Photocat A/S (PCAT) AI Stock Analysis

Photocat A/S

(Nasdaq OMX AB:PCAT)

Select Model

Rating:68Neutral

Price Target:SEK 3.00▲(20.97% Upside)

Action:reiterated

Date:10/21/26

The score is driven mainly by improved financial performance and a strong balance sheet with solid current profitability, plus a very low P/E that suggests attractive valuation. These positives are tempered by weak technical momentum (below all major moving averages with negative MACD) and questions around consistency due to soft TTM revenue and uneven/declining free cash flow.

Positive Factors

Improved ProfitabilityThe recovery to solid gross, operating, and net margins indicates that the business has regained meaningful profitability after prior losses. If maintained, these margins can support internal funding, strengthen resilience, and provide a durable earnings base over the next several quarters.

Negative Factors

Revenue ContractionDeclining TTM revenue shows that the recent profitability improvement is not yet supported by consistently expanding demand. If softness persists, lower volume can reduce operating leverage and make the current margin recovery harder to sustain across the next several reporting periods.

Photocat A/S (PCAT) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 15.59M
Dividend Yield: ―
Average Volume (3M): 2,876
Price to Earnings (P/E): 4.6
Beta (1Y): 0.95
Revenue Growth: -17.14%
EPS Growth: 88.76%
Country: Sweden
Employees: 10
Sector: General
Sector Strength: 55
Industry: Chemicals - Specialty

Photocat A/S Business Overview & Revenue Model

Company Description

Photocat A/S, headquartered in Roskilde, Denmark, and established in 2005, is dedicated to inventing, developing, and manufacturing photocatalytic technology. These cutting-edge solutions are engineered for incorporation into construction materials a...

Photocat A/S Financial Statement Overview

Summary

Fundamentals have improved with strong profitability (TTM gross margin ~53%, EBIT and net margin ~15%) and a conservatively financed balance sheet (debt-to-equity ~0.07; ROE ~24%). Offsetting this, revenue is down in TTM (-3.0%) and free cash flow has been volatile with negative growth in TTM (-18.5%), raising questions about durability of the recovery.

Income Statement

72Positive

Balance Sheet

83Very Positive

Cash Flow

68Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	16.93M	13.74M	12.11M	16.89M	16.94M	15.69M
Gross Profit	8.03M	8.33M	6.18M	6.33M	4.46M	5.41M
EBITDA	4.49M	3.01M	742.94K	347.59K	-910.82K	102.54K
Net Income	2.29M	859.00K	-2.63M	-1.92M	-2.99M	-2.16M
Balance Sheet
Total Assets	23.00M	24.88M	19.55M	23.11M	22.61M	18.47M
Cash, Cash Equivalents and Short-Term Investments	102.20K	443.00K	306.00K	229.89K	89.81K	1.42M
Total Debt	1.74M	1.72M	1.78M	1.75M	979.62K	2.43M
Total Liabilities	11.83M	13.44M	9.07M	10.86M	8.45M	7.17M
Stockholders Equity	11.17M	11.44M	10.48M	12.25M	14.17M	11.30M
Cash Flow
Free Cash Flow	4.95M	-350.00K	-621.00K	568.11K	-7.98M	-3.07M
Operating Cash Flow	4.97M	5.66M	1.15M	733.07K	-1.08M	-155.01K
Investing Cash Flow	-5.60M	-6.15M	-1.75M	-3.51M	-6.90M	-2.91M
Financing Cash Flow	452.85K	499.52K	683.00K	2.92M	6.66M	2.43M

Photocat A/S Technical Analysis

Technical Analysis SentimentNegative

Last Price2.48

Price Trends

50DMA3.55Negative

100DMA4.69Negative

200DMA4.60Negative

Market Momentum

MACD-0.31Negative

RSI29.66Positive

STOCH35.71Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:PCAT, the sentiment is Negative. The current price of 2.48 is below the 20-day moving average (MA) of 2.79, below the 50-day MA of 3.55, and below the 200-day MA of 4.60, indicating a bearish trend. The MACD of -0.31 indicates Negative momentum. The RSI at 29.66 is Positive, neither overbought nor oversold. The STOCH value of 35.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:PCAT.

Photocat A/S Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

SE:PCAT against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:PCAT	68Neutral	SEK 14.87M	4.56	―	―	-17.14%	88.76%
SE:IMPC	56Neutral	SEK 323.02M	-12.36	―	―	6.10%	51.80%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
SE:ORGC	45Neutral	SEK 83.91M	-1.52	-176.65%	―	-21.95%	-28.77%
SE:ENZY	44Neutral	SEK 551.01M	-12.24	―	―	-2.36%	23.44%
SE:POLYG	44Neutral	SEK 85.47M	-19.61	-1.52%	―	-18.26%	35.77%

* General Sector Average

Performance Comparison

SE:PCAT and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:PCAT	Photocat A/S	2.48	-2.32	-48.33%
SE:POLYG	Polygiene AB	2.34	-7.06	-75.11%
SE:ORGC	OrganoClick AB	0.46	-1.42	-75.64%
SE:BAWAT	Bawat Water Technologies AB	1.00	-0.20	-16.67%
SE:ENZY	Enzymatica AB	2.27	0.32	16.41%
SE:IMPC	Impact Coatings AB	3.07	1.66	117.27%

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 21, 2026

Photocat A/S AI Stock Analysis