Bong AB (BONG) AI Stock Analysis

• Market Cap: kr129.68M
• Dividend Yield: N/A
• Average Volume (3M): 72.08K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.35
• Revenue Growth: -6.23%
• EPS Growth: -43.98%
• Country: SE
• Employees: 973
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Packaging & Containers
• EPS (TTM): 0.03
• Shares Outstanding: 211,205,060
• 10 Day Avg. Volume: 97,628
• 30 Day Avg. Volume: 72,079
• PEG Ratio: -0.03
• Price to Book (P/B): 0.27
• Price to Sales (P/S): 0.08
• P/FCF Ratio: 2.03
• 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): N/A
• Revenue Forecast (FY): kr1.93B

• Rating: 46 Neutral
• Price Target: kr0.56 ▼(-16.27% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is primarily held back by deteriorating profitability and multi-year revenue decline, with technicals confirming weak momentum below major moving averages. Positive free cash flow and moderate leverage provide some support, but loss-making earnings also constrain valuation.

Positive Factors

Cash generation

Consistent positive operating and free cash flow (with 2025 FCF notably stronger) provides durable liquidity to fund operations, working capital and modest capex without immediate financing. This cash buffer supports flexibility through cyclical downturns and funds execution of strategic adjustments.

Moderate leverage

A capital structure with moderate debt relative to equity gives the company capacity to absorb shocks and maintain operational continuity. Manageable leverage limits interest burden pressure and preserves borrowing optionality for restructuring or targeted investments over the medium term.

Underlying operating margins

Positive gross profit and EBITDA indicate the core envelope and packaging manufacturing retains margin mechanics despite revenue shrinkage. This suggests the business can recover earnings faster if volumes stabilize or costs are optimized, providing a realistic path back to sustained profitability.

Negative Factors

Multi-year revenue decline

Persistent multi-year top-line contraction erodes scale, reduces pricing leverage and raises per-unit fixed costs. Continued revenue declines limit the ability to cover fixed manufacturing and distribution costs, making sustained margin recovery and profitable growth more difficult absent market or product shifts.

Sustained net losses

Transition from profit in 2022 to net losses in 2023–2025 indicates structural profitability issues. Ongoing losses deplete retained earnings, constrain reinvestment in growth or modernization, and raise the probability management must pursue cost cuts, disposals, or external capital to restore sustainable earnings.

Eroding equity and ROE

Falling equity and negative ROE reduce the balance-sheet cushion against adverse shocks and increase reliance on debt or external funding. This erosion limits strategic optionality, raises borrowing costs over time, and could force dilutive capital raises if losses persist and cash advantages reverse.

Bong AB Business Overview & Revenue Model

Company Description

Bong AB (publ) manufactures and sells specialty packaging and envelope products. It provides solutions for distribution and packaging of information, advertising materials, and lightweight goods. The company offers envelopes, carrier bags for the retail trade, and packaging products for e-commerce. It also provides light packaging products; and solutions for distribution and packaging of information, advertising materials, and lightweight goods. The company has operations in Germany, Poland, Belgium, Romania, Switzerland, France, Italy, Spain, Sweden, Norway, Denmark, Finland, the United Kingdom, and Tunisia. Bong AB (publ) was founded in 1737 and is headquartered in Kristianstad, Sweden.

How the Company Makes Money

Bong AB generates revenue primarily through the sale of its packaging products to businesses in various sectors, including e-commerce, logistics, and retail. The company operates under a business-to-business (B2B) model, where it supplies customized packaging solutions that meet specific client requirements. Key revenue streams include the sale of standard and bespoke packaging items, as well as additional services such as design and consultancy for packaging solutions. Bong also benefits from long-term partnerships and contracts with major corporations, which provide a steady flow of income. The company's focus on sustainability and innovation in packaging design helps it attract environmentally conscious clients, further enhancing its revenue potential.

Bong AB Financial Statement Overview

Summary

Income statement is weak (revenue declining for several years and net losses in 2023–2025). Offsetting factors include moderate leverage and resilient liquidity, with positive operating cash flow and stronger 2025 free cash flow, but sustained profitability remains the key risk.

