Ellen AB (LNFI) AI Stock Analysis

• Market Cap: kr9.75M
• Dividend Yield: N/A
• Average Volume (3M): 39.83K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.49
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 7
• Sector: Healthcare
• Sector Strength: 45
• Industry: Household & Personal Products
• EPS (TTM): -0.09
• Shares Outstanding: 11,078,532
• 10 Day Avg. Volume: 10,788
• 30 Day Avg. Volume: 39,833
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• 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: 51 Neutral
• Price Target: kr0.87 ▲(4.05% Upside)

The score is driven primarily by improving fundamentals (narrowing losses and positive cash flow) but remains held back by the 2024 revenue decline and continued net losses. Technicals are neutral overall, while valuation support is limited due to negative earnings and no dividend data.

Positive Factors

Debt-free Balance Sheet

A zero-debt capital structure materially lowers financial risk and eliminates interest burden, giving management durable flexibility to fund operations, pursue strategic investments or weather downturns without leverage-driven distress. This strengthens long-term resilience even as profitability recovers.

Positive Operating & Free Cash Flow

The shift to positive operating and free cash flow marks an important structural improvement in cash generation, reducing reliance on external financing and enabling self-funded reinvestment. If sustained, it supports a durable path to profitability and strategic spending flexibility.

High Gross Margin & Narrowing Losses

A healthy gross margin implies strong product economics and room to cover overhead as scale returns. Combined with materially narrower net losses, this suggests the business model can reach operating profitability once revenue stabilizes, offering a durable route to margin recovery.

Negative Factors

Revenue Decline

A significant revenue decline erodes scale advantages and limits the company’s ability to leverage fixed costs and marketing investment. Persisting top-line weakness threatens margin recovery and makes sustained profitability and strategic growth harder over the medium term.

Ongoing Net Losses and Equity Erosion

Continued net losses that erode equity reduce financial headroom and increase the likelihood of dilutive capital raises or constrained investment. Negative returns on equity signal persistent unprofitability, weakening long-term shareholder value unless operational trends sustainably reverse.

Cash Flow Volatility

Meaningful volatility in free cash flow undermines planning for capex, marketing, or R&D and increases reliance on external funding during downturns. This inconsistency raises execution risk for scaling the business and achieving sustained profitability over the next several quarters.

Ellen AB Business Overview & Revenue Model

Company Description

Ellen AB (publ), a biotech company, develops and sells self-care products for women's intimate health. It offers ellen Probiotic Tampon products that supply probiotic lactic acid bacteria to the vagina while simultaneously offering sanitary protection; and ellen Probiotic Intimate Crème, a moisturizing intimate cream that acts as a protective barrier for skin and mucous membranes. The company also provides ellen pH-Control, a medical device, which is used to measure the vaginal pH at home; and ellen Sport Tampong/Aqua Block, which is designed to prevent chlorinated or contaminated water from seeping into the vagina while swimming or in other water activities. In addition, it offers LN Intimate Cleansing Foam to clean intimate areas, as well as used as a shaving cream for intimate grooming; LN Intimate Deo, a softening intimate deodorant formulated with lactic acid to promote a healthy vaginal flora and vaginal pH; and LN After Shave & Wax Gel that soothes the skin after shaving or waxing intimate areas or other parts of body. It operates in France, Belgium, Germany, Switzerland, Austria, Scandinavia, and other countries. The company sells its products through distributors and retailers; and through online in Scandinavia. Ellen AB (publ) was founded in 2000 and is headquartered in Stockholm, Sweden.

How the Company Makes Money

Ellen AB Financial Statement Overview

Summary

Operational progress is visible: losses narrowed materially in 2024 and operating/free cash flow turned positive. Offsetting this, revenue declined sharply (down 13.4% YoY) and profitability remains negative, continuing to erode equity despite a debt-free balance sheet.

Income Statement

Revenue declined in 2024 (down 13.4% year over year), reversing prior modest growth. Profitability is still negative, but losses have narrowed materially: net margin improved to about -5.5% in 2024 from roughly -11.9% in 2023 and -20.1% in 2022, signaling better cost control. Gross margin remains solid (~47.6% in 2024), but the company has not yet translated this into positive operating earnings.

Balance Sheet

The balance sheet is conservatively structured with zero debt across the period, which reduces financial risk and interest burden. However, equity has trended down (from ~5.8m in 2023 to ~4.5m in 2024), reflecting ongoing losses, and returns on equity remain negative (about -27% in 2024). Overall, liquidity/solvency risk looks contained due to no leverage, but profitability-driven equity erosion is a key weakness.

Cash Flow

Cash generation improved sharply in 2024 with positive operating cash flow (~1.38m) and positive free cash flow (~1.36m) after multiple years of negative cash flow (2020–2023). That said, free cash flow fell about 20.3% in 2024 versus the prior year, and the recent cash flow profile shows meaningful volatility. The shift to positive cash flow is a strength, but consistency is not yet proven.

Breakdown
Income Statement
Total Revenue
Gross Profit
EBITDA
Net Income
Balance Sheet
Total Assets
Cash, Cash Equivalents and Short-Term Investments
Total Debt
Total Liabilities
Stockholders Equity
Cash Flow
Free Cash Flow
Operating Cash Flow
Investing Cash Flow
Financing Cash Flow

Ellen AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
LNFI	51 Neutral	kr9.75M	-4.95	―	―	―	―
CMH	41 Neutral	kr2.27M	-0.06	―	―	―	―