★ WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES ★
VOL. XCIV, NO. 247
Stock Profile
Elekta AB (publ) (EKTA B) Moat Analysis
Elekta AB (publ)
EKTA B · NASDAQ Stockholm
Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.
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Overview
Elekta AB (publ) supplies radiotherapy systems and oncology software, with FY2025/26 revenue split 55.8% Solutions and 44.2% Service. Reported sales fell 7% but rose 1% in constant currency; impairments and restructuring contributed to a SEK517M net loss. Specialized engineering, clinical validation, regulation and R&D intensity constrain entry in Solutions, while approximately 7,500 installed devices and strong service attachment underpin recurring lifecycle revenue. The prior 2021/22 market-share range was removed because it was stale and converted a point estimate into unsupported bounds. No software lock-in moat is scored: Elekta emphasizes open standards and interoperability and does not disclose retention or switching evidence. Q1 is due August 27. Key risks are public-tender pricing, emerging-market volatility, technological leapfrogging and third-party service competition.
Primary segment
Solutions
Market structure
Oligopoly
Market share
—
HHI: —
Coverage
2 segments · 5 tags
Updated 2026-08-23
Segments
Solutions
Radiotherapy treatment delivery systems and oncology software solutions (linacs, MR-Linacs, stereotactic radiosurgery, treatment planning & oncology information systems)
Revenue
55.8%
Structure
Oligopoly
Pricing
moderate
Share
—
Peers
Service
Maintenance, service contracts, upgrades, and software/license support for Elekta-installed radiotherapy systems
Revenue
44.2%
Structure
Oligopoly
Pricing
moderate
Share
—
Peers
Moat Claims
Solutions
Radiotherapy treatment delivery systems and oncology software solutions (linacs, MR-Linacs, stereotactic radiosurgery, treatment planning & oncology information systems)
Revenue share computed from the FY2025/26 annual report: Solutions SEK 9,325M of total SEK 16,718M. The report says Elekta Evo cleared its last major regulatory hurdle with U.S. FDA approval during the year.
Capex Knowhow Scale
Supply
Capex Knowhow Scale
Strength
Durability
Confidence
Evidence
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.
Capex Knowhow Scale moat: definition, examples, and stocks
Erosion risks
- Technological leapfrogging by large competitors
- Hospital capex deferrals and pricing pressure in tenders
- Component shortages or manufacturing disruptions
Leading indicators
- Order intake growth (Solutions)
- New platform launch cadence (linacs/MR-Linacs)
- Solutions gross margin trend
Counterarguments
- Large peers can match or exceed R&D and manufacturing scale
- Differentiation can be episodic as features diffuse across vendors
Service
Maintenance, service contracts, upgrades, and software/license support for Elekta-installed radiotherapy systems
Revenue share computed from the FY2025/26 annual report: Service SEK 7,393M of total SEK 16,718M. The new report confirms approximately 7,500 installed devices, high service-contract attachment, and service revenue growing faster than the installed base.
Installed Base Consumables
Demand
Installed Base Consumables
Strength
Durability
Confidence
Evidence
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.
Installed Base Consumables moat: definition, examples, and stocks
Erosion risks
- Independent service organizations expanding capabilities
- Renewal price pressure and customer insourcing
- Remote/AI diagnostics lowering differentiation in service delivery
Leading indicators
- Service revenue growth rate
- Service gross margin and attach rate (if disclosed)
- Installed base size and upgrade penetration
Counterarguments
- Some customers can use third-party maintenance for older equipment
- Service margins can compress as contracts rebid or standardized
Evidence
The competitive landscape in radiotherapy is characterized by a limited number of global companies operating in this highly specialized field.
The report identifies Siemens Healthineers/Varian as the main comprehensive competitor and lists several focused competitors.
Costs related to the R&D function amounted to SEK 2,633 M (2,676)
Equivalent to 15.8% of FY2025/26 revenue, this quantifies the sustained investment required to compete across hardware and software platforms.
Service attachment to the installed base remains strong and supports high system availability and customer trust.
The filing reports approximately 7,500 installed devices and says Service supplied 44% of net sales.
a largely recurring revenue stream that is growing faster than the installed base
Current management disclosure directly links Elekta Care to recurring revenue beyond new-device growth.
Risks & Indicators
Erosion risks
- Technological leapfrogging by large competitors
- Hospital capex deferrals and pricing pressure in tenders
- Component shortages or manufacturing disruptions
- Independent service organizations expanding capabilities
- Renewal price pressure and customer insourcing
- Remote/AI diagnostics lowering differentiation in service delivery
Leading indicators
- Order intake growth (Solutions)
- New platform launch cadence (linacs/MR-Linacs)
- Solutions gross margin trend
- Service revenue growth rate
- Service gross margin and attach rate (if disclosed)
- Installed base size and upgrade penetration
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