Income Statement

Revenue has been shrinking for several years (down again in 2025), and profitability has deteriorated meaningfully since 2022. The business moved from a solid profit in 2022 to net losses in 2023–2025, with 2025 showing particularly weak earnings versus prior years. Positives include still-positive gross profit and EBITDA, suggesting underlying operating capacity remains, but the current earnings profile is pressured and lacks consistent momentum.

Balance Sheet

Leverage looks moderate: debt has stayed in a manageable band relative to equity in the years provided (roughly around 0.7–0.8x in 2020–2024). However, equity has trended down from 2022 through 2025, and returns on equity have turned negative again as losses resumed, which reduces balance-sheet resilience if the downturn persists. Overall, the capital structure is not overly stretched, but profitability headwinds are eroding the cushion.

Cash Flow

Cash generation is a relative strength: operating cash flow and free cash flow are positive across the period shown, and 2025 free cash flow increased sharply versus 2024. The key weakness is volatility (notably a weak 2024 versus 2023), and cash flows are occurring alongside net losses in recent years, which can be harder to sustain long-term. Still, the company is currently funding itself with positive cash flow, which supports liquidity and flexibility.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.81B	1.91B	2.09B	2.16B	1.80B
Gross Profit	278.00M	310.90M	327.50M	384.78M	305.65M
EBITDA	85.00M	119.10M	135.00M	156.81M	108.40M
Net Income	-29.20M	-12.00M	-4.72M	44.12M	2.82M
Balance Sheet
Total Assets	1.45B	1.57B	1.57B	1.69B	1.44B
Cash, Cash Equivalents and Short-Term Investments	111.70M	102.70M	129.40M	144.63M	135.19M
Total Debt	485.30M	397.40M	380.08M	431.20M	361.03M
Total Liabilities	934.30M	994.80M	1.02B	1.11B	1.00B
Stockholders Equity	512.20M	573.60M	554.97M	574.75M	442.01M
Cash Flow
Free Cash Flow	69.20M	24.50M	53.56M	59.69M	45.15M
Operating Cash Flow	104.90M	70.60M	82.89M	111.28M	66.70M
Investing Cash Flow	-14.30M	-32.30M	-19.67M	-38.87M	-7.01M
Financing Cash Flow	-74.90M	-67.50M	-80.49M	-72.88M	-37.41M

Bong AB Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.67
• 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:BONG, the sentiment is Neutral. The current price of 0.67 is above the 20-day moving average (MA) of 0.59, above the 50-day MA of 0.61, and above the 200-day MA of 0.66, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 53.88 is Neutral, neither overbought nor oversold. The STOCH value of 57.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:BONG.

Bong AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SODER	62 Neutral	kr178.47M	23.29	6.37%	3.38%	2.88%	-51.00%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
DURC.B	58 Neutral	kr770.25M	-308.11	-1.19%	2.30%	-4.95%	-157.76%
BULTEN	48 Neutral	kr898.29M	-81.66	-0.32%	5.49%	-10.68%	-103.85%
BONG	46 Neutral	kr129.68M	-4.44	-4.93%	―	-6.23%	-43.98%
ACROUD	39 Underperform	kr167.58M	-2.78	-74.31%	―	13.37%	43.23%

Bong AB Corporate Events

Bong AB Posts 2025 Loss as Sales Decline and Board Scraps Dividend

Bong AB reported weaker full-year 2025 results as declining demand weighed on its core envelope and packaging operations across Europe, with net sales falling to SEK 1,809 million from SEK 1,914 million and operating profit dropping to SEK 16 million from SEK 43 million. Despite a modest improvement in fourth-quarter net income and stronger operating cash flow, the company posted a full-year net loss of SEK 29 million and the board opted to withhold a dividend for 2025, underscoring a cautious stance on capital allocation amid margin pressure and a slightly lower equity ratio.

The most recent analyst rating on (SE:BONG) stock is a Hold with a SEK0.56 price target. To see the full list of analyst forecasts on Bong AB stock, see the SE:BONG Stock Forecast page.