BHG Group AB (BHG) AI Stock Analysis

• Market Cap: kr4.37B
• Dividend Yield: N/A
• Average Volume (3M): 288.41K
• Price to Earnings (P/E): 39.5
• Beta (1Y): 1.01
• Revenue Growth: 5.27%
• EPS Growth: 15.33%
• Country: SE
• Employees: 1,347
• Sector: General
• Sector Strength: N/A
• Industry: Specialty Retail
• EPS (TTM): 0.22
• Shares Outstanding: 179,233,570
• 10 Day Avg. Volume: 350,471
• 30 Day Avg. Volume: 288,410
• PEG Ratio: -0.33
• Price to Book (P/B): 0.98
• Price to Sales (P/S): 0.54
• P/FCF Ratio: 14.15
• 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): 1.93
• Revenue Forecast (FY): kr11.29B

• Rating: 53 Neutral
• Price Target: kr25.00 ▼(-21.09% Downside)
• Action: Reiterated Date: 01/29/26
• Date: Action: Reiterated 01/29/26

The score is driven primarily by improving but still volatile financial performance (recent return to profitability, moderate balance-sheet support, but thin margins and uneven results) and a mixed technical setup (longer-term uptrend vs. near-term weakness). A high P/E with no dividend support weighs materially on the overall score.

Positive Factors

Return to profitability

BHG's return to profitability in 2025 signals that operating economics can recover after material losses. Sustained positive earnings over the next several quarters would improve internal funding for growth, reduce solvency risk, and validate management's cost and assortment fixes implemented since 2023–2024.

Manageable, improving leverage

A moderate and improving debt profile with a sizable equity base gives BHG flexibility to invest in logistics, inventory and digital capabilities without immediate refinancing pressure. This structural balance-sheet support lowers bankruptcy risk and supports multi-quarter strategic initiatives.

Positive operating and free cash flow

Consistent positive operating and free cash flow through 2023–2025 provides a durable source of funding for working capital and reinvestment into fulfillment or digital marketing. While FCF dipped in 2025, the multi-year positive trend underpins financial resilience versus loss-making peers.

Negative Factors

Thin margins

Persistently thin gross and net margins constrain BHG's ability to absorb cost inflation in logistics, supplier prices, or promotional activity. Narrow margins also reduce retained earnings for reinvestment, making long-term margin expansion essential for durable returns and capital efficiency.

Volatile revenue trajectory

The revenue swing across 2023–2025 highlights demand sensitivity and execution variability. Such top-line volatility weakens predictability of cash generation, complicates inventory and logistics planning, and limits confidence in sustained scale benefits from the Nordics e-commerce market.

Declining free cash flow in 2025

A meaningful drop in free cash flow in 2025 reduces internal funding for capex or debt paydown and raises dependence on external financing if the trend continues. Inconsistent cash conversion raises execution risk for multi-quarter initiatives and heightens sensitivity to working-capital swings.

BHG Group AB Business Overview & Revenue Model

Company Description

BHG Group AB (publ) operates as a consumer e-commerce company in Sweden, Finland, Denmark, Norway, rest of Europe, and internationally. It operates in two segments, Do-It-Yourself (DIY) and Home Furnishing. The company offers a range of brands totalling approximately 1.5 million products within DIY, leisure, furniture, and furnishings. It operates approximately 100 online sites comprising bygghemma.se, trademax.se, chilli.se, nordicnest.se, and furniturebox.se, as well as approximately 70 showrooms. The company was formerly known as Bygghemma Group First AB (publ) and changed its name to BHG Group AB (publ) in May 2020. BHG Group AB (publ) was founded in 2006 and is headquartered in Malmö, Sweden.

How the Company Makes Money

BHG generates revenue primarily through its online retail sales across multiple platforms. The company's revenue model is predominantly based on direct sales of products to consumers, where it earns a margin on each item sold. Key revenue streams include sales from its proprietary websites and marketplaces, as well as potential subscription services or loyalty programs that encourage repeat purchases. BHG also benefits from strategic partnerships with various suppliers and brands, allowing it to expand its product offerings and enhance its competitive positioning in the market. Additionally, the company may engage in marketing collaborations and affiliate programs, providing further avenues for revenue generation.

BHG Group AB Financial Statement Overview

Summary

Financial quality is improving but still uneven: the company returned to profitability in 2025 after sizable losses in 2023–2024, margins remain thin, and revenue has been volatile. Balance sheet leverage appears moderate and improving, while cash flow is positive recently but declined meaningfully in 2025 versus 2024, indicating consistency remains a key risk.

Income Statement

Profitability and growth have been volatile. Revenue fell in 2023 and 2024, then returned to growth in 2025, but margins are thin in 2025 with low gross and net profitability. The company also posted sizable losses in 2023–2024 before turning profitable again in 2025, indicating improving trajectory but still uneven earnings power.

Balance Sheet

Leverage looks manageable with debt-to-equity generally in a moderate range and improving versus 2020–2021. Equity remains substantial relative to total assets, providing balance-sheet support. However, returns on equity were negative in 2023–2024 and only modestly positive in 2025, suggesting the capital base has not been consistently productive.

