Nexam Chemical Holding AB (NEXAM) AI Stock Analysis

• Market Cap: kr242.91M
• Dividend Yield: N/A
• Average Volume (3M): 55.96K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.64
• Revenue Growth: -1.89%
• EPS Growth: -59.17%
• Country: SE
• Employees: 53
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals - Specialty
• EPS (TTM): -0.05
• Shares Outstanding: 102,493,350
• 10 Day Avg. Volume: 55,551
• 30 Day Avg. Volume: 55,962
• PEG Ratio: -0.15
• Price to Book (P/B): 1.18
• Price to Sales (P/S): 1.04
• 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: 45 Neutral
• Price Target: kr2.50 ▲(6.38% Upside)

The score is held back primarily by weak financial performance (ongoing losses and 2025 margin pressure) despite a relatively conservative balance sheet and improved operating cash flow. Technical indicators also point to a bearish longer-term trend, and valuation is difficult to support due to negative earnings and no dividend yield data.

Positive Factors

Conservative balance sheet

Low leverage provides financial flexibility to fund multi-quarter product qualifications and absorb operational setbacks without immediate refinancing. A conservative capital structure supports sustained R&D and commercialization efforts, improving odds of reaching durable profitability over several quarters.

Improving operating cash flow

A shift to positive operating cash flow in 2024–2025 indicates improving cash generation from core operations. Sustained OCF reduces reliance on external financing for working capital and commercialization, strengthening the firm's ability to support customer scale-ups and continued product development.

Niche specialty additives business

The company targets specialty polymer additives and process tech, a niche with technical barriers and application-specific sales. Successful customer qualification can create recurring orders and sticky relationships, supporting long-term revenue durability and potential premium margins if adoption expands.

Negative Factors

Persistent net losses

Ongoing net losses have eroded equity and indicate core economics are not yet sustainable. Persistent losses constrain reinvestment, increase dependence on external capital, and risk shareholder dilution unless structural revenue growth or margin improvement is achieved over the medium term.

Gross profit deterioration

A negative gross profit in 2025 signals that unit-level economics deteriorated, likely from cost pressures or adverse product mix. This threatens margin sustainability and could prevent commercialization efforts from translating into durable profits unless pricing, mix or cost structure are corrected.

Weak and volatile free cash flow

Volatile, negative free cash flow limits the company's ability to self-fund commercialization, scale production, or weather setbacks. Continued weak FCF increases the likelihood of future equity or debt raises, which could dilute shareholders or pressure the conservative balance sheet during multi-year growth plans.

Nexam Chemical Holding AB Business Overview & Revenue Model

Company Description

Nexam Chemical Holding AB (publ) develops solutions that enhance properties and performance of various polymers in Sweden, Europe and internationally. It provides various products that enhance the properties and durability of polyesters, polyethylene, polyamides, polyimides, and high temperature resins, as well as produces various functional chemicals, additive/functional masterbatches, and color masterbatches and compounds under the NEXAMITE and NEXIMID names; and polymer recycling and reactive recycling solutions. The company serves aerospace, electronics, pipes, and engineered foams industries. Nexam Chemical Holding AB (publ) was founded in 2009 and is headquartered in Lomma, Sweden.

How the Company Makes Money

Nexam Chemical generates revenue primarily through the sale of its specialty chemicals and polymer solutions to a diverse range of industries. The company's revenue model is centered around the development and commercialization of innovative chemical products that meet specific customer needs. Key revenue streams include direct sales of products, long-term supply agreements with major industry players, and collaborative partnerships for research and development projects. Nexam also benefits from strategic collaborations with other companies and research institutions, which can provide additional funding and resources for product development. Furthermore, the company may engage in licensing agreements for its proprietary technology, contributing to its overall earnings.

Nexam Chemical Holding AB Financial Statement Overview

Summary

Financials are mixed and below average: profitability remains weak with persistent net losses and a notable 2025 gross profit deterioration into negative territory. Positives include low leverage supporting flexibility and improving operating cash flow in 2024–2025, but free cash flow has been volatile/weak (negative in 2022–2024 and only flat in 2025).

Income Statement

Profitability remains weak: net losses persist across all reported years, and operating results are still negative. Revenue has been choppy and recently softened (2025 revenue down ~2.8% after growth in 2024). A major concern is the sharp deterioration in 2025 gross profit turning negative, despite positive EBITDA, which suggests cost pressure or unfavorable mix; the key positive is the improving trajectory versus 2023 (losses narrowed materially in 2024–2025).

Balance Sheet

The balance sheet looks relatively conservative with low leverage (debt-to-equity generally ~0.13–0.17), providing financial flexibility. However, ongoing net losses translate into consistently negative returns on equity and equity has trended down from 2021 to 2025, indicating gradual erosion of shareholder value if profitability does not improve.

Cash Flow

Cash generation is mixed: operating cash flow improved to positive levels in 2024–2025 after negative periods (notably 2020–2023), which is a constructive trend. Offsetting this, free cash flow has been volatile and weak (negative in 2022–2024 and flat at 0 in 2025), indicating limited ability to fund growth and losses without relying on the balance sheet.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	192.25M	199.58M	190.28M	221.76M	219.45M
Gross Profit	-11.81M	92.40M	81.79M	86.73M	84.48M
EBITDA	4.12M	10.52M	-5.01M	780.00K	6.30M
Net Income	-16.53M	-9.01M	-22.84M	-12.71M	-5.46M
Balance Sheet
Total Assets	225.95M	231.13M	245.81M	278.10M	284.35M
Cash, Cash Equivalents and Short-Term Investments	12.17M	2.88M	9.06M	22.88M	63.60M
Total Debt	28.22M	23.10M	26.15M	31.84M	27.72M
Total Liabilities	57.78M	47.82M	52.75M	62.48M	56.28M
Stockholders Equity	168.17M	183.31M	193.06M	215.62M	228.06M
Cash Flow
Free Cash Flow	0.00	-2.47M	-9.53M	-44.22M	516.00K
Operating Cash Flow	11.29M	7.43M	-352.00K	-11.10M	7.19M
Investing Cash Flow	-9.57M	-9.71M	-9.18M	-33.12M	-6.25M
Financing Cash Flow	1.44M	-3.06M	-5.17M	3.85M	33.23M

Nexam Chemical Holding AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.35
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:NEXAM, the sentiment is Negative. The current price of 2.35 is below the 20-day moving average (MA) of 2.39, below the 50-day MA of 2.78, and below the 200-day MA of 3.44, indicating a bearish trend. The MACD of -0.12 indicates Negative momentum. The RSI at 42.60 is Neutral, neither overbought nor oversold. The STOCH value of 43.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:NEXAM.

Nexam Chemical Holding AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
FERRO	52 Neutral	kr377.63M	-6.62	―	―	-57.89%	91.07%
NEXAM	45 Neutral	kr242.91M	-11.65	-7.96%	―	-1.89%	-59.17%
ORGC	45 Neutral	kr193.06M	-6.30	-75.16%	―	-18.29%	-48.74%
AXIC.A	44 Neutral	kr109.36M	-6.08	-30.10%	―	114.57%	53.86%
XPC	44 Neutral	kr56.20M	-4.41	―	―	―	―