Linc AB (LINC) AI Stock Analysis

• Market Cap: kr3.47B
• Dividend Yield: N/A
• Average Volume (3M): 47.06K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.58
• Revenue Growth: 45733.33%
• EPS Growth: -105.08%
• Country: SE
• Employees: 2
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): -1.87
• Shares Outstanding: 57,910,446
• 10 Day Avg. Volume: 58,577
• 30 Day Avg. Volume: 47,060
• PEG Ratio: 0.08
• Price to Book (P/B): 0.91
• Price to Sales (P/S): 415.95
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: kr62.00 ▼(-10.66% Downside)

The score is held back primarily by very weak and volatile profitability (including a large 2025 net loss) and inconsistent cash generation (FCF at zero in 2025). Technicals also detract, with the price below all key moving averages and negative MACD. Balance-sheet strength (minimal debt, large equity base) provides partial support, but valuation is not favorable/clear due to the negative P/E and no dividend yield data.

Positive Factors

Conservative balance sheet / low leverage

Linc’s near-zero debt and a large equity base (~4.4bn) materially reduce financial risk, allowing the firm to support portfolio companies and absorb valuation shocks. This capital flexibility sustains long-term ability to make follow-on investments without reliance on external borrowing.

Focused life-sciences investment model with active support

A focused mandate in medtech, biotech and pharmaceuticals with active portfolio support leverages sector expertise and network effects, increasing likelihood of value creation across holdings. This structural specialization aligns with long-term secular growth in life sciences and enhances deal sourcing and operational support capabilities.

Recent revenue rebound and strong gross margin

The sharp 2025 revenue rebound and high gross margin indicate the portfolio delivered realizations or operating improvements, boosting top-line monetization potential. Sustained ability to convert asset value into revenue/gross profit would support cash generation and reduce reliance on one-off exits over the medium term.

Negative Factors

Extreme earnings volatility and large 2025 loss

Linc’s earnings swing from large profits to very large losses undermines predictability of returns and complicates capital allocation. Large valuation write-downs or impairments materially affect equity and hinder planning for distributions or reinvestment, posing persistent execution and performance risk for investors.

Uneven cash generation; FCF fell to zero in 2025

Inconsistent operating cash flow and a reduction of free cash flow to zero in 2025 constrain financial flexibility to fund follow-on investments, cover operating costs, or return capital. Persistent cash volatility increases the likelihood of asset sales at inopportune times and reduces strategic optionality.

Revenue and cash depend on portfolio exits, not recurring operations

The firm’s reliance on portfolio value appreciation and exit timing creates structural income volatility and illiquidity risk. Without recurring fee or operating revenue, cash flows and distributions depend on market conditions and private-company outcomes, limiting predictable long-term revenue and dividend capacity.

Linc AB Business Overview & Revenue Model

Company Description

Linc AB is a private equity and venture capital firm, specializing in early, mid and late venture investments in pharmaceutical, life-science and med-tech companies, respectively. The firm prefers to invest in Nordic companies. It usually invests from SEK 25 million to SEK 250 million, the first investment often being a relatively small one and the follow-up investments comprising the larger part of the investment. Linc AB is based in Stockholm, Sweden.private eequity and venture capital firm, specializing in early, mid and late venture investments in pharmaceutical, life-science and med-tech companies, respectively. The firm prefers to invest in Nordic companies. It usually invests from SEK 25 million to SEK 250 million, the first investment often being a relatively small one and the follow-up investments comprising the larger part of the investment. Linc AB is based in Stockholm, Sweden.

How the Company Makes Money

Linc AB generates revenue primarily through its investment activities. The company makes money by acquiring equity stakes in promising healthcare companies and later selling these stakes at a profit. The company may also receive dividends from its investments, depending on the profitability of the portfolio companies. Additionally, Linc AB leverages its expertise and network within the healthcare sector to enhance the value of its investments, contributing to potential capital gains. Significant factors contributing to its earnings include the successful identification of high-potential companies and effective portfolio management.

Linc AB Financial Statement Overview

Summary

Low leverage and a large equity base support resilience (debt-to-equity ~0; equity ~4.4bn), but performance quality is weak due to extreme earnings volatility. 2025 showed strong revenue growth (~+76% to ~9.7m) and solid gross margin (~65%) yet a very large net loss (~-399.6m). Cash generation is uneven, with free cash flow falling to zero in 2025 and multi-year operating cash flow volatility.

Income Statement

Results are highly volatile. Revenue rebounded sharply in 2025 (up ~76% to ~9.7m) with a solid gross profit margin (~65%), but profitability collapsed with a very large net loss (~-399.6m) and deeply negative operating profitability. Prior years swing between unusually large profits (2020, 2023, 2024) and sizeable losses (2021, 2022, 2025), making earnings quality and predictability weak despite occasional strong profit years.

Balance Sheet

Balance sheet is conservatively financed with essentially no debt (debt-to-equity ~0), which reduces financial risk. Equity remains very large (~4.4bn in 2025), though it declined versus 2024, consistent with the latest-year loss. Returns to shareholders are inconsistent, swinging from strong positive years (2020/2023/2024) to meaningfully negative years (2022/2025).

Cash Flow

Cash generation is mixed. Operating cash flow was positive in 2024 (~29.7m) and modestly positive in 2025 (~4.3m), but was materially negative in 2021–2023, indicating uneven cash conversion across cycles. Free cash flow fell to zero in 2025 (down 100% from 2024), reducing financial flexibility, even though the company did not appear to rely on leverage.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	9.70M	0.00	3.65M	2.37M	4.14M
Gross Profit	6.29M	-7.88M	-1.89M	-2.66M	-2.44M
EBITDA	-422.82M	1.30B	666.10M	-895.91M	-36.93M
Net Income	-399.65M	1.30B	619.46M	-723.34M	-30.03M
Balance Sheet
Total Assets	4.44B	4.84B	3.53B	2.91B	3.76B
Cash, Cash Equivalents and Short-Term Investments	283.98M	549.66M	519.98M	600.55M	828.69M
Total Debt	0.00	0.00	0.00	0.00	0.00
Total Liabilities	11.62M	8.76M	2.92M	2.85M	130.48M
Stockholders Equity	4.43B	4.83B	3.53B	2.91B	3.63B
Cash Flow
Free Cash Flow	0.00	29.68M	-80.57M	-228.15M	-353.84M
Operating Cash Flow	4.25M	29.68M	-80.57M	-228.15M	-353.84M
Investing Cash Flow	-181.93M	0.00	0.00	-199.75M	-339.45M
Financing Cash Flow	-88.00M	0.00	0.00	-5.00M	1.16B

Linc AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 69.40
• 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:LINC, the sentiment is Negative. The current price of 69.4 is above the 20-day moving average (MA) of 63.72, above the 50-day MA of 66.41, and below the 200-day MA of 71.45, indicating a bearish trend. The MACD of -1.86 indicates Positive momentum. The RSI at 32.38 is Neutral, neither overbought nor oversold. The STOCH value of 30.32 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:LINC.

Linc AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
SVOL.B	67 Neutral	kr5.77B	12.77	7.83%	0.79%	-25.75%	-27.25%
CRED.A	63 Neutral	kr9.41B	7.76	12.47%	2.18%	4.72%	-38.28%
MCAP	62 Neutral	kr7.39B	37.23	15.16%	―	11.30%	-14.49%
IDUN.B	60 Neutral	kr3.67B	75.55	7.92%	0.31%	3.71%	26.89%
LINC	48 Neutral	kr3.47B	-8.68	-1.58%	―	45733.33%	-105.08%