Cash Flow

Cash generation is mixed: operating cash flow and free cash flow are positive in 2023–2025, supporting liquidity, but free cash flow declined meaningfully in 2025 versus 2024. Earlier years (2021–2022) showed negative operating and free cash flow, highlighting historical volatility. Recent free cash flow covers a large portion of net income, but cash flow consistency remains a key watch item.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	10.58B	9.96B	11.79B	13.43B	12.67B
Gross Profit	308.20M	2.43B	1.87B	2.98B	3.36B
EBITDA	814.40M	452.00M	-867.60M	635.10M	1.01B
Net Income	145.30M	-678.80M	-1.56B	45.80M	480.90M
Balance Sheet
Total Assets	10.53B	10.89B	11.42B	14.28B	13.61B
Cash, Cash Equivalents and Short-Term Investments	300.50M	451.30M	370.30M	477.60M	273.50M
Total Debt	2.10B	2.84B	2.51B	2.89B	3.40B
Total Liabilities	4.45B	4.91B	4.91B	6.61B	8.36B
Stockholders Equity	5.87B	5.79B	6.34B	7.61B	5.21B
Cash Flow
Free Cash Flow	405.20M	522.20M	1.37B	-304.30M	-220.90M
Operating Cash Flow	546.20M	657.20M	1.55B	-105.60M	-27.60M
Investing Cash Flow	-198.70M	-77.60M	-654.40M	-454.90M	-1.86B
Financing Cash Flow	-489.30M	-477.40M	-970.90M	765.10M	1.85B

BHG Group AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 31.68
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BHG, the sentiment is Negative. The current price of 31.68 is above the 20-day moving average (MA) of 26.29, above the 50-day MA of 29.35, and above the 200-day MA of 27.22, indicating a bearish trend. The MACD of -1.38 indicates Positive momentum. The RSI at 27.55 is Positive, neither overbought nor oversold. The STOCH value of 34.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:BHG.

BHG Group AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NELLY	71 Outperform	kr3.84B	19.34	51.02%	―	12.45%	118.98%
BOKUS	67 Neutral	kr1.10B	14.48	―	4.49%	9.46%	59.55%
CDON	56 Neutral	kr788.18M	-12.12	―	―	―	―
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
BHG	53 Neutral	kr4.37B	39.47	―	―	5.27%	15.33%
DSNO	49 Neutral	kr89.35M	-0.51	-197.48%	―	-10.50%	99.53%
PIERCE	46 Neutral	kr736.84M	40.54	-1.41%	―	15.59%	16.67%

BHG Group AB Corporate Events

BHG Group Sets Virtual Capital Markets Day to Outline Growth Strategy

BHG Group AB is a Nordic e-commerce and home improvement specialist, operating a portfolio of brands in building materials, bathroom products, home furnishings and premium living, with a strong emphasis on digital sales channels. The group is led by President and CEO Gustaf Öhrn and supported by business area heads covering Home Improvement and Premium Living.

The company has scheduled a fully virtual Capital Markets Day for 19 March 2026, aimed at providing investors, analysts and media with a deeper view of its financial and operational strategy for sustained profitable growth. Senior executives will present the group’s strategy, financial targets, operational excellence initiatives, strategic projects and M&A agenda, with the event streamed live in English and recorded for later access on BHG’s website.

The most recent analyst rating on (SE:BHG) stock is a Hold with a SEK27.00 price target. To see the full list of analyst forecasts on BHG Group AB stock, see the SE:BHG Stock Forecast page.

BHG Group to Outline Growth Strategy at March 2026 Capital Markets Day

BHG Group AB has invited investors, analysts and media to a digital Capital Markets Day on 19 March 2026, where the management team, including the CEO, CFO and Deputy CEO, will present an in-depth review of the company’s strategy with an emphasis on profitable growth and long-term development. The event, to be held in English and webcast live with materials and recordings later available on the company’s website, signals BHG Group’s intention to increase transparency around its strategic direction and financial ambitions, providing stakeholders with greater insight into its operational focus and future positioning in the competitive online home improvement market.

The most recent analyst rating on (SE:BHG) stock is a Hold with a SEK31.00 price target. To see the full list of analyst forecasts on BHG Group AB stock, see the SE:BHG Stock Forecast page.

BHG Group Delivers Strong 2025 Profit Recovery and Market Share Gains but Withholds Dividend

BHG Group AB reported continued growth and improved profitability for full-year 2025, with net sales rising 6.2% to SEK 10.6 billion and organic growth of 9.4%, indicating ongoing market share gains in an expanding home improvement and home furnishings e‑commerce market. Adjusted EBIT for the year increased to SEK 389.9 million from SEK 257.8 million, and net profit swung to SEK 203.5 million from a substantial loss in 2024, reflecting stronger margins and cost discipline, while operating cash flow remained solid at SEK 682.9 million; however, the board has proposed no dividend for 2025 as the group continues to prioritise strengthening its financial position. In the fourth quarter, BHG delivered 10.7% organic growth, a higher gross margin and a 48% year-on-year increase in adjusted EBIT to SEK 158.1 million, supported by record-breaking Black Month sales on key platforms, reinforcing the management’s message that the current strategy is delivering clear results and setting up the company for further strategic communication at a digital Capital Markets Day in March.

The most recent analyst rating on (SE:BHG) stock is a Hold with a SEK31.00 price target. To see the full list of analyst forecasts on BHG Group AB stock, see the SE:BHG Stock Forecast page.