OTC · Financial Statements

Medicover AB (publ) (MCVEY) Financial Statements

$16.55 OTC: MCVEY Market Cap $2.50B

Medicover AB (publ) most recently reported annual revenue of $2.4B, net profit of $78.0M. Revenue grew at an average annual rate of 19.0% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Medicover AB (publ): Revenue rose from $497.0M in 2016 to $2.4B in 2025, a change of +378.5% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 3.5% to 6.5%, a shift of +3.0 percentage points; the most recent year shows net profit of $78.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$497.0M$580.0M$672.0M$844.0M$998.0M$1.4B$1.5B$1.7B$2.1B$2.4B
Operating Expenses$480.0M$551.0M$638.0M$798.0M$937.0M$1.2B$1.5B$1.7B$2.0B$2.2B
Operating Profit$18.0M$29.0M$34.0M$47.0M$61.0M$159.0M$55.0M$61.0M$70.0M$156.0M
Operating Margin3.5%5.0%5.0%5.5%6.1%11.6%3.7%3.5%3.4%6.5%
Other Income$-5.0M$-1.0M$-2.0M$-13.0M$-24.0M$-16.0M$-36.0M$-38.0M$-50.0M$-57.0M
Interest$5.0M$5.0M$10.0M$14.0M$18.0M$20.0M$35.0M$51.0M$59.0M$64.0M
Depreciation$23.0M$26.0M$57.0M$74.0M$96.0M$111.0M$162.0M$183.0M$198.0M$215.0M
Profit Before Tax$12.0M$28.0M$32.0M$33.0M$37.0M$144.0M$20.0M$24.0M$20.0M$98.0M
Tax$47.1M$27.9M$23.7M$25.8M$26.8M$25.9M$29.7M$22.0M$27.4M$26.1M
Net Profit$4.0M$19.0M$22.0M$23.0M$26.0M$102.0M$12.0M$18.0M$17.0M$78.0M
EPS$0.05$0.16$0.17$0.17$0.18$0.69$0.08$0.12$0.11$0.51
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$441.0M$462.0M$499.0M$509.0M$528.0M$556.0M$578.0M$597.0M$590.0M$612.0M$624.0M$640.0M
Operating Expenses$422.0M$443.0M$480.0M$488.0M$521.0M$533.0M$542.0M$555.0M$547.0M$577.0M$578.0M$589.0M
Operating Profit$19.0M$19.0M$19.0M$21.0M$7.0M$23.0M$36.0M$42.0M$43.0M$35.0M$47.0M$51.0M
Operating Margin4.2%4.1%3.8%4.2%1.3%4.2%6.2%7.0%7.3%5.8%7.5%8.0%
Interest$14.0M$15.0M$12.0M$14.0M$17.0M$15.0M$15.0M$17.0M$16.0M$16.0M$17.0M$17.0M
Profit Before Tax$1.0M$10.0M$9.0M$8.0M$-7.0M$10.0M$26.0M$25.0M$26.0M$22.0M$29.0M$33.0M
Tax$0$17.3M$25.3M$27.2M$26.8M$28.9M$28.0M$28.0M$27.9M$19.5M$28.0M$28.0M
Net Profit$-1.0M$12.0M$6.0M$6.0M$-4.0M$9.0M$20.0M$19.0M$19.0M$19.0M$22.0M$25.0M
EPS$-0.01$0.07$0.04$0.04$-0.03$0.06$0.13$0.13$0.13$0.12$0.15$0.16

Over the 10 years reported for Medicover AB (publ), borrowings increased from $211.0M in 2016 to $1.4B in 2025, cash stood at $82.0M in the latest year, shareholders' equity was $31.0M, current assets covered current liabilities 0.70 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$420.0M$614.0M$728.0M$1.0B$1.1B$1.7B$1.8B$1.9B$2.1B$2.4B
Current Assets$122.0M$161.0M$189.0M$216.0M$289.0M$552.0M$334.0M$381.0M$447.0M$497.0M
Cash$18.0M$45.0M$38.0M$35.0M$47.0M$82.0M$40.0M$51.0M$70.0M$82.0M
Inventory$26.0M$31.0M$30.0M$37.0M$53.0M$72.0M$58.0M$59.0M$69.0M$67.0M
Receivables$74.0M$98.0M$87.0M$133.0M$138.0M$193.0M$214.0M$246.0M$279.0M$341.0M
Fixed Assets$142.0M$258.0M$282.0M$419.0M$438.0M$647.0M$841.0M$876.0M$976.0M$1.0B
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$0$2.0M$0$2.0M$40.0M$196.0M$9.0M$14.0M$18.0M$6.0M
Other Assets$119.0M$127.0M$150.0M$297.0M$291.0M$372.0M$496.0M$517.0M$524.0M$655.0M
Total Liabilities$321.0M$314.0M$411.0M$663.0M$627.0M$1.1B$1.3B$1.4B$1.6B$1.9B
Current Liabilities$85.0M$124.0M$130.0M$282.0M$228.0M$325.0M$356.0M$501.0M$566.0M$708.0M
Borrowings$211.0M$172.0M$257.0M$452.0M$367.0M$764.0M$940.0M$1.0B$1.2B$1.4B
Other Liabilities$110.0M$142.0M$154.0M$212.0M$260.0M$358.0M$384.0M$409.0M$410.0M$436.0M
Equity$109.0M$27.0M$27.0M$27.0M$30.0M$30.0M$30.0M$31.0M$31.0M$31.0M
Reserves$93.0M$296.0M$313.0M$317.0M$448.0M$518.0M$472.0M$497.0M$465.0M$533.0M

For Medicover AB (publ), operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $186.0M; free cash flow was positive in 9 of 10 years; financing activities used $154.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$26.0M$50.0M$74.0M$87.0M$155.0M$217.0M$170.0M$205.0M$262.0M$344.0M
Investing Cash Flow$-120.0M$-83.0M$-157.0M$-205.0M$-199.0M$-436.0M$-325.0M$-230.0M$-257.0M$-480.0M
Financing Cash Flow$-5.0M$-9.0M$-36.0M$-49.0M$-49.0M$-65.0M$-96.0M$-121.0M$-220.0M$-154.0M
Net Cash Flow$1.0M$27.0M$-7.0M$-4.0M$12.0M$35.0M$-41.0M$10.0M$19.0M$13.0M
Free Cash Flow$-28.0M$21.0M$33.0M$24.0M$83.0M$115.0M$30.0M$95.0M$140.0M$186.0M

Valuation & Return Ratios

MetricValue
PEG Ratio0.45
EV / EBITDA12.44
FCF Yield4.93%
Quick Ratio0.48
Interest Coverage2.69
Return 1Y1.43%
Return 3Y3.26%
Return 5Y—

Medicover AB (publ) (MCVEY) financials — frequently asked questions

What is Medicover AB (publ)'s annual revenue?

Medicover AB (publ) (MCVEY) reported annual revenue of $2.4B in its most recent fiscal year.

What is Medicover AB (publ)'s net profit?

Medicover AB (publ) (MCVEY) reported net profit of $78.0M in its most recent fiscal year.

What is MCVEY EV/EBITDA?

Medicover AB (publ)'s enterprise value to EBITDA (EV/EBITDA) ratio is 12.44.

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