C-Rad AB Class B (CRAD.B) AI Stock Analysis

C-Rad AB Class B

(Nasdaq OMX AB:CRAD.B)

Select Model

Rating:61Neutral

Price Target:SEK 24.50▲(5.60% Upside)

Action:downgraded

Date:10/24/26

The score is supported by a strong balance sheet and continued profitability, but weakened by poor cash conversion, declining revenue and margins, and bearish technical momentum. Moderate valuation provides only partial support.

Positive Factors

Conservative balance sheetVery low leverage gives C-Rad substantial financial flexibility and limits refinancing risk as it funds operations and growth. A conservative capital structure also reduces dependence on external financing, allowing the company to withstand uneven earnings or cash conversion without excessive balance-sheet strain.

Negative Factors

Contracting revenueA shrinking top line is a fundamental concern because it suggests current demand or deployment activity is not expanding at the pace required to support durable growth. Continued contraction could reduce operating leverage, limit reinvestment capacity, and make future earnings more dependent on cost control.

C-Rad AB Class B (CRAD.B) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 783.39M
Dividend Yield: 0.43%
Average Volume (3M): 44.69K
Price to Earnings (P/E): 16.5
Beta (1Y): 0.66
Revenue Growth: -8.76%
EPS Growth: 103.87%
Country: Sweden
Employees: 98
Sector: Healthcare
Sector Strength: 51
Industry: Medical - Specialties

C-Rad AB Class B Business Overview & Revenue Model

Company Description

C-Rad AB (publ) develops, manufactures, and sells products and systems with applications in radiotherapy for the treatment of cancer in Europe, the Middle East, Africa, the Americas, and the Asia Pacific. The company offers Catalyst+ HD, a patient po...

How the Company Makes Money

C-Rad makes money primarily by selling and supporting SGRT solutions used by radiotherapy clinics. The company’s revenue model typically includes (1) system sales—installation of SGRT hardware (e.g., optical camera units and associated components) an...

C-Rad AB Class B Financial Statement Overview

Summary

Profitability remains solid and the lightly leveraged balance sheet is a major strength, but declining revenue, sharply lower gross margins, and materially weaker cash generation limit the score.

Income Statement

70Positive

Balance Sheet

90Very Positive

Cash Flow

45Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	417.60M	441.90M	469.00M	424.62M	301.33M	261.15M
Gross Profit	181.70M	306.00M	323.24M	287.21M	205.30M	170.23M
EBITDA	64.60M	55.33M	89.94M	53.17M	31.87M	45.71M
Net Income	47.50M	10.50M	56.45M	35.53M	7.48M	25.10M
Balance Sheet
Total Assets	511.10M	500.80M	489.36M	405.54M	339.17M	306.71M
Cash, Cash Equivalents and Short-Term Investments	144.20M	171.20M	150.90M	129.36M	121.90M	122.42M
Total Debt	7.90M	9.40M	9.00M	1.75M	4.08M	6.37M
Total Liabilities	136.80M	153.60M	164.37M	134.36M	96.63M	75.62M
Stockholders Equity	374.30M	347.20M	325.00M	271.18M	242.54M	231.09M
Cash Flow
Free Cash Flow	2.91M	50.30M	29.11M	29.31M	-1.53M	12.37M
Operating Cash Flow	12.90M	71.10M	29.98M	33.41M	9.69M	18.17M
Investing Cash Flow	-22.40M	-20.80M	-6.67M	-16.93M	-11.22M	-5.80M
Financing Cash Flow	-25.30M	-15.10M	-7.04M	-5.69M	-2.38M	1.04M

C-Rad AB Class B Technical Analysis

Technical Analysis SentimentNegative

Last Price23.20

Price Trends

50DMA31.54Negative

100DMA34.02Negative

200DMA31.76Negative

Market Momentum

MACD-2.92Positive

RSI31.29Neutral

STOCH37.81Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CRAD.B, the sentiment is Negative. The current price of 23.20 is below the 20-day moving average (MA) of 26.90, below the 50-day MA of 31.54, and below the 200-day MA of 31.76, indicating a bearish trend. The MACD of -2.92 indicates Positive momentum. The RSI at 31.29 is Neutral, neither overbought nor oversold. The STOCH value of 37.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:CRAD.B.

