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Swedish private-equity-style investment company that buys, develops and sells mid-sized Nordic companies.
Swedish private-equity-style investment company that buys, develops and sells mid-sized Nordic companies.
Consolidates the revenue and profit of the companies it owns, since it controls most of them, so group figures are the sum of its holdings, and it books gains when it sells one. The A shares carry extra votes compared with the B shares.
In one line: A publicly listed Nordic private-equity holding company.
Moat: none (scale). Traditional PE-style holding company; returns depend on buy-improve-sell execution, not a durable moat.
Headquarters: Stockholm, Sweden · Founded: 1934 · Employees: 9,062
Size Ratos (RATO-A.ST) is a Sweden Financials company (Financial Conglomerates) with a market value of $1.38B, the 111th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 41.00 on 6 Nov 2026.
Performance Over six months the shares gained 23.9%, against -2.1% for the median peer and +8.2% for the Sweden market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue fell 23.2% over the last twelve months (peer median +9.9%); the operating margin is 5.2% (peer median 15.0%).
Valuation It trades at 0.89× book value against a peer median of 1.19× (6th cheapest of 20).
Price implies The share price implies a return on equity of about 7.1%; Ratos delivers -1.6%, so the price asks more than the business earns today.
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 19.2B | SEK 18.8B | SEK 20.1B | SEK 33.7B | SEK 29.9B |
| Revenue growth | — | -6% | -41% | +13% | — |
| Gross profit | SEK 998M | SEK 873M | SEK 407M | SEK 1.48B | SEK 1.48B |
| EBITDA | SEK 2.28B | SEK 2.39B | SEK 2.15B | SEK 2.99B | SEK 2.80B |
| Net income | -SEK 236M | -SEK 671M | SEK 249M | SEK 1.22B | SEK 548M |
| Free cash flow | SEK 2.07B | SEK 1.90B | SEK 3.16B | SEK 4.04B | SEK 1.02B |
| Capital expenditure | SEK 380M | SEK 394M | SEK 287M | SEK 231M | SEK 405M |
| Total debt | SEK 7.44B | SEK 7.91B | SEK 9.00B | SEK 10.4B | SEK 13.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Ratos RATO-A.ST | $1.38B | +24% | -23% | -2% | 0.89× | 7.1% |
| Eqt EQT.ST | $39.2B | +1% | -18% | 14% | 4.20× | 33.0% |
| Bure Equity BURE.ST | $2.30B | +12% | -3% | 22% | 0.88× | 9.2% |
| Investor INVE-A.ST | $133B | +16% | +2% | 21% | 1.17× | 9.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | RATO-A.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.6% | +0.2% | 2nd highest of 21 |
| 6-month return | +23.9% | -2.1% | 4th highest of 21 |
| Return on equity | -1.6% | 7.0% | 3rd lowest of 18 |
| Price / book | 0.89× | 1.19× | 6th cheapest of 20 |
| ROE the price implies | 7.1% | 9.5% | 4th least demanding of 19 |
| ROE delivered | -1.6% | 7.9% | 2nd lowest of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Ratos RATO-A.ST | Sweden | $1.38B | +24% | -23% | -2% | 0.89× | 7.1% | -1.6% |
| Hyosung 004800.KS | South Korea | $1.42B | -49% | +10% | 14% | 0.79× | 8.3% | n/a |
| LunR Royalties LUNR.TO | Canada | $1.46B | -28% | n/a | n/a | 2.15× | 27.1% | n/a |
| Viel & Cie VIL.PA | France | $1.25B | -1% | +6% | 23% | 1.88× | 10.2% | 23.1% |
| Peugeot Invest PEUG.PA | France | $1.54B | -16% | -101% | 6% | 0.38× | 6.5% | 6.3% |
| Yangzijiang Maritime Development 8YZ.SI | Singapore | $1.59B | -14% | +18% | 7% | 0.94× | 3.5% | 6.9% |
| Next Generation Technology 319A.T | Japan | $1.17B | +55% | +35% | 52% | 17.11× | 156.5% | 52.3% |
| Morgan Stanley Direct Lending Fund MSDL | United States | $1.15B | -12% | -15% | 3% | 0.70× | 6.6% | 3.5% |
| Jefferson Capital JCAP | United States | $1.14B | -1% | +73% | 33% | 2.39× | 11.0% | 33.2% |
| Tamburi Investment Partners TIP.MI | Italy | $1.72B | +5% | +353% | 0% | 0.96× | 10.0% | 0.0% |
| IndiGrid Infrastructure Trust INDIGRID.NS | India | $1.72B | -1% | +52% | 7% | 2.69× | 20.1% | n/a |
| L1 Gold Fund LGF.AX | Australia | $1.02B | +15% | n/a | n/a | 1.26× | 17.9% | n/a |
| International General Insurance IGIC | United States | $1,000M | -7% | +2% | 15% | 1.50× | 8.0% | 15.2% |
| Monex 8698.T | Japan | $980M | -8% | +16% | 9% | 1.19× | 8.4% | 8.8% |
| Storskogen STOR-B.ST | Sweden | $1.97B | +25% | +2% | 5% | 0.88× | 9.0% | 5.3% |
| Pacific Century Regional Developments P15.SI | Singapore | $943M | -6% | -37% | -17% | 189.58× | n/a | n/a |
| Georgia Capital CGEO.L | United Kingdom | $2.03B | +20% | n/a | 32% | 0.94× | 10.4% | 31.7% |
| Kinnevik KINV-A.ST | Sweden | $2.04B | +27% | +675% | -23% | 0.72× | 7.6% | -22.9% |
| Mbb MBB.DE | Germany | $930M | +1% | +1% | 9% | 1.41× | 11.6% | 9.4% |
| KB Balhae Infrastructure Fund 415640.KS | South Korea | $884M | -3% | n/a | n/a | n/a | n/a | n/a |
| Financiere Moncey FMONC.PA | France | $2.19B | -21% | n/a | 0% | 0.95× | 8.1% | 0.2% |