Volati AB (VOLO) AI Stock Analysis

• Market Cap: kr6.58B
• Dividend Yield: 1.91%
• Average Volume (3M): 15.56K
• Price to Earnings (P/E): 28.1
• Beta (1Y): 0.73
• Revenue Growth: 9.65%
• EPS Growth: 19.40%
• Country: SE
• Employees: 2,120
• Sector: Services
• Sector Strength: N/A
• Industry: Conglomerates
• EPS (TTM): 0.38
• Shares Outstanding: 79,406,570
• 10 Day Avg. Volume: 22,698
• 30 Day Avg. Volume: 15,556
• PEG Ratio: 2.00
• Price to Book (P/B): 3.93
• Price to Sales (P/S): 1.01
• P/FCF Ratio: 13.47
• 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): 6.05
• Revenue Forecast (FY): kr9.36B

• Rating: 55 Neutral
• Price Target: kr86.00 ▼(-18.41% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is primarily supported by improving revenue growth and strong, consistent free cash flow generation, but is held back by meaningful leverage increase and margin compression. Technicals are notably weak with the price below all key moving averages and bearish momentum, while valuation looks relatively expensive for the current profitability profile despite a moderate dividend yield.

Positive Factors

Strong free cash flow conversion

Volati consistently converts a high share of net income into free cash flow (FCF/NI ~0.82–0.92), which indicates solid earnings quality and recurring cash generation. Reliable FCF supports debt servicing, organic reinvestment and funding of bolt-on acquisitions, improving resilience over the next several months.

Resumed revenue growth in 2025

Revenue returned to solid expansion in 2025 (+14.3% YoY) after prior low-growth years, suggesting recovery in demand or successful contribution from acquisitions. Sustained top-line growth helps restore operating leverage and creates a firmer platform for margin recovery and cash generation over the medium term.

Diversified buy-and-build business model

Volati’s buy-and-build model across industrial and consumer niches provides diversified revenue streams and multiple operational improvement levers at subsidiary level. This structure supports steady cash flows, risk spreading across segments, and recurring opportunities to boost margins via integration and scale.

Negative Factors

Material increase in leverage

Leverage has increased materially, reducing balance-sheet flexibility and increasing interest and refinancing risk. With debt-to-equity near 1.7, the company is more exposed to earnings volatility and less able to pursue opportunistic investments without deleveraging or improved cash generation.

Sustained margin compression

Profitability has weakened meaningfully over several years, with both net and EBIT margins materially down. Lower margins reduce internal cash available to service debt or invest, and indicate structural pressure on pricing, costs or mix that could persist absent clear operational fixes.

Growth dependent on M&A and portfolio moves

Volati’s reliance on acquisitions and portfolio management makes results lumpy and raises execution risk. Continued growth through M&A requires financing and successful integration; with elevated leverage, M&A-driven expansion increases funding strain and the risk that expected synergies are delayed or unrealized.

Volati AB Business Overview & Revenue Model

Company Description

Volati AB is a private equity firm specializing in growth capital, buyouts, add on acquisitions in mature and middle market companies. The firm invests primarily in trading, consumer, and industry sectors. Within trading it invests in building materials sector, consumables, and material for construction (like concrete, cut stones & stone products), paper and forest products, industrials, home and garden, and agriculture and forestry farmers. Within consumer, it invests in database marketing, digitization, and e-commerce. Within industry it invests in international expansion, lean manufacturing, and HR, consumer discretionary, consumer staples, utilities. It prefers to invest in small to medium sized Nordic, European, companies mainly in Sweden. The firm invests between $20 million and $59.92 in companies with enterprise values up $119.84 million; revenues between $2.39 million to $299.60 million and EBITDA between $2 million and $17.98 million. It seeks majority/ownership control and prefers to invest in companies with strong cash flows and take a board seat in its portfolio companies. The firm invests out of balance sheet. Volati AB was founded in 2003 and is based in Stockholm, Sweden.

