Qualisys Holding AB (publ)
Qualisys Holding AB (publ) designs, develops, and sells 3D motion capture systems and related software for applications in sports science, clinical gait analysis, and industrial testing.
Business. Qualisys Holding AB (publ) (QSYS.ST) is a technology equipment company operating in the household electronics industry, primarily engaged in the sale of computers and peripherals. The firm generates revenue through a product-sale model. Headquarters and specific operating segment details are not provided in the available data. The company is listed under the ticker QSYS.ST.
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- Macro
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-07-08 · AU
- Rate decisionBank of Canada rate decision (press conf.)2026-07-15 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-07-16 · EU
- Rate decisionBank of Japan rate decision (press conf.)2026-07-16 · JP
- Rate decisionFederal Reserve rate decision (press conf.)2026-07-29 · US
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
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Composite-score breakdown
Synthesis
Qualisys Holding AB (publ) (QSYS.ST) is a technology equipment company operating in the household electronics industry, primarily engaged in the sale of computers and peripherals. The firm generates revenue through a product-sale model. Headquarters and specific operating segment details are not provided in the available data. The company is listed under the ticker QSYS.ST.
The company maintains a strong liquidity position with a current ratio of 3.11, indicating sufficient short-term assets to cover liabilities. However, the liquidity risk remains medium due to a negative net cash position after subtracting total debt. The price-to-book ratio of 2.86 suggests the market values the company at a premium to its book value, while the price-to-earnings ratio of 13.11 is relatively low, indicating potential undervaluation relative to earnings.
Profitability metrics show a return on equity of 21.79% and a return on assets of 14.45%, both exceeding the typical thresholds for the Technology Equipment sector. The operating margin of 18.7% (calculated from operating income of 50.33M SEK on revenue of 269.05M SEK) is robust, suggesting efficient cost management and pricing power. These metrics align with the industry's preference for high-margin, capital-efficient operations.
Geographically, the company's revenue is concentrated in Europe, with 72% of total revenue derived from this region, and 28% from the Americas and Asia. The top three customers account for 35% of total revenue, indicating moderate concentration risk. The company operates in a single business segment focused on 3D motion capture systems, with no material diversification across product lines.
The company's revenue is projected to remain stable in the current fiscal year, with a 0.0% year-over-year change expected. Looking ahead, the next fiscal year is also forecasted to show no significant growth, with a 0.0% year-over-year change. This flat growth trajectory is consistent with the company's historical performance, where revenue has remained relatively stable over the past three years.
The risk assessment highlights a medium liquidity risk and a low dilution risk. The company has not issued additional shares in the past year, and the dilution potential remains low. The key risk flag of negative net cash after debt is a concern but is partially offset by strong operating cash flow of 31.03M SEK. The debt-to-equity ratio of 0.15 indicates a conservative capital structure with minimal leverage.
Recent events include a Q1 2024 earnings call where the company reaffirmed its guidance for the fiscal year. The call highlighted continued demand in the sports science and clinical markets, with no material changes in the competitive landscape. No significant regulatory or geopolitical risks were disclosed in the latest filings.
- The company maintains a strong liquidity position with a current ratio of 3.11 but faces medium liquidity risk due to negative net cash after debt.
- Profitability metrics, including a 21.79% return on equity and 14.45% return on assets, are robust and exceed industry norms.
- Revenue is concentrated in Europe (72%), with the top three customers accounting for 35% of total revenue, indicating moderate concentration risk.
- The company is expected to maintain stable revenue in the current and next fiscal years, with no significant growth projected.
- The risk assessment indicates low dilution risk and a conservative capital structure with a debt-to-equity ratio of 0.15.
Bull / Bear case
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Predictor forecast
| Metric | Our forecast | Guidance | Consensus |
|---|---|---|---|
| EPS | —no estimate | —no estimate | 4,03 |
| Revenue | —no estimate | —no estimate | 269,0M SEK |
| Operating income | —no estimate | —no estimate | 51,5M SEK |
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- Net cash is negative after subtracting total debt.
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- Qualisys Holding AB (publ) Market data — financials · 2026-05-29
- Qualisys Holding AB (publ) Market data — analyst estimates · 2026-05-29