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

• Market Cap: kr2.50B
• Dividend Yield: N/A
• Average Volume (3M): 467.55K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.67
• 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: 49 Neutral
• Price Target: kr14.00 ▲(50.70% Upside)
• Action: Reiterated Date: 03/21/26
• Date: Action: Reiterated 03/21/26

The score is held back primarily by weak financial performance—sharp revenue decline, deep losses, and ongoing negative operating/free cash flow—despite a comparatively manageable leverage profile. Technicals are a key offset, with the stock trading above major moving averages and positive momentum indicators. Valuation remains constrained by negative earnings and no provided dividend yield.

Positive Factors

Moderate leverage

A low debt-to-equity (~0.27) provides durable financial flexibility versus highly leveraged peers. Moderate leverage reduces interest burden and gives the company structural capacity to fund selective drilling or weather commodity shocks without immediate refinancing, supporting stability.

Upstream operational capability

The company's core capabilities in reservoir management, drilling programs and production optimization are long-lived operational strengths. These skills enable sustainable recovery improvement, incremental production gains and cost efficiencies that can raise long-term cash generation if execution continues.

Improving cash trends

Operating and free cash flow have improved versus prior years, indicating progress on underlying cash conversion. A persistent improvement trend is a fundamental positive: it reduces reliance on external capital and, if continued, can restore self-funding ability and support reinvestment in assets.

Negative Factors

Sharp revenue decline

A 41% TTM revenue decline is a structural headwind: lower sales compress operating leverage, constrain cash flow and limit the firm's ability to cover fixed field and G&A costs. Sustained top-line weakness makes it harder to reach break-even and fund development without outside capital.

Deep unprofitability

Very large net losses and negative margins are a durable weakness. Deep unprofitability erodes equity over time, saps retained capital for drilling or optimization, and increases dependence on financing or asset sales, undermining the company's ability to invest for long-term production growth.

Ongoing cash burn

Persistent negative operating and free cash flow means the business is not yet self-funding. Continued cash burn forces reliance on external financing or asset disposals, elevating execution and refinancing risk and limiting the company's capacity to pursue value-accretive drilling or maintenance programs.

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 primarily makes money by producing and selling crude oil (and, where applicable, associated natural gas and natural gas liquids) from its upstream assets. Revenue is generated from sales volumes multiplied by realized commodity prices, net of items such as transportation, handling, and quality/price differentials. Cash flow is influenced by production levels (including the pace of drilling and workover programs), operating costs (lifting costs, field services, power and logistics), and government take (royalties, production taxes, and any host-country fiscal terms). The company may also generate proceeds from asset transactions—such as farm-outs, divestments, or other portfolio rebalancing—when it sells all or part of an interest in a field or related assets. Specific significant partnerships or customer/offtake arrangements: null.

Maha Energy AB Class A Financial Statement Overview

Summary

Fundamentals are weak: TTM revenue declined sharply (-41.1%), profitability is poor (gross margin ~14.5%) and net margin is deeply negative (~-181%). Cash generation remains negative (operating cash flow and free cash flow both below zero), though the balance sheet is comparatively steadier with moderate leverage (debt-to-equity ~0.27).

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: Negative
• RSI: Negative
• STOCH: Neutral

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 11.25, below the 50-day MA of 11.17, and above the 200-day MA of 7.84, indicating a bullish trend. The MACD of 0.43 indicates Negative momentum. The RSI at 72.12 is Negative, neither overbought nor oversold. The STOCH value of 76.71 is Neutral, 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	49 Neutral	kr2.50B	-5.01	0.66%	―	-22.91%	88.74%
ORRON	49 Neutral	kr2.17B	-4.53	-9.16%	―	-3.20%	-2418.83%