QleanAir AB (publ) (QAIR.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

+284.6%

SEK 70.18

vs SEK 18.25 price

Levered DCF

SEK 56.38

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.49

Distress zone

Rating

Overall 4 / 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	10.48×	-168.05×	11.22×	25×	16.49×	11.75×	-78.39×	15.74×
P/B	1.36×	1.19×	2.26×	1.8×	5.04×	5.02×	6.08×	8.21×
P/S	0.64×	0.53×	0.97×	0.73×	2.17×	1.6×	1.3×	1.29×
EV / EBITDA	5.8×	8.85×	6.32×	8.78×	10.05×	7.97×	10.73×	11.49×
Gross margin	10.5%	65.1%	68.3%	68.3%	70.6%	68.2%	64.8%	67.3%
Operating margin	9.5%	2.7%	12.7%	6.3%	18.5%	19.3%	7.0%	16.8%
Net margin	6.1%	-0.3%	8.6%	2.9%	13.2%	13.6%	-1.6%	8.2%
Current ratio	0.56×	0.49×	0.82×	0.79×	0.91×	0.87×	0.74×	0.91×
Debt / equity	0.82×	1.19×	1.15×	1.42×	1.21×	1.71×	3.18×	5.45×
Interest coverage	3.27×	0.71×	3.58×	2.51×	9.14×	8.3×	1.43×	3.08×
Dividend yield	0.0%	3.7%	0.0%	6.7%	2.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	-622.2%	0.0%	167.7%	32.6%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.0%	-0.7%	20.1%	7.2%	30.5%	42.7%	-7.7%	52.1%
Return on invested capital	8.8%	2.2%	10.7%	4.1%	15.2%	17.5%	-6.7%	10.0%
Return on assets	5.0%	-0.2%	6.6%	2.1%	9.7%	11.5%	-1.2%	5.7%
Free cash flow yield	23.1%	6.6%	8.0%	0.4%	7.8%	5.8%	7.3%	7.6%
Earnings yield	9.5%	-0.6%	8.9%	4.0%	6.1%	8.5%	-1.3%	6.4%
Enterprise value	SEK 429.1M	SEK 429.5M	SEK 676M	SEK 524.7M	SEK 1.1B	SEK 1B	SEK 847.5M	SEK 798.9M
Net debt / EBITDA	1.84×	3.89×	1.77×	3.25×	1.45×	1.71×	3.21×	3.94×
Cash conversion cycle (days)	16	73	80	116	90	62	49	53