Clavister Holding AB (CLAV) AI Stock Analysis

• Market Cap: kr1.75B
• Dividend Yield: N/A
• Average Volume (3M): 1.69M
• Price to Earnings (P/E): 480.1
• Beta (1Y): 0.55
• Revenue Growth: 20.43%
• EPS Growth: 61.67%
• Country: SE
• Employees: 103
• Sector: General
• Sector Strength: N/A
• Industry: Software - Infrastructure
• EPS (TTM): 0.05
• Shares Outstanding: 371,426,500
• 10 Day Avg. Volume: 1,894,417
• 30 Day Avg. Volume: 1,693,138
• PEG Ratio: -1.63
• Price to Book (P/B): 9.85
• Price to Sales (P/S): 4.23
• P/FCF Ratio: 27.06
• 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): 0.11
• Revenue Forecast (FY): kr311.25M

• Rating: 50 Neutral
• Price Target: kr4.50 ▲(57.34% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is held back primarily by a still-rebuilding financial profile despite a notable 2025 improvement (cash flow and balance sheet repair). Technicals are moderately positive and support the score, but the extremely high P/E meaningfully pressures the valuation component.

Positive Factors

Improved cash generation in 2025

Operating and free cash flow turned strongly positive in 2025 after multi-year burn. Sustained positive cash generation increases self-funding capacity for R&D, product delivery and subscriptions, reduces refinancing needs, and supports a more resilient capital structure over multiple quarters.

Balance-sheet repair: positive equity and lower debt

Return to positive shareholder equity in 2025 and meaningful debt reduction versus 2023–2024 materially repair the balance sheet. This improves solvency, expands strategic optionality for partnerships or M&A, and lowers refinancing risk—structural improvements that persist beyond a single quarter.

Recurring revenue and strategic partnerships

Clavister mixes product sales with recurring subscriptions and channel/service partnerships (cloud security, managed services). Recurring revenue and vendor partnerships raise revenue visibility, increase customer retention, and provide scalable go-to-market pathways that support durable growth across cycles.

Negative Factors

Historic negative equity and elevated leverage

Negative shareholder equity from 2021–2024 and elevated leverage leave the company with a fragile capital base despite 2025 gains. Historic deficits can constrain access to affordable capital, limit buffers in downturns, and increase lender scrutiny, impairing strategic flexibility over the medium term.

Inconsistent profitability and weak earnings quality

2025 reported positive net income while gross profit and operating profit remained negative, implying earnings may include non-recurring items or accounting effects. Weak underlying margins threaten sustainable profitability, making future free cash generation and reinvestment less predictable across quarters.

Volatile historical cash flow

Cash flow volatility—deep negatives in 2021–2022 and negative FCF in several years—raises the risk that 2025 improvements may not persist through a cycle. Such swings increase reliance on external financing during stress, complicate long-term planning, and reduce durability of investments in product and sales capacity.

Clavister Holding AB Business Overview & Revenue Model

Company Description

Clavister Holding AB (publ.), together with its subsidiaries, develops and sells cyber security solutions in worldwide. The company offers network security, identity and access management, management and security analytics, and device security solutions, as well as professional services, such as installation and deployment; configuration and optimization; and yearly health check services. It serves education and public sector, retail and distributed offices, critical infrastructure, and industrial Internet of Things and transportation industries, as well as communication and managed service providers. Clavister Holding AB (publ.) was founded in 1997 and is headquartered in Örnsköldsvik, Sweden.

How the Company Makes Money

Clavister generates revenue through the sale of its cybersecurity products and subscription services. The primary revenue streams include direct sales of hardware and software solutions, as well as recurring revenue from subscription-based services such as cloud security and managed security services. Additionally, Clavister benefits from strategic partnerships with technology vendors and service providers, which expand its market reach and enhance its service offerings. The company's focus on innovation and adaptation to emerging cybersecurity threats also plays a critical role in attracting new customers and retaining existing ones.

Clavister Holding AB Financial Statement Overview

Summary

Turnaround signals in 2025 (positive net income, much stronger operating cash flow/free cash flow, lower debt, and a return to positive equity), but the broader track record is still weak: recent years included losses, negative equity, and volatile cash generation. 2025 profitability quality also looks mixed, keeping risk elevated.

Income Statement

Revenue expanded strongly from 2022 to 2024, but slipped slightly in 2025. Profitability is still inconsistent: operating results were negative through 2024, and while 2025 shows positive net income, gross profit and operating profit are negative in the same period—suggesting earnings quality is not yet stable. Overall, the top-line trajectory is improving, but margins and repeatable profitability remain the key weakness.

Balance Sheet

Leverage risk has been elevated, with negative shareholder equity from 2021–2024 and sizable debt loads relative to the asset base. The major positive change is 2025 returning to positive equity, alongside a meaningful reduction in total debt versus 2023–2024. Even with this improvement, the balance sheet still looks fragile given the recent history of negative equity and reliance on debt financing.

Cash Flow

Cash generation has improved materially: operating cash flow turned positive in 2023–2025 and stepped up sharply in 2025, with free cash flow also strongly positive in 2025 after multiple years of cash burn. However, cash flow has been volatile (deeply negative in 2021–2022 and negative free cash flow in 2020 and 2023–2024), so durability through a full cycle remains a watch item.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	219.22M	191.66M	160.61M	149.41M	134.04M
Gross Profit	-14.22M	149.99M	128.67M	121.67M	114.85M
EBITDA	29.88M	31.46M	-24.79M	-79.75M	-65.65M
Net Income	5.30M	-55.98M	-65.35M	-112.83M	-91.14M
Balance Sheet
Total Assets	401.03M	359.23M	299.36M	291.15M	291.54M
Cash, Cash Equivalents and Short-Term Investments	95.93M	83.21M	38.66M	42.41M	49.89M
Total Debt	131.43M	244.65M	313.26M	288.56M	241.16M
Total Liabilities	306.94M	443.45M	528.24M	454.69M	345.26M
Stockholders Equity	94.09M	-84.19M	-228.88M	-163.53M	-53.72M
Cash Flow
Free Cash Flow	34.24M	-37.26M	-28.67M	-61.09M	-95.73M
Operating Cash Flow	35.39M	4.55M	13.31M	-24.70M	-56.32M
Investing Cash Flow	-41.75M	-42.05M	-41.86M	-37.11M	-42.38M
Financing Cash Flow	19.08M	82.05M	24.80M	54.34M	5.39M

Clavister Holding AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.86
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CLAV, the sentiment is Positive. The current price of 2.86 is below the 20-day moving average (MA) of 4.30, below the 50-day MA of 3.79, and below the 200-day MA of 4.21, indicating a bullish trend. The MACD of 0.30 indicates Negative momentum. The RSI at 68.21 is Neutral, neither overbought nor oversold. The STOCH value of 84.32 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:CLAV.

Clavister Holding AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
ADVE	55 Neutral	kr637.80M	38.49	22.29%	0.48%	27.82%	305.33%
CLAV	50 Neutral	kr1.75B	480.10	―	―	20.43%	61.67%
FREJA	50 Neutral	kr456.98M	-25.62	―	―	19.18%	48.44%
CYB1	40 Underperform	€2.18M	―	―	―	―	―