Bulten stock closed at SEK77.4 on Thursday after a strong three‑month run, with the share up about 56% over 90 days. Yet Q3 2026 earnings tell a more uncomfortable story for anyone thinking beyond the next session.
The quarter delivered SEK831m in sales and SEK1.00 in basic earnings per share, but the real headline sits in profitability. Trailing net margin is just 0.4% and the trailing P/E multiple sits at 77.4x, far above European auto components peers. This contrast puts the recent rally at odds with the pressure in the underlying business.
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Q3 2026 Earnings Summary
- Revenue (Q3 2026 vs. Q3 2025): SEK 831 million vs. SEK 590 million (up about 41%).
- Net Income from Continuing Operations (Q3 2026 vs. Q3 2025): SEK 21 million vs. a loss of SEK 3 million (swing to profit).
- Basic EPS (Q3 2026 vs. Q3 2025): SEK 1.00 vs. a loss of SEK 0.14 (return to positive earnings per share).
- EBIT Margin, Continuing Operations (Q3 2026): EBIT of SEK 67 million on net sales of SEK 831 million, corresponding to an 8.1% margin, which management described as improving sequentially.
If you prefer clear, visual charts instead of dense tables of earnings and raw figures, explore a complete view of Bulten’s valuation in our easy-to-scan company report for Bulten.
Bulten earnings, early signs for the optimists
Bullish investors in Bulten will point straight at the income statement. Net sales of SEK 831 million from continuing operations and EBIT of SEK 67 million mean an 8.1% margin that management describes as rising quarter by quarter. That improvement, combined with a shift toward less capital intensive distribution and higher margin verticals such as AI infrastructure and consumer electronics, supports the idea of a more resilient business model. Cash proceeds of about SEK 545 million expected in Q4 would further support a cleaner balance sheet and more flexibility.
Profit rebuild at Bulten still faces real tests
The cautious view still has weight. Reported revenue growth partly reflects easy comparisons after last year’s major customer cyberattack, so underlying demand appears less strong than the headline suggests. Equity has taken a sizeable hit from discontinued operations, and execution risk remains around the carve out, IT separation and the India ramp up. A large automotive client continues to weigh on mix, keeping profitability constrained while that lower margin exposure remains high. The unexpected CFO resignation in October also adds another layer of uncertainty around the next phase of the plan.
When margins are this thin and execution depends on clean carve outs, IT migration and leadership stability, it helps to know whether the visible issues are the whole story or just the first cracks. Review the full risk analysis for Bulten which shows 3 important warning signs
Hunt For Mispriced Earnings Power
Bulten shows how a strong share run can sit awkwardly against tight margins and unresolved execution questions. The real opportunity is spotting stocks that could be undervalued before improving fundamentals fully flow through.
- Company 1 - 29% below our estimate - uses a swelling defence and aerospace order backlog to fill expanded plants and lift utilisation.
- Company 2 - 38% below our estimate - turns a record turbine and service backlog into long-lived contracts that feed recurring maintenance work.
- Company 3 - 49% below our estimate - folds newly acquired mines and a green smelter expansion into one supply chain for low carbon metals.
Three companies from the same screener. Open all 195 potentially undervalued companies →
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