Elekta AB (publ) EKTA B
NASDAQ StockholmMedical devicesFinancials to Jul 31, 2026 · Updated Oct 6, 2026
Moat ranks
Balance sheet
| SEK B | Apr 30 | Jul 31 |
|---|---|---|
| Cash | 3.2 | 2.3 |
| Securities | 0.2 | 0.0 |
| Debt | 6.3 | 5.8 |
| Net cash | -2.9 | -3.5 |
| Equity | 7.1 | 7.6 |
- Debt / EBITDA
- 3.50×
- Debt / equity
- 0.77×
- Leases (7/31/26)
- SEK 997M
- Diluted shares
- 382M
- Book value / share
- SEK 19.79
- Price / book
- 2.7×
- Net cash / share
- −SEK 9.23
- Market cap
- SEK 20.2B
- Enterprise value
- SEK 23.8B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | -3.0% | +1.7 pts | |
| Operating margin | 11.2% | +5.2 pts | |
| FCF margin | -5.9% | +4.0 pts | |
| Capex / revenue | 5.9% | -1.7 pts | |
| Solutions revenue | SEK 1.6B | -10% | |
| Solutions revenue in constant currency growth | -9% | -10 pts | |
| Service revenue | SEK 1.9B | +4% | |
| Service revenue in constant currency growth | +5% | +1 pts | |
| Gross order intake | SEK 3.9B | +2% |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About EKTA B
Elekta sells radiation treatment equipment and oncology software to hospitals and cancer centers. Solutions supplied 56% of FY2025/26 sales and Service 44%.
- Capex Knowhow Scale
Radiotherapy systems require specialized engineering, clinical validation, regulatory clearance and sustained R&D at global scale.
- Installed Base Consumables
Maintenance, support, upgrades and software licenses recur around approximately 7,500 installed devices.
- Sep 27, 2026
Elekta introduced online adaptive workflows for Harmony and real-time prostate brachytherapy planning, extending adaptive treatment across its portfolio. Regulatory availability still differs by country.
- Jul 31, 2026 · One-off benefit +SEK 53M
A refund of US tariffs raised operating profit by SEK 53 million. It improves this quarter but does not establish recurring pricing power.
- Jun 17, 2026
Elekta set FY2026/27 sales growth guidance of 2-4% in constant currency and an adjusted EBIT margin of 12.5-13.5%, tying the recovery to service mix, price increases and lower costs.
- Jan 15, 2026
The FDA cleared Elekta Evo through 510(k), allowing Elekta to compete for US linac replacements with AI-assisted imaging and adaptive treatment workflows.
- Sep 1, 2025
Jakob Just-Bomholt became CEO, bringing a new operating approach after the leadership transition. Founder Laurent Leksell remains chair and controls 30.23% of votes through his disclosed holdings and related parties.
Ownership
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On this page
Financial record
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM | Trend | Change 2017–26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share (SEK) | |||||||||||||
| Revenue | 28.07 | 30.29 | 35.48 | 38.22 | 36.02 | 38.08 | 44.12 | 47.42 | 47.15 | 43.74 | 43.45 | +5.1%/yr | |
| Cash flow | 4.77 | 6.29 | 4.24 | 2.65 | 6.68 | 4.86 | 5.14 | 6.44 | 6.87 | 6.45 | 6.67 | +3.4%/yr | |
| Earnings | 0.33 | 3.53 | 3.14 | 2.84 | 3.28 | 3.02 | 2.47 | 3.41 | 0.62 | -1.36 | -0.94 | – | |
| Free cash flow | 2.74 | 4.06 | 2.52 | 0.66 | 4.46 | 1.18 | 1.05 | 2.14 | 2.76 | 3.64 | 4.04 | +3.2%/yr | |
| Capex | 2.03 | 2.24 | 1.73 | 1.99 | 2.21 | 3.69 | 4.09 | 4.30 | 4.11 | 2.80 | 2.63 | +3.7%/yr | |
| Dividends | 0.50 | 1.00 | 1.40 | 1.80 | 1.80 | 2.20 | 2.40 | 2.40 | 2.40 | 2.40 | 2.40 | +19.0%/yr | |
| Book value | 14.59 | 18.29 | 20.36 | 21.23 | 21.45 | 23.33 | 25.44 | 28.20 | 23.04 | 18.57 | 19.79 | +2.7%/yr | |
| Diluted shares (M) | 381 | 382 | 382 | 382 | 382 | 382 | 382 | 382 | 382 | 382 | 382 | +0.0%/yr | |
| Totals (SEK B) | |||||||||||||
