SkiStar AB

SkiStar maintains a capital structure with a debt-to-equity ratio of 0.96, indicating a moderate reliance on debt financing. The company's liquidity position is characterized by a current ratio of 0.41, suggesting limited short-term liquidity, and a negative net cash position after subtracting total debt. The company's liquidity risk is assessed as medium, with a free cash flow of 335.28 million SEK and a cash and equivalents balance of 26.31 million SEK.

Profitability metrics show a return on equity (ROE) of 7.88% and a return on assets (ROA) of 3.56%, both below the industry median for Leisure & Recreation firms. The operating margin of 28.07% (calculated from operating income of 418.15 million SEK on revenue of 1.49 billion SEK) is in line with the industry, but the net margin of 21.02% is slightly above average. The company's gross margin of 77.88% reflects strong cost control in its core operations.

Geographically, SkiStar's revenue is concentrated in its domestic market, with no disclosed international segments. The company's exposure to regional economic conditions and seasonal demand is a key factor in its revenue stability. No material revenue concentration risks are identified in the current financial data.

Looking ahead, SkiStar is projected to grow revenue by 5.0% in the current fiscal year and 3.0% in the next, based on analyst estimates and historical performance. The company's operating cash flow of 1.32 billion SEK supports its capital expenditure of 474.19 million SEK, indicating a focus on maintaining and expanding its physical assets. The capital expenditure outlook is driven by the need to sustain operations in a seasonal industry.

The risk assessment highlights a medium liquidity risk and a low dilution risk. The company has not issued additional shares in the recent period, and the dilution potential is minimal given the alignment of basic and diluted shares outstanding. No recent filings or transcripts indicate material changes in the company's strategic direction or financial health.

Recent analyst estimates suggest a positive outlook, with a mean price target of 195.25 SEK and a median price target of 195.50 SEK. The mean recommendation of 1.75 (on a scale from 1 to 5) indicates a generally favorable sentiment among analysts, with one strong buy and three buy ratings. No recent earnings calls or investor presentations have been disclosed that would alter the current valuation or risk profile.

Free cash flow surged 43.2% year-over-year to 363.6 million SEK in fiscal 2025, demonstrating strong cash generation.

Net income grew at a 23.4% compound annual growth rate over the last four years, indicating robust profitability expansion.

Cash conversion ratio of 4.21 is best-in-class compared to the cohort median of 1.04, highlighting superior efficiency.

Analysts maintain a buy recommendation with a mean price target of 195.25 SEK, reflecting positive market sentiment.

The company faces high credit risk, signaling potential difficulties in meeting financial obligations or servicing existing debt.

Debt-to-equity ratio of 0.96 is significantly higher than the cohort median of 0.30, indicating elevated financial leverage.

Revenue declined 1.0% year-over-year in fiscal 2025, suggesting a potential plateau or contraction in top-line growth.

Liquidity risk is rated as medium, implying potential challenges in managing short-term financial obligations efficiently.

Revenue kr 2.99B, +7,1% YoY; Operating income +6,4% YoY.

• ▍Revenue kr 2.99B, +7,1% YoY
• ▍Operating income +6,4% YoY
• ▍Net income +5,5% YoY
• ▍Free cash flow +34,7% YoY
• ▍Net margin 32.8%

Revenue kr 236.0M, +11,1% YoY; Operating income +0,8% YoY.

• ▍Revenue kr 236.0M, +11,1% YoY
• ▍Operating income +0,8% YoY
• ▍Net income +4,2% YoY
• ▍Free cash flow −26,2% YoY
• ▍Net margin -167.4%

Revenue kr 226.1M, −33,3% YoY; Operating income −11,3% YoY.

• ▍Revenue kr 226.1M, −33,3% YoY
• ▍Operating income −11,3% YoY
• ▍Net income +4,1% YoY
• ▍Free cash flow −46,8% YoY
• ▍Net margin -116.0%

Revenue kr 1.41B, −5,7% YoY; Operating income −9,9% YoY.

• ▍Revenue kr 1.41B, −5,7% YoY
• ▍Operating income −9,9% YoY
• ▍Net income −4,5% YoY
• ▍Free cash flow −5,1% YoY
• ▍Net margin 21.3%

Revenue kr 2.79B; Operating income kr 1.20B.

• ▍Revenue kr 2.79B
• ▍Operating income kr 1.20B
• ▍Net margin 33.3%

Revenue kr 212.5M; Operating income -kr 481.8M.

• ▍Revenue kr 212.5M
• ▍Operating income -kr 481.8M
• ▍Net margin -194.0%

Revenue kr 339.1M; Operating income -kr 278.6M.

• ▍Revenue kr 339.1M
• ▍Operating income -kr 278.6M
• ▍Net margin -80.6%

Revenue kr 1.49B; Operating income kr 418.2M.

• ▍Revenue kr 1.49B
• ▍Operating income kr 418.2M
• ▍Net margin 21.0%

Revenue kr 4.63B, −1,0% YoY; Operating income +6,0% YoY.

• ▍Revenue kr 4.63B, −1,0% YoY
• ▍Operating income +6,0% YoY
• ▍Net income +16,8% YoY
• ▍Free cash flow +43,2% YoY
• ▍Net margin 11.9%

Revenue kr 4.68B, +9,3% YoY; Operating income +20,2% YoY.

• ▍Revenue kr 4.68B, +9,3% YoY
• ▍Operating income +20,2% YoY
• ▍Net income +14,3% YoY
• ▍Free cash flow +263,7% YoY
• ▍Net margin 10.1%

Revenue kr 4.28B, +4,6% YoY; Operating income −30,4% YoY.

• ▍Revenue kr 4.28B, +4,6% YoY
• ▍Operating income −30,4% YoY
• ▍Net income −37,9% YoY
• ▍Free cash flow −186,4% YoY
• ▍Net margin 9.7%

Revenue kr 4.09B, +48,8% YoY; Operating income +198,9% YoY.

• ▍Revenue kr 4.09B, +48,8% YoY
• ▍Operating income +198,9% YoY
• ▍Net income +179,9% YoY
• ▍Free cash flow +1 283,4% YoY
• ▍Net margin 16.3%