Unlimited Travel Group AB (UTG) AI Stock Analysis

• Market Cap: kr238.72M
• Dividend Yield: 1.75%
• Average Volume (3M): 38.60K
• Price to Earnings (P/E): 12.8
• Beta (1Y): -0.05
• Revenue Growth: 18.41%
• EPS Growth: 112.20%
• Country: SE
• Employees: 115
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Leisure
• EPS (TTM): 1.83
• Shares Outstanding: 11,702,180
• 10 Day Avg. Volume: 41,395
• 30 Day Avg. Volume: 38,599
• PEG Ratio: -1.15
• Price to Book (P/B): 5.95
• Price to Sales (P/S): 0.28
• P/FCF Ratio: 15.83
• 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: 58 Neutral
• Price Target: kr23.50 ▲(7.80% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is primarily constrained by uneven fundamentals—especially cash-flow volatility and a 2025 gross-profit drop—despite a clear multi-year revenue/profit recovery and a balance sheet that has improved but still warrants monitoring due to higher latest-year debt. Technicals are mildly supportive and valuation is reasonable, providing some offset.

Positive Factors

Sustained profitability since 2022

Returning to consistent operating profit and net income since 2022 demonstrates the core leisure business has restored earnings-generation capacity after pandemic losses. Durable profitability supports reinvestment, debt servicing and strategic initiatives, reducing existential risk and improving funding optionality over the medium term.

Multi-year revenue growth trend

Several years of top-line expansion through 2024 indicate sustained demand and improving market position. Multi-year revenue growth builds scale, helps absorb fixed costs and can underpin long-term margin recovery if cost drivers are managed, supporting the business model's durability beyond short-cycle fluctuations.

Balance-sheet repair underway

Material improvement in leverage and a rebuilt equity base through 2023–2025 marks meaningful repair from earlier stress. Stronger solvency enhances access to capital, lowers default risk and increases strategic flexibility, enabling the company to fund organic growth or partnerships with less reliance on fragile external financing.

Negative Factors

Sharp free-cash-flow decline

A roughly 52% drop in free cash flow in 2025 highlights materially weaker cash conversion and elevated volatility. Such swings constrain capital allocation, limit ability to fund capex or pay down debt from operations, raise refinancing risk and increase reliance on external financing during a period when cash predictability matters.

Gross-profit deterioration in 2025

A sharp gross-profit drop in 2025, despite positive net income, signals margin pressure from higher costs or one-offs. If structural, this erodes operating leverage and reduces sustainable profitability, forcing either price increases, cost restructuring or margin sacrifice to restore durable earnings quality over coming quarters.

Rising debt in the latest year

Debt increased in 2025 even as equity improved, meaning the balance sheet remains in recovery but with higher leverage in the latest year. Rising debt amplifies interest and refinancing burdens, reduces financial flexibility and heightens sensitivity to the company's volatile cash flow until net-debt trends and cash generation stabilize.

Unlimited Travel Group AB Business Overview & Revenue Model

Company Description

Unlimited Travel Group UTG AB (publ) operates as a travel company. It offers leisure travel; and business trips, conferences, and events. The company was incorporated in 1988 and is based in Stockholm, Sweden.

How the Company Makes Money

Unlimited Travel Group AB generates revenue through multiple channels, primarily by selling travel packages that include flights, accommodations, and activities. The company earns commissions from airlines and hotels for bookings made through its platform. Additionally, UTG offers premium services such as travel insurance and concierge services, which further contribute to its income. Strategic partnerships with travel suppliers and local businesses enhance its offerings and create additional revenue streams. Furthermore, UTG may leverage data analytics to optimize pricing strategies and improve customer targeting, ultimately driving higher sales and profitability.

Unlimited Travel Group AB Financial Statement Overview

Summary

Solid post-2020 turnaround with revenue growth and sustained profitability since 2022, but quality is mixed: 2025 shows a sharp gross profit drop despite positive earnings, the balance sheet is still in recovery with higher 2025 debt, and free cash flow fell sharply in 2025, highlighting cash-flow volatility.

Income Statement

Revenue has expanded strongly from 2020–2024, with growth moderating in 2025 (annual revenue up ~3.7%). Profitability recovered meaningfully after losses in 2020–2021, with positive operating profit and net income from 2022 onward. However, margins appear volatile: 2024 showed solid gross profit and steady operating profitability, while 2025 shows a sharp drop in gross profit versus revenue (suggesting higher costs or one-offs), even though operating profit and net income remained positive—this mixed quality tempers the score.

Balance Sheet

Leverage improved materially versus earlier years: the company moved from very strained equity in 2020–2021 (including negative equity in 2020) to a more stable equity base by 2023–2025. Debt levels rose in 2025 versus 2024, but equity also increased, leaving leverage at a more manageable level than the peak-stress period. Overall, the balance sheet is in a recovery phase rather than a pristine position, with higher debt in the latest year being the key watch item.

Cash Flow

Cash generation is inconsistent. Free cash flow was strong in 2024, but it declined sharply in 2025 (free cash flow down ~52%), signaling weaker cash conversion or working-capital/investment swings. The business has produced positive operating cash flow in most post-2020 years, but the large year-to-year variability reduces confidence in the durability of cash flows.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	955.30M	850.67M	737.52M	697.85M	200.12M
Gross Profit	26.50M	185.44M	156.38M	150.05M	43.88M
EBITDA	51.51M	51.47M	34.85M	41.38M	3.89M
Net Income	20.50M	23.00M	12.98M	20.09M	-14.37M
Balance Sheet
Total Assets	375.22M	287.56M	372.20M	373.61M	334.86M
Cash, Cash Equivalents and Short-Term Investments	40.47M	62.66M	21.98M	21.05M	13.81M
Total Debt	88.83M	43.65M	45.27M	42.27M	56.44M
Total Liabilities	330.88M	237.94M	331.21M	344.13M	324.26M
Stockholders Equity	44.26M	43.99M	35.21M	22.85M	3.81M
Cash Flow
Free Cash Flow	16.64M	75.08M	19.12M	30.80M	9.94M
Operating Cash Flow	17.78M	75.20M	19.63M	31.16M	9.99M
Investing Cash Flow	-31.11M	-4.08M	892.00K	-25.00K	-11.27M
Financing Cash Flow	-8.86M	-30.44M	-19.60M	-23.90M	10.89M

Unlimited Travel Group AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 21.80
• 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:UTG, the sentiment is Negative. The current price of 21.8 is below the 20-day moving average (MA) of 21.99, below the 50-day MA of 22.06, and above the 200-day MA of 20.97, indicating a bearish trend. The MACD of -0.34 indicates Positive momentum. The RSI at 37.75 is Neutral, neither overbought nor oversold. The STOCH value of 20.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:UTG.

Unlimited Travel Group AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BONAS	65 Neutral	kr496.49M	10.55	―	―	1.12%	―
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
UTG	58 Neutral	kr238.72M	12.85	―	1.75%	18.41%	112.20%
MOMENT	56 Neutral	kr175.69M	3.69	―	―	-12.49%	-312.58%
STWK	50 Neutral	kr143.86M	-11.41	―	―	5.41%	20.99%
BUSER	47 Neutral	kr133.58M	-0.85	―	―	―	―
TSEC	41 Neutral	kr103.58M	-12.02	―	―	9.39%	-378.80%