| Revenue | 10.7 | 11.6 | 13.6 | 14.6 | 13.8 | 14.5 | 16.9 | 18.1 | 18.0 | 16.7 | 16.6 | +5.1%/yr | |
| Operating income | 0.6 | 1.8 | 1.7 | 1.7 | 1.9 | 1.6 | 1.4 | 2.0 | 0.9 | 0.2 | 0.4 | -9.9%/yr | |
| Net income | 0.1 | 1.3 | 1.2 | 1.1 | 1.3 | 1.2 | 0.9 | 1.3 | 0.2 | -0.5 | -0.4 | – | |
| Free cash flow | 1.0 | 1.6 | 1.0 | 0.3 | 1.7 | 0.5 | 0.4 | 0.8 | 1.1 | 1.4 | 1.5 | +3.2%/yr | |
| Buybacks | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | – | |
| Dividends | 0.2 | 0.4 | 0.5 | 0.7 | 0.7 | 0.8 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | +19.0%/yr | |
| Net cash | -1.9 | -0.8 | -0.4 | -1.6 | -0.8 | -1.5 | -2.4 | -2.7 | -3.4 | -2.9 | -3.5 | −SEK 1.0B | |
| Margins & returns (%) | |||||||||||||
| Gross margin | 41.1 | 43.7 | 41.9 | 42.0 | 40.8 | 37.4 | 37.6 | 37.4 | 37.4 | 37.4 | 38.6 | -3.8 pts | |
| Operating margin | 5.6 | 15.9 | 12.5 | 11.3 | 13.8 | 11.3 | 8.5 | 11.3 | 4.9 | 1.4 | 2.5 | -4.2 pts | |
| Net margin | 1.2 | 11.6 | 8.8 | 7.4 | 9.1 | 7.9 | 5.6 | 7.2 | 1.3 | -3.1 | -2.2 | -4.3 pts | |
| FCF margin | 9.8 | 13.4 | 7.1 | 1.7 | 12.4 | 3.1 | 2.4 | 4.5 | 5.9 | 8.3 | 9.3 | -1.4 pts | |
| ROIC | 6.4 | 18.8 | 16.4 | 13.5 | 16.9 | 12.5 | 9.4 | 12.1 | 5.8 | 1.9 | 2.9 | -4.5 pts | |
| Return on equity | 2.2 | 19.3 | 15.4 | 13.4 | 15.3 | 12.9 | 9.7 | 12.1 | 2.7 | -7.3 | -4.8 | -9.6 pts | |
| R&D % of revenue | 9.7 | 9.5 | 11.7 | 11.3 | 10.8 | 9.4 | 8.4 | 7.7 | 14.9 | 15.7 | 16.0 | +6.0 pts | |
| Stock pay % of revenue | 0.1 | 0.0 | 0.1 | -0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | -0.0 | – | -0.1 pts | |
| Capex % of revenue | 7.2 | 7.4 | 4.9 | 5.2 | 6.1 | 9.7 | 9.3 | 9.1 | 8.7 | 6.4 | 6.1 | -0.8 pts | |
Change uses 2017 and 2026 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2017 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Oligopoly
- Durability
- durable
- Trajectory
- stable
- Pricing power
- moderate
- Solutions55.8%1 claim
- Service44.2%1 claim
Moat claims
- Applies to
- Solutions
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
Radiotherapy systems require specialized engineering, clinical validation, regulatory clearance and sustained R&D at global scale. These barriers narrow the viable supplier set, although Siemens Healthineers/Varian and focused specialists remain capable rivals.
Evo is winning replacement orders and group book-to-bill reached 1.11, but Solutions sales fell 9% in constant currency in Q1 FY2026/27 and repeated development write-downs limit evidence that the engineering advantage is widening.
- Solutions revenueSEK 1.6B-10%
- Solutions revenue in constant currency growth-9%
- Gross order intakeSEK 3.9B+2%
- Book-to-bill1+6%
- R&D spending before capitalizationSEK 450M-9%
- Capitalized R&DSEK 174M-24%
- Technological leapfrogging by large competitors
- Hospital capex deferrals and pricing pressure in tenders
- Component shortages or manufacturing disruptions
- SourceFDA 510(k) clearance K252188 for Elekta Evo and related EMLA systemsJan 15, 2026
- SourceElekta Annual Report 2025/26 - Market overviewJul 3, 2026
- SourceElekta Annual Report 2025/26 - Reported and gross R&D expenditureJul 3, 2026
- Applies to
- Service
- Confidence
- Durability
- durable
- Trajectory
- wideningas of Oct 6, 2026
Maintenance, support, upgrades and software licenses recur around approximately 7,500 installed devices. High OEM service attachment supports durable lifecycle revenue, but the undisclosed attach rate and third-party alternatives cap confidence.
Service sales rose 5% in constant currency in Q1 FY2026/27 despite a flat installed device count of about 7,500 at the last year-end, indicating more revenue from the installed base; renewal and attach-rate figures are still missing.
