FLAT B Stock Financial Analysis - Flat Capital AB (publ) (OM) Stock

Overview

Flat Capital AB (publ), based in Sweden, operates primarily within the venture capital industry. The company focuses on investing in and developing startups as well as small to mid-sized enterprises with significant growth potential. Emphasizing a portfolio that spans various industries, Flat Capital prioritizes innovative businesses that show promise in scalability and market disruption. Key projects and investments typically involve sectors like technology, health innovations, and sustainable solutions, aiming to foster entrepreneurial success while ensuring beneficial returns. Flat Capital leverages a strategic approach to investment, combining financial support with advisory roles to enhance the growth trajectories of its portfolio companies. This holistic involvement underpins its operational ethos and positions Flat Capital as a pivotal player in the Nordic venture ecosystem.

Quality, Value, Momentum Scores

This card shows the Quality, Value, and Momentum scores for the company

Quality

The QualityScore is a proprietary scoring model that identifies high quality companies, based on cash generating efficiencies.

Value

Proprietary scoring model that ranks companies based on their relative valuation. Scores range from 0 to 100, with 100 being the most undervalued.

Momentum

Proprietary scoring model that ranks companies on their six-month momentum.

Fund Sentiment

The Fund Sentiment (fka Ownership) score is a proprietary quantitative model that ranks companies based on levels of ownership accumulation.

QVM

The QVM Score is a proprietary scoring model that combines Quality, Value, and Momentum into a single metric that ranks companies from 0 to 100.

Income Statement: Revenue, Operating Income, Net Income

The revenue for Flat Capital AB (publ) as of 30 June 2025 is 286.94 MM.
The operating income for Flat Capital AB (publ) as of 30 June 2025 is 278.50 MM.
The net income for Flat Capital AB (publ) as of 30 June 2025 is 272.94 MM.

Period End (TTM)	Revenue (MM)	Operating Income (MM)	Net Income (MM)
2025-06-30	286.94	278.50	272.94
2025-03-31	117.33	110.06	109.13
2024-12-31	108.19	102.08	107.95
2024-09-30	-44.19	-49.86	-45.54
2024-06-30	-95.30	-100.95	-97.07
2024-03-31	-63.30	-70.49	-68.16
2023-12-31	-77.92	-85.52	-83.36
2023-09-30	-65.86	-73.49	-72.37
2023-06-30	-42.87	-50.55	-48.90
2023-03-31	-65.68	-71.64	-69.04
2022-12-31	-66.23	-71.62	-64.65
2022-09-30	1.51	-3.33	-2.49
2022-06-30	22.44	15.01	15.01
2022-03-31	49.91	43.44	41.93
2021-12-31	79.97	74.53	67.74
2021-09-30	32.81	28.38	28.09
2021-06-30	42.46	41.74	41.45
2021-03-31	38.29	38.08	37.92
2020-12-31	34.12	33.90	33.76

Income Statement: EPS

Period End (TTM)	Earnings Per Share Basic	Earnings Per Share Diluted
2025-06-30
2025-03-31
2024-12-31
2024-09-30	-0.95	-0.95
2024-06-30
2024-03-31	-1.72	-1.72
2023-12-31	-2.35	-2.35
2023-09-30	-2.24	-2.23
2023-06-30	-1.52	-1.53
2023-03-31	-2.15	-2.15
2022-12-31	-2.08	-2.08
2022-09-30	-0.08	-0.09
2022-06-30	0.61	0.61
2022-03-31	2.09	2.08
2021-12-31	4.35	4.35
2021-09-30	2.40	2.40
2021-06-30	2.28	2.28
2021-03-31
2020-12-31	3.38	3.38

Cash Flow: Operations, Investing, Financing

The cash from operating activities for Flat Capital AB (publ) as of 30 June 2025 is -13.58 MM.
The cash from investing activities for Flat Capital AB (publ) as of 30 June 2025 is -96.88 MM.
The cash from financing activities for Flat Capital AB (publ) as of 30 June 2025 is 137.14 MM.

Period End (TTM)	Cash From Operating Activities (MM)	Cash From Investing Activities (MM)	Cash From Financing Activities (MM)
2025-06-30	-13.58	-96.88	137.14
2025-03-31	-6.20	-105.57	137.14
2024-12-31	5.20	-145.85	137.14
2024-09-30	-4.91	-79.80	-0.17
2024-06-30	-1.53	-40.99	148.70
2024-03-31	-6.12	-76.53	149.34
2023-12-31	-6.57	-56.58	149.34
2023-09-30	-2.58	-53.41	149.48
2023-06-30	-5.49	-55.45	0.64
2023-03-31	-6.91	-2.18	-0.15
2022-12-31	-4.63	-40.77	73.88
2022-09-30	-14.98	-88.40	167.40
2022-06-30	-8.42	-79.36	167.40
2022-03-31	-2.98	-82.06	167.55
2021-12-31	-4.50	-42.83	93.52
2021-09-30	7.20	4.84	0.00
2021-06-30	0.67	-2.17	0.00
2021-03-31	-0.15	0.32	0.52
2020-12-31	-0.22	0.65	1.05

Valuation Metrics : PE, PriceToBook, PriceToTBV

The p/e for Flat Capital AB (publ) as of 30 June 2025 is 5.00.
The p/book for Flat Capital AB (publ) as of 30 June 2025 is 1.00.
The p/tbv for Flat Capital AB (publ) as of 30 June 2025 is 1.00.

P/Book: The current closing price divided by the book value per share.

P/TBV: The current price divided by the tangible book value per share.

