Kinnevik AB Class A (KINV.A) AI Stock Analysis

• Market Cap: kr16.89B
• Dividend Yield: N/A
• Average Volume (3M): 14.94K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.94
• Revenue Growth: -97.64%
• EPS Growth: N/A
• Country: SE
• Employees: 47
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): -6.05
• Shares Outstanding: 33,752,914
• 10 Day Avg. Volume: 22,201
• 30 Day Avg. Volume: 14,936
• PEG Ratio: -0.23
• Price to Book (P/B): 0.65
• Price to Sales (P/S): 2317.71
• 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): 2.49
• Revenue Forecast (FY): kr716.02M

• Rating: 45 Neutral
• Price Target: kr72.00 ▼(-13.15% Downside)
• Action: Reiterated Date: 02/05/26
• Date: Action: Reiterated 02/05/26

The score is held down primarily by weak financial performance driven by multi-year losses and deteriorating operating cash flow, only partly offset by a relatively conservative balance sheet. Technicals add risk due to a sustained downtrend, despite oversold readings. Valuation is also challenged because the company is loss-making and no dividend yield is available to support the investment case.

Positive Factors

Diversified investment model

Kinnevik’s core business is long-term active ownership and capital allocation across digital consumer services, healthcare, software and marketplaces. This diversified, investment-centric model provides structural exposure to secular growth sectors and allows portfolio rebalancing over business cycles.

Conservative balance sheet

Low leverage and a relatively strong equity base give Kinnevik durable financial flexibility to support portfolio companies, absorb valuation volatility and pursue opportunistic investments or exits without immediate solvency pressure, preserving strategic optionality.

Proven cash generation in prior cycles

Historical positive operating and free cash flow during 2021–2023 shows the company can generate internal liquidity in favorable periods, supporting reinvestment and exits. That track record underpins the firm’s ability to self-fund or bridge investments when markets normalize.

Negative Factors

Sustained multi-year losses

Multi-year net losses through 2022–2025 erode retained earnings and constrain the company’s ability to reinvest from profits. Persistent losses make capital allocation outcomes more dependent on portfolio realizations and increase pressure on management to deliver value-accretive exits.

Recent negative operating cash flow

The shift to negative operating cash flow in 2024–2025 and erratic free cash flow reduce internal funding capacity, forcing reliance on asset sales or external financing to support operations or portfolio commitments, which can impair long-term capital allocation flexibility.

Erosion of assets and returns

Declining assets, shrinking equity and four years of negative ROE indicate structural value erosion. This reduces the balance-sheet cushion for new investments, limits scale advantages, and signals persistent challenges converting invested capital into lasting shareholder value.

Kinnevik AB Class A Business Overview & Revenue Model

Company Description

Kinnevik AB formerly known as Investment AB Kinnevik, is a venture capital firm specializing in investments in growth capital. It prefers to invest in digital consumer business, education, communication, e-commerce and marketplaces, entertainment, healthcare, and financial services but may also invest in other areas. The firm invests worldwide, especially in Europe with a focus on the Nordics, Latin America, Asia, Australia, Africa, and North America. The firm looks for disruptive, technology-enabled and value-added consumer services in developed and emerging markets. It takes an active role on the boards of its subsidiaries and associated companies. It acts as a long-term lead shareholder in large listed entities. Kinnevik AB was founded in 1936 and is based in Stockholm, Sweden.

How the Company Makes Money

Kinnevik AB primarily generates revenue through capital gains and dividends from its investments in various companies. The firm focuses on acquiring significant stakes in businesses that show high growth potential, particularly in sectors such as e-commerce, digital health, and financial technology. Kinnevik's earnings are driven by the appreciation in value of its portfolio companies and the dividends they distribute. Additionally, Kinnevik may engage in strategic partnerships and divestitures to optimize its portfolio and maximize returns. The company continuously assesses its investments to ensure alignment with its long-term growth objectives and sustainability goals.

