Doxa AB (DOXA) AI Stock Analysis

• Market Cap: kr557.28M
• Dividend Yield: N/A
• Average Volume (3M): 738.50K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.31
• Revenue Growth: -18.46%
• EPS Growth: 4.90%
• Country: SE
• Employees: 5
• Sector: Real Estate
• Sector Strength: 53
• Industry: Medical - Instruments & Supplies
• EPS (TTM): N/A
• 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)
• Action: Reiterated Date: 01/13/26
• Date: Action: Reiterated 01/13/26

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

Overall financials indicate significant stress: TTM revenue declined 20.27% with deeply negative profitability (gross profit, EBIT/EBITDA, and net income). The balance sheet shows improved leverage versus 2024 (debt ~0.63x equity), but returns remain very negative (TTM ROE ~-49%) and cash flow is still negative (operating cash flow and free cash flow).

Income Statement

TTM (Trailing-Twelve-Months) results show severe profitability pressure: revenue fell 20.27% and the company reported extremely large losses versus its current revenue base (gross profit, EBIT/EBITDA, and net income all deeply negative). While the company had profitable years in 2021 and 2023, the sharp reversal in 2024 and continued deterioration in TTM indicates a highly unstable earnings profile and significant execution risk.

Balance Sheet

The balance sheet shows meaningful leverage but not an outright over-levered capital structure in TTM: debt is ~0.63x equity, improved from 2024 (~1.57x). However, returns to shareholders are strongly negative (TTM return on equity around -49%), reflecting that the capital base is currently not generating profits. The direction of leverage is a positive, but ongoing losses remain the key balance-sheet risk.

Cash Flow

Cash generation is weak: TTM operating cash flow and free cash flow are both negative, and free cash flow also declined versus the prior period. A positive offset is that free cash flow is not worse than net income (i.e., cash burn is not exceeding reported losses), but the company is still consuming cash, which can increase funding needs if conditions don’t improve.

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	-6.80M	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: Neutral
• Last Price: 0.44
• 50DMA: Positive
• 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:DOXA, the sentiment is Neutral. The current price of 0.44 is above the 20-day moving average (MA) of 0.40, above the 50-day MA of 0.42, and below the 200-day MA of 0.47, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 62.73 is Neutral, neither overbought nor oversold. The STOCH value of 67.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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	51 Neutral	kr8.89M	-0.86	―	―	―	―
FLUO	45 Neutral	kr585.31M	-8.61	―	―	―	4.46%
DOXA	44 Neutral	kr557.28M	-0.39	-35.70%	―	-18.46%	4.90%
LCLEAN	42 Neutral	kr14.03M	-0.20	-354.88%	―	-15.74%	44.98%
QLINEA	42 Neutral	kr457.69M	-0.66	-330.10%	―	270.64%	62.29%