Systemair AB (SYSR) AI Stock Analysis

• Market Cap: €17.41B
• Dividend Yield: 1.55%
• Average Volume (3M): 92.30K
• Price to Earnings (P/E): 25.2
• Beta (1Y): 0.76
• Revenue Growth: 2.11%
• EPS Growth: 13.90%
• Country: SE
• Employees: 6,638
• Sector: Industrials
• Sector Strength: 72
• Industry: Construction
• EPS (TTM): 1.28
• Shares Outstanding: 208,000,000
• 10 Day Avg. Volume: 124,150
• 30 Day Avg. Volume: 92,295
• PEG Ratio: 4.58
• Price to Book (P/B): 2.97
• Price to Sales (P/S): 1.39
• P/FCF Ratio: 0.00
• 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: €99.99
• Price Target Upside: 17.63% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: kr95.00 ▲(11.76% Upside)
• Action: Downgraded Date: 12/30/25
• Date: Action: Downgraded 12/30/25

The score is primarily driven by solid profitability and a conservative balance sheet, offset by weak and volatile recent free cash flow. Technicals are supportive with strong momentum and price above major moving averages, while valuation is only moderate given a 26.22 P/E and a modest ~1.55% dividend yield.

Positive Factors

Strong Market Position

The 4% increase in net sales despite currency impacts indicates strong market positioning and resilience, supporting long-term growth.

Innovation in Product Offering

Winning the innovation award for the CO₂mpass unit underscores Systemair's commitment to sustainable innovation, enhancing its competitive edge.

Leadership in Industry

The election of Systemair India's MD as AMCA President highlights the company's influence and leadership in the global ventilation industry.

Negative Factors

Limited Revenue Growth

Flat revenue growth indicates challenges in expanding market share or product adoption, potentially impacting long-term financial performance.

Weak Cash Generation

Weak cash generation limits the company's ability to reinvest in growth initiatives and may affect financial stability.

Moderate Profitability

Moderate profitability compared to past performance suggests challenges in maintaining cost efficiency and pricing power.

Systemair AB Business Overview & Revenue Model

Company Description

Systemair AB (publ), a ventilation company, engages in the manufacture and sale of ventilation products in Europe, the United States, the Middle East, Asia, Australia, Africa, and internationally. The company offers heating products, including convectors, controls, ceiling fans, air curtains, radiant and fan heaters; fans and accessories, such as circular and rectangular inline duct, roof, axial, explosion proof, domestic, smoke extract, and other fans, as well as electrical accessories for ventilation and fans for aggressive media; and residential systems comprising residential fans, counter flow and rotary units, vacuum systems, heat pumps, vacuum pumps, ducts, cooker hoods, filters, valves and grilles, and accessories for residential systems. It also provides fire safety products that include fire and smoke control dampers; air distribution products consisting of grilles, air volume controls, diffusers, and external louvers; air handling units, including compact and modular AHUs, roof ventilation units, and compact and modular AHU accessories; and air conditioning systems, such as hydronic and DX systems. The company's products are used in homes, offices, factories, hospitals, swimming pools, multi-storey car parks, and airports, as well as data centers, schools and public buildings, and marine, and oil and gas industries. It sells its products to ventilation contractors and distributors under the Systemair, Frico, Fantech, and Menerga brand names. Systemair AB (publ) was incorporated in 1972 and is headquartered in Skinnskatteberg, Sweden.

How the Company Makes Money

Systemair AB generates revenue primarily through the sale of its extensive range of ventilation products and systems. The company's revenue model focuses on direct sales to various sectors, including residential, commercial, and industrial markets. Systemair leverages its global manufacturing and distribution network to reach customers worldwide, ensuring timely delivery and localized support. Key revenue streams include the sale of fans, air handling units, and air distribution products, which are essential components in HVAC systems. Additionally, Systemair benefits from strategic partnerships and collaborations with construction companies and HVAC contractors, which enhance its market presence and drive sales. The company's commitment to innovation and energy-efficient solutions also positions it advantageously in regions with stringent environmental regulations, further supporting its financial performance.

