Ratos AB (publ) (RATO-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

+87.1%

SEK 76.39

vs SEK 40.82 price

Levered DCF

SEK 120.62

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.57

Distress zone

Rating

B-

Overall 3 / 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	5.85×	41.24×	9.65×	15.37×	16.42×	17.73×	15.84×	-16.99×
P/B	0.94×	0.84×	0.96×	1.1×	1.57×	1.31×	1.15×	0.87×
P/S	0.42×	0.32×	0.35×	0.45×	0.83×	0.59×	0.5×	0.33×
EV / EBITDA	6.94×	5.93×	4.51×	8.31×	9.27×	7.06×	7.61×	7.81×
Gross margin	39.1%	43.5%	43.4%	39.1%	40.4%	39.7%	37.0%	23.0%
Operating margin	-0.9%	5.2%	8.9%	5.4%	7.3%	7.0%	5.6%	1.3%
Net margin	7.2%	0.8%	3.6%	1.8%	11.7%	3.3%	3.2%	-1.9%
Current ratio	1.26×	0.89×	1.02×	1.19×	1.23×	1.35×	1.03×	1.09×
Debt / equity	0.6×	0.74×	0.85×	1.06×	0.67×	0.89×	1.12×	0.75×
Interest coverage	-0.52×	2.72×	4.87×	4.14×	5.18×	3.61×	2.72×	0.94×
Dividend yield	3.5%	4.0%	2.3%	2.9%	1.6%	1.7%	1.5%	8.4%
Payout ratio	20.7%	164.3%	22.5%	71.2%	11.5%	29.9%	23.8%	-142.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.0%	2.0%	9.9%	4.5%	22.1%	7.4%	7.2%	-5.1%
Return on invested capital	-1.1%	4.2%	9.6%	4.1%	6.4%	5.1%	4.2%	1.6%
Return on assets	7.6%	0.7%	3.4%	1.5%	9.3%	2.4%	2.3%	-1.8%
Free cash flow yield	15.3%	30.8%	34.4%	7.6%	5.5%	20.7%	16.8%	2.9%
Earnings yield	17.1%	2.4%	10.4%	4.1%	14.1%	5.6%	6.3%	-5.9%
Enterprise value	SEK 19.2B	SEK 17.1B	SEK 19.8B	SEK 24B	SEK 24.5B	SEK 17.8B	SEK 17.9B	SEK 10.7B
Net debt / EBITDA	2.45×	2.37×	1.83×	3.63×	2.19×	2.18×	3.07×	2.28×
Cash conversion cycle (days)	-2	39	42	67	44	29	19	31