# Sectra Ab (61L0.F)

Canonical: https://gigainvestors.com/s/61L0.F

Analysis as of: 2026-10-16T07:33:25.681Z. Financial observations: FY2002–FY2026.

Listing currency: EUR. Reporting currency: SEK.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 27.44 per share; close as of 2026-10-15.

Estimated value: low EUR 4.28 per share, central EUR 5.76 per share, high EUR 6.63 per share. Buy at or below the central value EUR 5.76 per share. Valuation as of 2026-10-16T07:33:25.681Z; scenarios are not confidence intervals.

Expected annual return: 4.4% at the stated quote. About 4.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; SE 10-year bond 3.1% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.09×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.18×

- FY2018: 0.19×

- FY2019: 0.17×

- FY2020: 0.18×

- FY2021: 0.21×

- FY2022: 0.20×

- FY2023: 0.19×

- FY2024: 0.17×

- FY2025: 0.15×

- FY2026: 0.19×

### moat: fail

- Recent gross margin fell 67.2pp below the typical margin (limit 4pp)

- ROIC, median of available years: 60.9%

- ROIC, second-lowest year: 50.0%

- Typical minus recent gross margin: 67.2 pp

- Typical gross margin (annual median): 86.0%

- Recent gross margin (lower of latest and 3-year median): 18.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.0%

- ROIC including acquisitions, ten-year median: 50.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 50.0%

- FY2018: 62.9%

- FY2019: 50.8%

- FY2020: 45.3%

- FY2021: 59.2%

- FY2022: >100%

- FY2023: 93.3%

- FY2024: 53.8%

- FY2025: 62.6%

- FY2026: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 0.89×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SEK 2.0B

- Net income, five-year total: SEK 2.2B

- Return on incremental invested capital: 76.9%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: 0.7 pp

- Working capital / revenue, final three-year average: 37.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.98×

- FY2023: 0.93×

- FY2024: 0.65×

- FY2025: 0.93×

- FY2026: 0.97×

### management: pass

- Historical market-dollar context (not the management verdict): 2018 to 2026 (8 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 50.8% vs 62.6%

- Per-share earnings: 0.79 to 2.92 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: SEK 43B

- Cumulative retained earnings: SEK 1.4B

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 17.7%

- Per-share value change: SEK 2.13

- Per-share value, starting three-year median: SEK 0.79

- Per-share value, ending three-year median: SEK 2.92

- Buybacks concentrated in cheaper years (correlation): 0.85

- Average buyback yield: 1.3%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: SEK 105M

- Cumulative net income, 10 years: SEK 3.3B

- ROIC, first three-year median: 50.8%

- ROIC, last three-year median: 62.6%

Chart: Earnings per share; fiscal year observations.

- FY2017: SEK 0.79

- FY2018: SEK 1.03

- FY2019: SEK 1.03

- FY2020: SEK 1.23

- FY2021: SEK 1.43

- FY2022: SEK 1.63

- FY2023: SEK 1.95

- FY2024: SEK 2.22

- FY2025: SEK 2.92

- FY2026: SEK 2.93

### accounting: pass

- Sloan accruals: -11.9%

- Receivables to sales index (DSRI): 0.44×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 7.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.95×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.19×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -7.1%

- FY2018: -2.0%

- FY2019: -3.9%

- FY2020: -3.9%

- FY2021: -5.9%

- FY2022: -13.8%

- FY2023: -2.4%

- FY2024: 3.2%

- FY2025: -9.6%

- FY2026: -11.9%

## Holders

## Price story

Price needs cash profits to grow 28.5% a year for ten years · sales +9.3%

Story as of 2026-10-16T09:59:56.124Z; price observation 2026-10-15.