Systemair AB Financial Statement Overview

Summary

Profitability is solid and fairly stable in TTM (gross margin ~36.5%, operating margin ~9.0%) and leverage is conservative (~0.28x debt/equity). However, revenue growth is limited (flat FY2025; ~+1% TTM) and cash generation is the key weakness: free cash flow is light and volatile with weak conversion (~27% of net income TTM) and effectively zero FCF in FY2025.

Income Statement

Systemair shows solid and fairly stable profitability in TTM (Trailing-Twelve-Months), with gross margin around 36.5% and operating margin near 9.0%, supporting consistent earnings power. Revenue is essentially flat versus the latest annual period (~0% growth in FY2025) and only modestly up in TTM (about +1%), indicating limited near-term top-line momentum. A key watch item is the step-down from the very strong FY2023 profitability (notably higher operating and net margins) to the more normalized margin profile in FY2024–TTM.

Balance Sheet

The balance sheet looks conservative: leverage is low-to-moderate with debt at ~0.28x equity in TTM (Trailing-Twelve-Months), and equity has grown steadily across the period. Returns on equity are healthy (~11.7% TTM) though below the peak level seen in FY2023, suggesting profitability has moderated more than the capital base. Total debt has ticked up versus FY2025, but remains manageable given the overall capital structure.

Cash Flow

Cash generation is the weakest area. While operating cash flow is positive in TTM (Trailing-Twelve-Months), free cash flow is relatively light (about 311m) and has fallen sharply versus the prior annual period (large negative free-cash-flow growth). Conversion of earnings into cash is also modest, with free cash flow at roughly 27% of net income in TTM, and FY2025 showing effectively zero free cash flow—implying higher reinvestment needs and/or working-capital volatility. The multi-year picture is uneven, with strong free cash flow in FY2024 but much weaker results in FY2025–TTM.

Breakdown	TTM	Apr 2024	Apr 2023	Apr 2022	Apr 2021	Apr 2020
Income Statement
Total Revenue	12.41B	12.30B	12.26B	12.06B	9.63B	8.52B
Gross Profit	4.53B	4.46B	4.21B	4.11B	3.32B	2.96B
EBITDA	1.34B	1.48B	1.38B	1.79B	1.14B	945.80M
Net Income	689.90M	680.70M	645.60M	1.04B	543.90M	406.20M
Balance Sheet
Total Assets	9.99B	9.37B	9.79B	9.63B	8.47B	6.96B
Cash, Cash Equivalents and Short-Term Investments	472.40M	426.00M	419.30M	343.80M	339.30M	321.70M
Total Debt	1.61B	1.29B	1.46B	1.84B	2.38B	1.79B
Total Liabilities	4.15B	3.61B	4.14B	4.36B	4.62B	3.63B
Stockholders Equity	5.83B	5.76B	5.65B	5.27B	3.82B	3.31B
Cash Flow
Free Cash Flow	310.80M	0.00	922.00M	225.20M	-107.50M	551.50M
Operating Cash Flow	1.13B	1.18B	1.33B	587.70M	235.20M	993.90M
Investing Cash Flow	-722.50M	-473.70M	-389.70M	318.60M	-515.90M	-448.30M
Financing Cash Flow	-318.90M	-614.20M	-898.10M	-959.50M	274.90M	-557.20M

Systemair AB Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 85.00
• 50DMA: Negative
• 100DMA: Positive
• 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:SYSR, the sentiment is Neutral. The current price of 85 is below the 20-day moving average (MA) of 86.15, below the 50-day MA of 86.48, and below the 200-day MA of 85.33, indicating a bearish trend. The MACD of -0.54 indicates Positive momentum. The RSI at 46.90 is Neutral, neither overbought nor oversold. The STOCH value of 36.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:SYSR.

