olivLaw · European equity research
Humana AB HUM.ST
Sweden · Nasdaq Stockholm · ISIN SE0008040653 · Vertical: Listed companies from Sweden
Humana AB is a Nordic provider of care and social welfare services, active in personal assistance, elderly care and individual and family support in Sweden, Finland and Norway. The company targets profitable growth, but organic growth was nearly flat in 2023 and leverage remained a central theme.
At the close of 27 Oct 2026, Humana AB (HUM.ST) stock was 70.90 SEK (+0.42% on the day), with beta 0.35, 52-week range 40.70–76.00 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)
- 50.6
- neutral
- Bollinger (20, 2)
- 68.51 – 75.18
- in the lower half of the band · %B 0.36 · band width 9.3%
- SMA 50 / 200
- 70.53 / 56.02
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.12 / 0.45
- 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 | +4.6% | −0.6% | +5.2 pp | — |
| 3 months | +13.8% | −4.2% | +18.0 pp | — |
| 6 months | +45.1% | +4.3% | +40.8 pp | — |
| Year to date | +40.7% | +7.5% | +33.2 pp | — |
| 1 year | +51.5% | +9.9% | +41.6 pp | −8.5% |
| 3 years | +167.5% | +49.8% | +117.7 pp | +12.3% |
| 5 years | −1.9% | +42.8% | −44.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 8.2 bn | 9.2 bn | 9.6 bn |
| Revenue YoY | unavailable | +12.5% | +4.8% |
| Net income | 276.0 m | 210.0 m | 176.0 m |
| Net income YoY | unavailable | −23.9% | −16.2% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 3.4% | 2.3% | 1.8% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 675.0 m SEK
- Financial debt
- 2.1 bn SEK
- Net debt
- 1.4 bn SEK
- Equity
- 2.9 bn SEK
- Total assets
- 10.0 bn SEK
- Debt / equity
- 0.72x
- Current ratio
- 0.81x
- ROE
- 6.2%
- ROA
- 1.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 8.2 bn | 9.2 bn | 9.6 bn | esef· 23 Apr 2024verified |
| Operating income | 493.0 m | 439.0 m | 453.0 m | esef· 23 Apr 2024verified |
| Interest expense | 143.0 m | 189.0 m | 250.0 m | esef· 23 Apr 2024verified |
| Pre-tax income | 354.0 m | 274.0 m | 231.0 m | esef· 23 Apr 2024verified |
| Income tax | 78.0 m | 64.0 m | 53.0 m | esef· 23 Apr 2024verified |
| Net income | 276.0 m | 210.0 m | 176.0 m | esef· 23 Apr 2024verified |
Balance sheet · SEK
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 695.0 m | 690.0 m | 675.0 m | esef· 23 Apr 2024verified |
| Receivables | 1.1 bn | 1.2 bn | 1.3 bn | esef· 23 Apr 2024verified |
| Current assets | 1.8 bn | 1.9 bn | 1.9 bn | esef· 23 Apr 2024verified |
| Property, plant & equipment, net | 360.0 m | 464.0 m | 432.0 m | esef· 23 Apr 2024verified |
| Goodwill | 4.1 bn | 4.4 bn | 4.4 bn | esef· 23 Apr 2024verified |
| Intangibles (excl. goodwill) | 11.0 m | 40.0 m | 37.0 m | esef· 23 Apr 2024verified |
| Total assets | 9.0 bn | 9.8 bn | 10.0 bn | esef· 23 Apr 2024verified |
| Short-term debt | 3.0 m | 88.0 m | 354.0 m | esef· 23 Apr 2024verified |
| Long-term debt | 2.1 bn | 2.3 bn | 1.8 bn | esef· 23 Apr 2024verified |
| Current liabilities | 1.7 bn | 2.0 bn | 2.4 bn | esef· 23 Apr 2024verified |
| Equity | 2.6 bn | 2.7 bn | 2.9 bn | esef· 23 Apr 2024verified |
Cash flow · SEK
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 689.0 m | 633.0 m | 621.0 m | esef· 23 Apr 2024verified |
| Investing cash flow | -260.0 m | -246.0 m | -151.0 m | esef· 23 Apr 2024verified |
| Financing cash flow | -521.0 m | -424.0 m | -457.0 m | esef· 23 Apr 2024verified |
| Share repurchases | 159.0 m | 55.0 m | 0 | esef· 23 Apr 2024verified |
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: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
27 Oct 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · 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: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.0% | 35 (vs peers) | 38% |
| Net margin · Quality | 1.8% | 28 (vs peers) | 23% |
| 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 | 1.8x | 5 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 0.8x | 1 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| 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 sheet3/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality32/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
Humana AB (HUM.ST). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 9.6 bn SEK in 2023; YoY growth 4.8%; net margin 1.8%; ROE 6.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% 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: 1.8%
- Interest coverage: 1.8x
- Current ratio: 0.8x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, 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 HUM.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
Humana AB is a Nordic provider of care and social welfare services, active in personal assistance, elderly care and individual and family support in Sweden, Finland and Norway. The company targets profitable growth, but organic growth was nearly flat in 2023 and leverage remained a central theme 1.
