olivLaw · European equity research
Vitrolife AB VITR.ST
Sweden · Nasdaq Stockholm · ISIN SE0011205202 · Vertical: Listed companies from Sweden
Vitrolife Group supplies fertility and genetics products and services, organised across three geographic regions and three product groups. Fiscal 2025 was marked by lower net sales and significant impairments, which makes the trend in margins and costs worth close monitoring. Net sales reached 3440 MSEK in fiscal 2025, compared with 3609 MSEK in 2024.
At the close of 05 Nov 2026, Vitrolife AB (VITR.ST) stock was 120.40 SEK (+2.21% on the day), with market capitalisation 16.3 bn SEK, dividend yield 0.91%, beta 0.40, 52-week range 85.20–151.00 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)
- 83.5
- overbought (≥ 70)
- Bollinger (20, 2)
- 89.11 – 122.97
- in the upper half of the band · %B 0.92 · band width 31.9%
- SMA 50 / 200
- 98.19 / 96.47
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 6.24 / 4.95
- 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 | +29.9% | −0.6% | +30.5 pp | — |
| 3 months | +35.6% | −4.2% | +39.8 pp | — |
| 6 months | +12.1% | +4.3% | +7.8 pp | — |
| Year to date | −12.1% | +7.5% | −19.6 pp | — |
| 1 year | −14.1% | +9.9% | −24.0 pp | −8.5% |
| 3 years | −21.0% | +49.8% | −70.9 pp | +12.3% |
| 5 years | −78.3% | +42.8% | −121.1 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 | 3.5 bn | 3.6 bn | 3.4 bn |
| Revenue YoY | unavailable | +2.8% | −4.7% |
| Net income | -3.9 bn | 513.0 m | -5.0 bn |
| Net income YoY | unavailable | unavailable | −1,077.0% |
| Diluted EPS | -28.44 | 3.78 | -37.01 |
| Diluted EPS YoY | unavailable | unavailable | −1,079.1% |
| net % | -109.7% | 14.2% | -145.7% |
| Free cash flow | 690.0 m | 815.0 m | 460.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 809.0 m SEK
- Financial debt
- 1.5 bn SEK
- Net debt
- 681.0 m SEK
- Equity
- 7.9 bn SEK
- Total assets
- 11.1 bn SEK
- Debt / equity
- 0.19x
- Current ratio
- 3.40x
- ROE
- -46.5%
- ROA
- -35.1%
- FCF margin
- 13.4%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 3.5 bn | 3.6 bn | 3.4 bn | esef· 26 Oct 2026verified |
| Cost of revenue | 1.5 bn | 1.5 bn | 1.4 bn | esef· 26 Oct 2026verified |
| Gross profit | 2.0 bn | 2.1 bn | 2.0 bn | esef· 26 Oct 2026verified |
| Research & development | 127.0 m | 117.0 m | 118.0 m | esef· 26 Oct 2026verified |
| Operating income | -3.6 bn | 783.0 m | -4.8 bn | esef· 26 Oct 2026verified |
| Interest expense | 142.0 m | 134.0 m | 87.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | -3.7 bn | 674.0 m | -4.9 bn | esef· 26 Oct 2026verified |
| Income tax | 139.0 m | 160.0 m | 127.0 m | esef· 26 Oct 2026verified |
| Net income | -3.9 bn | 513.0 m | -5.0 bn | esef· 26 Oct 2026verified |
| Diluted EPS | -28.44 | 3.78 | -37.01 | esef· 26 Oct 2026verified |
| Dividend per share | 0.85 | 1.00 | 1.10 | esef· 26 Oct 2026derived |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 861.0 m | 1.1 bn | 809.0 m | esef· 26 Oct 2026verified |
| Current assets | 1.9 bn | 2.4 bn | 2.1 bn | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 349.0 m | 428.0 m | 515.0 m | esef· 26 Oct 2026verified |
| Goodwill | 9.6 bn | 10.1 bn | 4.4 bn | esef· 26 Oct 2026verified |
| Total assets | 16.3 bn | 17.4 bn | 11.1 bn | esef· 26 Oct 2026verified |
| Short-term debt | 114.0 m | 115.0 m | 0 | esef· 26 Oct 2026verified |
| Long-term debt | 1.9 bn | 1.8 bn | 1.5 bn | esef· 26 Oct 2026verified |
| Current liabilities | 557.0 m | 705.0 m | 615.0 m | esef· 26 Oct 2026verified |
| Total liabilities | 3.6 bn | 3.8 bn | 3.2 bn | esef· 26 Oct 2026verified |
| Equity | 12.7 bn | 13.6 bn | 7.9 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 135.4 m | 135.4 m | 135.4 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 757.0 m | 907.0 m | 635.0 m | esef· 26 Oct 2026verified |
| Capex | 67.0 m | 92.0 m | 175.0 m | esef· 26 Oct 2026verified |
| Free cash flow | 690.0 m ≈ | 815.0 m ≈ | 460.0 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -124.0 m | -377.0 m | -302.0 m | esef· 26 Oct 2026verified |
| Financing cash flow | -300.0 m | -286.0 m | -553.0 m | esef· 26 Oct 2026verified |
