Doktor.se shares
Unlisted company
Doktor.se is a hybrid digital and physical healthcare provider offering primary care, vaccinations, and health services through a combination of digital channels and physical clinics. The company was founded in 2016 by Martin Lindman and Svante Tegnér with the ambition of making healthcare more accessible, efficient, and scalable.
Three business areas
The Group's operations are divided into three main areas: Swedish primary care, vaccinations, and international expansion. In primary care, Doktor.se operates healthcare centres in several Swedish regions and offers digital consultations via its app and website, where patients can meet doctors, psychologists, nurses, and physiotherapists. Revenue is generated mainly through regional patient-choice reimbursement schemes within the publicly funded system.
Vaccinations under Doktor24
The vaccination business, operated under the Doktor24 brand, is one of the Group's strongest growth drivers. Doktor.se is Sweden's largest vaccination provider, with more than 90 vaccination units, most of which are located in Apoteket AB pharmacies. Revenue is driven by vaccination volumes from private individuals and businesses.
Germany
Internationally, Doktor.se operates in Germany, where the company runs physical primary care clinics with a growing clinic footprint. The German business is a strategic priority for long-term growth and consolidation.
Growth through acquisitions
Doktor.se grows both organically and through acquisitions, with an explicit strategy to consolidate fragmented primary care markets. The company has completed several acquisitions of healthcare centres and clinics in Sweden and Germany and has an active acquisition pipeline with significant capacity for continued expansion.
Business areas
Swedish primary care
Vaccinations via Doktor24
Primary care clinics in Germany
Revenue model
Regional patient-choice reimbursement
Vaccination volumes, private individuals and businesses
Clinic revenue in Germany
Financial performance
Published 21 September 2026Published figures from the company’s own reports. Amounts in MSEK · change from the previous year
- Cash and bank 2025-12-31
- 426MSEK
- Operating cash flow
- 122MSEK
- Net sales
- 1,843MSEK
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Net sales | 1,843(+14.1 %) | 1,615(+20.4 %) | 1,341(+21.5 %) | 1,104(+31.4 %) |
| Revenue growth | 14.1%(-6.3 pp) | 20.4%(-1.1 pp) | 21.5%(-9.9 pp) | 31.4%(-4,577.1 pp) |
| EBITDA | 161(+4.4 %) | 155(+1,554.3 %) | 9.3 | -147 |
| EBIT | -39 | -74 | -148 | -259 |
| Net income | -102 | -152 | -201 | -290 |
| Equity | 954(+15.5 %) | 826(+5.9 %) | 780(-19 %) | 963(+0.4 %) |
| Cash and bank | 426(+129.5 %) | 186(-36.1 %) | 291(-33.2 %) | 435(-37.7 %) |
| Operating cash flow | 122(+7.3 %) | 114 | -19 | -104 |
Documents and reports
4New share issues
Latest 1An overview of the company’s capital raising.
| Date | Capital raised | Valuation |
|---|---|---|
| SEK 203m | SEK 2bn |
Questions about Doktor.se
Is Doktor.se publicly listed?
No, Doktor.se is a public limited company, but it is not publicly listed. The company has not conducted an IPO, so its shares are not traded on a regulated stock exchange, but rather on the unlisted market.
What does Doktor.se do?
Doktor.se is a Swedish digital healthcare company that offers primary care, vaccinations, and health services through both digital and physical healthcare clinics. The company also operates vaccination units and physical clinics in several markets.
Can I buy shares in Doktor.se?
Yes, it is possible to buy shares in Doktor.se through trading in unlisted shares, provided that there are sellers. Through Eqvor, you can place a buy order and be matched with sellers in the unlisted market.
How do I sell shares in Doktor.se?
If you own shares in Doktor.se, you can place a sell order via Eqvor and be matched with buyers. Once the transaction has been completed, the shares are transferred in accordance with the company’s Euroclear-affiliated custody structure.
Is Doktor.se affiliated with Euroclear?
Yes, Doktor.se is affiliated with Euroclear. This means that the shares are handled within the Swedish securities system and can be delivered to a custody account with any bank or securities firm once the transaction has been completed.
Can I hold Doktor.se shares with Avanza or Nordnet?
Yes, since Doktor.se is affiliated with Euroclear, the shares can normally be held in a securities account with, for example, Avanza or Nordnet, provided that the bank or online broker supports the custody of unlisted shares.
Does Doktor.se have right-of-first-refusal or pre-emption clauses?
Yes, Doktor.se has right-of-first-refusal or pre-emption provisions. This means that share transfers may need to be handled in accordance with specific terms before the shares are sold on to an external buyer.
At what price is the Doktor.se share traded?
Since Doktor.se is not listed on a stock exchange, there is no official share price on a regulated marketplace. Instead, the price is determined by supply and demand among buyers and sellers in the unlisted market.
When will Doktor.se go public?
Doktor.se has been identified as a potential candidate for a stock market listing, and there have been reports of an IPO ambition. However, the exact timing of a listing has not been established here, and any potential IPO depends on the company’s decision, market conditions, and other factors.
What are the risks of investing in Doktor.se?
Investing in Doktor.se involves risk, just like other investments in unlisted shares. The company’s valuation may be affected by healthcare regulations, reimbursement models, regional agreements, competition, acquisitions, profitability, and demand for digital and in-person healthcare. Trading in unlisted shares also typically involves lower liquidity than trading in listed shares.
Where can I find Doktor.se’s annual report?
Doktor.se’s annual report can be found under Investor Relations and Financial Reports. The company’s annual reports and other financial reports are available there for download.
Has Doktor.se carried out any share issues?
Yes, Doktor.se has carried out capital raisings and previous new share issues. Doktor.se Capital raised is stated as SEK 2.3 million, indicating how much capital the company has raised through previous financing.
How much capital has Doktor.se raised in total?
Doktor.se's capital raised is stated as SEK 2.3 billion. An equity raise is a term for raising capital, while terms such as funding round, financing, or share issue are also commonly used.
Has Doktor.se reported a profit or a loss?
Doktor.se reports a negative result in the latest available information. Under Key figures, EBITDA is stated as TSEK 161,378 and Profit/loss for the year as TSEK -101,570. The company’s earnings trend is also shown in the Profit/loss by year chart.