Kinnevik AB (KINV.B) AI Stock Analysis

• Market Cap: kr14.56B
• Dividend Yield: N/A
• Average Volume (3M): 959.46K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.02
• 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: 47 Neutral
• Price Target: kr51.00 ▼(-39.33% Downside)
• Action: Reiterated Date: 03/10/26
• Date: Action: Reiterated 03/10/26

The score is held down primarily by weak and volatile profitability and recently negative operating cash flow, reinforced by a strong bearish technical setup (price below key moving averages and negative MACD). A conservatively financed balance sheet provides some downside cushion, but valuation is constrained by losses and the lack of a provided dividend yield.

Positive Factors

Conservative balance sheet

Low leverage and a sizable equity cushion provide durable financial flexibility for an investment company. This structure lets Kinnevik support portfolio companies, withstand valuation swings, and fund opportunistic deployments or selective exits without forcing distressed sales, aiding long-term value creation.

Active ownership investment model

A focus on active, hands-on ownership and board participation is a structural advantage: it allows Kinnevik to influence strategy, governance and capital allocation at portfolio companies, increasing the odds of value realization over multiple years relative to passive holdings.

Proven cash conversion historically

Prior periods of strong operating cash flow indicate the firm can generate and convert value from portfolio realizations and dividends. That track record suggests management has routes to monetize holdings and rebuild liquidity when market conditions normalize, supporting medium-term optionality.

Negative Factors

Weak, volatile profitability

Persistent large losses and erratic earnings reduce the ability of a holding company to demonstrate reliable returns on capital. Volatility in reported profit undermines confidence in recurring distributable cash and makes planning for dividends, buybacks, or reinvestment more uncertain over the medium term.

Deteriorating cash generation

A shift to negative operating cash flow and inconsistent free cash flow pressures the company's ability to fund new investments or return capital without selling holdings. Reliance on asset disposals in stressed markets can force suboptimal timing and impair long-term value creation.

Shrinking revenue base

A steep decline to a very small revenue base signals diminished recurring income from operations and limited internal cash generation. For an investment firm, this reduces internal buffers and increases dependence on portfolio realizations or external financing to support strategic initiatives over the coming months.

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 does not primarily generate revenue by selling products or services itself; it makes money through returns on its investment portfolio. The main economic drivers are: (1) Changes in the value of its equity holdings (realized and unrealized): when portfolio companies increase in value, this is reflected in Kinnevik’s net asset value and, upon exits (e.g., sales of shares, secondary transactions, IPOs, or mergers), can be realized as capital gains. (2) Dividends and other distributions received from portfolio companies: if investee companies pay dividends, Kinnevik can receive cash income proportional to its ownership. (3) Interest and other financial income on cash and liquid investments held at the holding-company level: while capital is awaiting deployment or after realizations, Kinnevik may earn interest or returns on cash management instruments. (4) Potential proceeds from portfolio rebalancing and structured transactions: Kinnevik may monetize positions over time by partially selling holdings or participating in transactions that convert equity into cash. Cash generated from realizations and distributions is typically reinvested into new or existing portfolio companies and/or used for shareholder returns (e.g., dividends or share buybacks) when applicable. Significant factors influencing earnings include the performance and valuation environment for its portfolio companies, the timing and terms of exits, currency movements (as portfolio companies can be valued in different currencies), and the company’s operating costs for running the investment organization (which reduce net results). Specific partnership-driven revenue arrangements are not generally the primary earnings mechanism; value creation is mainly achieved through portfolio company growth, active ownership, and successful exits.

Kinnevik AB Financial Statement Overview

Summary

Balance sheet strength (low leverage and sizable equity cushion) is a clear positive, but it is outweighed by very weak and volatile profitability (large recent net loss) and deteriorating cash generation with negative operating cash flow in 2024–2025.

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: Positive
• RSI: Positive
• STOCH: Positive

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 61.68, above the 50-day MA of 70.44, and above the 200-day MA of 81.20, indicating a bearish trend. The MACD of -4.33 indicates Positive momentum. The RSI at 24.14 is Positive, neither overbought nor oversold. The STOCH value of 17.64 is Positive, 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	kr6.41B	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	kr9.17B	8.37	11.24%	2.18%	4.72%	-38.28%
SVOL.B	63 Neutral	kr5.32B	-35.16	7.55%	0.79%	-25.75%	-27.25%
RATO.B	56 Neutral	kr11.62B	-18.24	6.59%	3.70%	-22.65%	-14.05%
BURE	53 Neutral	kr15.60B	-3.91	-23.18%	1.13%	22.38%	-153.85%
KINV.B	47 Neutral	kr14.56B	-6.93	0.33%	―	-97.64%	―