Avensia AB (AVEN) AI Stock Analysis

• Market Cap: kr260.61M
• Dividend Yield: 5.95%
• Average Volume (3M): 7.32K
• Price to Earnings (P/E): 14.5
• Beta (1Y): 0.29
• Revenue Growth: 4.24%
• EPS Growth: 44.03%
• Country: SE
• Employees: 314
• Sector: Technology
• Sector Strength: 88
• Industry: Information Technology Services
• EPS (TTM): -0.03
• Shares Outstanding: 37,123,250
• 10 Day Avg. Volume: 5,013
• 30 Day Avg. Volume: 7,324
• PEG Ratio: 0.50
• Price to Book (P/B): 7.28
• Price to Sales (P/S): 0.74
• P/FCF Ratio: 7.66
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.98
• Revenue Forecast (FY): kr412.30M

• Rating: 61 Neutral
• Price Target: kr7.50 ▼(-11.76% Downside)
• Action: Reiterated Date: 02/19/26
• Date: Action: Reiterated 02/19/26

The score is primarily supported by improving profitability and strong cash conversion, alongside a favorable valuation (moderate P/E and high dividend yield). These positives are tempered by weak 2025 revenue trends, elevated leverage on the balance sheet, and clearly bearish technical momentum.

Positive Factors

Strong cash generation

Consistent operating and free cash flow that closely track earnings implies high earnings quality and reliable internal funding. Over months this supports working capital, funds capex or buybacks, services debt, and cushions cyclical revenue swings, improving long-term financial durability.

Earnings turnaround

Return to sustained positive earnings and expanding net margin signals improved operational execution and pricing. This structural improvement supports reinvestment, raises ROE, and provides a platform to scale profitably if revenue growth stabilizes, improving medium-term resilience.

Diversified revenue mix

A mix of project fees, recurring maintenance contracts and subscription/license revenue reduces single-project dependency. This diversification supports more predictable cash flows, enables cross-selling, and enhances client retention — durable advantages for steady revenue over months.

Negative Factors

Weak revenue trend

A flat-to-declining top line over recent years undermines scalability and limits operating leverage. Persistently weak revenue reduces capacity to invest in product development and sales, pressures margins and long-term growth, and heightens reliance on short-term wins to sustain profits.

Elevated leverage

Rising debt-to-equity increases financial risk and reduces flexibility. With leverage above historical norms, the company faces higher interest and refinancing exposure; if revenue or margins falter, debt amplifies stress and limits strategic options like acquisitions or investment.

Margin volatility

Volatile and deteriorating gross margins point to structural cost or pricing issues (delivery cost inflation or adverse mix). Sustained margin swings complicate forecasting and capital allocation, and may force margin-restoring measures that could impair growth or client relationships.

Avensia AB Business Overview & Revenue Model

Company Description

Avensia AB (publ) provides e-commerce solutions. The company offers Episerver Commerce, an e-commerce platform; inRiver Product Information Management platform, which enables omni-channel commerce professionals to create, manage, and distribute product information to various sales channels in various languages; and Apptus eSales platform for the management of various aspects of customer experience in search, navigation, and recommendations. It also provides Riversand, a cloud SaaS platform to enhance business agility and collaboration across the enterprise; Voyado, a customer loyalty platform that integrates various customer data with analysis and communication tools; Klarna, a payment solution platform; Mirakl platform, which enables to launch e-commerce marketplace; and Quicksearch platform for customer experience program. In addition, the company offers omni-channel, information management, strategy, search and relevance, and design services. It serves customers in sports, fashion, and manufacturing industries in B2B and B2C markets. The company was formerly known as InXL Innovation AB (publ) and changed its name to Avensia AB (publ) in June 2015. Avensia AB (publ) is based in Lund, Sweden.

How the Company Makes Money

Avensia generates revenue primarily through consulting and project-based services, where they charge fees for developing and implementing e-commerce solutions for clients. Key revenue streams include service fees from custom software development, ongoing maintenance contracts, and digital marketing services. Additionally, the company may benefit from partnerships with major e-commerce platforms and technology providers, allowing them to leverage these relationships to enhance their service offerings. They also earn revenue from subscription-based models or licenses associated with their proprietary software solutions, contributing to a diversified income stream.

