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Ratos AB (RTOBF) fair value: what the stock is really worth

As of Sep 25, 2026: fair value of Ratos AB $2.48, price $3.42, upside -27.5%, quality 48 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Industrials · US · Home Sweden · ISIN SE0000111940

RA Ratos AB logo Some data Sep 24, 2026

Ratos AB

RTOBF · US

Weak valuationQuality is weak on top of the rich price.

!Fair value $2.48 · Overvalued (−27.5%)
!Quality 48/100
!Weak Growth (revenue 5y −2.1 %/yr)
✓Solidly profitable · 10.9% net margin (TTM)
✓Low debt · generates free cash flow
!Narrow moat 27/100
!Evidence only medium, so the estimate is less certain

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$4.97 $1.75 Fair Value $2.48 Apr 2016 Sep 2026

White line = price, green steps = our fair value per fiscal year. As of Sep 24, 2026.

How to read this chart

60‑month range $1.75 – $4.97 · fair‑value band $1.34 – $3.62 · the $3.42 price screens above the $2.48 fair value. As of Sep 24, 2026.

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Company profile

Ratos AB (publ) is a private equity firm specializing in buyouts, turnarounds, add on acquisitions, and middle market transactions. The firm does not invest in early stages and in companies that operate in the arms industry, pornography, or are detrimental to the environment. It seeks to invest in unlisted medium sized companies.

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Ratos AB (publ) is a private equity firm specializing in buyouts, turnarounds, add on acquisitions, and middle market transactions. The firm does not invest in early stages and in companies that operate in the arms industry, pornography, or are detrimental to the environment. It seeks to invest in unlisted medium sized companies. The firm invests in industry and technology (including aftermarket information and training solutions, sustainable core material development, product and digital service development at the intersection between business strategy and technological development, secondary optics, camping and outdoor equipment, third-party logistics, and contract research for biotech and pharmaceutical companies,) construction and services (including electrification of rail infrastructure, maintenance of critical transportation infrastructure, technology and design of complex sustainable energy solutions, and Construction of commercial properties, public buildings and housing), consumer (including plants, flowers and related products) sectors. The firm typically invests in the Nordic region, with focus on Sweden, Finland, Denmark, and Norway. It seeks to invest in companies with equity investments between SEK250 million ($27.20 million) and SEK5000 million ($543.99 million), sales value between SEK300 million ($32.64 million) and SEK5000 million ($543.99million) and EBITDA greater than SEK50 million ($5.43 million). The firm takes both minority and majority stakes. The firm prefers to be the principal owner with a minimum holding of at least 20 percent and also seeks a board seat. It prefers to hold its investment between five to ten years. Ratos AB (publ) was founded in 1866 and is based in Stockholm, Sweden.

Stock analysis

Ratos AB (RTOBF) currently trades at $3.42, while our model-based Fair Value estimate is $2.48, 27.5% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of $6.64 per share, and 10 of the 16 models we run sit above the $3.42 price.

Bear case: the Earnings-Based group reads lowest at $0.8200, and 6 of the 16 models stay below the price. Evidence for this calculation is medium.

Scenario range: $1.34 (bear) to $3.62 (bull), the price of $3.42 sits inside 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 48/100 (below-average quality), in the Industrials sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Ratos AB reported revenue of 18.8B SEK in FY2025 versus 22.6B SEK in FY2021, a compound −4.5%/yr. Reported net income was −681M SEK in FY2025.

Key figures

Market cap $1.1B · P/S ratio 0.04 · EPS (TTM) $−0.2100 · Net margin −3.6% · Return on equity −3.3% · Return on assets (EBIT) 5.3% · Revenue (TTM) 31.8B SEK · Revenue growth (YoY) +0.6%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 37 out of 100 (low confidence).

What moves the price

For context, the median of 10 Industrials peers we cover trades at −35% fair-value upside, at −27%, RTOBF screens cheaper than that median.

