olivLaw · European equity research
Apotea AB (publ) APOTEA.ST
Sweden · Nasdaq Stockholm · ISIN SE0023313762 · Vertical: Listed companies from Sweden
Apotea AB is Sweden's leading online pharmacy, selling prescription and non-prescription medicines, health products and general merchandise with free delivery. After its Nasdaq Stockholm listing in December 2024, the company reports strong sales growth while the Swedish pharmacy market keeps expanding and e-commerce gains share.
At the close of 03 Nov 2026, Apotea AB (publ) (APOTEA.ST) stock was 94.25 SEK (+0.27% on the day), with market capitalisation 9.8 bn SEK, P/E 42.8 on diluted EPS of 2.20 SEK over the last 12 months, beta 0.38, 52-week range 55.58–94.25 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 76.1
- overbought (≥ 70)
- Bollinger (20, 2)
- 83.29 – 95.96
- in the upper half of the band · %B 0.87 · band width 14.1%
- SMA 50 / 200
- 83.25 / 72.27
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 3.01 / 2.94
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +14.9% | −1.0% | +15.9 pp | — |
| 3 months | +29.4% | −3.9% | +33.3 pp | — |
| 6 months | +21.0% | +7.2% | +13.8 pp | — |
| Year to date | +2.2% | +6.6% | −4.4 pp | — |
| 1 year | +15.7% | +9.1% | +6.6 pp | −9.0% |
| 3 years | unavailable | +47.9% | unavailable | +8.5% |
| 5 years | unavailable | +43.3% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 2-quarter history (min 40.2, median 41.1, max 41.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 5.5 bn | 6.5 bn | 7.2 bn |
| Revenue YoY | unavailable | +20.0% | +10.1% |
| Net income | 87.0 m | 214.9 m | 228.7 m |
| Net income YoY | unavailable | +147.0% | +6.4% |
| Diluted EPS | 0.85 | 2.09 | 2.20 |
| Diluted EPS YoY | unavailable | +145.9% | +5.3% |
| net % | 1.6% | 3.3% | 3.2% |
| Free cash flow | 95.9 m | 43.4 m | 120.3 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 30.6 m SEK
- Financial debt
- 21.6 m SEK
- Net debt
- -9.0 m SEK
- Equity
- 859.9 m SEK
- Total assets
- 2.0 bn SEK
- Debt / equity
- 0.03x
- Current ratio
- 1.28x
- ROE
- 30.6%
- ROA
- 12.7%
- FCF margin
- 1.7%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 5.5 bn | 6.5 bn | 7.2 bn | esef· 28 Oct 2026verified |
| Operating income | 113.6 m | 265.8 m | 298.2 m | esef· 28 Oct 2026verified |
| Interest expense | 6.3 m | 5.3 m | 12.0 m | esef· 28 Oct 2026verified |
| Pre-tax income | 108.7 m | 264.7 m | 289.8 m | esef· 28 Oct 2026verified |
| Income tax | 26.4 m | 52.7 m | 63.5 m | esef· 28 Oct 2026verified |
| Net income | 87.0 m | 214.9 m | 228.7 m | esef· 28 Oct 2026verified |
| Diluted EPS | 0.85 | 2.09 | 2.20 | esef· 28 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 19.1 m | 27.3 m | 30.6 m | esef· 28 Oct 2026verified |
| Inventories | 410.1 m | 562.3 m | 651.9 m | esef· 28 Oct 2026verified |
| Current assets | 781.5 m | 1.0 bn | 1.1 bn | esef· 28 Oct 2026verified |
| Property, plant & equipment, net | 299.2 m | 388.0 m | 505.8 m | esef· 28 Oct 2026verified |
| Goodwill | 32.5 m | 32.0 m | 30.5 m | esef· 28 Oct 2026verified |
| Intangibles (excl. goodwill) | 23.7 m | 18.1 m | 14.1 m | esef· 28 Oct 2026verified |
| Total assets | 1.3 bn | 1.6 bn | 2.0 bn | esef· 28 Oct 2026verified |
| Short-term debt | 66.9 m | 79.6 m | 21.6 m | esef· 28 Oct 2026verified |
| Current liabilities | 756.7 m | 880.8 m | 871.5 m | esef· 28 Oct 2026verified |
| Total liabilities | 911.4 m | 991.7 m | 1.1 bn | esef· 28 Oct 2026verified |
| Equity | 425.0 m | 636.0 m | 859.9 m | esef· 28 Oct 2026verified |
| Shares outstanding at year end | 102.4 m | 102.8 m | 104.0 m | esef· 28 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 215.8 m | 206.2 m | 333.3 m | esef· 28 Oct 2026verified |
| Capex | 119.9 m | 162.8 m | 213.0 m | esef· 28 Oct 2026verified |
| Free cash flow | 95.9 m ≈ | 43.4 m ≈ | 120.3 m ≈ | esef· 28 Oct 2026derived |
| Investing cash flow | -121.6 m | -163.7 m | -214.5 m | esef· 28 Oct 2026verified |
| Financing cash flow | -93.3 m | -34.2 m | -115.3 m | esef· 28 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 9.8 bn SEK
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 30.3% | 100 (vs peers) | 20% |
| Net margin · Quality | 3.2% | 42 (vs peers) | 12% |
| FCF conversion · Quality | 52.6% | 32 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 24.9x | 100 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.3x | 40 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 42.8x | 16 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 1.2% | 15 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet76/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality66/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation16/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Apotea AB (publ) (APOTEA.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 7.2 bn SEK in 2025; YoY growth 10.1%; net margin 3.2%; ROE 31.3%.