C-Rad AB Class B Peers Comparison

Overall Rating

UnderperformOutperform

Sector (51)

Financial Indicators

SE:CRAD.B against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:SECT.B	79Outperform	SEK 67.51B	105.81	30.26%	0.38%	13.94%	5.70%
SE:ALIF.B	74Outperform	SEK 22.23B	34.66	11.32%	0.82%	1.62%	63.45%
SE:RAY.B	67Neutral	SEK 6.95B	32.66	22.81%	1.97%	1.42%	10.40%
SE:XVIVO	64Neutral	SEK 6.46B	50.12	5.89%	―	17.83%	330.94%
SE:CRAD.B	61Neutral	SEK 783.39M	16.48	13.23%	0.43%	-8.76%	103.87%
SE:PAX	60Neutral	SEK 1.54B	-303.85	-1.22%	―	34.05%	-144.96%
Sector *	51Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

* Healthcare Sector Average

Performance Comparison

SE:CRAD.B and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:CRAD.B	C-Rad AB Class B	23.20	-9.80	-29.69%
SE:ALIF.B	AddLife AB Class B	182.30	-17.62	-8.81%
SE:PAX	Paxman AB	66.30	-1.10	-1.63%
SE:RAY.B	RaySearch Laboratories AB Class B	202.80	-16.56	-7.55%
SE:XVIVO	Xvivo Perfusion AB	205.00	22.50	12.33%
SE:SECT.B	Sectra AB Class B	346.00	49.17	16.56%

C-Rad AB Class B Corporate Events

C-Rad Wins 8 MSEK SGRT Deal, Bolsters U.S. Northeast Presence

Oct 28, 2026

C-Rad AB, a NASDAQ Stockholm-listed provider of surface-guided radiation therapy systems, specializes in high-speed 3D camera and augmented reality-based imaging to enhance radiotherapy accuracy and protect healthy tissue. Its vendor-independent SGRT...

C-Rad Navigates Soft Demand With Stronger Margins and Radiotherapy Portfolio

Oct 22, 2026

C-Rad AB reported a weak third quarter, with order intake down 29 percent and revenue down 24 percent, mainly due to restrained investment decisions and softer demand in EMEA and APAC. Despite lower volumes, the gross margin rose to 76 percent on a h...

C-RAD Launches Share Buyback to Tighten Capital Structure and Support Growth Targets

Oct 22, 2026

C-RAD AB, a Nasdaq Stockholm-listed specialist in surface-guided radiation therapy, designs high-speed 3D camera and augmented reality-based imaging systems that improve the accuracy and safety of dose delivery in cancer treatment. Its solutions enab...

C-RAD Sets October 22 Presentation for Q3 2026 Interim Report

Oct 8, 2026

C-RAD AB has scheduled the publication of its interim and third-quarter 2026 report for October 22 at 08:00 CET and will host a same-day presentation led by CEO Tomas Blomquist and CFO Linda Frölén. The session, available via webcast and te...

C-RAD and SeeTreat Join Forces to Build Integrated Adaptive Radiotherapy Platform

Sep 29, 2026

C-RAD AB and Australian software firm SeeTreat Pty Ltd have entered a partnership to co-develop integrated, patient-centric radiotherapy workflows. By combining C-RAD’s Catalyst# HD platform for patient positioning and motion management with Se...

C-RAD Showcases Next-Generation SGRT and Workflow Platform at ASTRO 2026

Sep 28, 2026

C-RAD AB, a global leader in Surface Guided Radiation Therapy, is showcasing its Catalyst# family of systems, expanded interoperability for its Sentinel CT solution, and a new software platform at the ASTRO 2026 meeting in Boston. The company’s...

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.

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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

C-Rad AB Class B AI Stock Analysis