# Castellum AB (CAST.ST)

Canonical: https://gigainvestors.com/s/CAST.ST

Analysis as of: 2026-10-16T07:37:20.133Z. Financial observations: FY2000–FY2025.

Listing currency: SEK. Reporting currency: SEK.

## Verdict

Not a wonderful business

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

Share price: SEK 124.70 per share; close as of 2026-10-15.

Estimated value: low SEK 18.39 per share, central SEK 20.93 per share, high SEK 24.31 per share. Buy at or below the central value SEK 20.93 per share. Valuation as of 2026-10-16T07:37:20.133Z; scenarios are not confidence intervals.

Expected annual return: 4.1% at the stated quote. About 4.1% 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: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 0.36×

Chart: Operating margin; fiscal year observations.

- FY2016: 1.45×

- FY2017: 1.54×

- FY2018: 1.62×

- FY2019: 1.32×

- FY2020: 1.34×

- FY2021: 0.73×

- FY2022: 0.73×

- FY2023: 0.67×

- FY2024: 0.68×

- FY2025: 0.65×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 4.7%

- ROIC, second-lowest year: 3.6%

- Typical minus recent gross margin: 2.7 pp

- Typical gross margin (annual median): 69.7%

- Recent gross margin (lower of latest and 3-year median): 67.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.5%

- ROIC including acquisitions, ten-year median: 1.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.4%

- FY2017: 5.8%

- FY2018: 9.2%

- FY2019: 7.2%

- FY2020: 4.6%

- FY2021: 3.6%

- FY2022: 4.8%

- FY2023: 3.9%

- FY2024: 4.2%

- FY2025: 3.3%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: -4.23×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SEK -22B

- Net income, five-year total: SEK 5.3B

- Return on incremental invested capital: 12.5%

- Working capital / revenue, annual change: -6.7 pp

- Working capital / revenue, change between three-year averages: -41.0 pp

- Working capital / revenue, final three-year average: 11.2%

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

- FY2021: -1.24×

- FY2022: 0.81×

- FY2023: 1.02×

- FY2024: 0.85×

- FY2025: 0.78×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 5.8% vs 3.9%

- Per-share earnings: 18.20 to 1.91 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 10.0%

- Ordinary dilution, 5-year annual growth: 12.2%

- Market cap gain: SEK 24B

- Cumulative retained earnings: SEK 13B

- Diluted shares, 10-year annual growth: 10.0%

- Diluted shares, 5-year annual growth: 12.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -24.6%

- Per-share value change: SEK -16.29

- Per-share value, starting three-year median: SEK 18.20

- Per-share value, ending three-year median: SEK 1.91

- Buybacks concentrated in cheaper years (correlation): 0.30

- Average buyback yield: 1.7%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: SEK 11B

- Cumulative net income, 10 years: SEK 35B

- ROIC, first three-year median: 5.8%

- ROIC, last three-year median: 3.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: SEK 18.20

- FY2017: SEK 20.13

- FY2018: SEK 27.28

- FY2019: SEK 20.68

- FY2020: SEK 20.33

- FY2021: SEK 34.95

- FY2022: SEK 4.48

- FY2023: SEK -23.53

- FY2024: SEK 4.79

- FY2025: SEK 1.91

### accounting: pass

- Sloan accruals: -2.0%

- Receivables to sales index (DSRI): 0.92×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.25×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.12×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 3.5%

- FY2017: 4.3%

- FY2018: 5.4%

- FY2019: 2.1%

- FY2020: 2.4%

- FY2021: 5.2%

- FY2022: -1.4%

- FY2023: -10.3%

- FY2024: -1.2%

- FY2025: -2.0%

## Holders

## Price story

Down 42% since Nov 2021 · "Net Leasing: Negative 184 million, impacted by Northvolt bankruptcy." (finance.yahoo.com, May 2025) · sales +1.3%

Story as of 2026-10-16T10:00:08.973Z; price observation 2026-10-15.

Price needs cash profits to grow 23.8% a year for ten years

### Sales · FY2024–2025

sales +1.3%; source https://filings.xbrl.org/549300GU5OHTR1T5IY68/2029-05-01/ESEF/SE/0/castellum-2022-12-31-sv/reports/castellum-2022-12-31-sv.xhtml; observed 2023-05-09.

- FY2016: SEK 4.5B 

- FY2017: SEK 5.2B 

- FY2018: SEK 5.6B 

- FY2019: SEK 5.8B 

- FY2020: SEK 6.0B 

- FY2021: SEK 8.3B 

- FY2022: SEK 13B 

- FY2023: SEK 9.8B 

- FY2024: SEK 9.5B 

- FY2025: SEK 9.6B 

### Gross margin · FY2025

gross margin 67.3%; source https://filings.xbrl.org/549300GU5OHTR1T5IY68/2029-05-01/ESEF/SE/0/castellum-2022-12-31-sv/reports/castellum-2022-12-31-sv.xhtml; observed 2023-05-09.

