Enzymatica AB (ENZY) AI Stock Analysis

• Market Cap: kr497.61M
• Dividend Yield: N/A
• Average Volume (3M): 93.66K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.35
• Revenue Growth: 19.17%
• EPS Growth: 24.53%
• Country: SE
• Employees: 21
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): -0.05
• Shares Outstanding: 242,735,100
• 10 Day Avg. Volume: 44,136
• 30 Day Avg. Volume: 93,658
• PEG Ratio: 0.36
• Price to Book (P/B): 3.71
• Price to Sales (P/S): 8.56
• P/FCF Ratio: -11.19
• 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): -0.3
• Revenue Forecast (FY): kr109.00M

• Rating: 45 Neutral
• Price Target: kr2.00 ▲(0.00% Upside)
• Action: Reiterated Date: 02/19/26
• Date: Action: Reiterated 02/19/26

The score is held down primarily by persistent operating losses and ongoing negative operating/free cash flow, despite low leverage. Technicals are mildly weak (below key moving averages with negative MACD), and valuation is difficult to support given the negative P/E and no indicated dividend yield.

Positive Factors

Low leverage / strong balance sheet

A very low debt load provides durable financial flexibility: it reduces bankruptcy risk, preserves borrowing capacity for strategic moves, and allows management to fund commercialization or R&D without immediate refinancing pressure. This under‑leverage is a lasting structural strength.

Recovering revenue trend

An improving top line, with modest 2023 gains and stronger 2025 growth, indicates growing consumer adoption of ColdZyme and better distribution execution. Sustained revenue recovery supports operating leverage potential and creates runway to improve margins if costs are managed.

Diversified go‑to‑market model

A mixed model of direct sales plus partner licensing provides structural scalability: partners bring local market access and lower fixed costs, while direct channels retain margin and control. This reduces single‑channel risk and aids international expansion durability.

Negative Factors

Persistent operating losses

Recurrent, deep operating losses are a fundamental weakness: ongoing negative EBIT erodes equity, limits reinvestment, and means the business must rely on external capital to operate. Without sustainable profitability, long‑term independence and scale are constrained.

Chronic negative cash flow

Persistent cash burn indicates the core business does not self‑fund operations. This structural cash deficit forces reliance on equity or debt financing, increases dilution or leverage risk, and restricts the firm's ability to invest consistently in marketing, channels, or new products.

Eroding equity and negative returns

Declining shareholder equity and negative ROE reflect that cumulative losses are shrinking the capital base. This reduces the balance sheet buffer against shocks, can lead to higher cost of capital, and may impair partner or lender confidence over the medium term.

Enzymatica AB Business Overview & Revenue Model

Company Description

Enzymatica AB, a life science company, develops and sells medical devices for infection-related diseases. The company's product includes ColdZyme mouth spray, which prevents common cold and reduces the duration of illness. It also provides enzyme formulations. The company sells mouth spray under the ViruProtect brand in Denmark; STADAProtect brand in Germany; Psysiomer Stop Virus brand in France; and Zerinol Virus Defense brand in Italy. Enzymatica AB was incorporated in 2007 and is headquartered in Lund, Sweden.

How the Company Makes Money

Enzymatica generates revenue primarily through the sale of its consumer health products in various markets, including pharmacy chains, health food stores, and online platforms. The company's main revenue streams come from its flagship product, ColdZyme, which is designed to prevent and alleviate cold symptoms, and other related products. Additionally, Enzymatica pursues partnerships with distributors and retailers to expand its market reach, which enhances sales volume. The company also invests in marketing and promotional activities to boost brand recognition and consumer adoption. Importantly, strategic collaborations with healthcare professionals and organizations contribute to its credibility and drive product recommendations, further supporting sales growth.

Enzymatica AB Financial Statement Overview

Summary

Despite recent revenue improvement and a low-debt balance sheet, profitability is consistently deeply negative (EBIT and net income), and operating/free cash flow remain negative across all years shown, indicating ongoing cash burn and equity pressure.

Income Statement

Revenue has been volatile: a sharp decline after 2020’s peak, followed by modest growth in 2023 and strong growth in 2025 (annual). Gross profit remains solid in absolute terms, but profitability is a major weakness—EBIT and net income are deeply negative across all years shown, indicating the cost base is not scaling with sales. The 2020 loss was comparatively small, but losses widened materially from 2021 onward and remain elevated in 2024–2025.

Balance Sheet

The balance sheet is a relative strength: leverage is very low in the most recent years, with total debt falling sharply from 2022–2023 levels to minimal amounts by 2025, which reduces financial risk. However, equity has also declined meaningfully versus 2024, consistent with ongoing losses eroding capital, and returns on equity have been strongly negative in the years provided (where available). Overall, the company appears under-levered but pressured by repeated losses.

Cash Flow

Cash generation is weak: operating cash flow and free cash flow are negative every year shown, indicating the business is consuming cash rather than funding itself. There is some improvement in 2023 versus 2022 and a large improvement in 2024 versus 2022 levels, but 2025 still shows sizable cash burn. Free cash flow has also been volatile, and while cash burn reduced at times, the overall pattern remains persistently negative.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	53.90M	45.58M	50.90M	48.95M	57.24M
Gross Profit	33.13M	30.72M	31.86M	28.45M	33.35M
EBITDA	-52.21M	-49.23M	-41.12M	-59.97M	-38.19M
Net Income	-51.89M	-53.18M	-49.73M	-68.66M	-45.39M
Balance Sheet
Total Assets	141.98M	195.22M	125.91M	174.41M	157.04M
Cash, Cash Equivalents and Short-Term Investments	33.13M	75.21M	8.37M	50.69M	31.62M
Total Debt	1.02M	2.20M	18.08M	22.32M	2.60M
Total Liabilities	17.81M	18.86M	49.30M	48.12M	32.07M
Stockholders Equity	124.17M	176.37M	76.61M	126.29M	124.97M
Cash Flow
Free Cash Flow	-41.20M	-60.90M	-41.02M	-68.28M	-42.00M
Operating Cash Flow	-40.97M	-60.51M	-40.29M	-64.57M	-35.87M
Investing Cash Flow	-231.00K	-393.00K	-730.00K	-3.72M	-6.13M
Financing Cash Flow	-789.00K	127.65M	-1.39M	87.37M	49.53M

Enzymatica AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ENZY, the sentiment is Positive. The current price of 2 is above the 20-day moving average (MA) of 1.88, above the 50-day MA of 1.93, and below the 200-day MA of 2.30, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 58.25 is Neutral, neither overbought nor oversold. The STOCH value of 81.93 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:ENZY.

Enzymatica AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NANEXA	56 Neutral	kr659.99M	-60.92	-48.65%	―	-60.33%	58.04%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ENZY	45 Neutral	kr497.61M	-8.89	―	―	19.17%	24.53%
ORX	44 Neutral	kr912.66M	-5.90	―	―	-8.79%	-91.09%
ALZCUR	44 Neutral	kr223.51M	-4.22	-90.66%	―	―	15.74%
ERMA	44 Neutral	kr54.75M	-3.49	―	―	―	―
KLAR	42 Neutral	kr204.16M	-3.17	-530.21%	―	―	17.42%