olivLaw · European equity research
Bulten AB (publ) BULTEN.ST
Sweden · Nasdaq Stockholm · ISIN SE0003849223 · Vertical: Listed companies from Sweden
Bulten AB is a Swedish manufacturer of fasteners that also offers engineering, service and system solutions, mainly for the automotive industry. In 2025 the company went through a difficult year, with falling revenue and pressured profitability, while it runs a strategic review to reduce its dependence on the automotive sector.
At the close of 05 Nov 2026, Bulten AB (publ) (BULTEN.ST) stock was 84.60 SEK (−0.24% on the day), with market capitalisation 1.7 bn SEK, dividend yield 2.96%, beta 0.67, 52-week range 40.05–87.10 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)
- 72.6
- overbought (≥ 70)
- Bollinger (20, 2)
- 61.99 – 91.19
- in the upper half of the band · %B 0.77 · band width 38.1%
- SMA 50 / 200
- 70.71 / 53.56
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 4.96 / 4.26
- 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 | +24.6% | +0.4% | +24.2 pp | — |
| 3 months | +39.6% | −3.3% | +42.9 pp | — |
| 6 months | +79.2% | +4.0% | +75.3 pp | — |
| Year to date | +64.6% | +8.1% | +56.5 pp | — |
| 1 year | +75.2% | +10.7% | +64.5 pp | −8.3% |
| 3 years | +35.8% | +50.1% | −14.3 pp | +12.0% |
| 5 years | +3.4% | +43.6% | −40.2 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 | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 103.0 m | 135.0 m | -11.0 m |
| Net income YoY | unavailable | +31.1% | −108.1% |
| Diluted EPS | 4.89 | 6.45 | -0.55 |
| Diluted EPS YoY | unavailable | +31.9% | −108.5% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 205.0 m | 119.0 m | 259.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 289.0 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 1.8 bn SEK
- Total assets
- 4.4 bn SEK
- Debt / equity
- unavailable
- Current ratio
- 1.67x
- ROE
- -0.6%
- ROA
- -0.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cost of revenue | 4.8 bn | 4.7 bn | 4.1 bn | esef· 26 Oct 2026verified |
| Gross profit | 968.0 m | 1.1 bn | 928.0 m | esef· 26 Oct 2026verified |
| Operating income | 230.0 m | 301.0 m | 141.0 m | esef· 26 Oct 2026verified |
| Interest expense | 74.0 m | 114.0 m | 83.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | 197.0 m | 224.0 m | 60.0 m | esef· 26 Oct 2026verified |
| Income tax | 70.0 m | 63.0 m | 42.0 m | esef· 26 Oct 2026verified |
| Net income | 103.0 m | 135.0 m | -11.0 m | esef· 26 Oct 2026verified |
| Diluted EPS | 4.89 | 6.45 | -0.55 | esef· 26 Oct 2026verified |
| Dividend per share | 2.25 | 2.50 | — | esef· 08 May 2025verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 340.0 m | 350.0 m | 289.0 m | esef· 26 Oct 2026verified |
| Inventories | 1.1 bn | 1.2 bn | 1.0 bn | esef· 26 Oct 2026verified |
| Current assets | 2.6 bn | 2.7 bn | 2.2 bn | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 1.0 bn | 1.2 bn | 1.1 bn | esef· 26 Oct 2026verified |
| Goodwill | 568.0 m | 594.0 m | 546.0 m | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 46.0 m | 47.0 m | 42.0 m | esef· 26 Oct 2026verified |
| Total assets | 4.9 bn | 5.1 bn | 4.4 bn | esef· 26 Oct 2026verified |
| Current liabilities | 1.8 bn | 1.4 bn | 1.3 bn | esef· 26 Oct 2026verified |
| Equity | 1.8 bn | 2.1 bn | 1.8 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 21.1 m | 20.9 m | 20.0 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 353.0 m | 319.0 m | 429.0 m | esef· 26 Oct 2026verified |
| Capex | 148.0 m | 200.0 m | 170.0 m | esef· 26 Oct 2026verified |
| Free cash flow | 205.0 m ≈ | 119.0 m ≈ | 259.0 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -659.0 m | -203.0 m | -167.0 m | esef· 26 Oct 2026verified |
| Financing cash flow | 203.0 m | -124.0 m | -284.0 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: 3 of at least 6
- score weight coverage: 18.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.7 bn SEK
Key indicators
Coverage and freshness
Score by group
19% · 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: 3 of at least 6; score weight coverage: 18.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| 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 | 1.7x | 3 (on a fixed band) | 33% |
| Current ratio · Balance sheet | 1.7x | 72 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 15.3% | 100 (on a fixed band) | 44% |
| 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 sheet31/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial100/100 · 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
Bulten AB (BULTEN.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE -0.6%.