- FY2016: 67.0% 

- FY2017: 69.0% 

- FY2018: 70.7% 

- FY2019: 70.3% 

- FY2020: 71.9% 

- FY2021: 75.5% 

- FY2022: 74.6% 

- FY2023: 67.0% 

- FY2024: 66.9% 

- FY2025: 67.3% 

## Owner memo

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

### How it makes money

Operates in real estate development; annual sales are SEK 9.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-09); FY2025: revenue 9593000000; grossProfit 6453000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CAST.ST: Castellum AB (publ) is a Swedish property company that owns, manages, and develops commercial properties in growth cities. As of 30 June 2026, the property value amounted to approximately SEK 134 billion. The company is listed on Nasdaq Stockholm Large Cap and is classified as green under the Green Equity Designation. Castellum is the only Swedish property company included in the Dow Jones Sustainability Indices. Castellum AB (publ) was incorporated in Sweden.

### Why customers stay

Margins ranged from 66.9% to 67.3% during 2023–25; it earns 4.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-09); FY2023: grossProfit / revenue = 67%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-09); FY2024: grossProfit / revenue = 66.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-09); FY2025: grossProfit / revenue = 67.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-09); 10-year return on capital observations [[2016,0.05407189315173599],[2017,0.05831451491268812],[2018,0.09243693408195394],[2019,0.07205200046509361],[2020,0.046270621082388226],[2021,0.03624559003682969],[2022,0.04778550049849834],[2023,0.038810211441483236],[2024,0.04168436430904617],[2025,0.03293090078015272]]; median 0.047028060790443284. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back SEK 39 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-09); FY2016: growth capex 0; upkeep 0; owner earnings 2240000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-09); FY2017: growth capex 0; upkeep 0; owner earnings 2231000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-09); FY2018: growth capex 0; upkeep 0; owner earnings 2467000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-09); FY2019: growth capex 0; upkeep 1974000000; owner earnings 1382800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-09); FY2020: growth capex 0; upkeep 0; owner earnings 2752400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-09); FY2022: growth capex 663798638.5985283; upkeep 166201361.40147173; owner earnings 1425598638.5985284. Growth capex / owner earnings = 0.4656279969873517.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-09); FY2024: growth capex 0; upkeep 96000000; owner earnings 1999200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-09); FY2025: growth capex 0; upkeep 12000000; owner earnings 728000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-09); Dividend observations: [[2016,804000000],[2017,1366000000],[2018,1448000000],[2019,1667000000],[2020,1776000000],[2021,1888000000],[2022,1872000000],[2023,624000000],[2024,351000000],[2025,916000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-09); FY2025: cash repurchases 39000000 SEK.

### Are managers owners

Insiders own 31.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CAST.ST SharesStats.PercentInsiders = 31.157 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 23.8% yearly over ten years; actual decline was 15.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-09); Ten-year compound average after fade. Initial solved rate 0.33500958689487914. Price 124.7; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 7.914740887466775 → FY2025 1.4793680984836477. Closing-price date 2026-10-15.