SWOT
Strengths
- The company has a history of stable margins and a profitable growth strategy, supported by specialisation across several business areas.
- Its own quality measurement system and investment in staff training strengthen its reputation with public-sector clients.
- Presence in three Nordic countries reduces dependence on a single market and allows transfer of good practices.
Weaknesses
- Organic growth was weak in 2023, and results depend heavily on one segment hit by regulatory decisions.
- Leverage remains elevated, which limits flexibility for larger acquisitions.
- Dependence on public authority contracts makes revenue sensitive to local funding decisions.
Opportunities
- Social outcome contract models could bring more predictable revenue if municipalities extend them.
- Growing care needs in an ageing society could support long-term demand.
- Small acquisitions, such as Solstenen, could complement the offering with new specialised services.
Threats
- Stricter regulation and harsher sanctions could raise compliance costs.
- Data security incidents could damage trust among clients and authorities.
- Unfavourable administrative or court decisions, such as licence withdrawal, could interrupt a segment's activity.
Risks
- Regulatory riskhigh
Licences can be withdrawn or contested, and an authority decision can temporarily affect a whole segment. The company experienced such a situation in personal assistance 1.
- Leveragemedium
High debt limits the ability to finance acquisitions or investments and increases sensitivity to financing costs 1.
- Data securityhigh
A data incident can lead to sanctions, remediation costs and loss of trust among public clients 1.
- Dependence on public fundingmedium
Municipalities can change budgets or procurement criteria, which may reduce contract volumes for private providers 1.
- Dependence on qualified staffmedium
Service quality depends on qualified personnel availability, and recruitment difficulties could affect the capacity to expand 1.
Investment thesis
What would need to be true (bull case)
- If organic growth returns to target levels, the company could combine organic expansion with acquisitions and support faster growth.
- Reduced leverage gives more financial room for investments and lowers the company's financial risk.
- Its quality reputation and indicator system could strengthen its position in municipal tenders.
What would break the thesis
- If regulatory incidents recur, affected segments could see interruptions and lower revenue.
- Leverage that remains high could limit flexibility and make acquisitions more costly.
- Dependence on public budgets could make revenue vulnerable to changes in local policy.
What to watch
- Development of organic growth after the return in personal assistance2024
- Progress toward the leverage target of 4.5 times adjusted EBITDA2024
- Expansion of social outcome contractsnext 10-K
- Impact of compliance measures and the new Quality and Compliance function2024
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
Humana defines its activity around a social mission: everyone should have the right to a good life. Services cover personal assistance, elderly care and individual and family support, delivered through five business areas. The company describes its model on four pillars: individual solutions, a shared value base, evidence-based practice and competent staff 1.
Revenue grew over the last five years at an average annual rate of 6.6%, with an average operating margin of 5.3%, indicating relatively stable profitability. In 2023 however organic growth fell to 0.9%, due to a temporary withdrawal of the personal assistance licence that was later reversed by court ruling 1.
The growth strategy combines organic expansion with small acquisitions, such as Solstenen in 2023. The medium-term targets are 5% annual organic growth and a 7% operating margin, with net debt kept at or below 4.5 times adjusted EBITDA 1.
Segments
Personal assistance
Personal assistance is one of the five business areas. Growth in this segment was reduced in 2023 after the licence was withdrawn and then recovered through a court decision. The outcome directly affected the group's organic growth figure 1.
Individual and family
This area covers individual and family support, including family and outpatient services. The company launched social outcome contracts, where payment depends on results achieved, and opened new units in 2023. Management presents it as the most active area for expansion 1.
