SkiStar (OM:SKIS B) Stock Price Near Highs After Record Margins

SkiStar stock walked into today’s numbers already near recent highs after a steady grind higher over the past quarter. The headline was simple but powerful. The company delivered record underlying operating profit around SEK 870m and an operating margin of roughly 17.5%, supported by about SEK 1.2b in free cash flow.

That level of profitability from a capital intensive mountain resort operator is not trivial. The question for investors now is whether a share price near SEK 163.9 and a P/E of 20.5x already reflects this earnings strength or still underestimates it.

Is SkiStar’s record underlying profit already fully priced in at a 20.5x P/E, or is the market still misreading the earnings power here? Compare that premium multiple against a full cash flow view on our valuation analysis for SkiStar

Q4 2026 Earnings Summary

• Revenue, Q4 2026 vs. Q4 2025: SEK 296m vs. SEK 230.7m (up about 28%)
• Net Income, Q4 2026 vs. Q4 2025: loss of SEK 225m vs. loss of SEK 262.2m (loss narrowed roughly 14%)
• Basic EPS, Q4 2026 vs. Q4 2025: loss of SEK 2.87 per share vs. loss of SEK 3.35 per share (per share loss improved about 14%)
• Underlying Operating Profit Margin, FY 2025/26 vs. FY 2024/25: about 17.5% vs. a lower level in the prior year that was not quantified (margin supported by roughly SEK 870m operating profit)

Prefer clean charts instead of a dense wall of earnings tables and footnotes? Get a full visual snapshot of SkiStar’s profitability profile in our company report for SkiStar.

SkiStar bull story meets real margin progress

Bulls argue SkiStar’s year round push and heavy spend on lifts, beds and snow systems should convert into stronger, more resilient earnings. The latest year goes a fair way toward that claim. Net sales of about SEK 4.9b, excluding exploitation, rose faster than operating profit, and the underlying operating margin reached roughly 17.5%, close to the 18% ambition management repeats. Q4 summer revenue climbed 29% with all streams contributing, which backs the idea that the Activity Pass and summer products are gaining traction rather than just filling a marketing slide. Investments in snow production and capacity are not only being talked about, they are paired with an expanded snow guarantee and higher SkiPass and lodging prices that have held. Record underlying operating profit and roughly SEK 1.2b in free cash flow show these projects currently fund themselves rather than strain the balance sheet.

Bear worries on weather, capex and retail execution

Bears focus on weather risk, capital intensity and patchy retail and digital execution. The report gives them mixed evidence. On one hand, heavy capex continues, with spending guided at about 12 to 13% of revenue again, and management leaning harder into snow production just to manage volatility in winter conditions. That supports the view that weather remains a structural headwind, not a solved issue. SkiStarshop also underlines execution risk. Sales grew and online channels now account for roughly half of retail and rental, yet the segment loss widened from SEK 17m to SEK 25m after equipment timing and a bike write off. That shows scale is not yet translating into clear profitability. Concerns around uneven quarterly earnings remain relevant as Q4 still reports a net loss, even if the loss narrowed. Strong cash, low net debt and higher dividends partly offset these worries but do not erase them.

After a summer quarter that still prints a net loss and a retail arm that sells more yet loses more, it is fair to ask whether SkiStar’s execution issues and unstable dividend profile are isolated headaches or early clues of deeper fragility. Review our independent risk analysis for SkiStar which shows 1 important warning sign

Own Your Next SkiStar Move

If SkiStar’s record underlying profit and 20.5x P/E have your attention, register for free with Simply Wall St and add it to a Watchlist to track share price against fair value so you can spot a potential entry that matches your view. Once you are invested, use the Portfolio Command Center to cut through noise and focus on the essential updates that matter for your holdings. For the longer haul, tap into the Community to see how other investors are thinking about weather risk, capex and earnings quality. By surfacing fresh catalysts and potential red flags early, you give yourself a better chance to react before the wider market moves.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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