C-Rad AB (publ) (CRAD-B) fair value: what the stock is really worth
As of Oct 20, 2026: fair value (intrinsic value) of C-Rad AB (publ) stock SEK 36.96, price SEK 28.40, upside +30.1%, quality 61 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 2, 2026.
How to read this chart
60‑month range kr 24.82 – kr 66.50 · fair‑value band kr 29.65 – kr 44.75 · the kr 28.40 price screens below the kr 36.96 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 2, 2026.
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C-Rad AB (publ) develops, manufactures, and sells products and systems with applications in radiotherapy for the treatment of cancer in Europe, the Middle East, Africa, the Americas, and the Asia Pacific.
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The company offers Catalyst+ HD, a patient positioning, intra-fraction motion management, and respiratory gating solution for conventional and stereotactic treatment delivery; Catalyst+, a solution for patient set up and intra-fraction breath hold reproducibility; Catalyst+ PT, a surface image guided radiation therapy solution that supports proton therapy from simulation to treatment; Catalyst+ HD Ring Gantry solution for patient positioning, real-time motion monitoring, and respiratory gating; and Sentinel 4DCT, a laser-based optical surface scanning system.
It also provides Catalyst, a 4D surface guided radiation therapy (SGRT) solution; Catalyst HD, a SGRT solution on stereotactic radiation therapy for online patient tracking before and during treatment delivery; and visual coaching solutions used for prospective and retrospective radiotherapy.
In addition, the company offers cAutoVerify, an automation solution for the imaging suite and treatment room, automating patient identity validation, and accessory tracking. Further, it provides HIT1, HIT3, and HIT5 patient positioning laser, as well as laser positioning products and solutions.
Additionally, the company offers support and training services; and service contracts. C-Rad AB (publ) was incorporated in 2004 and is headquartered in Uppsala, Sweden.
Stock analysis
C-Rad AB (publ) (CRAD-B) currently trades at kr 28.40, while our model-based Fair Value estimate is kr 36.96, implying the stock looks roughly 23.2% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of kr 35.41 per share, and 10 of the 24 models we run sit above the kr 28.40 price.
Bear case: the Economic Profit group reads lowest at kr 6.76, and 14 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 29.65 (bear) to kr 44.75 (bull), the price of kr 28.40 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 61/100 (solid quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
C-Rad AB (publ) reported revenue of 442M SEK in FY2025 versus 261M SEK in FY2021, a compound +14.1%/yr. Reported net income was 10.5M SEK in FY2025, compounding −19.6%/yr from FY2021.
Key figures
Market cap 918M SEK (≈ $92.6M) Micro · P/E ratio 18.7 · P/S ratio 2.07 · EPS (TTM) kr 1.48 · Dividend yield 0.4% · Net margin 11.2% · Return on equity 14.1% · Return on assets (EBIT) 10.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 54 out of 100 (low confidence).
What moves the price
The share trades about 26% below its 52-week high and 14% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at 7% fair-value upside, at 30%, CRAD-B screens cheaper than that median.
Fair Value models
Bearkr 29.65Fair Value kr 36.96Bullkr 44.75
Price kr 28.40 · Upside +30.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 1.11 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.94/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−5.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.8%
Start year 2020 (pandemic). Over 10 years: +20.9% a year
Revenue growth 17 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+41.0%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
+11.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.1%
Dividend (yield on the price)0.4%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.8% → 10%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+9.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about +7.5% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Medical Devices · 325 stocks
Beats the industry median on 11/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score61 · Above median
Fair Value upside+30.1% · Top 25%
Profitability
Return on equity (12 months)14.1% · Top 25%
Return on assets2.1% · Above median
Net margin (12 months)11.2% · Above median
Operating margin (12 months)18.5% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)15.7% · Above median
Dividend yield (12 months)0.4% · Bottom 25%
Valuation Multiplesvs Medical Devices median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "C-Rad AB (publ) Fair Value". https://www.fairvalue-calculator.com/stock/CRAD-B
Frequently asked questions
Is C-Rad AB (publ) (CRAD-B) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of kr 36.96 versus a price of kr 28.40, about +30% upside (undervalued).
What is the fair value of CRAD-B?
Our model-based fair value for C-Rad AB (publ) is kr 36.96 (as of Oct 2, 2026), built from audited fundamentals. The current price: kr 28.40.
What is the quality score of CRAD-B?
C-Rad AB (publ) has a Quality Score of 61/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for C-Rad AB (publ) (CRAD-B)?
Our model-based price target is the fair value of kr 36.96 (as of Oct 2, 2026) from 24 valuation models. Cautious scenario kr 29.65, optimistic scenario kr 44.75. It is a calculation from audited fundamentals, not an analyst target.
What is the C-Rad AB (publ) stock forecast for 2026?
Our models put fair value at kr 36.96, about +30% upside versus a price of kr 28.40 (undervalued). Cautious scenario kr 29.65, optimistic scenario kr 44.75. The calculation is refreshed regularly with new filings.
What is the revenue of C-Rad AB (publ) (CRAD-B)?
C-Rad AB (publ) reported trailing-twelve-month revenue of about 444M SEK (latest available figure, as of Oct 2, 2026).
Does C-Rad AB (publ) pay a dividend?
C-Rad AB (publ) currently shows a dividend yield of 0.35% relative to its recent price (as of Oct 2, 2026).
