Humble Group AB (HUMBLE) AI Stock Analysis

• Market Cap: kr3.16B
• Dividend Yield: N/A
• Average Volume (3M): 1.32M
• Price to Earnings (P/E): 58.2
• Beta (1Y): 0.85
• Revenue Growth: 5.99%
• EPS Growth: -38.16%
• Country: SE
• Employees: 1,170
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Packaged Foods
• EPS (TTM): 0.12
• Shares Outstanding: 446,575,530
• 10 Day Avg. Volume: 1,942,744
• 30 Day Avg. Volume: 1,320,823
• PEG Ratio: -2.37
• Price to Book (P/B): 0.71
• Price to Sales (P/S): 0.43
• P/FCF Ratio: 11.83
• 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): 0.72
• Revenue Forecast (FY): kr8.57B

• Rating: 50 Neutral
• Price Target: kr7.50 ▲(3.02% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is primarily supported by strong revenue growth and generally positive/free cash flow generation, but is held back by extremely thin and volatile profitability. Weak technical trend signals and a very high P/E with no dividend yield further pressure the overall rating.

Positive Factors

Sustained Revenue Growth

Multi-year top-line expansion (notably ~35% in 2025) indicates strengthening market traction and successful distribution of brands and acquired businesses. Durable revenue growth improves scale economics, supports investment in marketing and R&D, and provides a foundation for margin recovery if costs are managed.

Consistent Free Cash Flow

Positive operating and free cash flow across multiple years, with meaningful FCF improvement in 2025, signals the business can generate cash despite thin accounting profits. Durable FCF supports reinvestment, debt servicing and M&A funding, reducing reliance on external financing and improving long-term resilience.

Diversified FMCG Business Model

A multi-pronged model (branded products, contract manufacturing, B2B services and acquisition-led expansion) spreads revenue across channels and client types, reducing single-channel dependence. This structural diversification increases resilience to retail swings and provides multiple levers to sustain growth over months to years.

Negative Factors

Extremely Thin Profitability

Net margin near zero leaves little buffer against cost shocks (raw materials, freight, pricing pressure). Persistent thin profitability limits retained earnings for capex or acquisitions, increases reliance on external financing, and makes long-term return metrics sensitive to small revenue or cost swings.

Elevated Leverage vs Recent Years

Moderate but elevated debt-to-equity constrains financial flexibility, raising interest and refinancing risk if margins remain thin. While equity provides a cushion, the combination of higher leverage and inconsistent returns on equity reduces headroom for large opportunistic investments and increases vulnerability to demand or cost downturns.

Volatile Cash Conversion

Material year-to-year swings in operating and free cash flow complicate forecasting and working-capital planning. This variability increases execution risk for integration of acquisitions, makes consistent debt servicing harder during weak years, and reduces predictability of funding for strategic initiatives.

Humble Group AB Business Overview & Revenue Model

Company Description

Humble Group AB (publ) develops and markets sugar reduction solutions for the food, and beauty and health markets in Sweden. The company provides oral care, baby and feminine care, bath and body care, and household cleaning products; cosmetics, beauty, and wellness products; medical devices and dermatological products; fitness clothing, tools, supplements, and sports nutrition products; chocolate and sugar confectionery products; sauces, jams, and syrups; plant-based gums and lozenges, sweets, organic staples, natural remedies, spices and spice mixtures, sweetened fibres, and groceries, as well as bars and granolas and candles; and snacks, such as protein bars and protein chips, functional drinks, and dietary supplements. It sells its products under The Humble Co., Eco By Naty, True Gum, Wellibites, The Healthy Co, Pro! Brands, Jalofoods, Pändy, Tweek, The Eco Gang, Green Star, Vitargo, Golden Athlete, Amerpharma, Carls-Bergh Pharma, The spice house in Ljung, Grahn's Confectionery, Delsbo Candles, FancyStage, Ewalco Holding, Bayn Solution, Go Superfoods, La Praline Scandinavia, Lev Diet, Grenna Polkagriskokeri, Bars i Gråbo AB, First Class Brands of Sweden, Green Sales, Nordfood International, Beson, Marabu, Medicanatumin, and Franssons Confectionery brands. The company was formerly known as Bayn Group AB (publ). Humble Group AB (publ) was incorporated in 2009 and is headquartered in Stockholm, Sweden.

