Doxa AB (DOXA) AI Stock Analysis

• Market Cap: kr559.21M
• Dividend Yield: N/A
• Average Volume (3M): 738.50K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.37
• Revenue Growth: -18.46%
• EPS Growth: 4.90%
• Country: SE
• Employees: 5
• Sector: Real Estate
• Sector Strength: 53
• Industry: Medical - Instruments & Supplies
• EPS (TTM): -0.06
• Shares Outstanding: 1,285,530,600
• 10 Day Avg. Volume: 416,677
• 30 Day Avg. Volume: 738,495
• PEG Ratio: <0.01
• Price to Book (P/B): 0.24
• Price to Sales (P/S): 36.41
• P/FCF Ratio: -8.87
• 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): N/A

• Rating: 44 Neutral
• Price Target: kr0.41 ▼(-7.50% Downside)

The score is primarily held down by weak financial performance (sharp TTM revenue decline, heavy losses, and continued negative operating/free cash flow). Technicals add further pressure with a clear downtrend and negative MACD, only partly offset by oversold RSI. Valuation provides limited support because the negative P/E reflects ongoing losses and there is no dividend yield data.

Positive Factors

Diversified recurring revenue mix

Doxa's mix of transaction fees and subscription banking revenue creates recurring cash-flow potential, while partnerships and blockchain consultancy diversify income sources. This structural revenue mix supports predictable unit economics and scaling as transaction volumes recover.

Capital-light, scalable tech model

A very small headcount alongside a technology-driven fintech focus implies a capital-light, software-centric model. That structure can deliver strong operating leverage over time as products scale, limiting fixed-cost drag and enabling faster margin recovery when revenue growth returns.

Improving leverage position

Lower net leverage versus the prior year materially reduces immediate solvency pressure and improves financial flexibility. Over months, this makes it easier to fund operations or strategic initiatives and lowers refinancing risk compared with the prior capital structure.

Negative Factors

Sharp revenue contraction

A sustained ~20% TTM revenue decline materially erodes scale in a payments business where volume drives fixed-cost absorption. Reduced transaction volumes weaken unit economics, slow network effects, and make sustainable margin improvement harder without clear top-line stabilization.

Deep, persistent losses

Consistent negative profitability across gross, operating and net lines signals structural issues in monetization or cost control. With TTM ROE around -49%, the business is destroying capital, undermining reinvestment capacity and making profitable scale a critical but uncertain near-term objective.

Negative operating and free cash flow

Ongoing negative operating and free cash flow indicate cash burn and the need for external financing if trends persist. This constrains investment in product, sales, or partnerships, increases dilution/refinancing risk, and limits the firm's ability to absorb shocks over the next several months.

Doxa AB Business Overview & Revenue Model

Company Description

Doxa AB (publ), a dental company, develops, manufactures, and commercializes bioceramic dental products under the Ceramir brand worldwide. It offers Crown & Bridge, a dental cement that is used for permanent cementing of crowns and bridges. The company was founded in 1987 and is based in Uppsala, Sweden.

How the Company Makes Money

Doxa AB generates revenue primarily through transaction fees associated with its payment processing services, which allow businesses to accept digital payments seamlessly. Additionally, the company earns income from subscription fees for its digital banking services, which include account management and financial advisory tools for individual customers and businesses. Doxa also explores partnerships with financial institutions and e-commerce platforms to expand its reach and enhance service offerings, which contributes to increased user engagement and transaction volumes. Furthermore, revenue can be supplemented through consultancy services in blockchain technology, providing expertise to companies looking to integrate decentralized solutions into their operations.

Doxa AB Financial Statement Overview

Summary

Doxa AB is facing financial difficulties across all major statements. Negative margins and profitability, coupled with rising debt levels and weak cash flow generation, present significant risks. The company must address its cash management and cost structure to ensure financial sustainability. While equity remains a strong point, leveraging and liquidity challenges overshadow it.

Income Statement

Doxa AB's income statement highlights significant challenges, with consistent negative net income and declining EBIT over the years. The company has not been able to maintain profitability, evidenced by negative EBIT and EBITDA margins, especially in the TTM period. Revenue growth is volatile, with recent declines indicating further instability in financial performance.

Balance Sheet

While Doxa AB has a relatively high level of stockholders' equity compared to its total assets, indicating a strong equity ratio, the increasing level of debt over recent periods raises leverage concerns. The debt-to-equity ratio has worsened, suggesting higher financial risk. Stability is mitigated by significant liabilities and declining asset values.

Cash Flow

The cash flow statement reveals persistent negative operating cash flows and free cash flows, indicating cash management issues. The free cash flow growth rate is negative, showing a lack of improvement in cash flow generation. Additionally, the operating cash flow to net income ratio indicates inefficiency in converting income into cash.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	5.90M	15.50M	9.90M	5.20M	10.90M	8.54M
Gross Profit	-2.30M	15.50M	9.90M	5.20M	7.90M	8.40M
EBITDA	-863.80M	-1.70B	296.00M	-39.80M	77.20M	-12.20M
Net Income	-1.08B	-1.72B	291.90M	-39.90M	76.20M	-13.69M
Balance Sheet
Total Assets	4.14B	8.20B	3.50B	1.79B	878.80M	14.48M
Cash, Cash Equivalents and Short-Term Investments	63.20M	70.60M	111.90M	60.00M	15.10M	4.58M
Total Debt	1.31B	3.63B	256.50M	4.90M	0.00	0.00
Total Liabilities	2.07B	5.89B	280.80M	18.30M	9.00M	5.04M
Stockholders Equity	2.07B	2.31B	3.22B	1.77B	869.80M	9.44M
Cash Flow
Free Cash Flow	-416.80M	-63.60M	-37.80M	-39.40M	-18.60M	-15.66M
Operating Cash Flow	-303.80M	-63.20M	-37.80M	-38.50M	-18.60M	-14.28M
Investing Cash Flow	-31.10M	-834.90M	-205.10M	-267.30M	-392.90M	-1.34M
Financing Cash Flow	209.40M	807.70M	294.70M	350.70M	422.10M	14.60M

Doxa AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.44
• 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:DOXA, the sentiment is Negative. The current price of 0.44 is below the 20-day moving average (MA) of 0.46, below the 50-day MA of 0.49, and below the 200-day MA of 0.47, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 39.48 is Neutral, neither overbought nor oversold. The STOCH value of 38.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:DOXA.

Doxa AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
S2M	57 Neutral	kr7.77M	―	―	―	―	―
FLUO	46 Neutral	kr467.17M	-8.86	―	―	―	4.46%
DOXA	44 Neutral	kr559.21M	-0.39	-35.70%	―	-18.46%	4.90%
QLINEA	43 Neutral	kr487.77M	-0.28	-330.10%	―	270.64%	62.29%
IZAFE.B	42 Neutral	kr167.63M	-7.93	-109.88%	―	-6.15%	53.72%
LCLEAN	39 Underperform	kr22.15M	-0.22	-354.88%	―	-15.74%	44.98%