Linc AB (LINC) AI Stock Analysis

• Market Cap: kr4.18B
• Dividend Yield: N/A
• Average Volume (3M): 47.06K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.66
• 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: kr71.00 ▲(2.31% Upside)
• Action: Reiterated Date: 01/24/26
• Date: Action: Reiterated 01/24/26

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

Minimal leverage and a large equity base (~4.4bn) materially reduce financial distress risk and give the company flexibility to hold or support portfolio companies through cycles. This structural strength helps absorb valuation swings without forced asset sales, sustaining long-term strategy execution.

Focused life-science mandate

A clear, sector-focused mandate (Nordic medtech/biotech/pharma) and active ownership model create durable competitive advantages: specialized deal flow, technical expertise for value creation, and alignment with structural healthcare innovation trends that support repeatable exits over time.

Demonstrated cash realizations

The company has shown the ability to monetize holdings and generate meaningful operating cash in favorable years (29.7m in 2024). This demonstrates capacity to realize value from investments, fund follow‑ons or support portfolio companies without relying on debt when exits occur.

Negative Factors

Extreme earnings volatility

Large, sporadic negative earnings—including a -399.6m loss in 2025—reflect volatile portfolio valuations or large impairments. Such swings undermine predictability of capital allocation and retained earnings, complicating long-term planning and reducing confidence in recurring profitability.

Uneven cash generation

Inconsistent operating cash flow and a collapse of free cash flow to zero in 2025 weaken the firm's ability to consistently fund operations or supports without selling assets. This cyclicality raises the risk of forced exits or delayed investments in weak markets, harming long-term value creation.

Inconsistent shareholder returns

Wide swings in shareholder returns indicate reliance on timing of exits and market valuations rather than steady operational cash generation. This variability reduces predictability for investors, complicates dividend expectations, and suggests governance must manage cyclical exit timing to stabilize outcomes.

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 makes money primarily through returns on its investment portfolio rather than by selling operating products or services itself. Key sources of earnings typically include: (1) value appreciation of its holdings in portfolio companies (reflected in changes in the fair value/market value of listed and unlisted investments); (2) realized gains when Linc exits or partially sells holdings (e.g., through trade sales, secondary sales, or IPOs of portfolio companies); and (3) dividends and other distributions received from portfolio companies when those companies generate distributable profits. The company’s results and cash generation are therefore driven by portfolio performance, timing and pricing of exits, and the ability of underlying holdings to pay dividends. Specific material partnerships, fee-based revenue streams, or other recurring operating revenues are null.

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	-406.77M	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: Positive
• Last Price: 69.40
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:LINC, the sentiment is Positive. The current price of 69.4 is above the 20-day moving average (MA) of 67.77, above the 50-day MA of 65.38, and below the 200-day MA of 71.28, indicating a bullish trend. The MACD of 1.62 indicates Negative momentum. The RSI at 67.27 is Neutral, neither overbought nor oversold. The STOCH value of 88.13 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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%
MCAP	64 Neutral	kr7.16B	37.43	15.16%	―	11.30%	-14.49%
CRED.A	63 Neutral	kr9.17B	12.56	11.24%	2.18%	4.72%	-38.28%
SVOL.B	63 Neutral	kr5.13B	-35.16	7.55%	0.79%	-25.75%	-27.25%
IDUN.B	54 Neutral	kr3.52B	75.68	7.92%	0.31%	3.71%	26.89%
LINC	48 Neutral	kr4.18B	-10.10	-1.58%	―	45733.33%	-105.08%