olivLaw · European equity research
Boule Diagnostics AB (publ) BOUL.ST
Sweden · Nasdaq Stockholm · ISIN SE0011231158 · Vertical: Listed companies from Sweden
Boule Diagnostics AB is a Swedish blood diagnostics company supplying instruments and reagents for blood cell counting, used both in health checks and disease diagnosis. The company is now changing its brand identity while extending its portfolio toward OEM and ODM solutions, in a year when the share price fell 45 percent.
At the close of 05 Nov 2026, Boule Diagnostics AB (publ) (BOUL.ST) stock was 1.28 SEK (+7.14% on the day), with market capitalisation 47.9 m SEK, beta 0.66, 52-week range 0.85–6.20 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)
- 36.2
- weak (30–45)
- Bollinger (20, 2)
- 0.53 – 2.69
- in the lower half of the band · %B 0.34 · band width 134.0%
- SMA 50 / 200
- 2.23 / 3.47
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.37 / -0.36
- MACD below 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 | −43.8% | −0.6% | −43.2 pp | — |
| 3 months | −64.2% | −4.2% | −60.0 pp | — |
| 6 months | −61.8% | +4.3% | −66.2 pp | — |
| Year to date | −74.0% | +7.5% | −81.5 pp | — |
| 1 year | −79.8% | +9.9% | −89.7 pp | −8.2% |
| 3 years | −86.2% | +49.8% | −136.0 pp | +12.3% |
| 5 years | −96.6% | +42.8% | −139.4 pp | — |
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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 571.3 m | 558.5 m | 489.7 m |
| Revenue YoY | unavailable | −2.3% | −12.3% |
| Net income | 25.0 m | -296.6 m | -3.8 m |
| Net income YoY | unavailable | −1,287.4% | unavailable |
| Diluted EPS | 0.64 | -7.64 | -0.10 |
| Diluted EPS YoY | unavailable | −1,293.8% | unavailable |
| net % | 4.4% | -53.1% | -0.8% |
| Free cash flow | 44.5 m | 37.7 m | -2.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 19.6 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 167.6 m SEK
- Total assets
- 469.6 m SEK
- Debt / equity
- unavailable
- Current ratio
- 1.09x
- ROE
- -2.1%
- ROA
- -0.8%
- FCF margin
- -0.5%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 571.3 m | 558.5 m | 489.7 m | esef· 26 Oct 2026verified |
| Cost of revenue | 321.6 m | 306.2 m | 275.9 m | esef· 26 Oct 2026verified |
| Gross profit | 249.7 m | 252.2 m | 213.8 m | esef· 26 Oct 2026verified |
| Research & development | 53.1 m | 399.4 m | 58.9 m | esef· 26 Oct 2026verified |
| Operating income | 39.3 m | -349.7 m | 20.8 m | esef· 26 Oct 2026verified |
| Interest expense | 11.3 m | 12.6 m | 16.3 m | esef· 26 Oct 2026verified |
| Pre-tax income | 30.1 m | -360.8 m | 5.9 m | esef· 26 Oct 2026verified |
| Income tax | 5.1 m | -64.2 m | 9.7 m | esef· 26 Oct 2026verified |
| Net income | 25.0 m | -296.6 m | -3.8 m | esef· 26 Oct 2026verified |
| Diluted EPS | 0.64 | -7.64 | -0.10 | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 37.3 m | 22.7 m | 19.6 m | esef· 26 Oct 2026verified |
| Receivables | 180.2 m | 173.0 m | 146.8 m | esef· 26 Oct 2026verified |
| Inventories | 62.4 m | 59.1 m | 58.9 m | esef· 26 Oct 2026verified |
| Current assets | 279.9 m | 254.8 m | 225.3 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 44.3 m | 39.5 m | — | esef· 08 May 2025verified |
| Goodwill | 85.4 m | 91.9 m | 79.8 m | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 293.6 m | 7.5 m | — | esef· 08 May 2025verified |
| Total assets | 755.1 m | 516.9 m | 469.6 m | esef· 26 Oct 2026verified |
| Current liabilities | 203.0 m | 262.5 m | 207.0 m | esef· 26 Oct 2026verified |
| Total liabilities | 280.0 m | 320.5 m | 301.9 m | esef· 26 Oct 2026verified |
| Equity | 475.1 m | 196.4 m | 167.6 m | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 39.0 m | 38.8 m | 37.5 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 51.4 m | 46.6 m | 829.0 k | esef· 26 Oct 2026verified |
| Capex | 6.9 m | 8.9 m | 3.5 m | esef· 26 Oct 2026verified |
| Free cash flow | 44.5 m ≈ | 37.7 m ≈ | -2.7 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -82.7 m | -85.9 m | -5.0 m | esef· 26 Oct 2026verified |
| Financing cash flow | -25.5 m | 24.4 m | 3.3 m | esef· 26 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
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 47.9 m SEK
Key indicators
Coverage and freshness
Score by group
25% · 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: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -0.8% | 19 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.3x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 1.1x | 24 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -5.6% | 0 (on a fixed band) | 33% |
| 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 sheet10/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial19/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 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
BOULE DIAGNOSTICS AB (BOUL.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 489.7 m SEK in 2025; YoY growth -12.3%; net margin -0.8%; ROE -2.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -0.8%
- Interest coverage: 1.3x
- Current ratio: 1.1x
- FCF yield: -5.6%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), 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 | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for BOUL.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Boule Diagnostics AB is a Swedish blood diagnostics company supplying instruments and reagents for blood cell counting, used both in health checks and disease diagnosis. The company is now changing its brand identity while extending its portfolio toward OEM and ODM solutions, in a year when the share price fell 45 percent 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Fall in the share pricehigh
The share price dropped sharply in 2025, which can affect investor confidence and the cost of capital for the company 1.
