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Ratos AB
(RATO.B)
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Rating:57Neutral
Price Target:
kr41.00
▲(13.57% Upside)
Action:Reiterated
Date:10/24/26
The score is held back mainly by the sharp TTM profitability setback (loss-making with negative EBIT) despite strong revenue growth. Balance-sheet leverage is improving and cash generation remains solid, which supports the rating. Technically, the trend is positive with the stock above major moving averages, but elevated RSI suggests momentum may be stretched. Valuation is constrained by a negative P/E, partially offset by a ~3.5% dividend yield.
Positive Factors
Improving leverage and capital base
Lower leverage and a larger equity base improve financial resilience across Ratos’ portfolio. This gives the group greater capacity to support subsidiaries, absorb earnings volatility, and pursue value-creating capital allocation while reducing balance-sheet risk over the coming quarters.
Negative Factors
TTM loss and negative operating profit
The move from solid 2025 profitability to a TTM net loss and negative EBIT weakens earnings quality and reduces the group’s ability to compound value internally. Persistent operating losses could constrain reinvestment, distributions, and the resources available for portfolio development.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving leverage and capital base
Lower leverage and a larger equity base improve financial resilience across Ratos’ portfolio. This gives the group greater capacity to support subsidiaries, absorb earnings volatility, and pursue value-creating capital allocation while reducing balance-sheet risk over the coming quarters.
Read all positive factors
Ratos AB (RATO.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr13.28B
Dividend Yield3.44%
Average Volume (3M)320.92K
Price to Earnings (P/E)―
Beta (1Y)1.10
Revenue Growth-23.16%
EPS Growth-128.59%
CountrySE
Employees9,100
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Conglomerates
Share Statistics
EPS (TTM)-0.72
Shares Outstanding242,905,800
10 Day Avg. Volume428,819
30 Day Avg. Volume320,919
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.94
Price to Sales (P/S)0.42
P/FCF Ratio6.55
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)4.22
Revenue Forecast (FY)kr19.41B
Ratos AB Business Overview & Revenue Model
Company Description
Ratos AB (publ) functions as a private equity firm, concentrating its efforts on corporate buyouts, business restructuring, supplementary acquisitions, and mid-market deals. The firm steers clear of early-stage investments and deliberately avoids ...
How the Company Makes Money
Ratos makes money primarily through returns generated by the companies it owns. Its key earnings and cash-flow sources typically include: (1) operating profits from consolidated portfolio companies, which flow into group results as those subsidiar...
Ratos AB Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
64
Positive
Cash Flow
68
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 23.48B | 29.48B | 32.12B | 33.75B | 29.88B | 22.55B |
| Gross Profit | 8.35B | 11.53B | 13.96B | 14.64B | 11.69B | 9.11B |
| EBITDA | 1.39B | 2.77B | 2.88B | 4.40B | 2.89B | 2.65B |
| Net Income | -236.00M | 2.13B | 249.00M | 1.22B | 548.00M | 2.64B |
Balance Sheet | ||||||
| Total Assets | 29.13B | 27.89B | 34.54B | 36.13B | 37.17B | 28.39B |
| Cash, Cash Equivalents and Short-Term Investments | 1.05B | 1.14B | 2.19B | 2.36B | 2.53B | 2.23B |
| Total Debt | 7.44B | 7.92B | 9.00B | 10.43B | 13.04B | 8.03B |
| Total Liabilities | 11.62B | 12.45B | 19.79B | 21.68B | 23.39B | 15.06B |
| Stockholders Equity | 15.11B | 13.31B | 12.20B | 12.31B | 12.29B | 11.94B |
Cash Flow | ||||||
| Free Cash Flow | 2.07B | 1.90B | 3.16B | 4.04B | 1.03B | 1.03B |
| Operating Cash Flow | 2.45B | 2.29B | 3.44B | 4.28B | 1.43B | 1.45B |
| Investing Cash Flow | 175.00M | -479.00M | -972.00M | -566.00M | -4.26B | -258.00M |
| Financing Cash Flow | -4.43B | -2.76B | -2.62B | -3.77B | 2.99B | -2.23B |
Ratos AB Technical Analysis
Positive
36.10
Price Trends
37.82
Positive
36.55
Positive
35.52
Positive
Market Momentum
0.83
Negative
72.00
Negative
97.25
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:RATO.B, the sentiment is Positive. The current price of 36.1 is below the 20-day moving average (MA) of 37.86, below the 50-day MA of 37.82, and above the 200-day MA of 35.52, indicating a bullish trend. The MACD of 0.83 indicates Negative momentum. The RSI at 72.00 is Negative, neither overbought nor oversold. The STOCH value of 97.25 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:RATO.B.
