Enzymatica AB (ENZY) AI Stock Analysis

• Market Cap: kr534.02M
• Dividend Yield: N/A
• Average Volume (3M): 93.66K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.27
• 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 / balance sheet strength

Enzymatica's sharp reduction in debt to minimal levels materially lowers refinancing and interest risk, preserving financial optionality. For a small, loss-making healthcare firm this durable low-leverage profile supports continued partner deals, R&D and marketing investments without immediate solvency pressure.

Proprietary product and partner distribution model

ColdZyme is a differentiated enzyme-based consumer healthcare product with established direct and partner channels across markets. This hybrid go-to-market creates scalable distribution, diversified revenue streams and licensing/wholesale income potential, strengthening market access over the medium term.

Top-line recovery / revenue improvement

Reported ~18% revenue growth and strong 2025 annual growth reflect tangible commercial traction after earlier declines. Sustained top-line improvement improves the ability to leverage fixed costs, supports partner negotiations and increases the probability of moving toward breakeven if the company controls expenses.

Negative Factors

Persistent negative profitability

Enzymatica has deep, sustained operating and net losses across recent years, which erode equity and constrain reinvestment. Persistent unprofitability threatens long-term viability absent margin improvement or sustained revenue acceleration, increasing reliance on external funding or equity dilution.

Ongoing cash burn and weak cash generation

Consistent negative operating and free cash flow indicate the business consumes cash rather than funds itself. Even with low debt, ongoing cash burn necessitates new financing or partner advances, restricting strategic flexibility and risking disruption to commercialization or supply continuity if funding gaps emerge.

Revenue volatility and cost scaling issues

Historical swings in revenue and widening losses show the business has struggled to scale revenue predictably and to align cost structure with sales. This structural volatility complicates forecasting, weakens margin resilience and raises execution risk for sustained profitable growth even if revenue rebounds.

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 makes money primarily by selling its enzyme-based consumer healthcare products, with ColdZyme as the main commercial product. Revenue is generated through (1) product sales to retailers/distributors in markets where Enzymatica sells via its own commercial organization, and (2) out-licensing/partner distribution arrangements in markets where local partners handle marketing and sales; in these cases Enzymatica’s earnings typically come from wholesale supply of finished product and/or partner payments (e.g., distribution margins and, where applicable, license-related income). The company’s sales performance is therefore driven by consumer demand for ColdZyme, the breadth and effectiveness of pharmacy/retail distribution, seasonal respiratory illness trends, and the execution of marketing by Enzymatica and its commercial partners. If Enzymatica receives additional income such as milestones or royalties from specific partners, the exact terms and amounts are not available here and are therefore null.

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: Neutral

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 below the 20-day moving average (MA) of 2.01, above the 50-day MA of 1.96, and below the 200-day MA of 2.26, indicating a neutral trend. The MACD of 0.06 indicates Negative momentum. The RSI at 62.08 is Neutral, neither overbought nor oversold. The STOCH value of 67.99 is Neutral, 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	kr619.66M	-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	kr534.02M	-8.89	―	―	19.17%	24.53%
ORX	44 Neutral	kr829.39M	-8.03	―	―	-8.79%	-91.09%
ALZCUR	44 Neutral	kr204.55M	-4.22	-90.66%	―	―	15.74%
ERMA	44 Neutral	kr29.98M	-3.49	―	―	―	―
KLAR	42 Neutral	kr196.78M	-3.17	-530.21%	―	―	17.42%