How the Company Makes Money

Volati AB generates revenue primarily through its ownership in a diverse array of subsidiaries and investments. The company earns money through the sale of products and services from its acquired businesses, which include brands in the consumer goods sector and industrial services. Additionally, Volati benefits from operational improvements and strategic management of its portfolio companies, leading to increased profitability. Key revenue streams include direct sales from subsidiaries, operational efficiencies gained through centralized expertise, and potential capital gains from the sale of investments. The company's model emphasizes long-term value creation through active ownership and strategic development of its businesses, contributing to its overall earnings.

Volati AB Financial Statement Overview

Summary

Revenue growth has improved in 2025 (+14.3% YoY) and free cash flow conversion is consistently strong, supporting resilience. Offsetting this, profitability has compressed versus earlier years (net margin ~7.9% in 2021 to ~3.6% in 2025; EBIT margin ~10.0% to ~6.9%) and leverage has risen materially (debt-to-equity ~0.43 in 2020 to ~1.68 in 2025), increasing balance-sheet risk.

Income Statement

Revenue has resumed solid growth in 2025 (+14.3% YoY) after a low-growth 2023–2024 period, but profitability has trended down versus earlier years. Net margin declined from ~7.9% (2021) to ~3.6% (2025) and EBIT margin has eased from ~10.0% (2021) to ~6.9% (2025), indicating weaker operating leverage and/or mix/one-offs. EBITDA margin remains fairly steady around ~11–14%, providing some stability, but the sharp drop in gross margin in 2025 versus prior years signals elevated volatility/risk in cost structure or reporting comparability.

Balance Sheet

Leverage has increased meaningfully: debt-to-equity rose from ~0.43 (2020) to ~1.68 (2025), reducing balance-sheet flexibility. Equity is roughly stable while assets have grown, but the higher debt load is the key constraint. Returns on equity remain decent (~14% in 2025) but are below the 2021–2022 peak levels, and the rising leverage raises downside risk if earnings soften.

Cash Flow

Cash generation is a clear support: free cash flow is consistently positive and closely tracks earnings (free cash flow to net income ~0.82–0.92 across 2020–2025), suggesting good earnings quality. 2025 free cash flow jumped sharply (+344% YoY), though operating cash flow was slightly lower than 2024, pointing to some year-to-year variability. Cash flow coverage of debt is moderate (~0.43 in 2025) and has improved versus 2021–2022 levels, but leverage still makes sustained cash generation important.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	8.42B	7.87B	7.80B	7.75B	6.31B
Gross Profit	577.00M	3.10B	3.01B	2.88B	2.41B
EBITDA	1.01B	934.00M	844.00M	959.00M	882.00M
Net Income	302.00M	273.00M	356.00M	417.00M	496.00M
Balance Sheet
Total Assets	7.77B	7.45B	6.55B	6.69B	5.62B
Cash, Cash Equivalents and Short-Term Investments	679.00M	317.00M	96.00M	227.00M	203.00M
Total Debt	3.62B	2.95B	2.32B	2.38B	1.73B
Total Liabilities	5.60B	5.24B	4.35B	4.55B	3.73B
Stockholders Equity	2.16B	2.21B	2.20B	2.12B	1.87B
Cash Flow
Free Cash Flow	631.00M	667.00M	657.00M	396.00M	371.00M
Operating Cash Flow	746.00M	780.00M	753.00M	483.00M	460.00M
Investing Cash Flow	-208.00M	-741.00M	-367.00M	-551.00M	-823.00M
Financing Cash Flow	-152.00M	183.00M	-511.00M	84.00M	-598.00M

Volati AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 105.40
• 50DMA: Negative
• 100DMA: Negative
• 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:VOLO, the sentiment is Negative. The current price of 105.4 is above the 20-day moving average (MA) of 87.40, above the 50-day MA of 96.36, and below the 200-day MA of 107.16, indicating a bearish trend. The MACD of -3.75 indicates Negative momentum. The RSI at 33.31 is Neutral, neither overbought nor oversold. The STOCH value of 28.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:VOLO.

