FormPipe Software AB (SE:FPIP)
:FPIP
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FormPipe Software AB
(FPIP)
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Rating:55Neutral
Price Target:
kr23.50
▼(-9.62% Downside)
Action:ReiteratedDate:02/23/26
The score is held back primarily by the sharp 2025 operational downturn and weaker cash conversion (free cash flow falling to zero), despite a very low-debt balance sheet that supports financial stability. Technicals lean bearish with the stock below key longer-term moving averages and a negative MACD. Valuation is also a headwind due to a high P/E, only partly mitigated by a modest dividend yield.
Positive Factors
Very low leverage / strong balance sheet
Extremely low leverage provides durable financial flexibility to absorb shocks, fund targeted investments, or pursue opportunistic M&A without refinancing pressure. Over a 2–6 month horizon this protects operations, supports liquidity management, and preserves strategic optionality.
Negative Factors
Sharp 2025 revenue and margin collapse
A ~50% revenue decline and collapse of gross/EBIT margins to single digits represent a material operational deterioration that reduces revenue visibility and destroys operating leverage. Recovery could take many quarters and undermines medium-term earnings predictability.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage / strong balance sheet
Extremely low leverage provides durable financial flexibility to absorb shocks, fund targeted investments, or pursue opportunistic M&A without refinancing pressure. Over a 2–6 month horizon this protects operations, supports liquidity management, and preserves strategic optionality.
Read all positive factors
FormPipe Software AB (FPIP) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr1.26B
Dividend Yield1.92%
Average Volume (3M)33.84K
Price to Earnings (P/E)2.9
Beta (1Y)0.08
Revenue Growth-8.38%
EPS Growth-38.17%
CountrySE
Employees262
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.70
Shares Outstanding54,258,120
10 Day Avg. Volume41,383
30 Day Avg. Volume33,839
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)1.66
Price to Sales (P/S)5.95
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.56
Revenue Forecast (FY)kr260.45M
FormPipe Software AB Business Overview & Revenue Model
Company Description
Formpipe Software AB (publ), a software company, develops and provides content services in Sweden, Denmark, the United Kingdom, Germany, the United States, and internationally. The company provides various software products that are used to create...
How the Company Makes Money
FormPipe Software AB generates revenue through a combination of software licensing, subscription fees, and professional services. The company primarily earns money by selling its software solutions to public sector entities and regulated businesse...
FormPipe Software AB Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
82
Very Positive
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 242.40M | 528.95M | 525.16M | 485.10M | 473.20M |
| Gross Profit | 13.59M | 294.12M | 295.74M | 256.69M | 277.44M |
| EBITDA | 34.57M | 92.21M | 112.73M | 69.69M | 134.97M |
| Net Income | 495.07M | 17.09M | 36.91M | 8.76M | 50.44M |
Balance Sheet | |||||
| Total Assets | 1.07B | 854.27M | 835.97M | 782.54M | 704.25M |
| Cash, Cash Equivalents and Short-Term Investments | 821.34M | 46.52M | 39.74M | 4.78M | 18.07M |
| Total Debt | 1.77M | 24.96M | 37.84M | 44.21M | 13.72M |
| Total Liabilities | 195.36M | 368.10M | 356.52M | 340.53M | 274.61M |
| Stockholders Equity | 870.12M | 486.17M | 479.44M | 442.02M | 429.64M |
Cash Flow | |||||
| Free Cash Flow | 0.00 | 48.32M | 50.94M | 19.12M | 40.28M |
| Operating Cash Flow | 34.74M | 109.38M | 110.68M | 80.72M | 99.03M |
| Investing Cash Flow | 803.55M | -62.72M | -59.03M | -91.85M | -58.75M |
| Financing Cash Flow | -40.64M | -44.31M | -18.12M | -6.29M | -84.63M |
FormPipe Software AB Technical Analysis
Positive
26.00
Price Trends
22.82
Positive
24.31
Negative
25.70
Negative
Market Momentum
0.02
Negative
52.58
Neutral
76.06
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:FPIP, the sentiment is Positive. The current price of 26 is above the 20-day moving average (MA) of 22.85, above the 50-day MA of 22.82, and above the 200-day MA of 25.70, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 52.58 is Neutral, neither overbought nor oversold. The STOCH value of 76.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:FPIP.
FormPipe Software AB Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | kr427.76M | 18.38 | ― | 3.48% | ― | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | kr2.64B | 34.18 | 32.28% | 1.41% | 11.23% | 16.24% | |
55 Neutral | kr1.26B | 2.92 | ― | 1.92% | -8.38% | -38.17% | |
55 Neutral | kr1.07B | 7.94 | ― | ― | 0.86% | 73.68% | |
52 Neutral | kr1.45B | -0.52 | -50.59% | ― | -21.66% | ― | |
44 Neutral | kr2.07B | -17.17 | ― | ― | 10.25% | -698.93% |
* Technology Sector Average
SE:FPIP
FormPipe Software AB
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FormPipe Software AB Corporate Events
Formpipe launches share buy-back program to optimize capital structure
Feb 23, 2026
Formpipe Software AB’s board has resolved to initiate a share buy-back program on Nasdaq Stockholm under an existing AGM mandate, aiming to repurchase up to MSEK 135 of its own shares, capped at 10 percent of total shares outstanding. The pr...
Formpipe pivots to Lasernet core after Public unit sale and boosts margins in 2025
Feb 20, 2026
Formpipe Software AB reported modest fourth-quarter 2025 revenue growth, with net sales up 2% and currency-adjusted organic growth of 7%, while recurring revenue accounted for 91% of turnover and profitability improved sharply, as adjusted EBIT sw...
Formpipe Completes Divestment and Announces Leadership Change
Dec 1, 2025
Formpipe Software AB has completed the divestment of its Public business unit to Sikri AS, marking a strategic shift to focus on its Lasernet business unit, which specializes in enterprise document and customer communications management. This reor...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.