Kinnevik AB (KINV.B) AI Stock Analysis

• Market Cap: kr17.29B
• Dividend Yield: N/A
• Average Volume (3M): 959.46K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.06
• 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: 243,219,760
• 10 Day Avg. Volume: 1,352,625
• 30 Day Avg. Volume: 959,459
• 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: 46 Neutral
• Price Target: kr67.00 ▼(-20.30% Downside)
• Action: Reiterated Date: 02/05/26
• Date: Action: Reiterated 02/05/26

The score is held back primarily by weak and volatile recent financial performance (large losses and negative operating cash flow) and bearish technical conditions (trading below key moving averages with negative MACD). A strong, conservatively financed balance sheet provides some offset, but valuation remains challenged due to losses (negative P/E) and no dividend yield data.

Positive Factors

Conservative balance sheet / low leverage

Kinnevik's very low debt-to-equity and sizable equity base provide durable financial flexibility. That conservative funding profile supports continued active ownership, cushions portfolio mark‑to‑market swings, and allows opportunistic deployments or support of investees without urgent asset sales over the next months.

Active ownership and diversified investment model

Kinnevik’s core model of minority stakes plus active governance in consumer, software, marketplaces and fintech creates structural advantages: diversified exposure to growth sectors, board influence to drive strategic value, and multiple exit pathways (IPOs, secondaries, dividends) that support durable value creation.

Historical cash conversion in recent years

Although cash flow weakened recently, the company showed strong operating cash conversion in 2022–2023, demonstrating an ability to generate liquidity from its portfolio. That historical cash generation capacity underpins potential to fund reinvestments or realize exits when market conditions improve.

Negative Factors

Highly volatile and currently weak earnings

Large losses and deeply negative margins in 2025 reflect material valuation charges or poor operating returns that impair NAV and reduce distributable income. Persistent earnings volatility undermines predictability of capital returns and complicates planning for reinvestment or shareholder distributions over the medium term.

Negative and inconsistent operating cash flow

Recent negative operating cash flow and erratic free cash flow reduce financial flexibility to support portfolio companies or execute opportunistic investments without selling assets or raising capital. This weakens the firm's ability to convert unrealized value into cash in a sustained way over coming quarters.

Persistent negative return on equity

Negative ROE over multiple years signals that capital deployed has not delivered acceptable returns, raising questions about portfolio selection or timing. Over 2–6 months this trend constrains the likelihood of near-term recovery in realized returns absent material portfolio realizations or strategic repositioning.

Kinnevik AB 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 generates revenue primarily through its strategic investments in digital consumer businesses. The company acquires equity stakes in promising startups and established firms, focusing on sectors with significant growth potential, such as e-commerce, fintech, and online healthcare. Kinnevik earns returns on its investments through capital appreciation as the value of its portfolio companies increases. Additionally, the company may realize profits by selling its stakes in these companies at a higher price than the initial investment. Dividends from profitable companies within its portfolio also contribute to Kinnevik's earnings. The firm's strong network and expertise in the digital consumer sector enhance its ability to identify and support high-potential investments, which is a significant factor contributing to its financial success.

Kinnevik AB Financial Statement Overview

Summary

Financial quality is uneven: the balance sheet is strong with low leverage and a sizable equity base, but earnings are highly volatile and currently weak (large net loss in 2025) and operating cash flow has turned negative in 2024–2025, reducing confidence in near-term profitability and cash generation.

Income Statement

Earnings profile is highly volatile and currently weak: 2025 shows very low revenue (10m) alongside a large net loss (-3.35bn) and deeply negative margins, following multiple loss years (2022–2024) after an exceptionally strong 2020–2021. Reported revenue growth is also erratic (including a steep decline in 2025), which reduces confidence in earnings stability and makes near-term profitability difficult to underwrite.

Balance Sheet

Balance sheet remains a key strength. Leverage is low with debt-to-equity consistently modest (roughly 0.03–0.09 across 2020–2025) and equity is sizable relative to total assets, providing meaningful cushion. The main weakness is persistent negative return on equity in recent years (2022–2025), signaling that capital is not currently generating acceptable returns despite the conservative leverage.

Cash Flow

Cash generation is mixed and has weakened recently. Operating cash flow turned negative in 2024–2025 (-220m and -215m) after being strongly positive in 2022–2023, indicating increased cash burn/working-capital pressure or timing effects. Free cash flow is inconsistent (positive in 2022–2023, negative in 2024, and reported as 0 in 2025), which limits flexibility even though the company historically showed strong cash conversion in earlier years.

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 Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 84.06
• 50DMA: Negative
• 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:KINV.B, the sentiment is Negative. The current price of 84.06 is above the 20-day moving average (MA) of 64.50, above the 50-day MA of 72.99, and above the 200-day MA of 81.86, indicating a bearish trend. The MACD of -3.18 indicates Negative momentum. The RSI at 33.11 is Neutral, neither overbought nor oversold. The STOCH value of 25.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:KINV.B.

Kinnevik AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ORES	78 Outperform	kr6.18B	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	kr9.09B	8.37	12.47%	2.18%	4.72%	-38.28%
SVOL.B	63 Neutral	kr5.35B	-35.16	7.83%	0.79%	-25.75%	-27.25%
RATO.B	56 Neutral	kr11.91B	-18.24	6.59%	3.70%	-22.65%	-14.05%
BURE	53 Neutral	kr15.23B	-3.91	-23.18%	1.13%	22.38%	-153.85%
KINV.B	46 Neutral	kr17.29B	-6.93	0.33%	―	-97.64%	―