The estimated value range is 23.99–43.86 SEK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 31.18 SEK, the price of 94.25 SEK leaves a potential of -66.9% (value / price − 1) and a margin of safety of -202.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 30.3%
- Interest coverage: 24.9x
What contradicts it
- P/E (TTM): 42.8x
- FCF yield: 1.2%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 224.6 bn | 27.2 | 19.4% | 11.9% | +4.1% | +22% / +39% |
| BOL.STBoliden Ab | 140.5 bn | 14.9 | 13.3% | 10.1% | +4.8% | +10% / +78% |
| CAST.STCastellum Aktiebolag | 65.4 bn | 69.7 | 1.2% | 9.8% | −2.6% | +24% / +4% |
| AAK.STAak Ab (publ) | 45.3 bn | 13.3 | 17.2% | 7.5% | +2.2% | −34% / −18% |
| CAMX.STCamurus AB | 40.1 bn | 55.3 | 19.5% | 32.5% | +21.3% | +10% / +47% |
| BRAV.STBravida Holding AB | 32.0 bn | 26.0 | 13.7% | 4.4% | −4.9% | +95% / +137% |
| ASKER.STAsker Healthcare Group AB | 27.0 bn | 54.8 | 9.8% | 2.9% | +11.7% | −25% / unavailable |
| ALLEI.STAlleima AB | 22.9 bn | 34.1 | 4.1% | 3.6% | −5.4% | +11% / +20% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +20% |
| AQ.STAQ Group AB | 21.0 bn | 31.0 | 14.9% | 7.5% | +6.0% | +21% / +132% |
| ALTRA.STAltra Fastigheter AB | 17.6 bn | 32.6 | 3.0% | 15.1% | −2.2% | +4% / +15% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.8 | 15.1% | 4.3% | +0.1% | +34% / +225% |
| AFRY.STAfry Ab | 14.7 bn | 18.3 | 6.2% | 3.1% | −5.2% | −18% / +2% |
| ATRLJ-B.STAtrium Ljungberg AB | 13.4 bn | 16.3 | 2.9% | 23.9% | −2.0% | −36% / −47% |
| ALIG.STAlimak Group AB (publ) | 12.8 bn | 21.4 | 8.2% | 8.8% | −3.2% | −17% / +51% |
| ACAD.STAcadeMedia AB | 12.5 bn | 15.3 | 12.7% | 4.3% | +9.7% | +21% / +136% |
| APOTEA.STApotea AB (publ) | 9.8 bn | 42.8 | 31.3% | 3.2% | +10.1% | +5% / unavailable |
| BOOZT.STBoozt AB | 9.6 bn | 34.1 | 10.4% | 3.6% | +0.5% | +42% / +29% |
| ACTI.STActive Biotech AB (publ) | 5.1 bn | — | -84.5% | — | unavailable | −30% / −76% |
| BUFAB.STBufab AB (publ) | 5.1 bn | 9.3 | 15.1% | 6.9% | −7.4% | +38% / +113% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.3 | 13.0% | 2.2% | +16.7% | +2% / +25% |
| CEVI.STCellaVision AB | 4.6 bn | 29.8 | 18.0% | 20.2% | +4.9% | +16% / +8% |
| BHG.STBHG Group AB | 4.4 bn | 30.5 | 2.5% | 1.4% | +6.2% | −20% / +109% |
| CARA.STCarasent AB (publ) | 1.9 bn | 53.4 | 4.1% | 10.1% | +24.9% | −5% / +93% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +11% / −54% |
1- and 3-year price returns: for APOTEA.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 58.86 Total return -38% · Per year -38% | 103.79 Total return 10% · Per year 10% | 155.97 Total return 65% · Per year 65% |
| 3 years | 63.76 Total return -32% · Per year -12% | 125.87 Total return 34% · Per year 10% | 206.72 Total return 119% · Per year 30% |
| 5 years | 69.08 Total return -27% · Per year -6% | 152.65 Total return 62% · Per year 10% | 273.98 Total return 191% · Per year 24% |
- Exit P/E± 31.47
- Net margin± 22.03
- Annual revenue growth± 17.16
- Annual dilution± 1.85
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Apotea AB is Sweden's leading online pharmacy, selling prescription and non-prescription medicines, health products and general merchandise with free delivery. After its Nasdaq Stockholm listing in December 2024, the company reports strong sales growth while the Swedish pharmacy market keeps expanding and e-commerce gains share.
