Maha Energy AB Class A (MAHA.A) AI Stock Analysis

• Market Cap: kr1.92B
• Dividend Yield: N/A
• Average Volume (3M): 467.55K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.02
• Revenue Growth: -22.91%
• EPS Growth: 88.74%
• Country: SE
• Employees: 25
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Exploration & Production
• EPS (TTM): -0.26
• Shares Outstanding: 178,444,750
• 10 Day Avg. Volume: 740,539
• 30 Day Avg. Volume: 467,545
• PEG Ratio: 0.24
• Price to Book (P/B): 1.34
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -33.42
• 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): 0.03
• Revenue Forecast (FY): kr8.00M

• Rating: 50 Neutral
• Price Target: kr11.00 ▲(18.41% Upside)
• Action: Reiterated Date: 02/25/26
• Date: Action: Reiterated 02/25/26

The score is held back primarily by weak financial performance—sharp TTM revenue decline, large losses, and negative operating/free cash flow—despite a comparatively manageable balance sheet. Technicals are moderately supportive with price above key longer-term moving averages and mostly neutral momentum, while valuation is difficult to assess due to negative earnings and no dividend yield data.

Positive Factors

Moderate leverage / balance sheet resilience

A low debt-to-equity (~0.27) and a relatively sizable equity base provide financial flexibility versus highly levered peers. That cushion helps the company endure cyclical oil volatility, finance near-term workovers or drilling, and reduces immediate refinancing pressure over the next several months.

Asset-backed upstream cash generation model

Maha’s core business—producing and selling crude oil and related liquids—is a durable cash engine tied to production volumes and commodity economics. The option to monetize interests via farm-outs or divestments provides a structural cash source to fund operations or capex if operating cash flow is weak.

Operational capabilities in reservoir and production management

Operational expertise (reservoir management, drilling, production optimization) supports sustainable recovery improvements and incremental production. These capabilities enable the company to raise output and lower unit costs over time, which is central to restoring cash generation and margins across cycles.

Negative Factors

Sharp, persistent revenue decline

A 41.1% TTM revenue decline and multi-year volatility reduce scale and hinder fixed-cost absorption. Sustained top-line weakness undermines long-term cash generation, limits reinvestment capacity into wells or infrastructure, and raises the risk that operational fixes alone may not restore sustainable earnings within months.

Negative operating and free cash flow

Persistent negative operating and free cash flow (≈ -3.4M and -3.9M TTM) forces reliance on external funding or asset sales to sustain capex and operations. This structural cash burn limits the company’s ability to self-fund drilling programs or repairs and increases refinancing and dilution risk over the medium term.

Deep unprofitability and weak returns

A net margin near -181% and negative TTM ROE (~-8.9%) reflect sizable losses relative to revenue and capital employed. Such structural unprofitability erodes shareholder equity over time, constrains reinvestment, and means multiple operational cycles or material portfolio actions are needed to return to sustainable profitability.

Maha Energy AB Class A Business Overview & Revenue Model

Company Description

Maha Energy AB (publ) engages in the exploration, development, and production of crude oil and natural gas. The company owns 75% working interest in the Tartaruga Block covering an area of 5,944 acres located in the Brazil; 99% working interest in the LAK Ranch property, which covers an area of 6,475 acres located in Wyoming, the United States; 100% working interest in the Tie Field project covering an area of 1,511 acres located in Brazil; 97% working interest in the Illinois Basin property that covers an area of 3,134 acres located in Illinois, the United States; and 100% working interest in the Block 70 (Mafraq) project covering an area of 157,900 acres in Oman. The company was founded in 2013 and is headquartered in Stockholm, Sweden.

How the Company Makes Money

Maha Energy generates revenue primarily through the sale of crude oil and natural gas produced from its operational fields. The company's revenue model is centered on the extraction and commercialization of hydrocarbons, with cash flows driven by the volume of production and prevailing market prices for oil and gas. Key revenue streams include direct sales to refineries, contracts with trading companies, and potential joint ventures with other energy firms which may facilitate access to larger markets or technology. Additionally, Maha Energy may benefit from partnerships that enhance its operational efficiency and broaden its reach in the energy sector, contributing to overall earnings growth.

Maha Energy AB Class A Financial Statement Overview

Summary

Operational performance is weak: TTM revenue declined sharply (-41.1%), margins are low (~14.5% gross margin), and profitability remains deeply negative (net margin around -181%) with negative operating and free cash flow. The balance sheet is comparatively steadier with moderate leverage (debt-to-equity ~0.27), but ongoing losses (TTM ROE ~-8.9%) and cash burn keep financial quality below average.

Income Statement

TTM (Trailing-Twelve-Months) revenue fell sharply (-41.1%), extending a multi-year pattern of volatile and generally declining sales from the 2021 peak. Profitability is weak: gross margin is low (~14.5% TTM) and the company is deeply unprofitable with a very large net loss (net margin around -181% TTM). While losses narrowed versus 2024, the business still lacks consistent earnings power and shows high operating volatility.

Balance Sheet

The balance sheet is a relative bright spot: equity remains sizable versus assets, and leverage is moderate in TTM (debt-to-equity ~0.27), well below the more leveraged profile seen in 2020–2021. However, returns on shareholders’ capital are negative in recent periods (TTM ROE ~-8.9%), reflecting ongoing losses that can erode the capital base if not reversed.

Cash Flow

Cash generation is pressured: operating cash flow and free cash flow are negative in TTM (about -3.4M and -3.9M), improving from 2023–2024 but still not self-funding. The fact that cash flow is less negative than net income suggests some non-cash losses, yet the company continues to burn cash overall, which increases reliance on external funding or asset actions if conditions do not improve.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	8.49M	5.23M	12.33M	68.31M
Gross Profit	-66.85K	1.33M	361.00K	3.74M	37.52M
EBITDA	-11.74M	-43.03M	773.00K	9.57M	2.61M
Net Income	-26.26M	-32.56M	-33.95M	22.93M	21.59M
Balance Sheet
Total Assets	115.20M	127.75M	201.90M	218.35M	168.11M
Cash, Cash Equivalents and Short-Term Investments	63.18M	96.46M	88.29M	19.52M	25.54M
Total Debt	15.56M	417.00K	34.98M	46.24M	58.94M
Total Liabilities	16.64M	8.02M	47.08M	77.46M	76.69M
Stockholders Equity	98.56M	119.73M	154.82M	140.90M	91.42M
Cash Flow
Free Cash Flow	-3.94M	-12.89M	-28.91M	-8.03M	-15.97M
Operating Cash Flow	-3.36M	-9.18M	-12.68M	54.66M	31.00M
Investing Cash Flow	32.62M	-40.47M	92.65M	-62.68M	-46.99M
Financing Cash Flow	14.94M	-28.93M	-14.41M	6.38M	35.95M

Maha Energy AB Class A Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 9.29
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:MAHA.A, the sentiment is Positive. The current price of 9.29 is below the 20-day moving average (MA) of 11.11, below the 50-day MA of 10.27, and above the 200-day MA of 7.31, indicating a bullish trend. The MACD of 0.12 indicates Positive momentum. The RSI at 56.35 is Neutral, neither overbought nor oversold. The STOCH value of 82.87 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:MAHA.A.

Maha Energy AB Class A Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
MAHA.A	50 Neutral	kr1.92B	-7.99	0.66%	―	-22.91%	88.74%
ORRON	49 Neutral	kr1.98B	-6.84	-9.16%	―	-3.20%	-2418.83%