- Service revenueSEK 1.9B+4%
- Service revenue in constant currency growth+5%
- Gross order intakeSEK 3.9B+2%
- Installed treatment devices~7,5000%
- SaaS share of oncology software orders23.0%
- Independent service organizations expanding capabilities
- Renewal price pressure and customer insourcing
- Remote/AI diagnostics lowering differentiation in service delivery
- SourceElekta Annual Report 2025/26 - Installed base and service attachmentJul 3, 2026
- SourceElekta Annual Report 2025/26 - Elekta CareJul 3, 2026
- NewsElekta Q1 FY2026/27 resultsAug 27, 2026
Profile change log
- Oct 6, 2026 · analyst revision
The service moat is widening on reported constant-currency growth above a flat installed base; the engineering moat remains stable amid weak Solutions sales and repeated development write-downs. Industry changed from Medical instruments and supplies to Medical devices because treatment equipment is the largest business. Research now includes a sourced debate, management, end-market conditions and corrected R&D and FDA descriptions.
- Oct 6, 2026 · business change
Elekta introduced online adaptive workflows for Harmony and real-time prostate brachytherapy planning, extending adaptive treatment across its portfolio. Regulatory availability still differs by country.
- Oct 6, 2026 · business change
Elekta set FY2026/27 sales growth guidance of 2-4% in constant currency and an adjusted EBIT margin of 12.5-13.5%, tying the recovery to service mix, price increases and lower costs.
- Oct 6, 2026 · business change
The FDA cleared Elekta Evo through 510(k), allowing Elekta to compete for US linac replacements with AI-assisted imaging and adaptive treatment workflows.
- Oct 6, 2026 · business change
Jakob Just-Bomholt became CEO, bringing a new operating approach after the leadership transition. Founder Laurent Leksell remains chair and controls 30.23% of votes through his disclosed holdings and related parties.
Industry & peers
Peer map
Peers appear on the map as their numbers are collected.
Global radiotherapy equipment, software and lifecycle services
Treatment delivery equipment for external-beam radiation, radiosurgery and brachytherapy, with treatment-planning and oncology information software, upgrades and lifecycle services. Excludes drugs, hospital treatment fees, standalone diagnostic imaging and general hospital information systems.
- Siemens Healthineers / Varian
- Elekta
- Accuray
- RaySearch Laboratories
- United Imaging Healthcare
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| EKTA B | 78 | 38.6% | 2.5% | |
| Industry median | 14 | 75 | 52.5% | 12.9% |
| Sector median | 55 | 76 | 61.5% | 17.0% |
| All stocks median | 398 | 76 | 52.9% | 19.6% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Cancer prevalence and unmet treatment capacity create long-term demand with low sensitivity to the consumer cycle; equipment purchases still depend on funded hospital capacity.
- Replacement cycles in mature markets support recurring orders and upgrades. About 1,000 European linacs are due for replacement over three years in Elekta’s estimate.
- Adaptive radiation, better imaging and automated planning can improve throughput and treatment precision, supporting software and equipment upgrades when clinics can justify their cost.
- Maintenance, parts, upgrades and cloud software generate repeat spending from the installed base even when new hospital investment slows.
- Reimbursement and regulatory clearance have strong effects on access: US Evo clearance opened sales in January 2026, while adoption still depends on approved indications, local payment and clinical capacity.
- Hospital financing and public budgets have medium-to-high effects on equipment demand. Higher financing costs, tight budgets and lengthy tender approvals can defer orders and installation while patients still need treatment.
- Procurement regulation and geopolitics have high effects in some regions. China’s anti-corruption campaign delayed capital decisions; local supplier preference and conflict can shift orders and payment risk.
- Foreign exchange has a high effect on reported Swedish-krona revenue and profit. Elekta mainly earns revenue in USD, EUR and CNY and incurs much of its cost in GBP, EUR and USD; hedges soften but do not remove this mismatch.
- Tariffs, specialized components and manufacturing costs can materially change margins. A refund can improve one quarter without proving sustained price gains; shortages can delay delivery and service.
- Clinical innovation does not guarantee supplier returns. Varian and focused rivals compete for replacement systems and software; failed development, cybersecurity incidents, product reliability and inadequate clinical staffing can reduce adoption or renewal.
Bulls & bears
Can Elekta turn Evo replacement wins and recurring Service revenue into durable cash earnings while cutting development failures, despite hospital budget pressure and Varian competition?
Arguments
What to watch
- 1Solutions and Service revenue in constant currency, gross orders and book-to-bill
- 2Gross R&D spending, capitalization, recurring development write-downs and new-platform orders
- 3Operating cash flow after working capital, total cash investment, debt and dividends
Next check: Q2 FY2026/27 results on November 25, 2026. Check whether Evo orders become deliveries, service growth persists and profit holds without tariff refunds. The date is confirmed in Elekta’s financial calendar.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 5, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 78/100 by <a href="https://www.findmymoat.com/stocks/XSTO:EKTA%20B">Find My Moat</a> (as of September 2026)Request update
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