BioArctic AB (BIOA-B.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-226.8%

-SEK 364.55

vs SEK 287.40 price

Levered DCF

-SEK 1,369.10

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

21.86

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	26.91×	-99.75×	103×	-2,092.31×	-87.65×	-122.31×	94.9×	20.21×
P/B	13.99×	19.74×	22.56×	30.47×	13.31×	9.26×	8.58×	7.57×
P/S	13.76×	68.64×	38.33×	104.94×	453.5×	134.74×	29.66×	10.79×
EV / EBITDA	19.2×	-97.23×	77.91×	6,476.75×	-76.32×	-99.24×	58.94×	13.91×
Gross margin	97.0%	89.5%	85.5%	67.4%	-137.9%	19.4%	74.3%	79.6%
Operating margin	68.4%	-88.8%	41.0%	-4.5%	-603.7%	-132.0%	39.9%	68.5%
Net margin	51.1%	-68.8%	37.2%	-4.9%	-517.5%	-109.9%	31.4%	53.4%
Current ratio	4.78×	5.75×	9.22×	11.58×	8.51×	9.27×	7.67×	4.03×
Debt / equity	0.02×	0.06×	0×	0.01×	0.02×	0.02×	0.03×	0×
Interest coverage	36.1×	-123.59×	666.6×	-13.53×	-166.73×	-74.97×	94.41×	356.52×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.6%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	149.3%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	52.0%	-19.8%	21.9%	-1.4%	-15.2%	-7.6%	9.1%	37.5%
Return on invested capital	53.8%	-22.5%	19.7%	-1.3%	-14.8%	-7.4%	8.6%	36.3%
Return on assets	39.7%	-15.9%	19.3%	-1.3%	-13.3%	-6.5%	7.5%	27.4%
Free cash flow yield	5.2%	-1.9%	1.3%	-0.2%	-1.4%	-1.2%	3.9%	-2.7%
Earnings yield	3.7%	-1.0%	1.0%	-0.0%	-1.1%	-0.8%	1.1%	5.0%
Enterprise value	SEK 26.5B	SEK 17.2B	SEK 23B	SEK 23.2B	SEK 9.7B	SEK 7.4B	SEK 7.3B	SEK 6.8B
Net debt / EBITDA	-0.72×	2.59×	-2.05×	-222.41×	6.57×	13.09×	-8.8×	-1.88×
Cash conversion cycle (days)	-95	-380	-122	-56	-27	-71	-41	-962