Kinnevik AB Class A Financial Statement Overview

Summary

Overall financial strength is uneven. The balance sheet is relatively resilient with modest leverage (Balance Sheet Score 72), but performance has deteriorated: sustained large losses since 2022 with a bigger loss in 2025 (Income Statement Score 18) and operating cash flow turning negative in 2024–2025 with inconsistent free cash flow (Cash Flow Score 41).

Income Statement

Earnings quality and trend are weak: the company swung from very strong profits in 2020–2021 to large losses in 2022–2025, with 2025 showing a materially larger loss than 2024. Revenue is also highly volatile (including negative and near-zero figures across years), making the top-line trajectory difficult to rely on. While this volatility can occur in asset/holding company models, the recent multi-year loss profile meaningfully drags the income statement strength.

Balance Sheet

Balance sheet looks relatively resilient with low leverage: debt-to-equity remains modest (~2.6%–8.9% across 2020–2025) and equity remains large versus debt. However, total assets and equity have declined substantially since 2020–2021, and returns on equity have been negative for four consecutive years (2022–2025), indicating value erosion and weaker underlying performance despite conservative leverage.

Cash Flow

Cash flow is mixed and has weakened recently. Operating cash flow was solidly positive in 2021–2023 (especially 2022), but turned negative in 2024 and 2025, pointing to reduced cash generation and/or higher cash needs. Free cash flow is also inconsistent (positive in 2021–2023, negative in 2024, and reported as zero in 2025), which increases uncertainty around the company’s ability to self-fund without relying on portfolio actions or financing.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	-2.36B	10.00M	-2.55B	-4.67B	-19.45B	14.84B
Gross Profit	-2.52B	-4.24B	-2.60B	-4.72B	-19.50B	14.80B
EBITDA	-2.53B	-4.55B	-2.62B	-4.77B	-19.52B	14.78B
Net Income	-2.53B	-3.35B	-2.62B	-4.77B	-19.52B	14.78B
Balance Sheet
Total Assets	40.07B	38.12B	44.11B	53.51B	57.73B	78.59B
Cash, Cash Equivalents and Short-Term Investments	11.56B	10.39B	14.62B	2.37B	13.85B	10.54B
Total Debt	2.06B	2.05B	3.49B	3.49B	3.49B	4.69B
Total Liabilities	3.27B	2.25B	4.91B	5.35B	4.82B	6.20B
Stockholders Equity	36.80B	35.87B	39.20B	48.16B	52.91B	72.39B
Cash Flow
Free Cash Flow	-284.00M	0.00	-220.00M	600.00M	3.18B	1.31B
Operating Cash Flow	-284.00M	-215.00M	-220.00M	600.00M	3.18B	1.31B
Investing Cash Flow	-3.36B	-2.65B	8.87B	-2.84B	1.38B	-215.00M
Financing Cash Flow	-7.87B	-1.50B	-6.37B	0.00	-1.21B	1.86B

Kinnevik AB Class A Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 82.90
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:KINV.A, the sentiment is Negative. The current price of 82.9 is above the 20-day moving average (MA) of 70.94, above the 50-day MA of 77.22, and below the 200-day MA of 88.14, indicating a bearish trend. The MACD of -2.72 indicates Positive momentum. The RSI at 25.81 is Positive, neither overbought nor oversold. The STOCH value of 23.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:KINV.A.

Kinnevik AB Class A Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ORES	78 Outperform	kr6.12B	6.12	―	6.23%	-0.22%	-58.80%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
CRED.A	63 Neutral	kr9.18B	8.37	12.47%	2.18%	4.72%	-38.28%
SVOL.B	63 Neutral	kr5.26B	-35.16	7.83%	0.79%	-25.75%	-27.25%
BURE	53 Neutral	kr15.44B	-3.91	-23.18%	1.13%	22.38%	-153.85%
KINV.B	46 Neutral	kr16.89B	-6.93	0.33%	―	-97.64%	―
KINV.A	45 Neutral	kr16.89B	-6.93	―	―	-97.64%	―