Rankings Tech hardware & optics Detection Technology
Detection Technology
86
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- Margin−5
- China and tariff exposure−5
- Quality of growth−4
Strengths
- Net cash+2
- Insider buying+1
How the score is built
From 100 to 86, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 6.58 EUR
- Median analyst target
- 9.40 EUR
- Upside to median
- +42.9%
- Analysts
- 5
- Target range
- 7.30 – 12.00 EUR
- 52-week change
- −38%
- P/E (trailing)
- 11.2
- Forward P/E
- 11.1
- PEG
- 0.49
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−12 of −30
- −5MarginEBIT margin is 8.8% TTM and EBITA margin only 7.1% in Q2 2026, half of the 15% target. Gross margin has fallen from 48.7% (2021) and 47.6% (2024) to 44.4% TTM. The margin has shown no sustained improvement in five years (5.9–12.8%).
- −4Quality of growthRevenue has gone from EUR 89.8m (2021) to 101.0m (2025), about 3% a year, with a decline of 6% in 2025 and flat TTM (105.3m). The target of at least 10% growth a year has not been reached since 2022. H1 2026 was +9%, but driven solely by medical (+18.5%); security fell.
- −3Moat and competitionThe company is a niche player in X-ray detectors, but management itself mentions price competition, and demand for line scan solutions in China is weak. Chinese producers (e.g. iRay) and Varex compete on price. The fall in gross margin points to weaker pricing power.
Price
Today's multiples against the company's own history and its peers. · 2 findings−3 of −35
- −1Multiples vs own historyTrailing P/E 13.1 vs 20–48 in 2021–2025, forward P/E 11.7 vs 16.7–31.5, EV/Sales 0.89 vs 1.4–4.5 and P/B 1.36 vs 2.1–5.8. Lowest valuation in the entire history, but P/FCF is n/a because of negative FCF.
- −2Peers and earnings qualityVarex Imaging trades at EV/Sales 1.22 and forward P/E 20, Jenoptik at EV/Sales 2.7. DETEC is cheaper (EV approx. EUR 101m with the company's net cash, approx. 0.96x sales), but FCF was −6.0m TTM, so the low multiple rests on accounting earnings that have not been converted to cash.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−11 of −35
- −5China and tariff exposureAPAC accounted for EUR 36.1m of 50.9m (71%) in H1 2026, and the company is building more capacity in Shanghai. Management itself cites geopolitics, new US import tariffs, material shortages and price competition as uncertainties for the outlook.
- −3Inventory build-up and cash flowInventory has risen from EUR 22.8m (2024) to 37.6m at 30/6-2026, and operating cash flow was -4.0m in H1 (+1.9m the year before). Net cash fell from 27.8m (2024) to 8.5m, and the company has taken on new loans while the dividend (4.4m) was paid.
- −2Guidance and analystsThe outlook is only qualitative (growth in Q3 and Q4). 2025 ended with a decline of 6% despite the growth target, and the number of 'strong buy' among the five analysts fell from 3 to 2 in July 2026.
- −1Management change in productionChief Operating Officer Kai Utela, who had been responsible for production and the supply chain globally since 2010, left the company 18/9-2026, in the middle of building new factories in Shanghai and India. He has been replaced internally.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Net cashNet cash is EUR 8.5m as of 30/6-2026 (no net debt in any of the last five years), and Altman Z is 6.2. Declining, but solid.
- +1Insider buyingChairman Antti Vasara bought 3,120 shares at about EUR 9.12 (about EUR 28,500) 2–3/6-2026, and board member Jyrki Vainionpää bought 1,763 shares at EUR 9.12. Small amounts, but purchases on both sides of the board.
Caveats
What the score does not capture, or where the data is weak.
Operating company with profit and net cash, so runway is set to null. Stockanalysis shows EUR 15.8m in cash and no debt as of 30/6, but the company's own report states net cash of only 8.5m (interest-bearing debt about 7.3m after 6.5m in new loans). The company's figures are used. The accounts follow Finnish FAS (goodwill is amortised), and there is a switch to IFRS at year-end, so EBIT/EBITA and stockanalysis' P/E are not fully comparable. TTM EPS (0.57) is above analysts' 2026 estimate (0.52). Ahlström Capital's stake is calculated as 5.28m of 14.66m shares (about 36%); the source states a share of another base. Short data not found (First North Finland). Employee programmes not reviewed. Industry: 'Tech hardware & optics' is the nearest fit (X-ray detectors for CT, security and industry).
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