Fair Value models

Bear $1.34 Fair Value $2.48 Bull $3.62
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. 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. Evidence ⓘEvidence = 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.
Highest evidence
FCF DCF $4.93 $6.64 $9.19 80
Growth DCF $5.07 $6.68 $8.93 78
Owner Earnings $5.33 $7.15 $9.87 76
All 16 models by family
DCF Models
FCF DCF $4.93 $6.64 $9.19 80
Owner Earnings $5.33 $7.15 $9.87 76
5Y Revenue Exit $2.84 $3.93 $5.37 72
5Y EBITDA Exit $7.45 $11.85 $17.24 74
10Y Revenue Exit $3.65 $4.69 $5.83 67
10Y EBITDA Exit $6.30 $9.50 $13.23 67
Earnings-Based
EPV $0.6000 $0.8200 $0.9900 72
Dividend Discount
Gordon GGM $1.04 $1.34 $1.61 67
DDM Multi-Stage $1.04 $1.36 $1.69 65
Multiples
EV/EBIT $2.44 $3.56 $4.69 64
EV/EBITDA $10.90 $14.85 $18.80 66
EV/Revenue $1.47 $2.50 $3.53 51
Asset-Based
NCAV (Graham) $2.02 $2.71 $4.04 52
Growth DCF
Growth DCF $5.07 $6.68 $8.93 78
Rev-Margin DCF $2.84 $4.06 $5.53 72
Economic Profit
ROIC Compounder $0.6000 $0.8200 $0.9900 71

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Quality Score breakdown

Overall quality 48/100

Of which business quality 47 · Market factors (momentum, volatility) 57

Profitability 13
Margins and returns on capital today
Quality Growth 18
Are margins and returns improving?
Cashflow 60
Earnings quality: real cash, not paper profit
Fin. Strength 40
Balance sheet, leverage, solvency risk
Investment 96
Disciplined investing over empire-building
Low Volatility 24
Calm price path (market factor)
Momentum 100
Price trend over the last 3–12 months (market factor)
52W Momentum 20
Distance to the 52-week high (market factor)
Net Issuance 81
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−41.5%
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.
−14.3%
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.
−2.1%
Start year 2020 (pandemic). Over 10 years: −2.6% a year
Revenue growth 23 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.
+15.9%
Profit margin (trend) ⓘ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.
7.0% (2020) → 4.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

Growth Forecast

Little optimism in the price
The price assumes about as much growth as the company has delivered so far and less than analysts expect.
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).
−4.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+2.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in SEK, Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about −5.9% a year for the price and +0.8% for the forecasts.
Forecast 2026 (sales)+1.0%
Forecast 2027 (sales)+3.5%
Projected 2028 (sales)+3.3%
Projected 2029 (sales)+3.2%
Projected 2030 (sales)+3.0%

RTOBF screens overvalued: fair value 27% below the price. Compare with Quanta Services, Inc →

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Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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Ratos AB · Fair Value
$2.48 −27%Fair Value
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Cite: Fair Value Calculator (2026). "Ratos AB Fair Value". https://www.fairvalue-calculator.com/stock/RTOBF

