Online Brands Nordic AB (OBAB) AI Stock Analysis

• Market Cap: kr312.32M
• Dividend Yield: N/A
• Average Volume (3M): 19.58K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.21
• Revenue Growth: 27.27%
• EPS Growth: -1165.24%
• Country: SE
• Employees: 71
• Sector: Services
• Sector Strength: N/A
• Industry: Specialty Retail
• EPS (TTM): -0.01
• Shares Outstanding: 25,705,240
• 10 Day Avg. Volume: 2,357
• 30 Day Avg. Volume: 19,584
• PEG Ratio: -1.08
• Price to Book (P/B): 2.30
• Price to Sales (P/S): 0.97
• P/FCF Ratio: 40.39
• 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): kr594.60M

• Rating: 49 Neutral
• Price Target: kr12.00 ▼(-33.70% Downside)
• Action: Reiterated Date: 02/23/26
• Date: Action: Reiterated 02/23/26

The score is held down primarily by weak profitability (net losses and negative operating results) and bearish technicals (below key moving averages with negative MACD). Improving 2025 operating and free cash flow and moderate leverage provide partial support, but the negative P/E and lack of dividend data limit valuation appeal.

Positive Factors

Sustained revenue growth

Consistent multi-year top-line expansion (2021–2025) indicates the company is gaining market traction and scale. Durable revenue growth supports operating leverage, stronger supplier terms and reinvestment capacity, helping long-term margin and market-share improvement if sustained.

Improved cash generation

Transition to positive OCF and FCF in 2025 demonstrates improving cash conversion from operations despite accounting losses. Positive free cash flow provides durable funding for capex, inventory and debt service, reducing reliance on external financing if the trend persists.

Manageable leverage and equity rebuild

Reported leverage ratios are moderate and equity has rebuilt versus prior years, giving the company a stronger solvency cushion. Manageable debt levels create structural flexibility to invest or absorb shocks, aiding longer-term strategic initiatives if cash flow remains stable.

Negative Factors

Persistent net losses

Ongoing net losses and negative operating results constrain the firm's ability to self-fund growth, return capital, or build reserves. Without a durable shift to consistent operating profitability, reliance on external financing or equity dilution risks increasing over the medium term.

Negative gross margin and cost pressure

A negative gross margin signals structural issues in pricing, product mix, or COGS that hurt core economics. Positive EBITDA alongside negative net income suggests non-operating drags or depreciation/interest burden; sustained margin recovery is required for durable earnings convertibility.

Volatile cash conversion and rising debt

Historic swings in operating/free cash flow and recent material debt growth raise refinancing and liquidity risk if profits don't stabilize. OCF coverage of revenue is modest, so durability of cash generation is uncertain and higher debt reduces room for strategic missteps.

Online Brands Nordic AB Business Overview & Revenue Model

Company Description

Cama-Gruppen AB retails carpets, mats, and rugs online. The company was founded in 2008 and is based in Mölndal, Sweden.

How the Company Makes Money

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Online Brands Nordic AB Financial Statement Overview

Summary

Revenue growth is meaningful, and 2025 cash flow improved with positive operating cash flow and free cash flow. However, profitability remains weak and inconsistent (negative gross margin, operating profit, and net income in 2025), and debt rose notably in 2025, keeping the financial profile mid-range.

Income Statement

Revenue has expanded meaningfully over time (from 2021 to 2025), with 2025 showing strong year-over-year growth (7.795). However, profitability remains inconsistent: net income is still negative in 2025 (-12.2M) and margins have deteriorated versus 2024, with 2025 gross margin turning slightly negative and operating profit also negative. EBITDA remains positive in 2025 (17.8M), but the mix of positive EBITDA and negative EBIT/net income suggests ongoing cost pressure and/or non-operating charges weighing on bottom-line results.

Balance Sheet

Leverage looks manageable overall, with debt-to-equity in a reasonable range in recent years (0.12–0.21 in 2024–2025), and equity building versus earlier periods. Total debt increased in 2025 (42.3M vs. 21.1M in 2024), which reduces flexibility if earnings remain weak. Returns to shareholders are negative in 2022–2025, reflecting continued losses and limiting the balance sheet’s ability to compound value without a sustained profit rebound.

Cash Flow

Cash generation improved materially versus 2022–2023: 2025 operating cash flow is positive (14.7M) and free cash flow is positive (11.2M), with strong free-cash-flow growth (55.556). That said, cash flow has been volatile historically (negative operating and free cash flow in 2021–2023), and 2025 operating cash flow covers only a modest portion of revenue (coverage ratio 0.1235), indicating conversion is still not consistently strong. Free cash flow is positive despite a net loss in 2025, which is helpful near term but also raises the bar for proving durability of cash generation.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	467.40M	365.60M	301.14M	286.91M	146.43M
Gross Profit	-4.90M	183.60M	136.93M	167.68M	99.20M
EBITDA	17.80M	35.10M	14.59M	2.10M	12.72M
Net Income	-12.20M	-8.00M	-10.49M	-18.30M	9.32M
Balance Sheet
Total Assets	330.30M	278.80M	274.81M	294.10M	164.02M
Cash, Cash Equivalents and Short-Term Investments	23.90M	16.60M	12.28M	15.25M	66.24M
Total Debt	42.30M	21.10M	39.43M	49.96M	4.17M
Total Liabilities	133.30M	103.10M	98.03M	133.31M	35.18M
Stockholders Equity	196.90M	175.70M	176.78M	160.79M	128.84M
Cash Flow
Free Cash Flow	11.20M	27.20M	-14.10M	-15.05M	-9.89M
Operating Cash Flow	14.70M	27.20M	-11.34M	-12.61M	-8.16M
Investing Cash Flow	-8.50M	-3.20M	-1.57M	-78.99M	8.60M
Financing Cash Flow	1.10M	-19.70M	9.94M	40.61M	61.39M

Online Brands Nordic AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 18.10
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:OBAB, the sentiment is Negative. The current price of 18.1 is above the 20-day moving average (MA) of 13.07, above the 50-day MA of 15.59, and above the 200-day MA of 14.17, indicating a bearish trend. The MACD of -0.96 indicates Negative momentum. The RSI at 21.37 is Positive, neither overbought nor oversold. The STOCH value of 36.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:OBAB.

Online Brands Nordic AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CDON	56 Neutral	kr779.17M	-12.12	―	―	―	―
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
DSNO	50 Neutral	kr98.19M	-0.51	-65.16%	―	-10.50%	99.53%
OBAB	49 Neutral	kr312.32M	-37.08	―	―	27.27%	-1165.24%
BBROOM	42 Neutral	kr62.49M	-3.47	―	―	―	―