Elekta AB (publ) (EKTA-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

-44.6%

SEK 32.66

vs SEK 58.95 price

Levered DCF

SEK 52.79

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.34

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

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

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-39.44×	79.03×	23.23×	34.87×	22.1×	34.54×	31.82×	35.83×
P/B	2.88×	2.13×	2.81×	3.38×	2.86×	5.28×	4.26×	5.53×
P/S	1.22×	1.04×	1.67×	1.95×	1.75×	3.15×	2.37×	3.17×
EV / EBITDA	14.61×	10.65×	10.57×	14.13×	10.46×	14.71×	12.74×	16.23×
Gross margin	37.4%	37.4%	37.5%	37.6%	37.4%	40.8%	42.0%	41.9%
Operating margin	2.6%	4.9%	11.3%	8.5%	11.3%	13.8%	11.3%	12.5%
Net margin	-3.1%	1.3%	7.2%	5.6%	7.9%	9.1%	7.4%	8.8%
Current ratio	0.87×	1.09×	1×	1.13×	1.11×	1.11×	1.38×	1.08×
Debt / equity	1.03×	0.86×	0.67×	0.69×	0.64×	0.76×	1.15×	0.59×
Interest coverage	1.17×	2.23×	4.23×	4.62×	11.1×	8.18×	7.74×	10.87×
Dividend yield	4.5%	4.9%	3.0%	2.8%	3.3%	1.6%	2.0%	1.2%
Payout ratio	-176.3%	386.9%	70.4%	97.2%	72.9%	54.9%	63.5%	44.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-7.3%	2.7%	12.1%	9.7%	12.9%	15.3%	13.4%	15.4%
Return on invested capital	2.9%	2.6%	8.5%	6.6%	8.2%	9.6%	6.7%	32.1%
Return on assets	-1.9%	0.8%	4.1%	3.2%	4.4%	5.0%	3.8%	5.0%
Free cash flow yield	11.5%	5.6%	2.7%	1.2%	1.8%	3.9%	0.7%	2.2%
Earnings yield	-2.5%	1.3%	4.3%	2.9%	4.5%	2.9%	3.1%	2.8%
Enterprise value	SEK 24.6B	SEK 23.3B	SEK 34.7B	SEK 36.3B	SEK 28.1B	SEK 45.1B	SEK 37.5B	SEK 43.5B
Net debt / EBITDA	2.46×	2.11×	1.36×	1.32×	0.98×	0.6×	1.01×	0.18×
Cash conversion cycle (days)	188	186	175	176	201	206	211	199