Haypp Group AB (HAYPP) AI Stock Analysis

• Market Cap: kr3.88B
• Dividend Yield: N/A
• Average Volume (3M): 45.19K
• Price to Earnings (P/E): 90.1
• Beta (1Y): 0.46
• Revenue Growth: 2.79%
• EPS Growth: 116.42%
• Country: SE
• Employees: 199
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Tobacco
• EPS (TTM): 0.08
• Shares Outstanding: 30,623,250
• 10 Day Avg. Volume: 29,988
• 30 Day Avg. Volume: 45,188
• PEG Ratio: -12.94
• Price to Book (P/B): 6.52
• Price to Sales (P/S): 1.14
• P/FCF Ratio: 33.65
• 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: kr220.00
• Price Target Upside: 78.86% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 4.3
• Revenue Forecast (FY): kr4.68B

• Rating: 58 Neutral
• Price Target: kr124.00 ▲(0.81% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is supported by improving fundamentals—sustained profitability since 2022 and positive free cash flow in recent years—while being held back by 2025 margin pressure and slowing growth, a bearish technical trend (below key moving averages with negative MACD), and a high P/E multiple.

Positive Factors

Consistent profitability since 2022

Recovery to sustained profits since 2022, with a step-up in 2024–2025, signals restored earnings power and an operational turnaround. Sustained profitability reduces reliance on external financing, enables reinvestment in logistics and marketing, and supports long-term viability of the direct-to-consumer nicotine retail model.

Positive operating and free cash flow (2023–2025)

Consistent positive operating and free cash flow across 2023–2025 demonstrates the company converts sales into cash reliably. Durable cash generation funds inventory and working capital, reduces refinancing risk, and gives the company flexibility to invest in customer acquisition, compliance and fulfillment without immediate external capital.

Manageable leverage and equity growth

Relatively low leverage (~0.31x in 2024) alongside steady equity growth indicates a conservative balance-sheet posture. This structural financial strength improves resilience to regulatory or market shocks, supports capital allocation for geographic expansion or inventory build, and preserves strategic optionality over the medium term.

Negative Factors

Margin pressure and gross profit decline in 2025

A weaker gross profit in 2025 despite higher revenue points to margin erosion from pricing, product mix or rising costs. Persistent margin compression would reduce free cash flow and reinvestment capacity, force difficult trade-offs (price increases or cost cuts) and could undermine long-term profitability if structural.

Slowing revenue growth to low single-digits

Revenue growth decelerated to low single-digits in 2025, suggesting the company faces saturation, competitive pressure or softer demand. Slower top-line growth limits operating leverage benefits in e‑commerce, constrains margin expansion potential, and raises the importance of retention, new channels or product diversification to sustain returns.

Rising total debt in 2025 vs 2024

An increase in total debt in 2025 relative to 2024, combined with margin pressure and slowing growth, elevates refinancing and coverage risk. Higher leverage can limit strategic flexibility, raise interest burdens, and force prioritization between servicing debt and investing in growth or compliance over the medium term.

Haypp Group AB Business Overview & Revenue Model

Company Description

Haypp Group AB (publ) operates as an online retailer of tobacco-free nicotine pouches and snus products in Sweden, Norway, rest of Europe, and the United State. It offers its products through e-commerce platforms and brands comprising haypp.com, nicokick.com, snushjem.no, snusbolaget.se, snus.com, snusmarkt.ch, northerner.com, snuslageret.no, snusnetto.com, and nettotobak.com. The company was formerly known as Snusbolaget Norden Holding AB and changed its name to Haypp Group AB in September 2019. Haypp Group AB (publ) was founded in 2009 and is headquartered in Stockholm, Sweden.

How the Company Makes Money

Haypp Group generates revenue primarily through the sale of nicotine products via its online platforms. The company operates a direct-to-consumer model, allowing it to capitalize on the increasing demand for nicotine pouches and snus. Key revenue streams include product sales, subscription services, and partnerships with various brands for exclusive offerings. Additionally, the company's strategic marketing and customer loyalty programs contribute to repeat purchases and brand retention, which are vital for its earnings. The company also benefits from economies of scale as it expands its market presence and product range.

Haypp Group AB Financial Statement Overview

Summary

Solid turnaround and cash generation: profits have been consistent since 2022 with a notable step-up in 2024–2025, and operating/free cash flow is positive in 2023–2025. Offsetting this, 2025 shows slowing revenue growth, margin/cost pressure (weaker gross profit vs 2024 despite higher revenue), declining cash flow vs 2024, and higher total debt vs 2024.

Income Statement

Revenue has scaled materially over the period, with solid growth through 2024, but growth slowed to low single-digits in 2025. Profitability improved meaningfully from losses in 2020–2021 to consistent profits in 2022–2025, with a sharp step-up in 2024–2025 net income versus 2023. The main weakness is margin quality/volatility: net margins remain thin (low single-digits in 2024) and 2025 shows a notably weaker gross profit level versus 2024 despite higher revenue, indicating pressure from pricing, mix, or costs.

Balance Sheet

Leverage looks manageable, with debt modest relative to equity (around 0.31x in 2024 and improving versus 2022–2023 levels), and equity has grown steadily over time. Returns on equity recovered from negative in 2020–2021 to positive, reaching a mid-single-digit level in 2024, signaling improved earnings power. The key risk is that total debt increased in 2025 versus 2024, so continued profit and cash generation are important to keep the balance sheet trajectory constructive.

Cash Flow

Cash generation is a relative strength: operating cash flow and free cash flow are solidly positive in 2023–2025, with 2024 particularly strong and 2025 remaining healthy. This is a clear improvement from 2021–2022, when operating and free cash flow were negative. The main weakness is volatility—cash flow swung meaningfully across years—and 2025 operating/free cash flow declined from 2024, which bears monitoring if margin pressure persists.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.85B	3.68B	3.17B	2.60B	2.27B
Gross Profit	109.41M	585.07M	427.01M	345.19M	259.06M
EBITDA	237.11M	203.29M	116.15M	86.94M	37.27M
Net Income	42.48M	44.98M	5.04M	20.08M	-27.63M
Balance Sheet
Total Assets	1.26B	1.18B	1.06B	1.02B	925.99M
Cash, Cash Equivalents and Short-Term Investments	57.26M	35.22M	11.42M	15.20M	49.05M
Total Debt	236.41M	204.27M	235.88M	225.29M	95.10M
Total Liabilities	592.62M	527.56M	456.38M	423.74M	357.38M
Stockholders Equity	669.91M	655.95M	598.77M	597.54M	568.62M
Cash Flow
Free Cash Flow	129.83M	160.32M	20.05M	-79.26M	-293.61M
Operating Cash Flow	140.00M	194.63M	80.55M	-32.35M	-48.34M
Investing Cash Flow	-103.92M	-114.96M	-61.01M	-49.27M	-245.90M
Financing Cash Flow	-6.46M	-57.73M	-23.00M	45.56M	309.25M

Haypp Group AB Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 123.00
• 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:HAYPP, the sentiment is Neutral. The current price of 123 is above the 20-day moving average (MA) of 120.09, below the 50-day MA of 126.52, and below the 200-day MA of 141.44, indicating a neutral trend. The MACD of 0.90 indicates Negative momentum. The RSI at 54.18 is Neutral, neither overbought nor oversold. The STOCH value of 77.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:HAYPP.

Haypp Group AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
HAYPP	58 Neutral	kr3.88B	90.13	8.93%	―	2.79%	116.42%