Elderly care
Elderly care is the third major pillar of Humana's activity. The 2023 source does not give separate detailed figures for this area, so its assessment here remains qualitative based on the document 1.
Market context
Humana operates in the Nordic public care sector, where main customers are municipalities and regions and demand is driven by demographic challenges. According to the report, municipalities seek providers that can guarantee high quality. Sector regulation is becoming stricter, which increases compliance pressure 1.
The Finnish and Norwegian markets offered more favourable conditions in 2023, with good growth and margins maintained or strengthened. Market development however depends on local authority decisions and the regulatory framework, which can change operating conditions 1.
Trends
- Falling leveragetailwind
Leverage declined in 2023, creating room for acquisitions and investments. If the trend continues, the company could finance growth more easily 1.
- Stricter regulationmixed
The regulatory framework for healthcare and care is tightening, and authority sanctions are more severe. This could raise compliance costs, but also the value of providers that demonstrate quality 1.
- Social outcome contractstailwind
The government and municipalities are experimenting with outcome-based funding in social work, and Humana has started contracts where payment depends on objectives. The model could open new revenue if it expands 1.
- Pressure on data securityheadwind
A data incident in March 2023 raised attention on personal data protection and GDPR compliance. Control costs and restructuring of internal functions could weigh on margins in the short term 1.
Competitive position
The document does not explicitly name Humana's direct competitors. The company operates in a sector of private care and social welfare providers, where competition is based on quality, the ability to meet municipal requirements and cost efficiency 1.
Humana's declared advantage is its specialisation across several areas and its quality reputation, supported by its own HQI indicator system. In municipal markets, competition could also come from public providers or other private operators, but the source does not allow a quantitative comparison 1.
- Nordic private care providers
The source does not name specific competitors; the category covers private operators of personal assistance and care active in the same municipal markets.
- Municipal public providers
Units run directly by municipalities compete for the same care and assistance contracts and are not listed entities.
- Home care operators
Companies offering home-based services may compete for the same clients and public funding in certain segments.
- Outpatient and family support providers
Operators specialised in outpatient and family support programmes compete especially in the individual and family segment.
News & filings
In the press
- UnitedHealthcare, Humana Medicare Advantage cancellations to affect 1 millionThe Hill · 22 Oct 2026 · EN
- STAT+: BlackRock to buy majority stake in Humana’s CenterWell clinics for $2.8 billionSTAT News · 13 Oct 2026 · EN
- Delta Slides on FY Outlook; Humana Surges on Quality Ratings | Stock MoversBloomberg Markets · 09 Oct 2026 · EN
- Acțiunile Humana au crescut cu 15% după ratingurile Medicare pentru 2027 - www.goldring.roSurge — Google News · 09 Oct 2026 · RO
- Humana surges after topping 2027 Medicare star ratingsCNBC — Top News · 09 Oct 2026 · EN
- Stocks making the biggest moves premarket: Delta Air Lines, SpaceX, T-Mobile, Humana & moreCNBC — Top News · 09 Oct 2026 · EN
- Humana și SpaceX impulsionează bursa SUA în premarket; operatorii telecom scad - www.goldring.roSurge — Google News · 09 Oct 2026 · RO
- Is HealthStream (HSTM) a Better Healthcare Bet Than Humana (HUM) Right Now?Yahoo Finance — News · 09 Sept 2026 · EN
- Is Humana Stock Outperforming the Dow?Yahoo Finance — News · 09 Sept 2026 · EN
- Can Better Star Ratings and Margin Expansion Drive Humana (HUM) Higher?Yahoo Finance — News · 03 Sept 2026 · EN
- Humana Is Cutting Medicare Advantage Plans for 2027. The Non-Renewal Letters Arrive in Early October.Yahoo Finance — News · 30 Aug 2026 · EN
- Humana Lower on Profit Guidance; P&G Moves on Results | Stock MoversBloomberg Markets · 29 Jul 2026 · EN
- Pagina verde. Rodica Bulăceanu, Humana România: Brandul a intrat în România în 2006, când second-hand-ul purta stigma sărăciei. Acum a devenit o normalitate în oraşele mari şi medii. Humana deţine pe plan local 40 de magazine în peste 20 de oraşe.Ziarul Financiar · 20 May 2026 · RO
Annual reports (ESEF)
- Annual report 202323 Apr 2024
- Annual report 202209 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Humana AB · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.