	81.48M
Total Liabilities	345.54M	301.70M	172.64M	152.74M	160.75M
Stockholders Equity	708.71M	699.40M	632.25M	189.81M	148.10M
Cash Flow
Free Cash Flow	15.59M	59.24M	24.37M	23.89M	-11.74M
Operating Cash Flow	36.05M	73.53M	37.28M	31.94M	7.28M
Investing Cash Flow	-104.30M	-330.31M	-12.90M	-8.04M	-51.90M
Financing Cash Flow	36.16M	171.40M	178.99M	-18.54M	33.22M

Stille AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 186.50
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:STIL, the sentiment is Positive. The current price of 186.5 is above the 20-day moving average (MA) of 175.32, above the 50-day MA of 179.55, and below the 200-day MA of 201.35, indicating a neutral trend. The MACD of 5.00 indicates Negative momentum. The RSI at 59.22 is Neutral, neither overbought nor oversold. The STOCH value of 79.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:STIL.

Stille AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
STIL	64 Neutral	kr1.71B	30.71	―	―	13.36%	-20.56%
CRAD.B	55 Neutral	kr898.20M	86.36	6.93%	―	-5.80%	-65.99%
PAX	52 Neutral	kr1.19B	-68.37	1.41%	―	21.71%	-80.37%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SEZI	49 Neutral	kr707.47M	-4.79	-36.55%	―	62.24%	21.16%
OSSD	47 Neutral	kr715.75M	-13.54	―	―	38.43%	57.76%
SEDANA	44 Neutral	kr873.17M	-14.74	-4.42%	―	13.48%	28.98%