Codemill AB (CDMIL) AI Stock Analysis

• Market Cap: kr198.88M
• Dividend Yield: 3.25%
• Average Volume (3M): 4.57K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.15
• Revenue Growth: -18.05%
• EPS Growth: -71.19%
• Country: SE
• Employees: 54
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): -0.02
• Shares Outstanding: 13,621,653
• 10 Day Avg. Volume: 6,443
• 30 Day Avg. Volume: 4,565
• PEG Ratio: 49.43
• Price to Book (P/B): 4.18
• Price to Sales (P/S): 3.10
• P/FCF Ratio: 0.00
• 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): 1.29
• Revenue Forecast (FY): kr96.00M

• Rating: 62 Neutral
• Price Target: kr17.00 ▲(13.71% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is primarily supported by balance sheet strength and improved operating cash flow since 2023, but is held back by the sharp 2025 deterioration in revenue, profitability (near breakeven), and free cash flow (down to zero). Technical indicators are broadly neutral, while valuation is mixed due to a supportive dividend yield but an unusable negative P/E.

Positive Factors

Balance sheet strength

A low-leverage balance sheet and sizable equity position materially reduce solvency risk and support multi-quarter resilience. This durable financial flexibility lets management fund product development, weather cyclical revenue dips, and maintain strategic optionality without needing urgent external financing.

Stable operating cash flow

Sustained positive operating cash flow since 2023 indicates improved cash conversion of operations and operational discipline. Persistent cash generation supports ongoing R&D, service delivery, and dividends, and provides a durable buffer against periodic revenue volatility over the next several quarters.

Niche software focus

Specialization in professional media workflows creates domain expertise and product stickiness. Serving complex, high-volume AV customers supports recurring license and services revenue, higher switching costs, and long sales cycles—structural advantages that can sustain margins and customer retention over 2–6 months and beyond.

Negative Factors

Sharp revenue decline

A pronounced revenue drop in 2025 signals weakening demand or contract timing risk in the core market. Reduced top-line scale can quickly erode leverage on fixed costs, limit reinvestment capacity, and impair long-term growth momentum unless new customer wins or product traction resume.

Profitability volatility

Margins moved from recovery back to near breakeven, showing volatile profitability. Inconsistent earnings make it harder to compound shareholder value, constrain discretionary spending, and raise execution risk for strategic initiatives that require sustained positive operating margins.

Free cash flow deterioration

A fall to zero free cash flow reduces internal funding for capex, product development, and dividends. Persistent FCF weakness would force reliance on balance sheet or external financing, weakening financial optionality and increasing vulnerability to further revenue or margin shocks over the medium term.

Codemill AB Business Overview & Revenue Model

Company Description

CodeMill AB (publ) develops media and video applications in Sweden and internationally. It offers Accurate.Video, a web-based video platform for integration with video platforms, applications, or MAM for broadcast, post-production, and media professionals; and Accurate Player SDK, a web browser based professional video, audio, and subtitle player framework. The company was founded in 2007 and is based in Umeå, Sweden.

How the Company Makes Money

Codemill AB generates revenue through a combination of software licensing, project-based services, and ongoing maintenance contracts. The company primarily earns money by licensing its proprietary software solutions to clients in the media and entertainment sectors, which allows them to enhance their operational capabilities. Additionally, Codemill offers custom software development services tailored to specific client needs, resulting in project-based revenues. Ongoing support and maintenance contracts further contribute to the company's earnings by providing clients with continuous service and updates. Strategic partnerships with major media companies and technology providers also play a crucial role in expanding Codemill's market reach and driving sales growth.

Codemill AB Financial Statement Overview

Summary

Overall financials are mixed: a strong balance sheet with low leverage supports stability, and operating cash flow has been consistently positive since 2023. However, 2025 saw revenue decline, profitability compressing to near breakeven, and free cash flow dropping to zero—raising concerns about earnings and cash flow volatility.

Income Statement

Revenue growth has been strong historically (2022–2023), but momentum reversed in 2024–2025 with revenue down in 2025 and profitability slipping to roughly breakeven net income. Margins improved markedly from heavy losses in 2020–2022 to solid profitability in 2024, but the sharp deterioration in 2025 (very low gross profit and near-zero EBIT) raises concerns about sustainability and cost structure volatility.

Balance Sheet

The balance sheet is conservatively financed with low debt relative to equity across the period, and equity remains sizable versus total assets. Leverage has trended down meaningfully since 2020, which reduces financial risk. The main watch-out is profitability volatility (including losses in earlier years and near-breakeven in 2025), which could limit the ability to compound equity returns if it persists.

Cash Flow

Cash generation improved materially from negative operating cash flow in 2020–2022 to strong positive operating cash flow in 2023–2025, supporting business resilience. Free cash flow was solid in 2023–2024 but dropped to zero in 2025, indicating either higher reinvestment needs or weaker cash conversion versus prior year. Overall cash flow quality is better than earlier years, but 2025 shows a notable step-down in free cash flow strength.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	67.19M	91.97M	78.79M	57.31M	34.64M
Gross Profit	1.50M	40.19M	26.78M	14.02M	-4.28M
EBITDA	17.11M	27.11M	13.20M	948.00K	-16.41M
Net Income	-42.00K	10.94M	-2.69M	-13.69M	-28.23M
Balance Sheet
Total Assets	79.41M	91.69M	81.19M	82.99M	98.83M
Cash, Cash Equivalents and Short-Term Investments	28.74M	32.82M	15.66M	12.38M	28.68M
Total Debt	796.00K	2.40M	4.93M	6.93M	9.10M
Total Liabilities	29.59M	34.81M	35.30M	34.40M	36.45M
Stockholders Equity	49.82M	56.88M	45.89M	48.59M	62.38M
Cash Flow
Free Cash Flow	0.00	19.92M	5.84M	-14.78M	-45.30M
Operating Cash Flow	14.55M	28.26M	14.46M	-166.00K	-15.54M
Investing Cash Flow	-9.65M	-8.34M	-8.61M	-14.00M	-36.40M
Financing Cash Flow	-8.97M	-2.64M	-2.56M	-2.14M	53.32M

Codemill AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 14.95
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CDMIL, the sentiment is Negative. The current price of 14.95 is below the 20-day moving average (MA) of 15.50, below the 50-day MA of 15.49, and below the 200-day MA of 16.27, indicating a bearish trend. The MACD of -0.17 indicates Positive momentum. The RSI at 44.32 is Neutral, neither overbought nor oversold. The STOCH value of 32.32 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:CDMIL.

Codemill AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CDMIL	62 Neutral	kr198.88M	-4,838.71	―	3.25%	-18.05%	-71.19%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
LITI	54 Neutral	kr233.16M	-62.24	-0.84%	―	7.86%	-189.02%
SFTR	54 Neutral	kr131.23M	168.00	―	―	―	―
CFISH	46 Neutral	kr204.34M	-8.99	―	―	-57.18%	72.75%
GREAT	42 Neutral	kr272.35M	-2.84	―	―	-69.94%	-7367.66%