How the Company Makes Money

Humble Group AB generates revenue through multiple streams, primarily by selling its health and wellness products directly to consumers through its e-commerce platform and retail partnerships. The company leverages its brand portfolio to attract diverse customer segments, enhancing its market reach. Additionally, HUMBLE engages in strategic collaborations and partnerships with distributors and retailers to expand its product availability and visibility in the market. The company's focus on sustainability and innovation not only drives consumer interest but also allows it to command premium pricing for its products. Furthermore, HUMBLE may explore additional revenue avenues such as licensing agreements and co-branding opportunities, which can further bolster its earnings.

Humble Group AB Financial Statement Overview

Summary

Strong multi-year revenue growth and improving free cash flow support the score, but profitability is fragile: 2025 net margin is ~0.2% and margins have been volatile, with prior-year losses and inconsistent returns on equity limiting confidence in earnings quality.

Income Statement

Revenue has expanded rapidly over the last several years (2025: ~35% growth; 2023 and 2022 also strong), indicating solid top-line momentum. However, profitability is inconsistent and currently thin: 2025 net margin is ~0.2% and gross margin swung sharply lower versus 2024, suggesting higher input costs, pricing pressure, or mix effects. While EBIT and EBITDA are positive in recent years, the earnings profile remains low-quality and volatile (losses in 2021–2023), which caps the score despite strong growth.

Balance Sheet

Leverage is moderate for the period, with debt-to-equity around ~0.56 in 2025 (improving versus 2021–2022 highs but above 2023–2024 levels), suggesting the balance sheet can support operations but is not conservative. Equity remains sizable (SEK ~4.9B in 2025), providing a cushion, yet return on equity has been weak and inconsistent (negative in 2022–2023, modestly positive in 2024), reflecting limited profitability relative to capital employed. Overall: acceptable balance sheet strength, but elevated leverage versus the best year and muted returns are key constraints.

Cash Flow

Cash generation is a relative bright spot: operating cash flow and free cash flow are positive across 2022–2025, and 2025 free cash flow improved meaningfully versus 2024. Free cash flow also covers reported earnings well in recent years (including 2025), which is supportive given the thin net profit margin. The main weakness is variability—operating cash flow and free cash flow have swung significantly year-to-year (notably the very strong 2023 vs. weaker 2024), indicating less predictable cash conversion.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	8.10B	7.71B	7.05B	4.80B	1.52B
Gross Profit	281.00M	2.43B	339.00M	1.62B	527.00M
EBITDA	615.00M	690.00M	576.00M	476.00M	-50.00M
Net Income	17.00M	124.00M	-106.00M	-36.00M	-342.00M
Balance Sheet
Total Assets	8.78B	9.35B	8.92B	8.90B	6.61B
Cash, Cash Equivalents and Short-Term Investments	321.00M	432.00M	401.00M	380.00M	421.00M
Total Debt	2.75B	2.22B	1.77B	2.69B	1.84B
Total Liabilities	3.89B	4.12B	4.05B	4.86B	3.92B
Stockholders Equity	4.89B	5.22B	4.87B	4.04B	2.69B
Cash Flow
Free Cash Flow	294.00M	146.00M	927.00M	108.00M	28.00M
Operating Cash Flow	406.00M	300.00M	1.09B	255.00M	82.00M
Investing Cash Flow	-234.00M	-299.00M	-423.00M	-1.05B	-2.46B
Financing Cash Flow	-245.00M	18.00M	-385.00M	712.00M	2.71B

Humble Group AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 7.28
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:HUMBLE, the sentiment is Negative. The current price of 7.28 is below the 20-day moving average (MA) of 7.41, below the 50-day MA of 7.68, and below the 200-day MA of 7.96, indicating a bearish trend. The MACD of -0.20 indicates Positive momentum. The RSI at 34.65 is Neutral, neither overbought nor oversold. The STOCH value of 36.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:HUMBLE.

