NOTE Balance Sheet Health

Financial Health criteria checks 5/6

NOTE has a total shareholder equity of SEK1.5B and total debt of SEK489.0M, which brings its debt-to-equity ratio to 32%. Its total assets and total liabilities are SEK3.1B and SEK1.6B respectively. NOTE's EBIT is SEK366.1M making its interest coverage ratio 15.9. It has cash and short-term investments of SEK372.0M.

Key information

32.04%

Debt to equity ratio

SEK 489.00m

Debt

Interest coverage ratio	15.9x
Cash	SEK 372.00m
Equity	SEK 1.53b
Total liabilities	SEK 1.59b
Total assets	SEK 3.12b

Recent financial health updates

Recent updates

Results: NOTE AB (publ) Exceeded Expectations And The Consensus Has Updated Its Estimates

Jul 18

There May Be Some Bright Spots In NOTE's (STO:NOTE) Earnings

May 02

NOTE AB (publ)'s (STO:NOTE) Price Is Out Of Tune With Earnings

Mar 19

Strong Cash Flow Will Support Potential Investments In EV Charger Market

Feb 12 Stabilization of demand and cost realignment may increase net margins as volumes improve, supporting capacity building and future revenue growth.

Some May Be Optimistic About NOTE's (STO:NOTE) Earnings

Oct 22

Earnings Working Against NOTE AB (publ)'s (STO:NOTE) Share Price

Oct 15

NOTE (STO:NOTE) Has A Pretty Healthy Balance Sheet

Sep 20

Does NOTE (STO:NOTE) Deserve A Spot On Your Watchlist?

Mar 15

Returns on Capital Paint A Bright Future For NOTE (STO:NOTE)

Jan 30

Do NOTE's (STO:NOTE) Earnings Warrant Your Attention?

Dec 09

Should You Be Adding NOTE (STO:NOTE) To Your Watchlist Today?

Oct 31

Here's Why We Think NOTE (STO:NOTE) Might Deserve Your Attention Today

Jun 17

Is NOTE (STO:NOTE) Using Too Much Debt?

Feb 01

Capital Investments At NOTE (STO:NOTE) Point To A Promising Future

Sep 01

Is Now The Time To Put NOTE (STO:NOTE) On Your Watchlist?

Aug 04

Is NOTE (STO:NOTE) Using Too Much Debt?

Jul 15

Financial Position Analysis

Short Term Liabilities: NOTE's short term assets (SEK2.2B) exceed its short term liabilities (SEK1.3B).

Long Term Liabilities: NOTE's short term assets (SEK2.2B) exceed its long term liabilities (SEK323.0M).

Debt to Equity History and Analysis

Debt Level: NOTE's net debt to equity ratio (7.7%) is considered satisfactory.

Reducing Debt: NOTE's debt to equity ratio has increased from 31.5% to 32% over the past 5 years.

Debt Coverage: NOTE's debt is well covered by operating cash flow (128.1%).

Interest Coverage: NOTE's interest payments on its debt are well covered by EBIT (15.9x coverage).

Balance Sheet

Discover healthy companies

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/08/01 00:30
End of Day Share Price	2025/08/01 00:00
Earnings	2025/06/30
Annual Earnings	2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

NOTE AB (publ) is covered by 4 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Fredrik Agardh	Handelsbanken Capital Markets
Anders Akerblom	Nordea Markets
Michael Latimore	Northland Capital Markets

NOTE Balance Sheet Health

Financial Health criteria checks 5/6

Key information

Recent financial health updates

NOTE (STO:NOTE) Has A Pretty Healthy Balance Sheet

Is NOTE (STO:NOTE) Using Too Much Debt?

Is NOTE (STO:NOTE) Using Too Much Debt?

