olivLaw · European equity research
Sleep Cycle AB (publ) SLEEP.ST
Sweden · Nasdaq Stockholm · ISIN SE0015961404 · Vertical: Listed companies from Sweden
Sleep Cycle AB is a Swedish sleep-app developer extending its model from a consumer app to a licensed technology platform for B2B partners. The company grew B2B partnerships by 59 percent in 2025, and these now make up more than 10 percent of total revenue.
At the close of 05 Nov 2026, Sleep Cycle AB (publ) (SLEEP.ST) stock was 24.25 SEK (+0.00% on the day), with market capitalisation 492.5 m SEK, P/E 9.3 on diluted EPS of 2.62 SEK over the last 12 months, beta 0.50, 52-week range 15.22–27.10 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)
- 58.1
- strong (55–70)
- Bollinger (20, 2)
- 23.81 – 24.60
- in the upper half of the band · %B 0.56 · band width 3.3%
- SMA 50 / 200
- 22.72 / 21.59
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.50 / 0.52
- 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 | +21.9% | −0.6% | +22.5 pp | — |
| 3 months | −1.0% | −4.2% | +3.1 pp | — |
| 6 months | +53.5% | +4.3% | +49.1 pp | — |
| Year to date | −5.5% | +7.5% | −13.0 pp | — |
| 1 year | +3.2% | +9.9% | −6.7 pp | −8.5% |
| 3 years | −17.8% | +49.8% | −67.6 pp | +12.3% |
| 5 years | −65.5% | +42.8% | −108.3 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.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 9.8, median 12.2, max 16.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 236.1 m | 261.5 m | 247.9 m |
| Revenue YoY | unavailable | +10.7% | −5.2% |
| Net income | 46.1 m | 62.6 m | 53.2 m |
| Net income YoY | unavailable | +35.8% | −15.1% |
| Diluted EPS | 2.28 | 3.09 | 2.62 |
| Diluted EPS YoY | unavailable | +35.5% | −15.2% |
| net % | 19.5% | 24.0% | 21.5% |
| Free cash flow | 51.0 m | 63.0 m | 52.9 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 120.8 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 71.8 m SEK
- Total assets
- 200.1 m SEK
- Debt / equity
- unavailable
- Current ratio
- 1.42x
- ROE
- 70.3%
- ROA
- 24.4%
- FCF margin
- 21.3%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 236.1 m | 261.5 m | 247.9 m | esef· 26 Oct 2026verified |
| Operating income | 56.6 m | 77.0 m | 66.0 m | esef· 26 Oct 2026verified |
| Interest expense | 1.2 m | 685.0 k | 420.0 k | esef· 26 Oct 2026verified |
| Pre-tax income | 58.2 m | 79.1 m | 67.1 m | esef· 26 Oct 2026verified |
| Income tax | 12.1 m | 16.5 m | 13.9 m | esef· 26 Oct 2026verified |
| Net income | 46.1 m | 62.6 m | 53.2 m | esef· 26 Oct 2026verified |
| Diluted EPS | 2.28 | 3.09 | 2.62 | esef· 26 Oct 2026verified |
| Weighted average diluted shares | 20.3 m | 20.3 m | 20.3 m | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 133.5 m | 145.2 m | 120.8 m | esef· 26 Oct 2026verified |
| Current assets | 207.5 m | 218.5 m | 176.0 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 18.0 m | 13.0 m | 8.3 m | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 4.5 m | 4.8 m | 15.6 m | esef· 26 Oct 2026verified |
| Total assets | 230.5 m | 236.5 m | 200.1 m | esef· 26 Oct 2026verified |
| Current liabilities | 157.8 m | 149.7 m | 124.1 m | esef· 26 Oct 2026verified |
| Equity | 61.0 m | 79.5 m | 71.8 m | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 20.2 m | 20.3 m | 20.3 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 52.7 m | 63.7 m | 52.9 m | esef· 26 Oct 2026verified |
| Capex | 1.7 m | 661.0 k | 48.0 k | esef· 26 Oct 2026verified |
| Free cash flow | 51.0 m ≈ | 63.0 m ≈ | 52.9 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -6.8 m | -3.9 m | -13.2 m | esef· 26 Oct 2026verified |
| Financing cash flow | -145.3 m | -48.4 m | -64.2 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
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 492.5 m SEK
Key indicators
Coverage and freshness
Score by group
42% · 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: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 21.5% | 94 (vs peers) | 15% |
| FCF conversion · Quality | 99.4% | 99 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 157.0x | 100 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 1.4x | 52 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 9.3x | 88 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 10.7% | 100 (on a fixed band) | 20% |
| 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 sheet81/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality97/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation94/100 · 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
Sleep Cycle AB (publ) (SLEEP.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 247.9 m SEK in 2025; YoY growth -5.2%; net margin 21.5%; ROE 70.3%.
