SSAB (SSAAY)
OTHER OTC:SSAAY
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SSAB
(OTC:SSAAY)
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Rating:65Neutral
Price Target:
$4.00
▲(4.44% Upside)
Action:ReiteratedDate:01/30/26
The score is driven primarily by solid financial resilience (low leverage/strong equity) but weakening operating and cash-flow trends (shrinking revenue, lower EBIT vs prior-cycle highs, and negative 2025 free cash flow). Technicals are neutral-to-mildly supportive, while valuation looks reasonable but not cheap for a cyclical. Earnings-call guidance is balanced: improving seasonal volumes and strategic progress offset by near-term margin/cost and end-market headwinds.
Positive Factors
Balance sheet strength & net cash
SSAB's large equity base and net cash position provide durable financial flexibility to weather steel-cycle volatility, fund heavy strategic and maintenance CapEx, and maintain shareholder distributions. This capitalization lowers solvency risk and preserves optionality for long-term transitions and investments.
Negative Factors
Revenue shrinkage & earnings cyclicality
SSAB's top‑line contraction and volatile earnings history (including a deep loss year) show the business remains highly cyclical. Persistent revenue declines and wide EBIT swings undermine earnings predictability and make long‑term margin and return forecasts sensitive to commodity cycles and end‑market demand.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength & net cash
SSAB's large equity base and net cash position provide durable financial flexibility to weather steel-cycle volatility, fund heavy strategic and maintenance CapEx, and maintain shareholder distributions. This capitalization lowers solvency risk and preserves optionality for long-term transitions and investments.
Read all positive factors
SSAB (SSAAY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.52B
Dividend Yield3.59%
Average Volume (3M)100.00
Price to Earnings (P/E)14.2
Beta (1Y)1.06
Revenue Growth-4.26%
EPS Growth-33.25%
CountryUS
Employees14,637
SectorBasic Materials
Sector Strength58
IndustrySteel
Share Statistics
EPS (TTM)0.03
Shares Outstanding591,932,700
10 Day Avg. Volume104
30 Day Avg. Volume100
Financial Highlights & Ratios
PEG Ratio-0.57
Price to Book (P/B)1.03
Price to Sales (P/S)0.77
P/FCF Ratio-21.46
Enterprise Value/Market Cap8.03
Enterprise Value/Revenue0.63
Enterprise Value/Gross Profit4.89
Enterprise Value/Ebitda6.26
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.39
Revenue Forecast (FY)$11.11B
SSAB Business Overview & Revenue Model
Company Description
SSAB is a leading global steel company specializing in advanced high-strength steel and other steel products. Headquartered in Stockholm, Sweden, SSAB operates in several sectors, including construction, automotive, and heavy machinery. The compan...
How the Company Makes Money
SSAB primarily makes money by manufacturing steel and selling it to industrial customers. Its main revenue stream is the sale of steel products—particularly premium, higher-margin grades such as advanced high-strength steel and other specialty ste...
SSAB Earnings Call Summary
Earnings Call Date:Jan 28, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 28, 2026
Earnings Call Sentiment Neutral
The call presents a balanced picture: SSAB shows strong strategic progress (major investments, product innovation, improved safety, solid shipments growth, and a healthy net cash position despite large CapEx). However, near-term profitability is pressured by lower realized prices (QoQ and YoY), FX translation headwinds (~SEK 840m), higher maintenance/outage costs, rising scrap prices, and some end‑market weakness (construction, service centers). Management expects seasonal shipment improvements in Q1 and identifies structural upside from CBAM/safeguards and premium product demand, but acknowledges timing and execution risks (project power connection, permit appeals and price realization lags).Positive Updates
Safety Improvement
Lost time injury frequency improved to 0.56 in 2025 and total recordable injuries also reduced, reflecting stronger safety performance across the organization.
