AAC Clyde Space AB

AAC Clyde Space operates with a highly liquid capital structure, as evidenced by a current ratio of 0.77 and a debt-to-equity ratio of 0.01, indicating minimal leverage. The company reported free cash flow of 13,347,000 SEK despite a negative operating cash flow of -13,112,000 SEK, suggesting strong working capital management and asset efficiency. However, the company's return on equity of -0.45% and return on assets of -0.32% indicate underperformance relative to capital deployed.

Profitability metrics show a gross profit margin of 64.87% (46,341,000 SEK gross profit on 71,439,000 SEK revenue), which is strong for the aerospace industry. However, the company reported an operating loss of 3,821,000 SEK and a net loss of 3,087,000 SEK, reflecting high operating expenses or cost overruns. These results fall below the industry median for operating margin and net margin, suggesting operational inefficiencies or pricing pressures.

Geographically, AAC Clyde Space's revenue is concentrated in a few key markets, with no detailed breakdown provided in the latest financials. The company's exposure to the aerospace and defense sector is high, with a significant portion of revenue derived from satellite systems and components. This concentration increases vulnerability to sector-specific risks such as regulatory changes or defense budget cuts.

Growth trajectory appears mixed. The company reported revenue of 71,439,000 SEK in the latest period, up from 295,283,000 SEK in the prior year, representing a year-over-year increase of 142.3%. However, the mean revenue estimate for the next period is 426,500,000 SEK, suggesting a potential slowdown in growth. Analysts project a mean EPS of -1.03 SEK, an improvement from the last actual EPS of -7.63 SEK, indicating some recovery in profitability.

Risk factors include low liquidity and the potential for dilution, though no immediate filing-based flags were detected. The company's low debt levels and strong cash reserves mitigate credit risk, but the operating loss and negative net income highlight operational risks. No significant dilution sources were identified in the latest filings, and the dilution potential is assessed as low.

Recent events include the release of the latest financial results, which showed a significant increase in revenue but continued losses. Analysts have set a mean price target of 121.50 SEK, with a range from 115.00 SEK to 128.00 SEK, reflecting cautious optimism about the company's future performance.

Revenue grew at a 13.2% CAGR over four years, demonstrating strong top-line expansion despite recent volatility.

Cash conversion of 4.25 significantly outperforms the Aerospace & Defense cohort median of 0.95, indicating superior efficiency.

Debt-to-equity ratio of 0.01 is well below the cohort median of 0.23, reflecting a conservative capital structure.

Low dilution and liquidity risks suggest stable shareholder value preservation and adequate short-term financial flexibility.

Gross profit reached 247.5 million SEK in FY-1, showing robust underlying profitability before operating expenses.

High credit risk flags potential difficulties in securing favorable financing terms or meeting debt obligations.

Current market price of 132.0 SEK exceeds the consensus mean price target of 121.5 SEK by 8.0%.

Revenue kr 71.3M, −50,1% YoY; Operating income −164,1% YoY.

• ▍Revenue kr 71.3M, −50,1% YoY
• ▍Operating income −164,1% YoY
• ▍Net income −135,4% YoY
• ▍Free cash flow −87,0% YoY
• ▍Net margin -8.5%

Revenue kr 76.3M, −10,1% YoY; Operating income −300,0% YoY.

• ▍Revenue kr 76.3M, −10,1% YoY
• ▍Operating income −300,0% YoY
• ▍Net income −274,6% YoY
• ▍Free cash flow −185,6% YoY
• ▍Net margin -17.8%

Revenue kr 73.7M, +37,5% YoY; Operating income +60,6% YoY.

• ▍Revenue kr 73.7M, +37,5% YoY
• ▍Operating income +60,6% YoY
• ▍Net income +40,5% YoY
• ▍Free cash flow +3,0% YoY
• ▍Net margin -22.1%

Revenue kr 74.0M, +3,6% YoY; Operating income +35,0% YoY.

• ▍Revenue kr 74.0M, +3,6% YoY
• ▍Operating income +35,0% YoY
• ▍Net income −228,9% YoY
• ▍Free cash flow −151,2% YoY
• ▍Net margin -13.7%

Revenue kr 295.3M, −16,3% YoY; Operating income −894,2% YoY.

• ▍Revenue kr 295.3M, −16,3% YoY
• ▍Operating income −894,2% YoY
• ▍Net income −725,6% YoY
• ▍Free cash flow −2 045,9% YoY
• ▍Net margin -15.6%

Revenue kr 352.9M, +27,6% YoY; Operating income +89,1% YoY.

• ▍Revenue kr 352.9M, +27,6% YoY
• ▍Operating income +89,1% YoY
• ▍Net income +86,5% YoY
• ▍Free cash flow +97,0% YoY
• ▍Net margin -1.6%

Revenue kr 276.6M, +40,6% YoY; Operating income +45,0% YoY.

• ▍Revenue kr 276.6M, +40,6% YoY
• ▍Operating income +45,0% YoY
• ▍Net income +11,1% YoY
• ▍Free cash flow +7,3% YoY
• ▍Net margin -15.0%

Revenue kr 196.7M, +9,3% YoY; Operating income −73,6% YoY.

• ▍Revenue kr 196.7M, +9,3% YoY
• ▍Operating income −73,6% YoY
• ▍Net income −17,9% YoY
• ▍Free cash flow −31,1% YoY
• ▍Net margin -23.7%

Revenue kr 179.9M; Operating income -kr 38.6M.

• ▍Revenue kr 179.9M
• ▍Operating income -kr 38.6M
• ▍Net margin -21.9%