Systemair AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SYSR	66 Neutral	€17.41B	25.20	11.96%	1.55%	2.11%	13.90%
INSTAL	64 Neutral	kr9.40B	27.24	8.12%	2.67%	-3.68%	-48.79%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
ALIG	61 Neutral	kr13.58B	22.18	9.59%	2.09%	-1.74%	26.36%
LIAB	57 Neutral	kr13.14B	17.41	7.36%	2.61%	-1.96%	-19.69%
BRAV	57 Neutral	kr21.13B	17.16	―	4.22%	-4.21%	10.63%
NIBE.B	51 Neutral	kr79.43B	34.89	9.65%	0.86%	-0.69%	269.86%

Systemair AB Corporate Events

Systemair’s New CEO Robert Larsson Takes Helm with Ambitious Growth Target

Systemair has announced that Robert Larsson today formally assumes the role of President and CEO, succeeding Roland Kasper, who led the company since 2015. Larsson, who has spent recent months familiarising himself with the group, emphasised Systemair’s strong global position, focus on high-quality, energy-efficient ventilation solutions, and robust corporate culture, while Chairman Patrik Nolåker highlighted an ambitious objective to double the group’s size within seven years, underscoring expectations that Larsson’s industrial and international experience will drive the next phase of growth alongside a strengthened executive management team.

The most recent analyst rating on (SE:SYSR) stock is a Hold with a SEK95.00 price target. To see the full list of analyst forecasts on Systemair AB stock, see the SE:SYSR Stock Forecast page.

Systemair AB Reports Strong Q2 2025/26 Performance with Increased Sales and Profit

Systemair AB’s interim report for Q2 2025/26 shows a 4.0% increase in net sales to SEK 3,271 million, despite a negative foreign exchange impact. The company achieved an operating profit of SEK 390 million, with an operating margin of 11.9%. This performance reflects solid organic growth and a stable financial position, indicating positive momentum in the company’s operations and market positioning.

The most recent analyst rating on (SE:SYSR) stock is a Buy with a SEK100.00 price target. To see the full list of analyst forecasts on Systemair AB stock, see the SE:SYSR Stock Forecast page.

Systemair AB Expands Share Capital with New Share Issuance

Systemair AB has issued 165,448 new shares as part of its incentive program, increasing the total number of shares to 208,165,448 and raising the company’s share capital to SEK 52,041,362. This move reflects Systemair’s ongoing growth and commitment to its incentive programs, potentially impacting shareholder value and market positioning.

The most recent analyst rating on (SE:SYSR) stock is a Buy with a SEK100.00 price target. To see the full list of analyst forecasts on Systemair AB stock, see the SE:SYSR Stock Forecast page.

Menerga’s CO₂mpass Unit Wins Heat Pump Innovation Award

Menerga, a subsidiary of Systemair, has won the Heat Pump Innovation of the Year award for its CO₂mpass air-handling unit at the ATMOsphere Europe Summit. This award highlights Menerga’s commitment to sustainable innovation with its use of R-744 refrigerant, which has minimal global warming potential. The CO₂mpass unit is designed for public pool dehumidification and provides efficient energy performance and operational reliability, supporting the green transition and enhancing indoor air quality without compromising efficiency.

The most recent analyst rating on (SE:SYSR) stock is a Buy with a SEK100.00 price target. To see the full list of analyst forecasts on Systemair AB stock, see the SE:SYSR Stock Forecast page.

Systemair India’s MD Elected President of AMCA International

Systemair India’s Managing Director, Asokdas Damodaran, has been elected as President of AMCA International for the 2025–2026 term. His leadership aims to enhance AMCA’s global presence by focusing on sustainability, digital transformation, and strategic partnerships. This appointment highlights Systemair’s commitment to advancing the global ventilation industry and underscores its dedication to sustainable growth and innovation.

The most recent analyst rating on (SE:SYSR) stock is a Buy with a SEK100.00 price target. To see the full list of analyst forecasts on Systemair AB stock, see the SE:SYSR Stock Forecast page.