Period End (TTM)	p/e	P/Book	P/TBV
2025-06-30	5.00	1.00	1.00
2025-03-31	10.12	1.66	1.66
2024-12-31	-14.48	1.68	1.68
2024-09-30	-10.62	1.80	1.80
2024-06-30	-11.09	1.88	1.88
2024-03-31	-14.42	2.91	2.91
2023-12-31	-16.61	2.74	2.74
2023-09-30	-16.07	2.47	2.47
2023-06-30	-9.39	1.44	1.44
2023-03-31	-6.65	1.43	1.43
2022-12-31	-457.56	3.15	3.15
2022-09-30	-184.48	1.27	1.27
2022-06-30	30.61	1.25	1.25
2022-03-31	10.95	1.18	1.18
2021-12-31	15.88	2.27	2.27
2021-09-30	15.88	2.27	2.27
2021-06-30	10.76	4.41	4.41
2021-03-31	6.46	2.88	2.88
2020-12-31

Valuation Metrics : EBitToEv, EBit3YrAvgToEv

The ebit/ev for Flat Capital AB (publ) as of 30 June 2025 is 0.23.
The ebit (3y)/ev for Flat Capital AB (publ) as of 30 June 2025 is 0.04.

Period End (TTM)	EBIT/EV	EBIT (3y)/EV
2025-06-30	0.23	0.04
2025-03-31	0.12	-0.01
2024-12-31	-0.08	-0.07
2024-09-30	-0.12	-0.08
2024-06-30	-0.11	-0.05
2024-03-31	-0.08	-0.03
2023-12-31	-0.07	-0.02
2023-09-30	-0.06	0.00
2023-06-30	-0.11	0.01
2023-03-31	-0.18	0.01
2022-12-31	-0.00	0.01
2022-09-30	-0.01	0.02
2022-06-30	0.04	0.05
2022-03-31	0.12	0.07
2021-12-31	0.06	0.02
2021-09-30	0.06	0.02
2021-06-30	0.09	0.03
2021-03-31	0.15	0.05
2020-12-31	0.00	0.00

Management Effectiveness

The roa for Flat Capital AB (publ) as of 30 June 2025 is 0.27.
The roe for Flat Capital AB (publ) as of 30 June 2025 is 0.27.
The roic for Flat Capital AB (publ) as of 30 June 2025 is 0.17.
The croic for Flat Capital AB (publ) as of 30 June 2025 is 0.04.
The ocroic for Flat Capital AB (publ) as of 30 June 2025 is -0.01.

Period End (TTM)	ROA	ROE	ROIC	CROIC	OCROIC
2025-06-30	0.27	0.27	0.17	0.04	-0.01
2025-03-31	0.27	0.27	0.16	-0.01	0.01
2024-12-31	-0.10	-0.10	-0.12	-0.22	-0.01
2024-09-30	-0.10	-0.10	-0.17	0.17	-0.02
2024-06-30	-0.21	-0.21	-0.17	0.17	-0.02
2024-03-31	-0.24	-0.24	-0.20	0.21	-0.02
2023-12-31	-0.20	-0.20	-0.17	0.21	-0.01
2023-09-30	-0.13	-0.13	-0.15	-0.19	-0.02
2023-06-30	-0.13	-0.13	-0.15	-0.19	-0.02
2023-03-31	-0.17	-0.18	-0.22	-0.03	-0.02
2022-12-31	-0.01	-0.01	-0.01	0.20	-0.04
2022-09-30	-0.01	-0.01	-0.01	0.20	-0.04
2022-06-30	0.15	0.15	0.04	0.22	-0.02
2022-03-31	0.45	0.49	0.11	0.21	-0.01
2021-12-31			0.14	0.02	0.04
2021-09-30		0.55	0.14	0.02	0.04
2021-06-30	3.02	0.81	0.38	-0.01	0.01
2021-03-31	2.76	0.74	0.41	0.01	-0.00
2020-12-31

Gross Margins

The gross margin for Flat Capital AB (publ) as of 30 June 2025 is 1.00.
The net margin for Flat Capital AB (publ) as of 30 June 2025 is 0.93.
The operating margin for Flat Capital AB (publ) as of 30 June 2025 is 0.94.

Gross Margin: The Gross Margin is the ratio of revenue left after substracting the Cost of Goods Sold. It is calculated as 1.0 - (Revenue - COGS ) / Revenue.

Net Margin: The Net Margin (aka Profit Margin) is the ratio of revenue left after substracting the Net Income. It is calculated as Net Income / Revenue.

Operating Margin: The Operaing Margin is the ratio of revenue left after substracting the Operating Income. It is calculated as Operating Income / Revenue.

Period End (TTM)	Gross Margin	Net Margin	Operating Margin
2025-06-30	1.00	0.93	0.94
2025-03-31	1.00	1.00	0.94
2024-12-31	1.00	1.03	1.13
2024-09-30	1.00	1.08	1.11
2024-06-30	1.00	1.08	1.11
2024-03-31	1.00	1.07	1.10
2023-12-31	1.00	1.10	1.12
2023-09-30	1.00	1.14	1.18
2023-06-30	1.00	1.14	1.18
2023-03-31	1.00	1.05	1.09
2022-12-31	1.00	-1.65	-2.20
2022-09-30	1.00	-1.65	-2.20
2022-06-30	1.00	0.61	0.70
2022-03-31	1.00	0.84	0.87
2021-12-31	1.00	0.86	0.87
2021-09-30	1.00	0.86	0.87
2021-06-30	1.00	0.98	0.98
2021-03-31	1.00	0.99	0.99
2020-12-31