Negative Updates
Quarterly Revenue and Operating Result Decline
Q4 revenue was SEK 22.1 billion, down 4% vs Q3 and down 6% vs Q4 2024. Q4 operating result fell to SEK 756 million from SEK 1.9 billion in Q3, driven by lower prices and higher maintenance costs.
Read all updates
Q4-2025 Updates
Positive
Negative
Safety Improvement
Lost time injury frequency improved to 0.56 in 2025 and total recordable injuries also reduced, reflecting stronger safety performance across the organization.
Read all positive updates
Company Guidance
The company guided that Q1 will see seasonally higher shipments (significantly higher for Special Steels, higher for SSAB Europe and somewhat higher for SSAB Americas) with price guidance of flat Q‑on‑Q for Special Steels, Europe +0–5% and modest increases expected in the Americas (guidance excludes FX), noting scrap has risen late 2025 and will pressure Q1 margins; raw‑material cost lags are ~1 quarter for iron ore and ~1.5 quarters for coking coal. For 2026 they expect maintenance activity and outage costs at similar levels to 2025 (outage cost ~SEK1.41bn; maintenance CapEx just below SEK3bn), strategic CapEx of SEK10.5bn (≈SEK3bn Oxelösund, ≈SEK6bn Luleå, ≈SEK2bn other), an emissions‑allowance cash flow impact of ~SEK740m, and incremental digital/IT operating cost of ~SEK200m per year; financials ended 2025 with net cash SEK11.6bn (net debt/equity ≈‑17%), full‑year operating result SEK6.1bn, Q4 shipments 1,515 kt, Q4 revenue SEK22.1bn, Q4 EBITDA SEK1.8bn and Q4 EBIT SEK756m, and the Board has proposed a SEK2 per share dividend (to be paid Q2 2026); Oxelösund EAF start‑up is planned early 2027 with a ~6‑month qualification window.SSAB Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
78
Positive
Cash Flow
57
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 90.45B | 100.48B | 119.49B | 124.98B | 95.89B |
| Gross Profit | 11.65B | 11.56B | 22.55B | -2.12B | 23.47B |
| EBITDA | 9.65B | 13.25B | 21.26B | 32.62B | 22.21B |
| Net Income | 4.90B | 13.03B | 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 | 11.34B | 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 | -3.25B | 3.68B | 14.91B | 13.21B | 11.49B |
| Operating Cash Flow | 9.47B | 11.90B | 21.47B | 18.16B | 14.87B |
| Investing Cash Flow | -10.11B | -6.61B | -5.29B | -3.89B | -2.27B |
| Financing Cash Flow | -2.81B | -5.20B | -12.77B | -723.00M | -5.03B |
SSAB Technical Analysis
Neutral
3.83
Price Trends
4.15
Negative
3.86
Negative
3.46
Positive
Market Momentum
-0.14
Positive
43.61
Neutral
25.63
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SSAAY, the sentiment is Neutral. The current price of 3.83 is below the 20-day moving average (MA) of 3.97, below the 50-day MA of 4.15, and above the 200-day MA of 3.46, indicating a neutral trend. The MACD of -0.14 indicates Positive momentum. The RSI at 43.61 is Neutral, neither overbought nor oversold. The STOCH value of 25.63 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SSAAY.
SSAB Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $7.52B | 14.21 | 7.23% | 3.59% | -4.26% | -33.25% | |
65 Neutral | $7.52B | 15.47 | 3.53% | 7.02% | -16.69% | 585.38% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | $6.57B | 29.29 | 2.53% | 2.92% | -2.53% | -36.08% | |
60 Neutral | $6.86B | 10.04 | 10.54% | 1.02% | -1.61% | -81.36% | |
45 Neutral | $4.74B | -4.42 | -24.89% | ― | -6.76% | -255.94% | |
45 Neutral | $1.65B | -5.92 | -13.62% | ― | -5.79% | -5.30% |
* Basic Materials Sector Average
SSAAY
SSAB
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TX
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.