Frequently asked questions

Is Ratos AB (RTOBF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $2.48 versus the last price from Sep 25, 2026 of $3.42, about −27% upside (overvalued).
What is the fair value of RTOBF?
Our model-based fair value for Ratos AB is $2.48 (as of Sep 24, 2026), built from audited fundamentals. Last price (from Sep 25, 2026): $3.42.
What is the quality score of RTOBF?
Ratos AB has a Quality Score of 48/100. 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 Ratos AB (RTOBF)?
Our model-based price target is the fair value of $2.48 (as of Sep 24, 2026) from 16 valuation models. Cautious scenario $1.34, optimistic scenario $3.62. It is a calculation from audited fundamentals, not an analyst target.
What is the Ratos AB stock forecast for 2026?
Our models put fair value at $2.48, about −27% upside versus the last price from Sep 25, 2026 of $3.42 (overvalued). Cautious scenario $1.34, optimistic scenario $3.62. The calculation is refreshed regularly with new filings.
What is the revenue of Ratos AB (RTOBF)?
Ratos AB reported trailing-twelve-month revenue of about 31.8B SEK (latest available figure, as of Sep 24, 2026).
What growth is priced into Ratos AB (RTOBF)?
For today's price to be fair in a discounted-cash-flow model, Ratos AB would have to grow free cash flow by -4.0 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -2.2 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of RTOBF use?
Our models discount Ratos AB at 11.8 %: a base by market capitalisation (small), damped by beta 1.19, country premium for USA. 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 Ratos AB that is -4.0 % per year a year over ten years, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Ratos AB (RTOBF) delivered so far?
Over the past 5 years revenue at Ratos AB grew -2.2 % a year. The price currently implies -4.0 % 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 Ratos AB (RTOBF) growing?
The median revenue growth in the sector is +7.0 % a year. That is the yardstick for the growth priced into Ratos AB (-4.0 % 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 Ratos AB (RTOBF)?
The free-cash-flow yield on the price is 16.86 %: that much free cash flow Ratos AB produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Ratos AB (RTOBF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ratos AB it is $2.48 per share (as of Sep 24, 2026), against a price of $3.42. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Ratos AB stock overvalued or undervalued in 2026?
As of Sep 24, 2026, RTOBF trades above its calculated fair value: price $3.42, fair value $2.48, a gap of about −27% (overvalued). 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 RTOBF?
No. The price is what the market pays today ($3.42); the fair value is what the company's own numbers justify ($2.48). For Ratos AB the two are $0.9400 per share apart. That gap is exactly why we show both numbers side by side.
How much is Ratos AB worth?
The market values Ratos AB at about $1.1B (market capitalisation, as of Sep 24, 2026). Per share that is $3.42; our models calculate a fair value of $2.48 per share.
What do the bullish and bearish scenarios say about RTOBF?
Our models span a range for Ratos AB: cautious scenario $1.34, base $2.48, optimistic $3.62 per share (as of Sep 24, 2026, price $3.42). The range comes from different growth and margin assumptions, not from analyst opinions.
Which stocks are comparable to Ratos AB?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, 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 Ratos AB stock attractive at the current price?
The data as of Sep 24, 2026: price $3.42, calculated fair value $2.48 (−27%), Quality Score 48/100, from 16 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 RTOBF calculated?
We run Ratos AB through 16 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 $2.48, 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 14.5 % above its aggregate fair value. Ratos AB itself currently trades above fair value. 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 Ratos AB (RTOBF)?
The latest price we hold is from Sep 25, 2026 and stands at $3.42. Our model-based fair value is $2.48, about −27% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ratos AB right now?
The model range is unusually wide ($1.34 to $3.62). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Ratos AB (RTOBF) come from?
Earnings per share at Ratos AB grew −1.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +2.2 %, EBIT margin −0.1 %, tax rate −1.2 %, residual (interest, one-offs) −2.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Ratos AB

How large is the market capitalisation of Ratos AB (RTOBF)?
The market capitalisation of Ratos AB is $1.1B. 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 Ratos AB (RTOBF)?
The price-to-sales ratio of Ratos AB is 0.04 (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 Ratos AB (RTOBF)?
Earnings per share at Ratos AB are $−0.2100. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Ratos AB (RTOBF)?
The net margin of Ratos AB is −3.6% (fiscal year 2025). 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 Ratos AB (RTOBF)?
The return on equity (ROE) of Ratos AB is −3.3% (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 Ratos AB (RTOBF)?
On an EBIT basis the return on assets of Ratos AB is 5.3% (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.
How fast is revenue growing at Ratos AB (RTOBF)?
Revenue at Ratos AB is growing +0.6% versus a year earlier (3y avg −14.3%). 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 Ratos AB (RTOBF)?
Earnings per share at Ratos AB are growing −22.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Ratos AB (RTOBF) carry?
The net debt of Ratos AB is 6.8B SEK (fiscal year 2025, ≈ 3.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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