The estimated value range is 40.66–88.52 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 55.74 SEK, the price of 24.25 SEK leaves a potential of 129.9% (value / price − 1) and a margin of safety of 56.5% (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: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 21.5%
- FCF conversion: 99.4%
- Interest coverage: 157.0x
- P/E (TTM): 9.3x
- FCF yield: 10.7%
- The price is below the estimated value range
What contradicts it
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.
Not assessed (insufficient data or a ratio without meaning): ROIC, 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 | 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 SLEEP.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 | 12.97 Total return -47% · Per year -47% | 23.04 Total return -5% · Per year -5% | 34.86 Total return 44% · Per year 44% |
| 3 years | 10.30 Total return -58% · Per year -25% | 20.79 Total return -14% · Per year -5% | 34.86 Total return 44% · Per year 13% |
| 5 years | 8.17 Total return -66% · Per year -20% | 18.76 Total return -23% · Per year -5% | 34.86 Total return 44% · Per year 8% |
- Exit P/E± 5.20
- Net margin± 3.64
- Annual revenue growth± 3.29
- Annual dilution± 0.31
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
Sleep Cycle AB is a Swedish sleep-app developer extending its model from a consumer app to a licensed technology platform for B2B partners. The company grew B2B partnerships by 59 percent in 2025, and these now make up more than 10 percent of total revenue 1.
SWOT
Strengths
- The app has a large global user base and a recognised brand in sleep.
- The company has developed its own sound-analysis technology, supported by years of research.
- The licensing model and B2B partnerships diversify revenue away from the consumer app.
Weaknesses
- The company still relies largely on the consumer app and on digital distribution channels.
- The team is relatively small, which may limit the speed of developing several products at once.
- The founder holds a significant share of shares and votes, which may influence governance.
Opportunities
- If clinical validation of apnea detection succeeds, the company could access a large medical market.
- Integrating the Sleep SDK into third-party devices could bring recurring revenue without proportional marketing costs.
- Collaboration with public-health authorities could open access to aggregated data for monitoring.
Threats
- Medical regulation may delay or restrict the launch of the apnea detection function.
- Competitors with greater resources could copy sleep features or include them in existing products.
- Changes in distribution-platform policies could affect the app's visibility.
Risks
- Dependence on the consumer appmedium
A large part of revenue still comes from the app, and algorithm changes in app stores could affect downloads.
- Regulatory risk for apnea detectionhigh
If authorities do not accept the clinical study data, the launch of the function could be postponed or restricted.
- Pace of B2B growthmedium
B2B partnerships are still relatively new, and their revenue could grow more slowly than management expects.
- Data protectionhigh
The company handles sensitive sleep and health data, and security incidents could affect user trust.
- Technology competitionlow
Large wearable companies could integrate sleep analysis into their products, which could reduce market share.
Investment thesis
What would need to be true (bull case)
- If B2B growth continues and is reflected in multi-year contracts, the company could diversify revenue and reduce dependence on the consumer app.