| Dividends paid | 115.0 m | 135.0 m | 149.0 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
- score weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 16.3 bn SEK
Key indicators
Coverage and freshness
Score by group
46% · 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: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -35.3% | 9 (vs peers) | 23% |
| Net margin · Quality | -145.7% | 6 (vs peers) | 14% |
| 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 | -55.6x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 3.4x | 100 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.8% | 35 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | 0.9% | 13 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | 32.4% | 100 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality8/100 · 2/3 factors with a value
- Returns48/100 · 2/2 factors with a value
- Valuation· partial35/100 · 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
Vitrolife AB (VITR.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 3.4 bn SEK in 2025; YoY growth -4.7%; net margin -145.7%; ROE -46.6%.
The estimated value range is 19.32–26.34 SEK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 22.29 SEK, the price of 120.40 SEK leaves a potential of -81.5% (value / price − 1) and a margin of safety of -440.0% (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: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.4x
- Payout ratio (FCF): 32.4%
What contradicts it
- ROIC: -35.3%
- Net margin: -145.7%
- Interest coverage: -55.6x
- Shareholder yield (distributions): 0.9%
- The price is above the estimated value range
- The valuation methods diverge
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.
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% |
| VITR.STVitrolife AB | 16.3 bn | — | -46.6% | -145.7% | −4.7% | −18% / −34% |
| 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% |
1- and 3-year price returns: for VITR.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
Vitrolife Group supplies fertility and genetics products and services, organised across three geographic regions and three product groups. Fiscal 2025 was marked by lower net sales and significant impairments, which makes the trend in margins and costs worth close monitoring. Net sales reached 3440 MSEK in fiscal 2025, compared with 3609 MSEK in 2024 1.
SWOT
Strengths
- Diversified portfolio across three product groups and three geographic regions, which reduces dependence on a single market.
- Service revenue invoiced in advance provides a more predictable revenue base.
- Debt levels are considered controlled by management, with a credit facility maturing in the medium term.
Weaknesses
- Significant impairments recorded in fiscal 2025 weighed heavily on operating profit.
- Net sales declined from the prior year, particularly in certain regions.
- The group does not use derivatives to hedge currency risk, which leaves exposure open.
Opportunities
- Growth in genetic testing and technologies, if demand in the fertility segment strengthens.
- Expansion in Asian markets, where the group already has a solid presence.
- Development of maintenance and software licences, which could bring additional recurring revenue.
Threats
- Intense competition from suppliers of fertility consumables and equipment.
- Exchange rate fluctuations, which can affect results and equity.
- Medical and genetic regulations, which could change the conditions of sale.
Risks
- Impairment riskhigh
Significant impairments in fiscal 2025 may indicate pressure on the value of intangible assets, and further analysis could lead to additional adjustments.
- Currency riskmedium
Net exposure to EUR, USD and other currencies can affect operating profit, and the absence of hedging derivatives amplifies the effect.
- Refinancing riskmedium
The credit facility maturing in 2028 needs to be refinanced on time, and costs could rise if market conditions worsen.
- Sales decline riskmedium
The decline in net sales in fiscal 2025 could continue if regional demand weakens.