Price needs cash profits to grow 28.5% a year for ten years

### Sales · FY2025–2026

sales +9.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: SEK 1.1B 

- FY2018: SEK 1.3B 

- FY2019: SEK 1.4B 

- FY2020: SEK 1.7B 

- FY2021: SEK 1.6B 

- FY2022: SEK 1.9B 

- FY2023: SEK 2.4B 

- FY2024: SEK 3.0B 

- FY2025: SEK 3.2B 

- FY2026: SEK 3.5B 

### Gross margin · FY2026

gross margin 20.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 88.0% 

- FY2018: 87.4% 

- FY2019: 84.6% 

- FY2020: 87.6% 

- FY2021: 90.9% 

- FY2022: 87.6% 

- FY2023: 20.8% 

- FY2024: 18.8% 

- FY2025: 16.8% 

- FY2026: 20.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical devices; annual sales are SEK 3.5 billion.

- Source: https://eodhd.com/api/fundamentals/SECT-B.ST.json#2026-04-30 (filed 2026-10-16T07:33:25.681Z); FY2026: revenue 3541661000; grossProfit 714422000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 61L0.F: Sectra AB (publ) provides solutions for medical IT and cybersecurity sectors in Sweden, the United Kingdom, the United States, rest of Europe, and internationally. The company operates through Imaging IT Solutions, Secure Communications, Business Innovation, and Other Operations. The Imaging IT Solutions segment develops and sells medical IT systems and services for diagnostics, managing, archiving, presenting, and communicating various types of medical images and patient information, as well as for operational follow-up and radiation dose monitoring; and maintenance in the form of support, system monitoring, and consulting services. The Secure Communications segment develops and sells products and services for secure voice and data communications, and project-based development, as well as security and threat analyses, and system monitoring services for control systems. The Business Innovation segment develops and sells IT systems for planning and monitoring orthopedic surgery; products for medical education and research projects; and IT support services for precision diagnostics in cancer care. The Other Operations is involved in the property management activities. It serves hospitals and private clinic chains. Sectra AB (publ) was incorporated in 1957 and is headquartered in Linköping, Sweden.

### Why customers stay

Margins ranged from 16.8% to 20.2% during 2024–26; it earns 60.9% on its capital.

- Source: https://eodhd.com/api/fundamentals/SECT-B.ST.json#2024-04-30 (filed 2026-10-16T07:33:25.681Z); FY2024: grossProfit / revenue = 18.8%.

- Source: https://eodhd.com/api/fundamentals/SECT-B.ST.json#2025-04-30 (filed 2026-10-16T07:33:25.681Z); FY2025: grossProfit / revenue = 16.8%.

- Source: https://eodhd.com/api/fundamentals/SECT-B.ST.json#2026-04-30 (filed 2026-10-16T07:33:25.681Z); FY2026: grossProfit / revenue = 20.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.681Z); 10-year return on capital observations [[2017,0.4997229595894657],[2018,0.6285156959370457],[2019,0.5082233279291739],[2020,0.4534757491337418],[2021,0.5918716213233103],[2022,1.074650148527313],[2023,0.9328996816937615],[2024,0.53796702993896],[2025,0.6258929843412743],[2026,1.4288629124600927]]; median 0.6088823028322923. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 6.2% of cash earnings; earns 76.9% on new investment.

- Source: https://eodhd.com/api/fundamentals/SECT-B.ST.json#2017-04-30 (filed 2026-10-16T07:33:25.681Z); FY2017: growth capex 0; upkeep 59553000; owner earnings 163809000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SECT-B.ST.json#2018-04-30 (filed 2026-10-16T07:33:25.681Z); FY2018: growth capex 10693574.357438445; upkeep 42893425.642561555; owner earnings 195298574.35743845. Growth capex / owner earnings = 0.05475500470303947.

- Source: https://eodhd.com/api/fundamentals/SECT-B.ST.json#2019-04-30 (filed 2026-10-16T07:33:25.681Z); FY2019: growth capex 10996593.800342783; upkeep 23878406.199657217; owner earnings 194621593.8003428. Growth capex / owner earnings = 0.0565024342140775.

- Source: https://eodhd.com/api/fundamentals/SECT-B.ST.json#2020-04-30 (filed 2026-10-16T07:33:25.681Z); FY2020: growth capex 19096943.649358325; upkeep 58645056.350641675; owner earnings 206300343.64935833. Growth capex / owner earnings = 0.09256864681629784.