Recent updates

Results: NOTE AB (publ) Exceeded Expectations And The Consensus Has Updated Its Estimates

First quarter 2025 earnings: EPS misses analyst expectations

Price target increased by 9.5% to kr168

Now 26% overvalued after recent price rise

Price target decreased by 18% to kr157

Now 21% overvalued after recent price rise

Now 21% overvalued after recent price rise

There May Be Some Bright Spots In NOTE's (STO:NOTE) Earnings

Independent Director recently bought kr125k worth of stock

First quarter 2025 earnings: EPS misses analyst expectations

Upcoming dividend of kr7.00 per share

Price target increased by 27% to kr190

Now 21% overvalued after recent price rise

NOTE AB (publ)'s (STO:NOTE) Price Is Out Of Tune With Earnings

Now 22% overvalued after recent price rise

NOTE AB (publ) Proposes Dividend, Payable on 2 May 2025

New minor risk - Insider selling

Strong Cash Flow Will Support Potential Investments In EV Charger Market

NOTE AB (publ) to Report Fiscal Year 2024 Final Results on Mar 21, 2025

Full year 2024 earnings: Revenues and EPS in line with analyst expectations

Director recently bought kr600k worth of stock

CEO & President recently bought kr133k worth of stock

NOTE AB (publ) to Report Q2, 2025 Results on Jul 14, 2025

CEO & President recently bought kr505k worth of stock

Some May Be Optimistic About NOTE's (STO:NOTE) Earnings

Earnings Working Against NOTE AB (publ)'s (STO:NOTE) Share Price

Third quarter 2024 earnings: EPS and revenues exceed analyst expectations

NOTE (STO:NOTE) Has A Pretty Healthy Balance Sheet

CEO & President recently sold kr5.0m worth of stock

Independent Director recently bought kr250k worth of stock

CEO & President recently sold kr1.8m worth of stock

Second quarter 2024 earnings released: EPS: kr2.35 (vs kr2.73 in 2Q 2023)

NOTE AB (publ) to Report Fiscal Year 2024 Results on Jan 27, 2025

Director recently sold kr110m worth of stock

CEO & President recently sold kr2.6m worth of stock

First quarter 2024 earnings released: EPS: kr2.21 (vs kr2.93 in 1Q 2023)

NOTE AB (publ) to Report Nine Months, 2024 Results on Oct 15, 2024

Does NOTE (STO:NOTE) Deserve A Spot On Your Watchlist?

Less than half of directors are independent

Full year 2023 earnings released: EPS: kr11.04 (vs kr8.79 in FY 2022)

Returns on Capital Paint A Bright Future For NOTE (STO:NOTE)

NOTE AB (publ) Adjusts the Guidance for the Full Year 2023

Do NOTE's (STO:NOTE) Earnings Warrant Your Attention?

Director recently bought kr37m worth of stock

CEO & President recently sold kr7.9m worth of stock

NOTE AB (publ), Annual General Meeting, Apr 18, 2024

Third quarter 2023 earnings released: EPS: kr2.24 (vs kr1.38 in 3Q 2022)

NOTE AB (publ) to Report Q1, 2024 Results on Apr 18, 2024

NOTE AB (publ) to Report Fiscal Year 2023 Results on Jan 29, 2024

Director recently bought kr513k worth of stock

Director recently bought kr2.3m worth of stock

Second quarter 2023 earnings released: EPS: kr2.73 (vs kr2.04 in 2Q 2022)

Investor sentiment deteriorates as stock falls 20%

NOTE AB (publ) acquired Dvr Limited from Hellings family for £9 million.

Employee Representative Director recently sold kr144k worth of stock

CEO & President recently bought kr999k worth of stock

First quarter 2023 earnings released: EPS: kr2.93 (vs kr1.95 in 1Q 2022)

An unknown buyer acquired a 4% stake in NOTE AB (publ) from Johannes Lind-Widestam for SEK 4.4 million.

Full year 2022 earnings released: EPS: kr8.79 (vs kr6.79 in FY 2021)

NOTE AB (publ) to Report Q2, 2023 Results on Jul 13, 2023

Note AB (Publ) Provides Sales Guidance for the Full Year of 2023

Insufficient new directors

Should You Be Adding NOTE (STO:NOTE) To Your Watchlist Today?

NOTE AB (publ) to Report Q1, 2023 Results on Apr 19, 2023

Third quarter 2022 earnings released: EPS: kr1.38 (vs kr1.68 in 3Q 2021)

NOTE AB (publ) to Report Fiscal Year 2022 Results on Jan 27, 2023

Second quarter 2022 earnings released: EPS: kr2.04 (vs kr1.65 in 2Q 2021)

Here's Why We Think NOTE (STO:NOTE) Might Deserve Your Attention Today

Insufficient new directors

Director recently bought kr1.1m worth of stock

Insufficient new directors

Is NOTE (STO:NOTE) Using Too Much Debt?