- Customer credit risklow
Management has signalled that the risk of customer losses has increased in some markets, which could affect cash flows.
Investment thesis
What would need to be true (bull case)
- If services and consumables keep their customer base, recurring revenue could provide stability in weaker periods.
- Reported debt levels are moderate, which could allow investment in growth, organic or through acquisitions.
- Diversification across three regions could mitigate the effects of a decline in any single market.
What would break the thesis
- The impairments recorded in fiscal 2025 could signal a weakening of expectations about acquired assets.
- The decline in net sales could continue if competition or regulation slows growth.
- Unhedged currency exposure could generate volatility in results, especially if European currencies weaken.
What to watch
- Development of net sales by segment and regionQ1 2027
- Level of impairments and restructuring costs2027
- Refinancing plan for the credit facility2027
- Currency exposure and any introduction of hedging instrumentsnext 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
According to the annual report for the year ended 31 December 2025, Vitrolife Group reports its results across three geographic segments: EMEA, Americas and APAC. Products and services are grouped into Consumables, Technologies and Genetics 1. Revenue comes from both products and services, and maintenance services are largely invoiced in advance and recognised over the contract term 1.
The group recorded impairments of 5357 MSEK in fiscal 2025, which weighed heavily on reported operating profit compared with the prior year 1. Borrowings are mainly external, in the form of a 300 MEUR credit facility, of which 135 MEUR was drawn, maturing in Q3 2028 1. The report shows a net debt to EBITDA of 0.7 at the balance sheet date 1.
Management assesses currency risks, especially exposure to EUR, which is the largest net cash inflow, followed by USD, CNY, GBP, JPY and AUD 1. The group does not use financial derivatives for hedging, so exchange rate effects remain visible in results 1.
Segments
Consumables
Consumables generated 1368 MSEK in fiscal 2025, compared with 1384 MSEK in 2024 1. It is the largest product group by sales and includes media and consumables used in fertility laboratories 1.
Genetics
Genetics generated 1389 MSEK in fiscal 2025, down from 1495 MSEK in 2024, reflecting lower genetic testing volumes recognised on delivery of results to clients 1.
Market context
From the report data, the largest regional market remains EMEA, with 1302 MSEK in net sales in fiscal 2025, followed by Americas at 1141 MSEK and APAC at 997 MSEK 1. The overall decline from 3609 MSEK to 3440 MSEK was concentrated mainly in APAC and EMEA 1.
The group's geographic markets are sensitive to exchange rates, as a 10 percent stronger or weaker SEK would affect operating profit depending on net exposure in each currency 1. The report indicates that the largest currency exposures are EUR and USD 1.
Trends
- Declining net salesheadwind
Net sales fell from 3609 MSEK in 2024 to 3440 MSEK in fiscal 2025, with declines in EMEA and APAC 1. If the trend persists, it could weigh on the absorption of fixed costs.
- Recurring service revenuetailwind
Service revenue, at 1420 MSEK in fiscal 2025, remains important for group stability, and advance billing for maintenance adds predictability to revenue 1.
- Currency exposuremixed
Exchange rate fluctuations affect both operating profit and equity through translation differences, and the group does not use derivatives for hedging 1. The net effect depends on developments in the relevant currencies.
- Impairments and restructuring costsheadwind
Impairments and restructuring costs were recorded in fiscal 2025, and these could influence margins and reported profitability in the coming periods 1.
Competitive position
The annual report does not explicitly name the group's competitors. By nature of the business, competition comes from other suppliers of culture media, equipment and genetic services for fertility clinics, but these names do not appear in the source provided.
The group's competitive position depends on maintaining a broad customer base and on the ability to sustain revenue from consumables and services. Price pressure and market shifts could affect contribution margin in each region 1.
- Suppliers of IVF culture media and consumables
General competitors in the consumables segment, named only as a category, with no company names in the source.
- Suppliers of equipment for fertility laboratories
Competition in the Technologies segment, with no companies identified in the source.
- Genetic testing laboratories
Competition in the Genetics segment, with no individual names in the source.
- Regional suppliers in APAC
Local competition in Japan and China, where the group has significant sales, with no names in the source.
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 202526 Oct 2026
- Annual report 202408 May 2025
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Vitrolife AB · 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.