- Source: https://eodhd.com/api/fundamentals/SECT-B.ST.json#2021-04-30 (filed 2026-10-16T07:33:25.681Z); FY2021: growth capex 0; upkeep 67655000; owner earnings 272676600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SECT-B.ST.json#2022-04-30 (filed 2026-10-16T07:33:25.681Z); FY2022: growth capex 0; upkeep 74375000; owner earnings 309187200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SECT-B.ST.json#2023-04-30 (filed 2026-10-16T07:33:25.681Z); FY2023: growth capex 26583653.74915506; upkeep 66204346.25084494; owner earnings 349401253.74915504. Growth capex / owner earnings = 0.07608345266053398.

- Source: https://eodhd.com/api/fundamentals/SECT-B.ST.json#2024-04-30 (filed 2026-10-16T07:33:25.681Z); FY2024: growth capex 47932576.5211823; upkeep 202809423.4788177; owner earnings 278222976.5211823. Growth capex / owner earnings = 0.17228115779838546.

- Source: https://eodhd.com/api/fundamentals/SECT-B.ST.json#2025-04-30 (filed 2026-10-16T07:33:25.681Z); FY2025: growth capex 22171973.005161926; upkeep 87820026.99483807; cash acquisitions 0; owner earnings 522816573.00516194. Growth capex plus acquisitions / owner earnings = 0.04240870345352081.

- Source: https://eodhd.com/api/fundamentals/SECT-B.ST.json#2026-04-30 (filed 2026-10-16T07:33:25.681Z); FY2026: growth capex 15245000; upkeep 70243000; cash acquisitions 18860000; owner earnings 548481200. Growth capex plus acquisitions / owner earnings = 0.06218080036289302.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.681Z); Incremental return on capital 0.7693073017384967, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.681Z); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,173365000],[2023,192662000],[2024,211935000],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/SECT-B.ST.json#2026-04-30 (filed 2026-10-16T07:33:25.681Z); FY2026: cash repurchases 404602000 SEK.

### Are managers owners

Insiders own 27.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 61L0.F SharesStats.PercentInsiders = 27.826 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 28.5% yearly over ten years; actual growth was 21.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.681Z); Ten-year compound average after fade. Initial solved rate 0.4051508051204812. Price 27.44; FX 0.0896297089041096; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.3940017679870308 → FY2026 2.846776084780967. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2017-10: EUR 14.82 per share