Volati AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
INWI	66 Neutral	kr9.35B	14.28	9.78%	3.37%	3.41%	-1.70%
FAG	56 Neutral	kr4.78B	23.08	3.57%	3.46%	-6.23%	-37.00%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
VOLO	55 Neutral	kr6.58B	28.13	14.16%	1.91%	9.65%	19.40%
ELAN.B	50 Neutral	kr1.79B	13.07	-3.09%	6.60%	-7.32%	-139.66%
TROAX	50 Neutral	kr5.76B	59.83	12.49%	2.57%	-5.67%	-33.12%
BERG.B	45 Neutral	kr7.34B	37.27	-3.67%	1.25%	4.65%	-136.09%

Volati AB Corporate Events

Volati posts stronger 2025 earnings and weighs separate listing for Salix Group

Volati AB reported modest growth in the fourth quarter of 2025, with net sales inching up 1 percent to SEK 2,020 million and EBITA rising 3 percent to SEK 140 million, while profit after tax remained flat at SEK 48 million. For the full year 2025, the group delivered stronger momentum, increasing net sales by 7 percent to SEK 8,419 million and EBITA by 10 percent to SEK 726 million, lifting earnings per ordinary share by 14 percent to SEK 3.00.

The board is proposing to maintain the ordinary dividend at SEK 2.0 per share, split into two instalments, signalling confidence in cash generation despite a slight dip in operating cash flow for the year. Strategically, Volati initiated a review of a potential distribution and separate listing of Salix Group, strengthened Salix’s board and financial targets, made leadership changes including a new CFO, and expanded its labelling operations through the post-period acquisition of Interket Group, a SEK 450 million self-adhesive label supplier that will bolster Ettiketto Group’s market position.

The most recent analyst rating on (SE:VOLO) stock is a Hold with a SEK114.00 price target. To see the full list of analyst forecasts on Volati AB stock, see the SE:VOLO Stock Forecast page.

Volati to Present 2025 Year-End Results via Webcast on 12 February 2026

Volati AB announced that it will publish its Year-end Report for 2025 on 12 February 2026 and will host a webcast presentation and conference call the same morning, led by CEO Andreas Stenbäck and Salix Group CEO Martin Hansson, to present the results and take questions in English. By organizing a public webcast and call, Volati is maintaining transparent communication with investors and other stakeholders, offering insight into its financial performance and strategic development across its diversified business areas.

The most recent analyst rating on (SE:VOLO) stock is a Hold with a SEK114.00 price target. To see the full list of analyst forecasts on Volati AB stock, see the SE:VOLO Stock Forecast page.

Volati’s Ettiketto Group Buys Interket to Boost European Labeling Platform

Volati’s Ettiketto Group, a specialist in labeling solutions, is expanding its European footprint through the acquisition of Interket Group, a leading provider of self-adhesive label solutions with operations in Sweden, Germany, the Netherlands and the UK and annual revenues of about SEK 450 million. The deal, financed via existing credit facilities and expected to close at the end of January, strengthens Ettiketto’s presence in core markets while opening new geographies, and management sees significant potential to lift Interket’s currently lower margins through process efficiencies, better capacity utilization and coordinated purchasing and production, reinforcing Volati’s broader acquisitive growth model that has added roughly SEK 785 million in annual revenue from three add-on deals in the past year.

The most recent analyst rating on (SE:VOLO) stock is a Hold with a SEK118.00 price target. To see the full list of analyst forecasts on Volati AB stock, see the SE:VOLO Stock Forecast page.

Volati AB Considers Strategic Move for Salix Group

Volati AB is evaluating the potential distribution and separate listing of its Salix Group business area to create two distinct companies aimed at long-term growth and value creation. As part of this process, Salix Group’s board has been strengthened with new members and has set ambitious financial targets, including a net sales growth of at least 15% annually. This strategic move, still in the evaluation phase, could significantly impact Volati’s market positioning and stakeholder interests if pursued.

The most recent analyst rating on (SE:VOLO) stock is a Hold with a SEK118.00 price target. To see the full list of analyst forecasts on Volati AB stock, see the SE:VOLO Stock Forecast page.