Nimbus Group AB (BOAT) AI Stock Analysis

Nimbus Group AB

(Nasdaq OMX AB:BOAT)

Select Model

Rating:50Neutral

Price Target:SEK 11.50▼(-2.54% Downside)

Action:reiterated

Date:10/24/26

SE:BOAT is currently weighed down by significant profitability challenges, weak valuation metrics, and a long-term bearish technical trend. However, the stock's downside risk is somewhat mitigated by the company's strong balance sheet, successful deleveraging, and recent return to positive free cash flow generation.

Positive Factors

Conservative balance sheetModest leverage and a substantial equity base provide Nimbus with financial flexibility through changing demand conditions. This supports continued operations, reduces balance-sheet strain, and leaves greater capacity to fund products, working capital, or other strategic priorities.

Negative Factors

Loss-making with weak marginsCurrent losses and low gross margins indicate that revenue is not translating efficiently into earnings. This weakens internal funding capacity, limits the benefit of any sales recovery, and suggests profitability may remain sensitive to product mix, pricing, and operating costs.

Nimbus Group AB (BOAT) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 503.05M
Dividend Yield: ―
Average Volume (3M): 12.77K
Price to Earnings (P/E): -6.2
Beta (1Y): 0.33
Revenue Growth: -12.35%
EPS Growth: 29.91%
Country: Sweden
Employees: 254
Sector: Consumer Cyclical
Sector Strength: 61
Industry: Auto - Recreational Vehicles

Nimbus Group AB Business Overview & Revenue Model

Company Description

Nimbus Group AB (Publ) designs, manufactures, and markets leisure motorboats in the Nordics, Europe, and the United States. The company provides its products under the Nimbus, Alukin, Aquador, Bella, Falcon, Flipper, and Paragon Yachts brand names. T...

How the Company Makes Money

Nimbus Group primarily makes money by selling new recreational powerboats under its brand portfolio to end customers via a network of dealers and distributors, as well as through direct sales in certain markets (specific mix by channel not available:...

Nimbus Group AB Financial Statement Overview

Summary

The company faces significant operational headwinds with declining revenue and compressing margins. However, these are offset by a highly resilient balance sheet with low leverage (0.13x debt-to-equity) and a recent, encouraging return to positive operating and free cash flow.

Income Statement

25Negative

Balance Sheet

70Positive

Cash Flow

60Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.23B	1.37B	1.62B	1.90B	1.75B	1.46B
Gross Profit	115.15M	117.92M	214.70M	287.56M	336.23M	293.62M
EBITDA	3.53M	-9.23M	8.31M	145.08M	227.40M	208.06M
Net Income	-81.36M	-167.70M	-61.43M	45.05M	149.64M	133.01M
Balance Sheet
Total Assets	1.65B	1.78B	2.40B	2.01B	1.57B	1.23B
Cash, Cash Equivalents and Short-Term Investments	28.57M	32.52M	5.32M	8.14M	0	153.86M
Total Debt	129.83M	171.79M	405.20M	315.04M	255.70M	118.94M
Total Liabilities	672.14M	792.55M	1.24B	1.15B	822.20M	622.41M
Stockholders Equity	980.19M	986.03M	1.16B	862.99M	748.53M	605.09M
Cash Flow
Free Cash Flow	73.43M	-68.17M	-110.06M	-82.23M	-127.53M	97.16M
Operating Cash Flow	99.29M	-58.53M	-67.86M	-20.70M	-61.68M	140.49M
Investing Cash Flow	-32.90M	-28.38M	-39.40M	-132.52M	-84.58M	-154.79M
Financing Cash Flow	-87.08M	110.84M	96.95M	171.46M	-8.65M	134.29M

Nimbus Group AB Technical Analysis

Technical Analysis SentimentPositive

Last Price11.80

Price Trends

50DMA11.67Positive

100DMA11.76Positive

200DMA12.29Negative

Market Momentum

MACD0.03Negative

RSI54.18Neutral

STOCH48.72Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BOAT, the sentiment is Positive. The current price of 11.80 is above the 20-day moving average (MA) of 11.59, above the 50-day MA of 11.67, and below the 200-day MA of 12.29, indicating a neutral trend. The MACD of 0.03 indicates Negative momentum. The RSI at 54.18 is Neutral, neither overbought nor oversold. The STOCH value of 48.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:BOAT.

Nimbus Group AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

SE:BOAT against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:SODER	72Outperform	SEK 170.86M	15.66	12.07%	3.96%	7.93%	94.40%
SE:BILI.A	66Neutral	SEK 12.71B	15.36	16.34%	4.23%	0.64%	15.69%
Sector *	61Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
SE:SKIS.B	57Neutral	SEK 14.57B	23.21	14.70%	1.61%	6.99%	13.65%
SE:FOI.B	53Neutral	SEK 4.35B	44.54	2.35%	6.96%	1.03%	15.81%
SE:BOAT	50Neutral	SEK 503.05M	-6.18	-8.25%	―	-12.35%	29.91%
SE:USWE	49Neutral	SEK 44.60M	-14.24	-4.87%	―	-9.26%	72.39%

* Consumer Cyclical Sector Average

Performance Comparison

SE:BOAT and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:BOAT	Nimbus Group AB	11.80	0.85	7.76%
SE:FOI.B	Fenix Outdoor International AG Series B	323.50	-152.01	-31.97%
SE:USWE	USWE Sports AB	6.25	-9.55	-60.44%
SE:SODER	Soder Sportfiske AB	20.20	-0.80	-3.83%
SE:BILI.A	Bilia AB Class A	139.60	12.05	9.45%
SE:SKIS.B	SkiStar AB Class B	185.90	30.73	19.80%

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.

Date of analysis: Oct 24, 2026

Nimbus Group AB AI Stock Analysis