RaySearch Laboratories AB (publ) (RAY-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

+106.0%

SEK 336.77

vs SEK 163.50 price

Levered DCF

SEK 129.92

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

4.63

Safe 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	34.29×	36.36×	37.94×	98.55×	-40.94×	-318.08×	72.93×	42.55×
P/B	7.93×	8.45×	4.21×	3.55×	3.08×	4.08×	5.21×	5.08×
P/S	5.81×	6.21×	3.03×	2.76×	3.02×	4.35×	4.96×	5.33×
EV / EBITDA	12.72×	12.98×	8.08×	8×	12.14×	13.19×	14.78×	16.23×
Gross margin	70.8%	91.7%	89.6%	88.7%	92.1%	93.3%	90.2%	91.1%
Operating margin	23.9%	21.9%	11.2%	5.1%	-8.2%	-0.5%	9.2%	11.1%
Net margin	16.9%	17.1%	8.0%	2.8%	-7.4%	-1.4%	6.8%	12.5%
Current ratio	1.7×	1.4×	1.19×	1.02×	1.05×	1.35×	1.63×	1.79×
Debt / equity	0.4×	0.54×	0.72×	0.85×	0.89×	0.21×	0.24×	0.2×
Interest coverage	41.26×	28.8×	11.86×	3.72×	-8.72×	-0.6×	10×	17.49×
Dividend yield	1.3%	0.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	45.1%	33.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	23.1%	23.2%	11.1%	3.6%	-7.5%	-1.3%	7.1%	11.9%
Return on invested capital	17.0%	13.8%	6.2%	2.3%	-3.2%	-0.4%	5.5%	7.7%
Return on assets	11.4%	9.7%	4.2%	1.3%	-2.7%	-0.7%	4.0%	7.1%
Free cash flow yield	4.6%	3.6%	8.0%	5.4%	-0.9%	3.7%	2.9%	-1.4%
Earnings yield	2.9%	2.7%	2.6%	1.0%	-2.4%	-0.3%	1.4%	2.4%
Enterprise value	SEK 7.8B	SEK 7.4B	SEK 3.3B	SEK 2.7B	SEK 2.4B	SEK 2.8B	SEK 3.7B	SEK 3.4B
Net debt / EBITDA	-0.02×	0.02×	0.46×	1.16×	2.32×	-0.11×	0.23×	0.09×
Cash conversion cycle (days)	135	40	31	134	66	112	53	119