- Shareholder concentrationmedium
One major shareholder holds a significant stake, which may limit trading liquidity and influence governance decisions 1.
- Execution of the transformationmedium
Simultaneous changes in brand, organisation, digitalisation and the business model could exceed the company's execution capacity 1.
- Dependence on OEM and ODM partnerslow
If external partners fail to deliver on time or at the right quality, sales under the Boule brand could be affected 1.
Investment thesis
What would need to be true (bull case)
- If recurring sales from installed instruments keep supporting revenue, the company could have a stable base even in a difficult year for the share price 1.
- Expansion into OEM and ODM could add new revenue without building all capacity from zero 1.
- Digitalisation and a unified brand could make commercial processes more efficient and easier to scale 1.
What would break the thesis
What to watch
- Development of OEM and ODM sales and related margins2026
- Reported results after the brand change and digitalisation rolloutQ1 2026
- Board decision on the dividend and distribution policy2026 AGM
- Changes in the shareholder base and share trading liquidity2026 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
According to the annual report for the year ended 31 December 2025, Boule delivers blood diagnostic solutions for point-of-care diagnostics, with robust and high-quality instruments and reagents used by care providers worldwide 1. The company also belongs to a group that includes CDS, and in 2025 it launched a unified brand with two clear marks, allowing CDS to operate independently when needed 1. The shares have been listed on Nasdaq Stockholm since 2011 1.
The business model rests on an installed instrument base that generates recurring revenue from consumables and reagents, complemented by OEM and ODM sales, where products are designed or manufactured by third parties and then marketed under the Boule brand 1. The report cites an updated platform and an extended offering as growth drivers 1.
The company has invested in digitalisation, including a new website, product pages, lead generation, an integrated partner portal and an internal communication platform, all aimed at shortening response times and making processes more scalable 1.
Segments
Instruments and reagents diagnostics
This segment sells blood analysis instruments and the related reagents to laboratories and care centres, where blood cell counting gives fast and cost-effective information about patient health 1.
OEM and ODM
OEM and ODM sales consist of technology designed or manufactured by external partners and sold under the Boule brand, a direction the report describes as growing 1.
Market context
The report describes the blood diagnostics market as a global niche with growth supported by fundamental trends, such as the need for accessible diagnostics in both cities and rural areas 1. Routine diagnostics is considered socially a cost-effective analysis 1.
The market is competitive and specialised, and Boule's advantage comes from its solid position in a global niche and from the recurring revenue generated by instruments already installed 1.
Trends
- Point-of-care and rural diagnosticstailwind
Wider decentralised diagnostics could increase demand for compact and robust instruments suited to providers outside large cities 1.
- Digitalisation of sales and servicesmixed
Digital pipelines and the partner portal may shorten sales cycles, but they require continuous investment and process changes across the organisation 1.
- Growth in OEM and ODMmixed
If partner sales continue to grow, the company could diversify revenue, although margins and dependence on partners could be affected 1.
- Pressure on the share price and investor confidenceheadwind
The sharp fall in the share price during 2025 shows that the market reacted negatively, which could make it harder to attract capital for expansion 1.
Competitive position
The report does not name direct competitors, but presents Boule as active in a global blood diagnostics niche, where advantages come from its haematology heritage and partner network 1.
The differentiation the company invokes rests on clarity of segments, scalability and a clear brand, objectives that are still being implemented 1.
- Haematology analyser suppliers in the global niche
The report does not name competitors; the company operates in a specialised global haematology analysis market where competition comes from established laboratory instrument makers.
- OEM and ODM manufacturers that could become partners or competitors
The report describes OEM and ODM as sources of external technology, meaning they can be both partners and potential competitors.
- Point-of-care diagnostics operators
The point-of-care segment also attracts other players, which could intensify competition on price and access.
- Laboratory companies with own reagent lines
Competition may come from companies offering integrated instrument-reagent solutions, which could limit Boule's market share.
News & filings
In the press
- Pétanque player, 68, dies after being 'hit in head with metal boule'BBC World News · 19 Jun 2026 · EN
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Boule Diagnostics AB (publ) · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.