QleanAir AB (QAIR) AI Stock Analysis

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QleanAir AB

(Nasdaq OMX AB:QAIR)

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Rating:59Neutral

Price Target:SEK 20.00▲(8.11% Upside)

Action:reiterated

Date:08/27/26

The score is primarily supported by improving profitability versus 2024 and solid operating/free cash flow, with leverage trending better. These positives are tempered by muted revenue growth and historically inconsistent margins, while technicals are weak (price below key moving averages and negative MACD). Valuation is a modest support given the ~11.18 P/E.

Positive Factors

Solid Cash GenerationStrong operating and free cash flow supports funding for equipment, service delivery and growth while reducing reliance on external financing. Healthy cash conversion also strengthens resilience across the recurring rental and service model.

Negative Factors

Muted Revenue GrowthLimited top-line expansion may constrain operating leverage and make future profit improvement dependent on cost control rather than market growth. It also suggests customer adoption and recurring-unit expansion are not yet accelerating materially.

QleanAir AB (QAIR) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 274.90M
Dividend Yield: ―
Average Volume (3M): 11.52K
Price to Earnings (P/E): 10.9
Beta (1Y): 0.83
Revenue Growth: 0.33%
EPS Growth: 2248.34%
Country: Sweden
Employees: 121
Sector: Industrials
Sector Strength: 63
Industry: Industrial - Pollution & Treatment Controls

QleanAir AB Business Overview & Revenue Model

Company Description

QleanAir AB (publ) provides advanced air purification systems for professional settings globally. The company's product line features freestanding smoking cabins, designed to safeguard against passive smoke exposure, alongside cleanroom solutions for...

How the Company Makes Money

QleanAir primarily makes money by providing indoor air-cleaning solutions to customers, with revenues generated from delivering its air-cleaning units and associated services. A key part of the model is recurring revenue from renting or subscribing t...

QleanAir AB Financial Statement Overview

Summary

Earnings have recovered versus 2024 (TTM net margin ~5.6%, operating margin ~9.8%) and cash generation is solid (TTM operating cash flow ~67m; free cash flow ~52m; FCF/net income ~0.78). Offsetting this, revenue growth is modest (~1.2% TTM), profitability has been inconsistent over multiple years, and while leverage has improved (debt-to-equity ~0.82), the balance sheet history remains mid-risk.

Income Statement

62Positive

Balance Sheet

58Neutral

Cash Flow

64Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	452.19M	454.74M	450.38M	503.52M	455.17M	450.58M
Gross Profit	107.15M	47.73M	293.22M	344.04M	311.02M	318.04M
EBITDA	73.31M	74.01M	48.51M	106.98M	59.78M	113.70M
Net Income	25.26M	27.89M	-1.43M	43.37M	13.29M	59.26M
Balance Sheet
Total Assets	588.80M	563.20M	631.13M	662.05M	647.72M	610.81M
Cash, Cash Equivalents and Short-Term Investments	44.81M	39.53M	52.04M	56.88M	66.96M	69.66M
Total Debt	182.85M	175.89M	240.82M	246.54M	261.07M	235.00M
Total Liabilities	366.98M	348.48M	429.41M	446.75M	463.75M	416.72M
Stockholders Equity	221.82M	214.72M	201.72M	215.29M	183.98M	194.09M
Cash Flow
Free Cash Flow	52.45M	67.73M	15.92M	38.86M	1.44M	75.86M
Operating Cash Flow	67.38M	80.07M	39.74M	62.65M	29.73M	104.15M
Investing Cash Flow	-21.40M	-19.08M	-23.83M	-23.79M	-28.29M	-28.30M
Financing Cash Flow	-47.81M	-67.74M	-21.25M	-46.24M	-6.56M	-59.20M

QleanAir AB Technical Analysis

Technical Analysis SentimentNegative

Last Price18.50

Price Trends

50DMA18.66Negative

100DMA19.26Negative

200DMA21.95Negative

Market Momentum

MACD-0.01Negative

RSI48.23Neutral

STOCH70.18Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:QAIR, the sentiment is Negative. The current price of 18.50 is below the 20-day moving average (MA) of 18.55, below the 50-day MA of 18.66, and below the 200-day MA of 21.95, indicating a bearish trend. The MACD of -0.01 indicates Negative momentum. The RSI at 48.23 is Neutral, neither overbought nor oversold. The STOCH value of 70.18 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:QAIR.

QleanAir AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (63)

Financial Indicators

SE:QAIR against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:SYSR	73Outperform	SEK 17.70B	22.14	13.24%	1.71%	3.31%	20.40%
SE:BEIJ.B	68Neutral	SEK 79.64B	31.84	10.70%	0.96%	4.32%	2.06%
Sector *	63Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
SE:ABSO	62Neutral	SEK 2.03B	23.10	―	1.81%	-0.75%	2.22%
SE:COOR	61Neutral	SEK 4.68B	17.76	17.45%	6.97%	-0.68%	81.93%
SE:MTRS	60Neutral	SEK 25.27B	47.60	10.12%	1.16%	-0.19%	78.46%
SE:QAIR	59Neutral	SEK 274.90M	10.88	11.69%	―	0.33%	2248.34%

* Industrials Sector Average

Performance Comparison

SE:QAIR and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:QAIR	QleanAir AB	18.50	-4.30	-18.86%
SE:MTRS	Munters Group AB	138.35	-25.20	-15.41%
SE:SYSR	Systemair AB	85.00	8.29	10.80%
SE:BEIJ.B	Beijer Ref AB Class B	157.00	8.16	5.48%
SE:COOR	Coor Service Management Holding AB	49.20	6.38	14.90%
SE:ABSO	Absolent Air Care Group AB	179.50	-44.87	-20.00%

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: Aug 27, 2026

QleanAir AB AI Stock Analysis