- 2017-11: EUR 14.83 per share

- 2017-12: EUR 14.75 per share

- 2018-01: EUR 14.83 per share

- 2018-02: EUR 14.77 per share

- 2018-03: EUR 14.84 per share

- 2018-04: EUR 14.78 per share

- 2018-05: EUR 14.85 per share

- 2018-06: EUR 14.74 per share

- 2018-07: EUR 14.90 per share

- 2018-08: EUR 14.90 per share

- 2018-09: EUR 14.85 per share

- 2018-10: EUR 14.80 per share

- 2018-11: EUR 14.84 per share

- 2018-12: EUR 14.77 per share

- 2019-01: EUR 14.87 per share

- 2019-02: EUR 14.78 per share

- 2019-03: EUR 14.90 per share

- 2019-04: EUR 14.78 per share

- 2019-05: EUR 14.78 per share

- 2019-06: EUR 14.83 per share

- 2019-07: EUR 14.87 per share

- 2019-08: EUR 14.84 per share

- 2019-09: EUR 14.87 per share

- 2019-10: EUR 14.77 per share

- 2019-11: EUR 14.97 per share

- 2019-12: EUR 14.78 per share

- 2020-01: EUR 14.82 per share

- 2020-02: EUR 14.81 per share

- 2020-03: EUR 14.76 per share

- 2020-04: EUR 14.84 per share

- 2020-05: EUR 14.82 per share

- 2020-06: EUR 14.89 per share

- 2020-07: EUR 14.86 per share

- 2020-08: EUR 14.87 per share

- 2020-09: EUR 14.74 per share

- 2020-10: EUR 52.02 per share

- 2020-11: EUR 66.17 per share

- 2020-12: EUR 74.61 per share

- 2021-01: EUR 69.71 per share

- 2021-02: EUR 66.55 per share

- 2021-03: EUR 53.80 per share

- 2021-04: EUR 58.74 per share

- 2021-05: EUR 56.62 per share

- 2021-06: EUR 64.70 per share

- 2021-07: EUR 67.28 per share

- 2021-08: EUR 85.39 per share

- 2021-09: EUR 17.01 per share

- 2021-10: EUR 21.03 per share

- 2021-11: EUR 22.15 per share

- 2021-12: EUR 19.06 per share

- 2022-01: EUR 14.43 per share

- 2022-02: EUR 14.10 per share

- 2022-03: EUR 13.89 per share

- 2022-04: EUR 12.09 per share

- 2022-05: EUR 13.21 per share

- 2022-06: EUR 12.52 per share

- 2022-07: EUR 17.67 per share

- 2022-08: EUR 14.80 per share

- 2022-09: EUR 11.28 per share

- 2022-10: EUR 13.32 per share

- 2022-11: EUR 15.54 per share

- 2022-12: EUR 13.46 per share

- 2023-01: EUR 13.01 per share

- 2023-02: EUR 12.78 per share

- 2023-03: EUR 14.65 per share

- 2023-04: EUR 14.17 per share

- 2023-05: EUR 15.40 per share

- 2023-06: EUR 15.13 per share

- 2023-07: EUR 14.42 per share

- 2023-08: EUR 14.32 per share

- 2023-09: EUR 11.00 per share

- 2023-10: EUR 10.10 per share

- 2023-11: EUR 11.69 per share

- 2023-12: EUR 16.37 per share

- 2024-01: EUR 17.33 per share

- 2024-02: EUR 18.43 per share

- 2024-03: EUR 17.97 per share

- 2024-04: EUR 18.77 per share

- 2024-05: EUR 20.86 per share

- 2024-06: EUR 21.28 per share

- 2024-07: EUR 21.14 per share

- 2024-08: EUR 21.03 per share

- 2024-09: EUR 25.09 per share

- 2024-10: EUR 24.15 per share

- 2024-11: EUR 24.70 per share

- 2024-12: EUR 23.67 per share

- 2025-01: EUR 21.49 per share

- 2025-02: EUR 20.84 per share

- 2025-03: EUR 22.75 per share

- 2025-04: EUR 25.99 per share

- 2025-05: EUR 28.35 per share

- 2025-06: EUR 30.63 per share

- 2025-07: EUR 32.48 per share

- 2025-08: EUR 30.28 per share

- 2025-09: EUR 27.65 per share

- 2025-10: EUR 27.84 per share

- 2025-11: EUR 26.26 per share

- 2025-12: EUR 22.62 per share

- 2026-01: EUR 21.00 per share

- 2026-02: EUR 18.36 per share

- 2026-03: EUR 20.55 per share

- 2026-04: EUR 23.06 per share

- 2026-05: EUR 25.09 per share

- 2026-06: EUR 24.31 per share

- 2026-07: EUR 25.32 per share

- 2026-08: EUR 25.28 per share

- 2026-09: EUR 25.66 per share

- 2026-10: EUR 27.53 per share

## Annual estimated value (EUR per share)

- FY2017: low EUR 0.80 per share, central EUR 0.96 per share, high EUR 1.10 per share

- FY2018: low EUR 1.04 per share, central EUR 1.27 per share, high EUR 1.47 per share

- FY2019: low EUR 1.23 per share, central EUR 1.51 per share, high EUR 1.74 per share

- FY2020: low EUR 1.48 per share, central EUR 1.90 per share, high EUR 2.19 per share

- FY2021: low EUR 1.78 per share, central EUR 2.51 per share, high EUR 2.91 per share

- FY2022: low EUR 2.16 per share, central EUR 2.69 per share, high EUR 3.08 per share

- FY2023: low EUR 2.63 per share, central EUR 3.57 per share, high EUR 4.13 per share

- FY2024: low EUR 3.13 per share, central EUR 4.33 per share, high EUR 5.02 per share

- FY2025: low EUR 3.84 per share, central EUR 5.24 per share, high EUR 6.05 per share

- FY2026: low EUR 4.28 per share, central EUR 5.76 per share, high EUR 6.63 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:11.298Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.