Humble 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%
MSON.B	58 Neutral	kr1.62B	9.34	-0.17%	2.34%	-2.95%	-112.90%
NNH	57 Neutral	kr128.24M	17.54	―	―	5.91%	―
SNX	56 Neutral	kr527.74M	21.64	―	0.51%	22.02%	127.51%
SCST	55 Neutral	kr8.31B	17.69	―	2.56%	7.37%	2.90%
HUMBLE	50 Neutral	kr3.16B	58.18	0.87%	―	5.99%	-38.16%

Humble Group AB Corporate Events

Humble Group Sharpens Operational Focus as Efficiency Drive Gains Traction

Humble Group’s acting CEO Noel Abdayem says the company is shifting to a more hands-on, operational ownership model aimed at helping its businesses reach full potential and improving profitability. The group is pursuing a clearer strategic focus through an efficiency program and an ongoing review of divestments, selective acquisitions, and strategic partnerships.

Management reports that the efficiency program is on track with targeted cost savings, while the weak Swedish krona is expected to weigh on performance in the short term. For the period, Humble posted 6% organic growth, net sales of 2,118 MSEK, adjusted EBITA of 139 MSEK, gross profit of 665 MSEK, and operating cash flow of 206 MSEK, alongside a slight reduction in leverage to NIBD of -0.3x.

The most recent analyst rating on (SE:HUMBLE) stock is a Hold with a SEK8.50 price target. To see the full list of analyst forecasts on Humble Group AB stock, see the SE:HUMBLE Stock Forecast page.

Humble Group to Present Fourth-Quarter 2025 Results on 13 February

Humble Group AB will publish its quarterly report for the period October–December 2025 on 13 February 2026 at 08:00 CET and will host an English-language results presentation the same day at 10:00 CET, led by acting CEO Noel Abdayem and CFO Johan Lennartsson, followed by a Q&A session for investors, analysts and media. The event underscores the group’s efforts to maintain transparency with capital markets and key stakeholders as it continues to execute its strategy of scaling and transforming FMCG-focused portfolio companies, with the fourth-quarter figures likely to be scrutinized for signals on operational momentum and the effectiveness of its active-ownership model.

The most recent analyst rating on (SE:HUMBLE) stock is a Hold with a SEK8.50 price target. To see the full list of analyst forecasts on Humble Group AB stock, see the SE:HUMBLE Stock Forecast page.

Humble Group Updates Share and Vote Count After Incentive Share Issue

Humble Group AB has increased its total number of shares and votes following the issuance of 3,467,476 new C 2025 shares under its long-term incentive program LTIP 2025/2028. As of the last trading day in December, the company now has 452,831,482 shares outstanding, comprising 449,364,006 ordinary shares with one vote each and 3,467,476 C 2025 shares carrying one-tenth of a vote per share, resulting in a total of 449,710,753.6 votes. The change modestly adjusts the ownership and voting structure of the FMCG-focused group, reflecting the company’s use of equity-based incentives to align management and employee interests with those of shareholders.

The most recent analyst rating on (SE:HUMBLE) stock is a Hold with a SEK8.50 price target. To see the full list of analyst forecasts on Humble Group AB stock, see the SE:HUMBLE Stock Forecast page.

Humble Group Initiates Share Issue and Repurchase for LTIP 2025

Humble Group AB has initiated a new share issue and repurchase of shares as part of its long-term incentive program (LTIP 2025) aimed at aligning with future consumer needs. The company issued 3,467,476 C 2025 shares to DNB Carnegie Investment Bank AB, which will be repurchased by Humble Group for transfer to program participants, reflecting strategic efforts to enhance shareholder value.

The most recent analyst rating on (SE:HUMBLE) stock is a Hold with a SEK8.50 price target. To see the full list of analyst forecasts on Humble Group AB stock, see the SE:HUMBLE Stock Forecast page.