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

- 2016-11: SEK 102.15 per share

- 2016-12: SEK 104.92 per share

- 2017-01: SEK 101.23 per share

- 2017-02: SEK 102.74 per share

- 2017-03: SEK 99.80 per share

- 2017-04: SEK 101.90 per share

- 2017-05: SEK 108.95 per share

- 2017-06: SEK 103.91 per share

- 2017-07: SEK 105.43 per share

- 2017-08: SEK 104.50 per share

- 2017-09: SEK 107.36 per share

- 2017-10: SEK 112.82 per share

- 2017-11: SEK 113.91 per share

- 2017-12: SEK 116.26 per share

- 2018-01: SEK 114.08 per share

- 2018-02: SEK 110.00 per share

- 2018-03: SEK 114.67 per share

- 2018-04: SEK 119.29 per share

- 2018-05: SEK 118.95 per share

- 2018-06: SEK 121.93 per share

- 2018-07: SEK 133.27 per share

- 2018-08: SEK 138.94 per share

- 2018-09: SEK 133.65 per share

- 2018-10: SEK 132.60 per share

- 2018-11: SEK 133.74 per share

- 2018-12: SEK 137.22 per share

- 2019-01: SEK 143.98 per share

- 2019-02: SEK 141.34 per share

- 2019-03: SEK 151.50 per share

- 2019-04: SEK 143.44 per share

- 2019-05: SEK 151.42 per share

- 2019-06: SEK 149.15 per share

- 2019-07: SEK 165.07 per share

- 2019-08: SEK 175.99 per share

- 2019-09: SEK 177.08 per share

- 2019-10: SEK 165.70 per share

- 2019-11: SEK 172.21 per share

- 2019-12: SEK 184.81 per share

- 2020-01: SEK 198.75 per share

- 2020-02: SEK 185.65 per share

- 2020-03: SEK 141.13 per share

- 2020-04: SEK 144.03 per share

- 2020-05: SEK 148.23 per share

- 2020-06: SEK 146.21 per share

- 2020-07: SEK 157.68 per share

- 2020-08: SEK 148.69 per share

- 2020-09: SEK 171.37 per share

- 2020-10: SEK 155.74 per share

- 2020-11: SEK 178.17 per share

- 2020-12: SEK 175.32 per share

- 2021-01: SEK 168.85 per share

- 2021-02: SEK 165.49 per share

- 2021-03: SEK 161.79 per share

- 2021-04: SEK 173.13 per share

- 2021-05: SEK 180.11 per share

- 2021-06: SEK 182.96 per share

- 2021-07: SEK 202.53 per share

- 2021-08: SEK 211.10 per share

- 2021-09: SEK 180.19 per share

- 2021-10: SEK 191.87 per share

- 2021-11: SEK 213.96 per share

- 2021-12: SEK 204.80 per share

- 2022-01: SEK 183.13 per share

- 2022-02: SEK 177.75 per share

- 2022-03: SEK 195.98 per share

- 2022-04: SEK 164.56 per share

- 2022-05: SEK 159.36 per share

- 2022-06: SEK 110.42 per share

- 2022-07: SEK 136.34 per share

- 2022-08: SEK 126.13 per share

- 2022-09: SEK 105.13 per share

- 2022-10: SEK 106.10 per share

- 2022-11: SEK 107.44 per share

- 2022-12: SEK 106.06 per share

- 2023-01: SEK 119.96 per share

- 2023-02: SEK 112.44 per share

- 2023-03: SEK 101.14 per share

- 2023-04: SEK 104.42 per share

- 2023-05: SEK 101.60 per share

- 2023-06: SEK 102.95 per share

- 2023-07: SEK 119.95 per share

- 2023-08: SEK 117.00 per share

- 2023-09: SEK 111.35 per share

- 2023-10: SEK 106.55 per share

- 2023-11: SEK 128.15 per share

- 2023-12: SEK 143.30 per share

- 2024-01: SEK 135.45 per share

- 2024-02: SEK 124.10 per share

- 2024-03: SEK 140.90 per share

- 2024-04: SEK 133.30 per share

- 2024-05: SEK 130.55 per share

- 2024-06: SEK 129.40 per share

- 2024-07: SEK 134.00 per share

- 2024-08: SEK 140.45 per share

- 2024-09: SEK 148.85 per share

- 2024-10: SEK 132.85 per share

- 2024-11: SEK 129.00 per share

- 2024-12: SEK 120.55 per share

- 2025-01: SEK 120.50 per share

- 2025-02: SEK 119.95 per share

- 2025-03: SEK 110.80 per share

- 2025-04: SEK 117.05 per share

- 2025-05: SEK 119.00 per share

- 2025-06: SEK 124.05 per share

- 2025-07: SEK 111.70 per share

- 2025-08: SEK 107.20 per share

- 2025-09: SEK 106.30 per share

- 2025-10: SEK 107.85 per share

- 2025-11: SEK 107.20 per share

- 2025-12: SEK 106.40 per share

- 2026-01: SEK 110.10 per share

- 2026-02: SEK 120.15 per share

- 2026-03: SEK 108.85 per share

- 2026-04: SEK 117.80 per share

- 2026-05: SEK 125.50 per share

- 2026-06: SEK 127.30 per share

- 2026-07: SEK 133.85 per share

- 2026-08: SEK 131.25 per share

- 2026-09: SEK 124.25 per share

- 2026-10: SEK 120.80 per share

## Annual estimated value (SEK per share)

- FY2016: low SEK 86.30 per share, central SEK 110.75 per share, high SEK 129.33 per share

- FY2017: low SEK 90.29 per share, central SEK 110.97 per share, high SEK 129.36 per share

- FY2018: low SEK 99.18 per share, central SEK 112.79 per share, high SEK 130.91 per share

- FY2019: low SEK 103.23 per share, central SEK 117.43 per share, high SEK 136.34 per share

- FY2020: low SEK 105.26 per share, central SEK 119.75 per share, high SEK 139.05 per share

- FY2021: low SEK 139.99 per share, central SEK 189.30 per share, high SEK 221.33 per share

- FY2022: low SEK 86.25 per share, central SEK 97.93 per share, high SEK 113.48 per share

- FY2023: low SEK 29.11 per share, central SEK 33.78 per share, high SEK 38.69 per share

- FY2024: low SEK 27.99 per share, central SEK 31.23 per share, high SEK 35.54 per share

- FY2025: low SEK 16.17 per share, central SEK 18.40 per share, high SEK 21.37 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

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300GU5OHTR1T5IY68/2029-05-01/ESEF/SE/0/castellum-2022-12-31-sv/reports/castellum-2022-12-31-sv.xhtml); period 2029-05-01, filed 2023-05-09.

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.