Avensia AB Financial Statement Overview

Summary

Fundamentals show a clear earnings turnaround and strong recent cash generation (FCF tracks earnings closely in 2024–2025). Offsetting this, revenue is weak—flat in 2024 and sharply lower in 2025—with notable margin volatility, and the balance sheet is more risk-prone due to elevated leverage (debt-to-equity rising to ~2.06x in 2025).

Income Statement

Profitability has clearly improved versus 2022–2023 losses, with 2024–2025 returning to positive earnings and an expanding net margin (about 4.0% in 2024 to ~5.1% in 2025). However, top-line momentum is weak: revenue is essentially flat in 2024 and declines sharply in 2025, and 2025 shows unusually low gross margin versus prior years—suggesting higher delivery costs, pricing pressure, or mix changes. Overall: earnings recovery is a strength, but margin volatility and negative recent revenue growth are key risks.

Balance Sheet

Leverage is elevated and has risen: debt-to-equity moves from ~1.74x (2024) to ~2.06x (2025), and is well above the low-leverage profile seen in 2020–2021. Equity remains modest relative to the balance sheet, which reduces financial flexibility if profitability softens. Offsetting this, returns on equity are very strong in 2024–2025 (roughly 41% to 50%), reflecting the earnings rebound, but that is partly amplified by the higher leverage. Overall: solid recent returns, but a more debt-heavy capital structure increases risk.

Cash Flow

Cash generation is a relative bright spot: operating cash flow and free cash flow are strong in 2024–2025, and free cash flow closely tracks reported earnings (near 1:1 in both years), which supports earnings quality. The main weakness is volatility—2023 operating cash flow was very low, and 2025 shows a decline in free cash flow versus 2024. Overall: strong recent cash conversion and healthy free cash flow, but with some year-to-year swings.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	423.25M	422.25M	413.71M	431.49M	390.08M
Gross Profit	34.15M	85.94M	55.31M	68.51M	72.66M
EBITDA	51.32M	46.77M	10.52M	-432.00K	34.83M
Net Income	21.66M	16.85M	-4.75M	-12.12M	17.56M
Balance Sheet
Total Assets	191.54M	220.10M	198.26M	182.78M	178.41M
Cash, Cash Equivalents and Short-Term Investments	47.70M	42.30M	15.67M	15.41M	36.36M
Total Debt	89.03M	71.77M	72.56M	52.11M	15.74M
Total Liabilities	148.38M	178.75M	173.92M	152.35M	111.41M
Stockholders Equity	43.16M	41.34M	24.34M	30.43M	67.00M
Cash Flow
Free Cash Flow	41.01M	49.08M	2.93M	14.10M	13.52M
Operating Cash Flow	42.12M	49.19M	3.70M	15.08M	19.85M
Investing Cash Flow	-1.10M	-125.00K	-782.00K	-990.00K	-6.34M
Financing Cash Flow	-33.34M	-23.08M	-2.97M	-35.71M	-19.89M

Avensia AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 8.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:AVEN, the sentiment is Negative. The current price of 8.5 is above the 20-day moving average (MA) of 7.24, above the 50-day MA of 7.80, and below the 200-day MA of 9.63, indicating a bearish trend. The MACD of -0.33 indicates Negative momentum. The RSI at 36.01 is Neutral, neither overbought nor oversold. The STOCH value of 55.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:AVEN.

Avensia AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EXS	65 Neutral	kr1.53B	20.39	15.90%	1.13%	10.92%	-2.56%
CAG	63 Neutral	kr774.10M	15.82	―	3.83%	-4.42%	-6.27%
PACT	62 Neutral	kr2.71B	50.96	14.35%	2.13%	-4.36%	-31.55%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
AVEN	61 Neutral	kr260.61M	14.50	60.73%	5.95%	4.24%	44.03%
SOF.B	59 Neutral	kr1.08B	17.36	27.44%	6.29%	4.00%	-12.08%
B3	43 Neutral	kr300.23M	35.36	1.19%	―	13.21%	-97.19%