The estimated value range is 24.52–30.29 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 27.11 SEK, the price of 84.60 SEK leaves a potential of -68.0% (value / price − 1) and a margin of safety of -212.1% (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 (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.7x
- FCF yield: 15.3%
What contradicts it
- Interest coverage: 1.7x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, 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 40 companies
Multiples and returns vs the median
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 BULTEN.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
Scenarios are not available. input data missing
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
Bulten AB is a Swedish manufacturer of fasteners that also offers engineering, service and system solutions, mainly for the automotive industry. In 2025 the company went through a difficult year, with falling revenue and pressured profitability, while it runs a strategic review to reduce its dependence on the automotive sector.
SWOT
Strengths
- Bulten offers a complete value chain for fasteners, from development to delivery at the customer's line, which makes it hard to replace for many customers 1.
- The company has a production base spread over several continents, with its own plants in Europe, China and Taiwan, supporting proximity to customers 1.
- The group kept indebtedness under control and had relatively solid available liquidity at the end of 2025 1.
Weaknesses
- Strong dependence on automotive manufacturers, especially a few key customers, makes results sensitive to their model programmes 1.
- The operating margin fell in 2025, and one-off restructuring costs and tariffs weighed on the result 1.
- The company paid no dividend for fiscal 2025, reflecting pressure on cash flow 1.
Opportunities
- Diversification into renewable energy, medical technology and consumer electronics could reduce dependence on automotive, if these segments expand 1.
- The strategic review could improve liquidity and profitability, if simplification and decentralisation measures deliver results 1.
- Expansion in Asia and India could open new growth sources, if execution in these markets is effective 1.
Threats
- Pressure from Chinese fastener manufacturers and their competitive prices could limit margins in Western markets 1.
- Trade tariffs and geopolitical tensions between the US, EU and China could disrupt supply chains and market access 1.
- Cyberattacks, which can also hit customers, could cause production interruptions and revenue losses, as happened in 2025 1.
Risks
- Concentration on automotive customershigh
Dependence on a few large automotive customers could amplify the impact of delays in model programmes, as seen in 2025 1.
- Competitive and price pressurehigh
Competition from Chinese manufacturers and aggressive pricing could reduce margins if the company fails to maintain its technical advantages 1.
- Geopolitical and trade riskshigh
Tariffs, anti-dumping measures and export restrictions could change the structure of supply chains in Asia and North America 1.
- Cyber riskmedium
Cyberattacks on the company's own systems or on customers could cause production interruptions and revenue losses 1.
- Currency and liquiditymedium
Exposure to several currencies and higher liquidity needs from restructuring could limit financial flexibility if financing conditions worsen 1.
Investment thesis
What would need to be true (bull case)
- If the strategic review and cost measures succeed, profitability could gradually recover alongside a better car market 1.
- Diversification into segments such as renewable energy and medical technology could reduce revenue volatility, if these segments grow 1.
- The integrated offer from development to delivery could support winning new contracts, if customers value it 1.
What would break the thesis
- If pressure from Chinese manufacturers and European carmakers continues, margins could stay below earlier levels 1.
- Dependence on automotive customers could keep results volatile, especially if another incident affects an important customer's production 1.
