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Iconovo AB
(ICO)
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Rating:45Neutral
Price Target:
kr0.97
▼(-6.31% Downside)
Action:Reiterated
Date:08/06/26
The score is held down primarily by very weak profitability and continued negative operating/free cash flow, despite a relatively supportive low-debt balance sheet. Technicals also lean bearish with the price below major moving averages and negative MACD. Valuation provides limited support given negative earnings and no dividend data.
Positive Factors
Low leverage and sizable equity cushion
Very low debt-to-equity (~0.04) and a sizable equity base reduce default and refinancing risk, giving Iconovo financial flexibility to fund development milestones or absorb project delays without immediate external capital. This supports multi-month runway and strategic partnerships.
Negative Factors
Persistent negative operating and free cash flow
Consistent negative operating and free cash flow forces reliance on external financing or equity raises to fund operations and R&D. Over time this can dilute shareholders, limit discretionary spending on platform improvements, and constrain the company’s ability to support partner projects to commercialization.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage and sizable equity cushion
Very low debt-to-equity (~0.04) and a sizable equity base reduce default and refinancing risk, giving Iconovo financial flexibility to fund development milestones or absorb project delays without immediate external capital. This supports multi-month runway and strategic partnerships.
Read all positive factors
Iconovo AB (ICO) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr77.79M
Dividend YieldN/A
Average Volume (3M)46.24K
Price to Earnings (P/E)―
Beta (1Y)-0.34
Revenue Growth-22.86%
EPS Growth57.28%
CountrySE
Employees12
SectorGeneral
Sector StrengthN/A
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.93
Shares Outstanding74,800,380
10 Day Avg. Volume58,575
30 Day Avg. Volume46,237
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)0.37
Price to Sales (P/S)39.24
P/FCF Ratio-0.94
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)-0.42
Revenue Forecast (FY)kr29.00M
Iconovo AB Business Overview & Revenue Model
Company Description
Based in Lund, Sweden, Iconovo AB (publ) focuses on the creation and licensing of advanced inhalation delivery systems. Their product portfolio encompasses a variety of dry powder inhalers, such as the versatile multi-dose ICOres, the capsule-driv...
How the Company Makes Money
Iconovo makes money primarily through partnering and licensing its inhaler platforms and inhalation product development capabilities to other pharmaceutical companies. Revenue is typically generated from (1) upfront payments and fees for developme...
Iconovo AB Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
62
Positive
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.31M | 1.10M | 2.93M | 7.08M | 17.12M | 15.41M |
| Gross Profit | -16.09M | -43.75M | 19.13M | 17.58M | 17.24M | 21.31M |
| EBITDA | -31.00M | -34.05M | -29.83M | -35.29M | -38.73M | -24.90M |
| Net Income | -40.29M | -43.36M | -41.14M | -45.89M | -50.31M | -26.16M |
Balance Sheet | ||||||
| Total Assets | 173.25M | 131.08M | 145.69M | 128.08M | 121.27M | 148.54M |
| Cash, Cash Equivalents and Short-Term Investments | 49.25M | 6.56M | 29.76M | 18.48M | 13.45M | 94.94M |
| Total Debt | 5.70M | 4.97M | 7.90M | 7.72M | 10.03M | 0.00 |
| Total Liabilities | 15.48M | 13.16M | 16.47M | 14.55M | 31.97M | 11.51M |
| Stockholders Equity | 157.77M | 117.92M | 129.21M | 113.53M | 89.29M | 137.03M |
Cash Flow | ||||||
| Free Cash Flow | -40.61M | -45.96M | -46.44M | -61.43M | -80.65M | -36.91M |
| Operating Cash Flow | -29.26M | -31.87M | -24.54M | -38.60M | -43.70M | -11.01M |
| Investing Cash Flow | -13.57M | -14.09M | -21.90M | -22.91M | -36.95M | -25.99M |
| Financing Cash Flow | 75.66M | 27.83M | 52.65M | 66.55M | -936.22K | 70.25M |
Iconovo AB Technical Analysis
Neutral
1.03
Price Trends
1.08
Negative
1.12
Negative
1.20
Negative
Market Momentum
>-0.01
Negative
54.49
Neutral
92.78
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ICO, the sentiment is Neutral. The current price of 1.03 is above the 20-day moving average (MA) of 1.00, below the 50-day MA of 1.08, and below the 200-day MA of 1.20, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 54.49 is Neutral, neither overbought nor oversold. The STOCH value of 92.78 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:ICO.
Iconovo AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | kr126.77M | 33.48 | ― | ― | -12.51% | -59.88% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | kr166.13M | -2.93 | -28.65% | ― | ― | ― | |
46 Neutral | kr49.60M | -14.43 | ― | ― | -12.32% | -1156.14% | |
45 Neutral | kr77.79M | -1.18 | ― | ― | -22.86% | 57.28% | |
44 Neutral | kr288.35M | -1.32 | -291.72% | ― | 41.17% | 29.20% | |
43 Neutral | kr97.45M | -1.40 | -66.41% | ― | -47.42% | 44.01% |
* General Sector Average
SE:ICO
Iconovo AB
1.07
-1.01
-48.56%
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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.