Sleep Cycle AB (publ) (SLEEP.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

+371.5%

SEK 114.11

vs SEK 24.20 price

Levered DCF

SEK 79.41

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

4.49

Safe zone

Rating

A-

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	9.79×	12.17×	16.93×	25.12×	148.84×	32.57×	28.71×	44.83×
P/B	7.24×	9.6×	12.83×	5.3×	10.98×	11,627.85×	172.73×	166.5×
P/S	2.1×	2.92×	3.31×	4×	6.54×	9.26×	9.76×	12.83×
EV / EBITDA	5.52×	7.12×	8.96×	12.93×	83.48×	25.05×	21.57×	20.52×
Gross margin	49.0%	77.2%	54.4%	73.5%	77.4%	85.8%	84.0%	85.0%
Operating margin	28.5%	-29.4%	24.0%	20.7%	5.6%	35.3%	42.4%	38.7%
Net margin	21.5%	24.0%	19.5%	15.9%	4.4%	27.6%	33.9%	28.6%
Current ratio	1.42×	1.46×	1.32×	2.07×	1.85×	0.99×	0.94×	0.97×
Debt / equity	0.1×	0.15×	0.26×	0.03×	0.02×	7.18×	0.2×	0.27×
Interest coverage	167.97×	-112.35×	46.9×	321.97×	131.68×	374.95×	509.63×	376.05×
Dividend yield	11.7%	6.1%	18.1%	0.0%	0.0%	3.5%	3.6%	1.9%
Payout ratio	114.3%	74.5%	307.6%	0.0%	0.0%	116.8%	104.1%	84.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	74.1%	78.8%	75.6%	21.1%	7.4%	34679.5%	600.9%	371.2%
Return on invested capital	70.6%	-66.8%	58.4%	56.2%	50.1%	-57.8%	-65.2%	292.5%
Return on assets	26.6%	26.5%	20.0%	11.3%	3.6%	42.0%	38.9%	31.7%
Free cash flow yield	10.2%	7.8%	6.5%	6.3%	1.2%	3.1%	4.0%	4.4%
Earnings yield	10.2%	8.2%	5.9%	4.0%	0.7%	3.0%	3.5%	2.2%
Enterprise value	SEK 406.7M	SEK 629.4M	SEK 665.2M	SEK 623.7M	SEK 1B	SEK 1.4B	SEK 1.1B	SEK 1.1B
Net debt / EBITDA	-1.54×	-1.5×	-1.58×	-4.74×	-13.18×	-0.92×	-1.08×	-0.85×
Cash conversion cycle (days)	4	-31	12	-53	-40	-72	19	-309