- Tariffs and trade tensions could reduce competitiveness in certain markets, if the measures expand 1.
What to watch
- Final results of the strategic review and restructuring measures2026
- Development of net sales and operating margin compared with the level of 2025Q1 2026
- Decision on the dividend for fiscal 2026, depending on cash flow2027
- Development of net debt and available liquidity compared with the level of 2025next 10-K
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
Bulten develops and manufactures fasteners and offers products, technical solutions, services and systems, mainly for the automotive industry, but also for consumer electronics and industrial technology 1. The company presents itself as a partner covering the whole fastener value chain, from product development to final delivery at the customer's production line 1. Production is mainly in Europe, with additional plants in China and Taiwan, and customers are located in Europe, Asia and North America 1.
In fiscal 2025 net sales were 5,045 MSEK, down from the previous year, and operating profit was affected by anti-dumping duties, restructuring costs and the consequences of a cyberattack on one of the group's largest customers 1. In June 2025 the company started a strategic review of its business model, organisational structure and production structure, aimed at improving profitability 1.
Bulten proposed no dividend for fiscal 2025, citing the negative effect of the cyberattack on cash flow and the priority of strategic investments 1. The group reported lower indebtedness than in earlier years but still a modest operating margin, and the strategic review remains the main element to follow 1.
Segments
Light vehicles
Light vehicles make up most of sales, with a share of 74.1 percent of net sales in 2025 1. This segment depends on customers' model programmes, which makes performance sensitive to vehicle makers' production cycles 1.
Commercial vehicles and other segments
Commercial vehicles contributed 9.8 percent of net sales in 2025, and the remaining 16.1 percent came from other segments, where Bulten is expanding, including renewable energy, medical technology and consumer electronics 1.
Market context
Bulten operates in a competitive market with price pressure and high demands on quality, delivery precision and cost 1. European carmakers face structural pressure from electrification and the rise of Chinese vehicle makers, which directly affects the company's largest customer segment 1. Chinese fastener manufacturers are redirecting surplus capacity to Western markets through competitive pricing 1.
Over the longer term, demand in segments such as renewable energy, medical technology and consumer electronics could partly offset the reliance on automotive, if the company's diversification strategy takes hold 1. Management has indicated that, as market conditions improve, the company is well positioned to benefit from opportunities 1.
Trends
- Electrification and rise of Chinese manufacturersheadwind
Electrification and the growing share of Chinese vehicle makers put pressure on European carmakers, which are Bulten's main customers 1.
- Tariffs and trade tensionsheadwind
US tariffs on European industrial goods and anti-dumping duties on fastener imports into the EU affected costs and market access in 2025 1.
- Sustainability and regulatory requirementsmixed
EU CSRD and CBAM requirements create new compliance obligations and costs across the supply chain, but also opportunities for suppliers with clean processes 1.
- Diversification into growing industriestailwind
Expansion into renewable energy, medical technology and consumer electronics could reduce reliance on the automotive sector, if these segments grow faster than cars 1.
Competitive position
Bulten faces competition from both established producers and new entrants seeking market share 1. Chinese fastener manufacturers are a particular pressure through competitive prices and surplus capacity 1.
The company differentiates itself through its full range of services, from development and production to delivery, and close collaboration with customers 1. The sources do not name competitors, so they cannot be listed with certainty here 1.
- Chinese fastener manufacturers
The source mentions Chinese fastener manufacturers that direct surplus capacity to Western markets through competitive pricing 1. They are not named in the source.
- European producers and new entrants
The source indicates that both established players and new entrants seek market share in the competitive environment in which Bulten operates 1.
- Automotive systems suppliers
The source does not name direct competitors, but stresses that integrated service offers from development to delivery are a point of differentiation 1.
- Suppliers in growing industrial segments
Companies active in renewable energy, medical technology and consumer electronics are potential competitors in the segments Bulten aims to develop 1.
News & filings
In the press
No news in our archive over the last 180 days.
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 / Bulten 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.