What growth is priced into C-Rad AB (publ) (CRAD-B)?
For today's price to be fair in a discounted-cash-flow model, C-Rad AB (publ) would have to grow free cash flow by +9.6 % per year for five years (discount rate 11.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +14.8 % per year. As of Oct 2, 2026.
What discount rate (WACC) does the fair value of CRAD-B use?
Our models discount C-Rad AB (publ) at 11.7 %: a base by market capitalisation (micro), damped by beta 0.75, country premium for Sweden. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For C-Rad AB (publ) that is +9.6 % per year a year over ten years, using the same discount rate (11.7 %) and the same formula as our fair value.
How much growth has C-Rad AB (publ) (CRAD-B) delivered so far?
Over the past 5 years revenue at C-Rad AB (publ) grew +14.8 % a year. The price currently implies +9.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of C-Rad AB (publ) (CRAD-B) growing?
The median revenue growth in the sector is +5.6 % a year. That is the yardstick for the growth priced into C-Rad AB (publ) (+9.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of C-Rad AB (publ) (CRAD-B)?
The free-cash-flow yield on the price is 5.24 %: that much free cash flow C-Rad AB (publ) produces per unit of market value. When it exceeds the discount rate of our models (11.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of C-Rad AB (publ) (CRAD-B)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For C-Rad AB (publ) it is kr 36.96 per share (as of Oct 2, 2026), against a price of kr 28.40. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is C-Rad AB (publ) stock overvalued or undervalued in 2026?
As of Oct 2, 2026, CRAD-B trades below its calculated fair value: price kr 28.40, fair value kr 36.96, a gap of about +30% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CRAD-B?
No. The price is what the market pays today (kr 28.40); the fair value is what the company's own numbers justify (kr 36.96). For C-Rad AB (publ) the two are kr 8.56 per share apart. That gap is exactly why we show both numbers side by side.
How much is C-Rad AB (publ) worth?
The market values C-Rad AB (publ) at about 918M SEK (market capitalisation, as of Oct 2, 2026). Per share that is kr 28.40; our models calculate a fair value of kr 36.96 per share.
What do the bullish and bearish scenarios say about CRAD-B?
Our models span a range for C-Rad AB (publ): cautious scenario kr 29.65, base kr 36.96, optimistic kr 44.75 per share (as of Oct 2, 2026, price kr 28.40). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CRAD-B?
C-Rad AB (publ) trades at a price-to-earnings ratio of 18.7 (as of Oct 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 36.96 is built from several models across several years. Other multiples: P/B 2.6, P/S 2.1, EV/EBITDA 8.8.
How solid is the balance sheet of C-Rad AB (publ) (CRAD-B)?
Balance-sheet figures for C-Rad AB (publ) (as of Oct 2, 2026): return on equity 14.1%. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is CRAD-B from its 52-week high?
C-Rad AB (publ) trades at kr 28.40, about 26% below its 52-week high of kr 38.20 and 14% above the low of kr 24.82 (as of Oct 20, 2026). Distance from the high says nothing about value: that is what the fair value of kr 36.96 is for.
Which stocks are comparable to C-Rad AB (publ)?
From the same area (Healthcare) we also value Abbott Laboratories,, Medtronic plc, Stryker Corporation, Boston Scientific Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is C-Rad AB (publ) stock attractive at the current price?
The data as of Oct 2, 2026: price kr 28.40, calculated fair value kr 36.96 (+30%), Quality Score 61/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CRAD-B calculated?
We run C-Rad AB (publ) through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 36.96, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.9 % above its aggregate fair value. C-Rad AB (publ) currently trades 23 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of C-Rad AB (publ) (CRAD-B)?
The closing price on Oct 20, 2026 was kr 28.40. Our model-based fair value is kr 36.96, about +30% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with C-Rad AB (publ) right now?
The price is below even our cautious bear case (kr 29.65). The market is more pessimistic than our downside scenario. Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of C-Rad AB (publ)
How large is the market capitalisation of C-Rad AB (publ) (CRAD-B)?
The market capitalisation of C-Rad AB (publ) is 918M SEK (≈ $92.6M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of C-Rad AB (publ) (CRAD-B)?
The price-to-sales ratio of C-Rad AB (publ) is 2.07 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of C-Rad AB (publ) (CRAD-B)?
Earnings per share at C-Rad AB (publ) are kr 1.48 (price ÷ EPS = P/E 18.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of C-Rad AB (publ) (CRAD-B)?
The dividend yield of C-Rad AB (publ) is 0.4% (payout 6.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of C-Rad AB (publ) (CRAD-B)?
The net margin of C-Rad AB (publ) is 11.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of C-Rad AB (publ) (CRAD-B)?
The return on equity (ROE) of C-Rad AB (publ) is 14.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of C-Rad AB (publ) (CRAD-B)?
On an EBIT basis the return on assets of C-Rad AB (publ) is 10.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of C-Rad AB (publ) (CRAD-B)?
The operating margin of C-Rad AB (publ) is 18.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at C-Rad AB (publ) (CRAD-B)?
Revenue at C-Rad AB (publ) is growing +15.7% versus a year earlier (3y avg +13.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at C-Rad AB (publ) (CRAD-B)?
Earnings per share at C-Rad AB (publ) are growing +505% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does C-Rad AB (publ) (CRAD-B) hold?
C-Rad AB (publ) holds more cash than debt, 152M SEK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Oct 2, 2026