SWOT
Strengths
- Leading position in online pharmacy sales in Sweden and a broad base of loyal customers.
- Business model with free delivery and automated logistics that generates economies of scale.
- Very broad assortment and prices perceived as favourable compared with competitors.
Weaknesses
- Gross and EBIT margins remain modest, leaving little room for execution errors.
- Dependence on one main geographic market and on a limited number of key suppliers.
- EU taxonomy reporting shows gaps in formal due diligence on human rights and environmental impact.
Opportunities
- Expansion into the Norwegian market and possible further share gains in Sweden.
- Continued growth of e-commerce in pharmacy sales could support new customer acquisition.
- Wider range of own-brand products with potentially higher margins.
Threats
- Changes to subsidy or trade margin regulation could affect revenue from prescription medicines.
- Competition from physical pharmacy chains building their own online platforms.
- Rising transport or labour costs could erode the price advantage.
Risks
- Dispensing errorhigh
Incorrect dispensing of prescription medicines can lead to serious patient harm or medicines reaching the wrong hands.
- Pharmacy regulationhigh
Authorities governing pharmacies and drug subsidies may change rules on margins and distribution.
- Supply chainmedium
Suppliers in countries with weak protection of human rights and the environment create reputational and compliance risks.
- Missing formal due diligencemedium
Current processes do not fully cover the due diligence requirements on human rights and environmental impact noted in the taxonomy reporting.
- Online and physical competitionmedium
Physical pharmacy chains and other online pharmacies could narrow the company's price and range advantage.
Investment thesis
What would need to be true (bull case)
- The Swedish pharmacy market keeps growing steadily and is relatively insensitive to the economic cycle, supporting long-term demand.
- Sales growth above 20 percent and a higher gross margin point to a business model that can scale.
- A leading position in online medicine sales and a loyal customer base could support market share if the online share keeps rising.
What would break the thesis
- The operating margin remains modest, and any pressure on prices or costs could quickly reduce profitability.
- Reliance on subsidy and margin regulation could limit commercial flexibility if the rules change.
- Competition from physical pharmacies with their own online platforms could erode the company's price advantage.
What to watch
- Development of market share and the e-commerce share of the Swedish pharmacy channel2025
- Gross and EBIT margins after including listing-related costsQ1 2025
- Sales trend of prescription medicines and any regulatory changes2025
- Progress on human rights and environmental due diligence across the supply chainnext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Apotea was founded in 2012 and operates as a pure online pharmacy with no physical stores, headquartered in Stockholm with a logistics centre in Morgongåva. The business rests on a promise of fast, cheap and free-shipping delivery, supported by logistics automation and an in-house IT platform. The company was listed on Nasdaq Stockholm on 6 December 2024 under the ticker APOTEA 1.
The group comprises Apotea AB (publ) as parent company with no operating activity, Apotea Sverige AB, Apotera.no AS in Oslo and Zoeco AB. All operating activity is carried out in the Swedish and Norwegian subsidiaries 1.
The business model relies on strong supplier relationships, an entrepreneurial culture and a focus on sustainability. A high degree of automation and a proprietary IT platform for logistics and medicine handling create economies of scale and capital efficiency 1.
Segments
Prescription medicines
Prescription medicines generated 2 412,9 MSEK in fiscal 2024, up 27,1 percent on the prior year, making it the fastest-growing segment 1.
Market context
The market is regulated with high entry barriers, and the number of physical pharmacies in Sweden has been declining for several years while the share of e-commerce keeps rising 1.
Trends
- Ageing population and chronic diseasetailwind
An ageing population and a growing number of patients with chronic conditions support demand for medicines, a stable factor that does not depend on the economic cycle 1.
- Shift of purchases onlinetailwind
Consumers increasingly buy online, attracted by better prices, a wider range and fast delivery, which could add market share for the online pharmacy 1.
- Closure of physical pharmaciesmixed
High costs for physical pharmacies and their shrinking number could reduce local competition but may also push customers toward digital channels, with mixed effects on the company 1.
- Regulatory pressure on marginsheadwind
The authority governing drug subsidies regulates trade margins and substitution; changes to these rules could affect revenue from prescription products 1.
Competitive position
Apotea is Sweden's largest online pharmacy, with a 10 percent market share and, in 2023, about eight times the size of the next pure online pharmacy 1. Competitors include smaller specialised online pharmacies such as Meds and Apohem, and physical pharmacy chains that run their own online pharmacies 1.
The stated competitive edge rests on lower prices than both online rivals and physical pharmacies, a broad assortment and free delivery with no minimum order value 1.
- Meds
Smaller specialised online pharmacy in Sweden, named as a direct competitor in the company's own filing.
- Apohem
Smaller specialised online pharmacy in Sweden, named as a competitor in the company's own filing.
- Physical pharmacy chains with own online platforms
Physical pharmacy groups running their own online pharmacies compete for the same online customers.
- Oriola and Tamro
The two authorised wholesalers in Sweden with a delivery obligation; they are key suppliers to pharmacies rather than direct competitors.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202528 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Apotea AB (publ) · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.