Ferronordic AB (FNM) AI Stock Analysis

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Ferronordic AB

(Nasdaq OMX AB:FNM)

Select Model

Rating:62Neutral

Price Target:SEK 96.00▲(6.43% Upside)

Action:reiterated

Date:09/23/26

The overall score of 62 reflects a company in recovery with strong recent price momentum. The most significant positive factor is the robust technical trend, with the stock significantly above key moving averages. This is balanced by a mixed financial profile: while revenue is growing and the company has returned to profitability, margins are thin and leverage is high. The moderate P/E ratio provides a neutral valuation backdrop, but the lack of a dividend and declining free cash flow are notable risks.

Positive Factors

Revenue and earnings recoveryThe return to positive earnings alongside roughly 10.5% TTM revenue growth shows that the business has regained operating traction after prior losses. Continued sales expansion could strengthen scale and support reinvestment, although profitability still needs to become more consistent.

Negative Factors

Elevated leverageDebt materially exceeds equity, leaving Ferronordic with less financial flexibility than when leverage was lower. A thinner balance-sheet cushion increases sensitivity to weaker margins and can constrain investment, acquisitions, or other capital-allocation choices if operating conditions deteriorate.

Ferronordic AB (FNM) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 1.31B
Dividend Yield: ―
Average Volume (3M): 24.76K
Price to Earnings (P/E): 16.6
Beta (1Y): 0.22
Revenue Growth: 4.42%
EPS Growth: ―
Country: Sweden
Employees: 800
Sector: General
Sector Strength: 55
Industry: Industrial - Distribution

Ferronordic AB Business Overview & Revenue Model

Company Description

Ferronordic AB (publ) operates in the heavy machinery sector, providing sales, rental, and maintenance services for construction equipment, trucks, and other specialized machines. The company's operations are concentrated in Russia, Kazakhstan, and G...

How the Company Makes Money

Ferronordic makes money primarily through (1) sales of construction equipment and (2) recurring aftermarket/services revenue tied to the installed base of equipment. 1) Equipment sales (one-time, transactional revenue) - The company generates revenue...

Ferronordic AB Financial Statement Overview

Summary

Financial performance is mixed. Revenue growth of 10.5% and a return to profitability are positive, but net margins are thin at 1.6%. The balance sheet carries elevated leverage (D/E 1.43), and while cash flow is positive, free cash flow has declined significantly. Overall, the company is stabilizing but faces margin and debt pressures.

Income Statement

58Neutral

Balance Sheet

52Neutral

Cash Flow

60Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.96B	4.57B	4.72B	2.86B	1.97B	6.21B
Gross Profit	863.00M	792.00M	853.00M	377.00M	250.00M	1.11B
EBITDA	575.00M	471.00M	470.00M	4.00M	351.00M	-57.00M
Net Income	79.00M	-199.00M	-89.00M	-107.00M	197.00M	339.00M
Balance Sheet
Total Assets	4.61B	3.99B	4.94B	4.71B	3.22B	3.97B
Cash, Cash Equivalents and Short-Term Investments	164.00M	153.00M	363.00M	426.00M	1.69B	768.00M
Total Debt	2.01B	1.82B	2.34B	1.78B	731.00M	966.00M
Total Liabilities	3.20B	2.69B	3.44B	3.08B	1.34B	2.87B
Stockholders Equity	1.41B	1.31B	1.50B	1.62B	1.87B	1.10B
Cash Flow
Free Cash Flow	125.06M	642.00M	275.00M	-176.00M	-137.00M	209.00M
Operating Cash Flow	324.43M	717.00M	340.00M	-27.00M	215.00M	457.00M
Investing Cash Flow	-170.84M	-32.00M	33.00M	-1.22B	521.00M	-370.00M
Financing Cash Flow	-157.64M	-851.00M	-462.00M	-21.00M	168.00M	64.00M

Ferronordic AB Technical Analysis

Technical Analysis SentimentPositive

Last Price90.20

Price Trends

50DMA92.72Negative

100DMA79.57Positive

200DMA63.82Positive

Market Momentum

MACD-0.56Negative

RSI49.07Neutral

STOCH68.62Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:FNM, the sentiment is Positive. The current price of 90.20 is above the 20-day moving average (MA) of 89.98, below the 50-day MA of 92.72, and above the 200-day MA of 63.82, indicating a neutral trend. The MACD of -0.56 indicates Negative momentum. The RSI at 49.07 is Neutral, neither overbought nor oversold. The STOCH value of 68.62 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:FNM.

Ferronordic AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

SE:FNM against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:OEM.B	69Neutral	SEK 23.49B	33.18	23.70%	1.03%	11.13%	16.93%
SE:BUFAB	68Neutral	SEK 25.51B	32.60	18.20%	0.97%	8.13%	32.45%
SE:BEIJ.B	68Neutral	SEK 79.64B	31.84	10.70%	0.96%	4.32%	2.06%
SE:INDT	64Neutral	SEK 96.84B	34.43	15.59%	1.17%	5.59%	5.36%
SE:FNM	62Neutral	SEK 1.31B	16.64	―	―	4.42%	―
SE:ADDT.B	61Neutral	SEK 83.84B	36.28	28.37%	1.16%	4.32%	15.23%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

* General Sector Average

Performance Comparison

SE:FNM and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:FNM	Ferronordic AB	90.20	46.05	104.30%
SE:INDT	Indutrade AB	265.80	18.14	7.32%
SE:ADDT.B	Addtech AB Class B	310.60	-2.47	-0.79%
SE:OEM.B	OEM International AB Class B	169.20	11.67	7.41%
SE:BEIJ.B	Beijer Ref AB Class B	157.00	8.16	5.48%
SE:BUFAB	Bufab AB	134.00	31.17	30.31%

Ferronordic AB Corporate Events

Ferronordic schedules Q3 2026 report and investor presentation

Oct 28, 2026

Ferronordic will publish its interim report for the third quarter of 2026 on November 11 at 07:30 CET, and management will present the results the same day at 10:00 CET via telephone conference and webcast. The presentation, held in English by CEO He...

Ferronordic Delivers Strong Q2 on U.S. Surge and Broad Earnings Recovery

Aug 12, 2026

Ferronordic AB reported a strong second quarter of 2026 with group revenue up 43% to SEK 1,558m and operating profit swinging to SEK 68m from a loss, helped by improved cost control, higher aftermarket sales and technology-driven efficiencies. Net pr...

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: Sep 23, 2026

Ferronordic AB AI Stock Analysis