- If the clinical study confirms the apnea detection performance, the company could enter a medical market with high demand and limited solutions.
- The large sleep dataset could support more precise AI models and new products licensed to partners.
What would break the thesis
- If B2B partnerships remain a small part of revenue, the company could stay vulnerable to changes in the app market.
- If clinical validation or regulatory approvals are delayed, investment in apnea detection could create costs without short-term revenue.
- Competition from large wearable makers could limit subscription growth and pressure pricing.
What to watch
- Results of the clinical validation of apnea detection2026
- Development of B2B revenue and number of licensed partnersnext annual report
- Timing of regulatory filings with the FDA and European bodies2026
- Development of the active user base in the USA and main marketsnext 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
Sleep Cycle is best known for its sleep-analysis app, used by millions of users in over 180 countries and available in 14 languages 1. The company increasingly describes itself as a horizontal platform from which products and partnerships can be built, not just an app. The business combines direct user revenue with partner revenue, which, according to the annual report, could reduce dependence on App Store rankings 1.
Segments
Consumer app
The Sleep Cycle app offers sleep tracking, a smart alarm, sound analysis and the Luma coach. It is the core of direct subscription and usage revenue, and management states it is one of the world's most popular digital sleep services 1.
B2B and licensed technology
Through the Sleep SDK, technology licences and data collaborations, partner companies can integrate Sleep Cycle functionality into their own products. The annual report mentions a pilot with Ultrahuman and a multi-year licence agreement with a global Internet of Things player, which could expand the revenue base 1.
Sleep apnea detection
The company is developing a sound-based function for detecting obstructive sleep apnea without wearable sensors. The clinical study started in June 2025 and validation is scheduled to finish in September 2026, before regulatory filings 1.
Market context
The annual report estimates that obstructive sleep apnea affects approximately 950 million adults aged 30 to 69 and that almost 80 percent of cases remain undiagnosed 1. This public-health problem creates demand for scalable and affordable solutions such as home testing. In sleep diagnostics the company aims to compete with a smartphone-based technology.
The consumer sleep-app market is global, and users in the USA make up the largest share of the active base according to company data 1. The business however depends on adoption pace in digital health markets and on the company's ability to turn its technology into B2B contracts.
Trends
- Shift from app to platformtailwind
The company argues that its transformation into a platform opens new growth paths independent of volatility in the health-app market. If B2B partnerships keep growing, dependence on a single distribution channel could decline.
- Demand for apnea diagnosticstailwind
The undiagnosed burden of apnea creates demand for tools that do not need wearable sensors. If the clinical study confirms the algorithm's performance, the company could enter a new medical market.
- Medical regulationheadwind
Moving from wellness to medical detection requires approvals from authorities such as the FDA and European bodies. The timeline depends on completing the study and on regulatory requirements, which could delay the launch.
- Competition in wearablesmixed
Wearables and competing apps are expanding their sleep features. Sleep Cycle differentiates through sound analysis without sensors, but competitive pressure could limit subscription growth.
Competitive position
Sleep Cycle competes with sleep-tracking apps and wearable devices that offer similar analyses. The company's advantages lie in sound analysis, technology licensing and a large sleep dataset used for AI models. The annual report does not detail its market position against specific competitors.
In technology licensing, competition comes from health-data providers and SDK vendors. Partnerships with companies such as Ultrahuman show that Sleep Cycle is trying to become an integrated supplier, not only a direct rival of apps.
- Ultrahuman
Pilot partner in 2025 for a breathing-analysis feature, but may also be a competitor in health wearables.
- Sleep-tracking apps
Mobile apps offering sleep analyses that compete with the main consumer app.
- Health wearables
Smart watches and rings that measure sleep and compete for users' attention.
- Home sleep-apnea test providers
Companies offering home sleep-health tests that compete with the smartphone-based solution.
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 / Sleep Cycle 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.