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Boule Diagnostics AB
(BOUL)
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Rating:45Neutral
Price Target:
kr2.50
Action:Reiterated
Date:09/19/26
The score is held back primarily by weak technicals (price below all key moving averages, negative MACD, and very low RSI/Stochastic) and a still-moderate financial profile with declining revenue, ongoing small net losses, and higher leverage. Positive TTM operating and free cash flow provides some support but is not yet enough to outweigh the trend and balance-sheet risk.
Positive Factors
Recurring Consumables Revenue
The installed analyzer base can generate repeat consumables revenue over each instrument’s life, creating a more durable revenue stream than one-time equipment sales. This model can improve customer retention, support revenue visibility, and reinforce the value of Boule’s hematology platform.
Negative Factors
Declining Revenue
Ongoing top-line contraction remains a fundamental weakness because it limits operating leverage and makes recovery dependent on renewed demand or successful execution. Even though the decline is less severe than in 2024, sustained revenue pressure can constrain investment and earnings growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring Consumables Revenue
The installed analyzer base can generate repeat consumables revenue over each instrument’s life, creating a more durable revenue stream than one-time equipment sales. This model can improve customer retention, support revenue visibility, and reinforce the value of Boule’s hematology platform.
Read all positive factors
Boule Diagnostics AB (BOUL) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr93.59M
Dividend Yield1.06%
Average Volume (3M)47.98K
Price to Earnings (P/E)―
Beta (1Y)0.70
Revenue Growth-10.60%
EPS Growth98.81%
CountrySE
Employees200
SectorGeneral
Sector StrengthN/A
IndustryMedical - Specialties
Share Statistics
EPS (TTM)-0.10
Shares Outstanding38,833,103
10 Day Avg. Volume31,352
30 Day Avg. Volume47,975
Financial Highlights & Ratios
PEG Ratio0.50
Price to Book (P/B)1.11
Price to Sales (P/S)0.38
P/FCF Ratio-45.13
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.25
Revenue Forecast (FY)kr453.10M
Boule Diagnostics AB Business Overview & Revenue Model
Company Description
Boule Diagnostics AB (publ) develops, manufactures, and markets instruments and consumable products for blood diagnostics in the United States of America, Asia, Eastern Europe, Latin America, Western Europe, Africa, and the Middle East. The compan...
How the Company Makes Money
Boule Diagnostics makes money primarily by selling hematology instruments (analyzers) and by generating recurring revenue from consumables and related products used with those instruments. A typical model in hematology includes (1) upfront revenue...
Boule Diagnostics AB Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
43
Neutral
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 461.20M | 489.70M | 558.60M | 571.33M | 548.09M | 463.34M |
| Gross Profit | 198.20M | 213.80M | 252.40M | 249.71M | 227.91M | 198.63M |
| EBITDA | 35.80M | 23.12M | -255.90M | 65.98M | 57.84M | 55.69M |
| Net Income | -3.80M | -3.80M | -223.30M | 24.98M | 12.73M | 23.27M |
Balance Sheet | ||||||
| Total Assets | 480.80M | 469.60M | 590.20M | 755.11M | 759.96M | 572.03M |
| Cash, Cash Equivalents and Short-Term Investments | 19.60M | 19.60M | 22.70M | 37.28M | 96.90M | 38.18M |
| Total Debt | 227.30M | 223.76M | 195.00M | 166.17M | 189.97M | 155.44M |
| Total Liabilities | 305.90M | 301.90M | 320.60M | 280.01M | 297.46M | 276.30M |
| Stockholders Equity | 174.90M | 167.60M | 269.60M | 475.10M | 462.50M | 295.74M |
Cash Flow | ||||||
| Free Cash Flow | 17.40M | -4.13M | -39.30M | -31.30M | -86.31M | -13.09M |
| Operating Cash Flow | 22.10M | 829.00K | 46.60M | 51.38M | -11.35M | 43.28M |
| Investing Cash Flow | -7.90M | -5.00M | -85.90M | -82.71M | -74.96M | -56.37M |
| Financing Cash Flow | -17.70M | 3.30M | 24.40M | -25.51M | 140.55M | 15.75M |
Boule Diagnostics AB Technical Analysis
Negative
―
Price Trends
3.04
Negative
3.27
Negative
3.83
Negative
Market Momentum
-0.21
Negative
36.87
Neutral
33.15
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BOUL, the sentiment is Negative. The current price of undefined is equal to the 20-day moving average (MA) of 2.52, equal to the 50-day MA of 3.04, and equal to the 200-day MA of 3.83, indicating a bearish trend. The MACD of -0.21 indicates Negative momentum. The RSI at 36.87 is Neutral, neither overbought nor oversold. The STOCH value of 33.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:BOUL.
Boule Diagnostics AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
Performance Comparison
Boule Diagnostics AB Corporate Events
Boule Diagnostics Secures Shareholder Loan at Extraordinary Meeting
Aug 31, 2026
Boule Diagnostics AB, a global provider of near‑patient human and veterinary diagnostic instruments, reagents, and controls, operates through its Diagnostics and OEM CDS segments. The company serves healthcare providers and diagnostic manufa...
Boule Diagnostics Battles Geopolitical Headwinds as New CEO Steps In
Jul 17, 2026
Boule Diagnostics AB reported a difficult second quarter of 2026, with net sales falling 13.3 percent to SEK 112.2 million as geopolitical tensions in the Middle East and currency headwinds weighed on demand. Instrument volumes dropped sharply, bu...
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.