Doxa AB (DOXA) AI Stock Analysis

• Market Cap: kr563.71M
• Dividend Yield: N/A
• Average Volume (3M): 738.50K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.26
• 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: 0.02
• Price to Book (P/B): 0.29
• Price to Sales (P/S): 8.91
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 51 Neutral
• Price Target: kr0.44 ▼(-0.23% Downside)
• Action: Reiterated Date: 03/06/26
• Date: Action: Reiterated 03/06/26

The score is primarily held back by weak financial performance—large recent losses, ongoing cash burn, and higher leverage—despite strong recent revenue growth. Technical indicators provide some support via improving short-term momentum, while valuation remains constrained by a negative P/E and no dividend yield data.

Positive Factors

Strong revenue rebound

A >4x revenue jump in 2025 shows meaningful top-line traction and market demand; sustained revenue growth over the next 2–6 months would provide runway to scale gross margins, justify continued investment, and reduce dependence on financing if cost structure stabilizes.

Substantial equity buffer

A large equity base (~2.0bn) offers a capital cushion against short-term shocks and supports funding flexibility. Over several months this buffer can absorb operating losses, limit immediate insolvency risk, and provide capacity for strategic financing or asset investment.

Asset expansion supports growth capacity

Marked asset expansion implies investment in capacity, R&D, or commercial infrastructure. If deployed effectively, these assets support sustained revenue growth and operational scale over months, enabling the company to capture market share as demand grows.

Negative Factors

Persistent negative profitability

Large gross and net losses across recent years suggest the core business model or cost base remains unprofitable. Without durable gross-margin improvement, continued losses will erode equity over months and undermine long-term viability even if revenue rises.

Ongoing operating cash burn

Consistent negative operating cash flow indicates the business is not self-funding and requires external financing. Continued cash burn over 2–6 months increases refinancing and dilution risk, constraining the company's ability to invest or withstand market setbacks.

Elevated leverage and refinancing risk

Material rise in debt levels raises interest and covenant pressure; with ongoing losses and negative cash flow, elevated leverage increases the likelihood of difficult refinancing or equity dilution within months, limiting strategic flexibility and raising creditor risk.

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

Despite sharp revenue growth in 2025, profitability is very weak with a large gross loss and deep net loss. Operating cash flow remains negative and leverage rose materially, increasing funding/refinancing and potential dilution risk.

Income Statement

Revenue has surged in 2025 (annual) to 63.5m from 15.5m in 2024, showing strong top-line momentum. However, profitability is very weak and highly volatile: 2025 shows a large gross loss (negative gross profit) and deep net loss, following an extremely large loss year in 2024, despite a profitable 2023. Overall, the recent earnings profile suggests the business model and/or cost base is not yet stable, with sharp swings in operating performance.

Balance Sheet

Equity remains sizable (about 2.0bn in 2025), providing some balance-sheet support. That said, leverage and balance-sheet risk increased meaningfully: total debt rose to 3.6bn in 2024 and remained elevated at 1.36bn in 2025, with assets also expanding sharply. The combination of high debt alongside recent heavy losses raises refinancing and dilution risk if losses persist.

Cash Flow

Cash generation is weak: operating cash flow is negative across all years shown (including -15.8m in 2025 and -63.2m in 2024), indicating the core business is not self-funding. Free cash flow is also negative in most years (notably -63.6m in 2024), and the 2025 free cash flow value is reported as 0, which does not yet demonstrate consistent positive cash conversion. Overall, ongoing cash burn remains a key concern.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.90M	63.50M	15.50M	9.90M	5.20M	10.90M
Gross Profit	-6.80M	-158.40M	15.50M	9.90M	5.20M	7.90M
EBITDA	-863.80M	-46.80M	-1.70B	296.00M	-39.80M	77.20M
Net Income	-1.08B	-335.50M	-1.72B	291.90M	-39.90M	76.20M
Balance Sheet
Total Assets	4.14B	4.03B	8.20B	3.50B	1.79B	878.80M
Cash, Cash Equivalents and Short-Term Investments	63.20M	58.20M	70.60M	111.90M	60.00M	15.10M
Total Debt	1.31B	1.36B	3.63B	256.50M	4.90M	0.00
Total Liabilities	2.07B	2.06B	5.89B	280.80M	18.30M	9.00M
Stockholders Equity	2.07B	1.97B	2.31B	3.22B	1.77B	869.80M
Cash Flow
Free Cash Flow	-416.80M	0.00	-63.60M	-37.80M	-39.40M	-18.60M
Operating Cash Flow	-303.80M	-15.80M	-63.20M	-37.80M	-38.50M	-18.60M
Investing Cash Flow	-31.10M	-25.50M	-834.90M	-205.10M	-267.30M	-392.90M
Financing Cash Flow	209.40M	36.20M	807.70M	294.70M	350.70M	422.10M

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 61.66 is Neutral, neither overbought nor oversold. The STOCH value of 79.71 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%
DOXA	51 Neutral	kr563.71M	-1.69	-35.70%	―	-18.46%	4.90%
S2M	51 Neutral	kr8.61M	-0.91	―	―	―	―
FLUO	45 Neutral	kr542.80M	-8.24	―	―	―	4.46%
LCLEAN	42 Neutral	kr14.25M	-0.73	-354.88%	―	-15.74%	44.98%
QLINEA	42 Neutral	kr433.86M	-0.91	-330.10%	―	270.64%	62.29%