Hedera Group AB (HEGR) AI Stock Analysis

• Market Cap: kr23.24M
• Dividend Yield: N/A
• Average Volume (3M): 19.11K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.88
• Revenue Growth: -11.42%
• EPS Growth: -116.51%
• Country: SE
• Employees: 51
• Sector: Services
• Sector Strength: N/A
• Industry: Staffing & Employment Services
• EPS (TTM): -0.05
• Shares Outstanding: 34,169,620
• 10 Day Avg. Volume: 17,457
• 30 Day Avg. Volume: 19,115
• PEG Ratio: -0.01
• Price to Book (P/B): 0.13
• Price to Sales (P/S): 0.03
• 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: 46 Neutral
• Price Target: kr0.67 ▲(18.93% Upside)
• Action: Reiterated Date: 02/28/26
• Date: Action: Reiterated 02/28/26

The score is held back primarily by deteriorating financial performance (loss-making in 2025 and weakening/negative cash generation), with only partial support from a relatively stable balance sheet. Technicals are neutral-to-slightly constructive near term, but longer-term trend signals remain weak, and valuation is constrained by negative earnings and no dividend data.

Positive Factors

Balance Sheet Strength

The company maintains manageable leverage with debt below equity and relatively stable equity year-to-year. That balance-sheet cushion gives the firm financial flexibility to withstand continued operating losses, fund restructuring or working-capital needs, and avoid immediate solvency pressure over the next several months.

Historic Cash Generation

Prior periods of strong operating and free cash flow (2022–2023) indicate the business model can generate meaningful cash when operations and working capital normalize. This historical cash-generation capability supports the potential for a durable recovery if management restores margin and collection dynamics.

Revenue Recovery Potential

The revenue pattern — strong growth, a temporary decline, then a return to growth — suggests demand resilience and the company’s ability to regain placements or contracts. That demonstrated capacity to recover top-line momentum supports medium-term revenue stabilization if cost structure follows.

Negative Factors

Loss-Making Operations

Negative gross and operating profit in 2025 indicate core unit economics are currently impaired. Sustained unprofitable operations will erode margins and retained equity, constrain reinvestment, and require either pricing, mix, or cost restructuring to restore durable profitability over the coming months.

Negative Operating Cash Flow

A flip to negative operating cash flow signals cash generation no longer covers operating needs, increasing reliance on external financing or the balance-sheet cushion. Persistent negative cash flow raises liquidity and working-capital risk and can force margin-diluting measures or asset sales if not reversed.

Volatile and Deteriorating Financials

Material volatility in revenue and severe EPS decline reflect structural instability in revenue mix, pricing, or cost control. Such swings make planning and client retention harder, increase financing cost/need, and raise execution risk for any turnaround initiatives over the next several months.

Hedera Group AB Business Overview & Revenue Model

Company Description

Hedera Group AB (publ), together with its subsidiaries, engages in the staffing and recruitment of doctors and nurses to primary cares, municipalities, and hospitals in Sweden. It offers consulting services. The company is based in Stockholm, Sweden. Hedera Group AB (publ) is a subsidiary of Bertil Haglund med bolag.

How the Company Makes Money

Hedera Group AB generates revenue through multiple streams, primarily from transaction fees associated with the use of its network for dApps and token management. Each transaction on the Hedera network incurs a nominal fee, which contributes directly to the company's earnings. Additionally, Hedera may engage in partnerships with enterprises and developers, providing consulting services and technical support for implementing blockchain solutions. The company also explores revenue through strategic alliances with other technology firms and participation in joint ventures that leverage its platform's capabilities. By expanding its ecosystem and fostering a community of developers, Hedera aims to increase transaction volumes and, consequently, its revenue.

Hedera Group AB Financial Statement Overview

Summary

Financials have weakened materially: profitability deteriorated to negative gross and operating profit in 2025 with a wider net loss, and cash flow flipped negative after weakening in 2024. The balance sheet is a relative offset with manageable leverage and stable equity, but sustained losses could pressure that cushion.

Income Statement

Revenue has been volatile: strong growth in 2022–2023, a decline in 2024, and a return to growth in 2025. Profitability has deteriorated meaningfully—2025 shows negative gross profit and negative operating profit, with a wider net loss versus 2024. Margins peaked in 2022–2023 and have since compressed sharply, signaling weaker pricing/policy, mix, and/or cost control.

Balance Sheet

Leverage looks manageable with debt below equity across the period and improving versus earlier years (debt-to-equity notably lower in 2025 than 2021). Equity has remained relatively stable year-to-year, providing balance sheet support despite recent losses. The key weakness is profitability-driven pressure: returns on equity turned negative in 2024 and the company is loss-making in 2025, which could erode the equity cushion if sustained.

Cash Flow

Cash generation weakened materially: operating cash flow and free cash flow were strong in 2022–2023, turned modest in 2024, and flipped negative/zero in 2025. Cash flow quality also deteriorated as cash from operations moved from supportive of earnings (2022–2023) to not covering losses in 2025, indicating higher working-capital strain and/or weaker underlying operating performance.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	516.30M	543.31M	678.28M	453.91M	246.97M
Gross Profit	-4.50M	18.40M	34.76M	122.00M	52.36M
EBITDA	1.60M	6.18M	21.20M	19.33M	7.03M
Net Income	-9.40M	-2.52M	9.46M	13.57M	2.60M
Balance Sheet
Total Assets	226.70M	232.99M	261.32M	232.66M	147.00M
Cash, Cash Equivalents and Short-Term Investments	6.70M	8.37M	15.06M	8.65M	5.79M
Total Debt	29.30M	42.67M	41.80M	40.38M	38.97M
Total Liabilities	125.90M	132.45M	154.91M	135.71M	90.41M
Stockholders Equity	100.80M	100.54M	106.41M	96.95M	56.59M
Cash Flow
Free Cash Flow	0.00	473.00K	12.17M	8.14M	-1.55M
Operating Cash Flow	-3.40M	1.42M	12.80M	10.09M	1.78M
Investing Cash Flow	-500.00K	-951.00K	-2.65M	-22.20M	-10.51M
Financing Cash Flow	2.20M	-7.16M	-3.74M	14.97M	10.17M

Hedera Group AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.56
• 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:HEGR, the sentiment is Positive. The current price of 0.56 is below the 20-day moving average (MA) of 0.66, below the 50-day MA of 0.65, and below the 200-day MA of 0.91, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 53.08 is Neutral, neither overbought nor oversold. The STOCH value of 56.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:HEGR.

Hedera Group AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DEDI	56 Neutral	kr377.72M	11.42	―	5.95%	-17.43%	-39.61%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
PION.B	47 Neutral	kr238.95M	-800.00	-18.85%	―	-17.32%	36.05%
HEGR	46 Neutral	kr23.24M	-1.64	-8.40%	―	-11.42%	-116.51%
WISE	43 Neutral	kr121.21M	-8.61	-29.57%	―	-20.88%	14.14%