Qleanair AB

Qleanair maintains a liquidity position that is medium in risk, with a current ratio of 0.54 and a debt-to-equity ratio of 1.12, indicating a moderate reliance on debt financing. The company's price-to-book ratio is 1.43, and its price-to-tangible-book ratio is also 1.43, suggesting that the market values the company's tangible assets at a premium to their book value.

In terms of profitability, Qleanair's return on equity is 3.57%, and its return on assets is 1.19%, both of which are below the typical thresholds for strong performance in the Environmental Services & Equipment industry. The company's operating margin is 9.74% (calculated from operating income of 11.6 million SEK on revenue of 119.13 million SEK), which is a key metric for evaluating operational efficiency.

Geographically and segment-wise, Qleanair's revenue concentration is not disclosed in the provided data, but the company operates primarily in the industrial services sector. The lack of detailed segment reporting limits the ability to assess the diversification of its revenue streams.

Looking at growth, Qleanair's revenue for the latest period is 119.13 million SEK. While the company has a positive free cash flow of 12.06 million SEK, the operating cash flow is only 169,000 SEK, which may indicate inefficiencies in converting operations to cash. The capital expenditure of -4.06 million SEK suggests a reduction in capital spending.

The risk assessment for Qleanair highlights a medium liquidity risk and a low dilution risk. The company's net cash position is negative after accounting for total debt, which could pose challenges in meeting short-term obligations. However, the low dilution risk suggests that the company is not expected to issue a significant number of new shares in the near term.

Recent events and filings do not show any significant changes in the company's operations or financial strategy. The analyst estimates indicate a mean recommendation of 2.00, with one buy recommendation and no strong buy or sell recommendations, suggesting a cautious outlook from the investment community.

Free cash flow surged 4,866% year-over-year to SEK 39.7 million, signaling a dramatic improvement in liquidity generation.

Long-term debt decreased to SEK 175.9 million in FY2026, reducing leverage compared to the SEK 261 million peak in FY2023.

Debt-to-equity ratio of 1.12 places the company in the bottom quartile, indicating significantly higher leverage than peers.

The company faces high credit risk, posing a significant threat to financial stability and borrowing costs.

Revenue growth stagnated with a mere 0.2% CAGR over four years, showing limited top-line expansion potential.

Net income CAGR of -17.2% over four years indicates a long-term decline in profitability despite recent recovery.

Revenue kr 113.1M, +9,2% YoY; Operating income +372,1% YoY.

• ▍Revenue kr 113.1M, +9,2% YoY
• ▍Operating income +372,1% YoY
• ▍Net income +382,9% YoY
• ▍Free cash flow +1 396,5% YoY
• ▍Net margin 11.4%

Revenue kr 107.4M, −4,8% YoY; Operating income +69,9% YoY.

• ▍Revenue kr 107.4M, −4,8% YoY
• ▍Operating income +69,9% YoY
• ▍Net income +227,8% YoY
• ▍Free cash flow +936,1% YoY
• ▍Net margin 4.9%

Revenue kr 118.0M, +2,8% YoY; Operating income +569,0% YoY.

• ▍Revenue kr 118.0M, +2,8% YoY
• ▍Operating income +569,0% YoY
• ▍Net income +1 239,0% YoY
• ▍Free cash flow +196,5% YoY
• ▍Net margin 6.0%

Revenue kr 116.2M, −2,5% YoY; Operating income −27,8% YoY.

• ▍Revenue kr 116.2M, −2,5% YoY
• ▍Operating income −27,8% YoY
• ▍Net income −66,7% YoY
• ▍Free cash flow −61,1% YoY
• ▍Net margin 2.3%

Revenue kr 103.6M; Operating income -kr 5.4M.

• ▍Revenue kr 103.6M
• ▍Operating income -kr 5.4M
• ▍Net margin -4.4%

Revenue kr 112.9M; Operating income kr 4.2M.

• ▍Revenue kr 112.9M
• ▍Operating income kr 4.2M
• ▍Net margin -3.7%

Revenue kr 114.8M; Operating income kr 1.6M.

• ▍Revenue kr 114.8M
• ▍Operating income kr 1.6M
• ▍Net margin -0.5%

Revenue kr 119.1M; Operating income kr 11.6M.

• ▍Revenue kr 119.1M
• ▍Operating income kr 11.6M
• ▍Net margin 6.6%

Revenue kr 454.8M, +1,0% YoY; Operating income +243,7% YoY.

• ▍Revenue kr 454.8M, +1,0% YoY
• ▍Operating income +243,7% YoY
• ▍Net income +2 046,3% YoY
• ▍Free cash flow +4 866,2% YoY
• ▍Net margin 6.1%

Revenue kr 450.4M, −10,6% YoY; Operating income −81,3% YoY.

• ▍Revenue kr 450.4M, −10,6% YoY
• ▍Operating income −81,3% YoY
• ▍Net income −103,3% YoY
• ▍Free cash flow −101,6% YoY
• ▍Net margin -0.3%

Revenue kr 503.5M, +10,6% YoY; Operating income +124,2% YoY.

• ▍Revenue kr 503.5M, +10,6% YoY
• ▍Operating income +124,2% YoY
• ▍Net income +226,3% YoY
• ▍Free cash flow +970,1% YoY
• ▍Net margin 8.6%

Revenue kr 455.2M, +1,0% YoY; Operating income −65,7% YoY.

• ▍Revenue kr 455.2M, +1,0% YoY
• ▍Operating income −65,7% YoY
• ▍Net income −77,6% YoY
• ▍Free cash flow −115,0% YoY
• ▍Net margin 2.9%