Ratos AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | kr11.26B | 5.75 | 16.53% | 1.93% | 6.97% | 50.85% | |
69 Neutral | kr224.83B | 4.19 | 25.59% | 1.69% | -1.43% | 290.11% | |
61 Neutral | kr22.72B | 4.52 | 24.04% | 0.90% | -3.49% | ― | |
59 Neutral | kr18.70B | 16.63 | 5.34% | 0.99% | 2.43% | 6.84% | |
58 Neutral | kr6.56B | 15.63 | 7.28% | 2.18% | 1359.94% | 4701.57% | |
57 Neutral | kr13.28B | -56.44 | -1.68% | 3.44% | -23.16% | -128.59% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
SE:RATO.B
Ratos AB
40.64
3.72
10.07%
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Ratos AB Corporate Events
Ratos lifts adjusted earnings on organic growth and portfolio gains
Oct 23, 2026
Ratos AB reported increased net sales and stronger adjusted earnings in the third quarter and the first nine months of 2026, driven by solid organic growth and margin improvement in its portfolio. Adjusted EBITA rose sharply year-on-year, and the ...
Ratos-owned HL Display buys Spain’s Top Global to expand in-store retail solutions
Oct 22, 2026
HL Display, majority-owned by Ratos, has agreed to acquire Topglobal SL (Top Global), a Spanish provider of visual communication and retail marketing solutions for retailers and brand suppliers. The deal expands HL Display’s presence in Spai...
Ratos installs Jon Sintorn as new chairman to steer HL Display’s international growth
Oct 20, 2026
Ratos-owned HL Display has appointed experienced international executive Jon Sintorn as its new chairman, effective 20 October 2026, succeeding outgoing chair Anna Vilogorac. Sintorn, formerly President and CEO of Permobil and Nilfisk, brings a st...
Ratos Schedules Investor Call for January–September 2026 Interim Report
Oct 7, 2026
Ratos will publish its interim report for January–September 2026 on 23 October at 7:30 a.m. CEST, providing investors and analysts with an update on the investment company’s financial performance and portfolio developments. The release...
Ratos Adjusts Voting Structure After A-to-B Share Conversion
Sep 30, 2026
Ratos AB has adjusted its share capital structure following the September 2026 conversion of 32,174 Class A shares into Class B shares under its long-standing conversion clause. The move leaves the total number of shares unchanged at 327,510,688 b...
Ratos Sets 2027 AGM Date and Names New Nomination Committee
Sep 23, 2026
Ratos has set its 2027 Annual General Meeting for 24 March at the Stockholm Chamber of Commerce and announced the composition of its Nomination Committee, which is led by Chairman of the Board Per-Olof Söderberg as convener and chaired by Jen...
Ratos appoints industry veteran Henrik Ager as Chairman of Diab Group
Sep 15, 2026
Ratos’s portfolio company Diab Group, a global leader in advanced structural core materials for sectors including marine, defense, aerospace, subsea and wind energy, has a long-established position built on innovation and technical expertise...
Ratos AB Raises Share Capital After Management Warrant Exercise
Jul 31, 2026
Ratos AB has increased its number of Class B shares following the exercise of 125,000 warrants under an incentive program for the CEO and key personnel approved at the 2023 Annual General Meeting. The exercise raised the number of Class B shares t...
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.