Paxman AB (SE:PAX)
:PAX
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Paxman AB
(PAX)
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Rating:55Neutral
Price Target:
kr58.00
▲(6.62% Upside)
Action:Reiterated
Date:05/23/26
The score is primarily constrained by weakened profitability and deteriorating cash flow (including negative free cash flow), despite solid historical revenue growth and a low-debt balance sheet. Technicals are moderately supportive in the near term, but valuation is pressured by the very negative P/E driven by current losses.
Positive Factors
Recurring revenue model
Paxman’s business model generates recurring demand from consumables, service contracts and lease arrangements tied to installed systems. An expanding installed base creates predictable, repeatable revenue and higher customer stickiness, supporting durable cash conversion when utilization is steady.
Negative Factors
Profitability deterioration
The shift from positive earnings to recent net losses signals structural pressure on margins or rising costs. Sustained negative profitability erodes retained earnings, limits reinvestment capacity, and can force cost cuts or dilution unless operational efficiency or pricing improves to restore durable profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring revenue model
Paxman’s business model generates recurring demand from consumables, service contracts and lease arrangements tied to installed systems. An expanding installed base creates predictable, repeatable revenue and higher customer stickiness, supporting durable cash conversion when utilization is steady.
Read all positive factors
Paxman AB (PAX) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr1.18B
Dividend YieldN/A
Average Volume (3M)100.37K
Price to Earnings (P/E)―
Beta (1Y)0.08
Revenue Growth28.39%
EPS Growth-141.02%
CountrySE
Employees105
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.47
Shares Outstanding23,273,417
10 Day Avg. Volume41,338
30 Day Avg. Volume100,373
Financial Highlights & Ratios
PEG Ratio0.54
Price to Book (P/B)3.05
Price to Sales (P/S)3.95
P/FCF Ratio-145.60
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.91
Revenue Forecast (FY)kr421.65M
Paxman AB Business Overview & Revenue Model
Company Description
Paxman AB (publ), along with its subsidiaries, specializes in the creation and worldwide sale of the Paxman scalp cooling system, an innovative solution designed to minimize hair loss in patients undergoing chemotherapy. This system is distributed...
How the Company Makes Money
Paxman primarily makes money by commercializing its scalp cooling therapy platform to oncology infusion centers and hospitals. Its revenue model typically combines (1) sales or placement of scalp cooling systems (capital equipment) to healthcare p...
Paxman AB Financial Statement Overview
Summary
Income Statement
53
Neutral
Balance Sheet
74
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 335.77M | 313.35M | 253.01M | 210.12M | 156.75M | 96.20M |
| Gross Profit | 164.59M | 208.81M | 175.42M | 146.42M | 101.44M | 64.52M |
| EBITDA | 29.06M | 28.46M | 49.73M | 31.23M | 16.18M | 1.25M |
| Net Income | -10.73M | -16.71M | 40.20M | 8.33M | -10.32M | -12.78M |
Balance Sheet | ||||||
| Total Assets | 475.17M | 479.11M | 227.23M | 167.12M | 173.96M | 166.34M |
| Cash, Cash Equivalents and Short-Term Investments | 106.09M | 120.83M | 40.31M | 24.98M | 38.09M | 72.27M |
| Total Debt | 4.58M | 13.01M | 14.29M | 13.57M | 16.98M | 17.15M |
| Total Liabilities | 66.57M | 73.95M | 63.24M | 44.51M | 59.76M | 40.59M |
| Stockholders Equity | 408.60M | 405.16M | 163.99M | 122.62M | 114.20M | 125.75M |
Cash Flow | ||||||
| Free Cash Flow | -20.43M | -8.50M | 15.99M | -9.70M | -33.01M | -27.94M |
| Operating Cash Flow | -2.23M | 6.23M | 39.10M | 15.63M | 2.69M | -4.14M |
| Investing Cash Flow | -32.47M | -33.51M | -24.50M | -25.33M | -36.69M | -24.45M |
| Financing Cash Flow | -12.12M | 108.83M | 721.00K | -3.41M | -169.00K | 97.28M |
Paxman AB Technical Analysis
Negative
54.40
Price Trends
50.50
Positive
49.29
Positive
56.15
Negative
Market Momentum
0.06
Positive
44.82
Neutral
12.96
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:PAX, the sentiment is Negative. The current price of 54.4 is above the 20-day moving average (MA) of 52.98, above the 50-day MA of 50.50, and below the 200-day MA of 56.15, indicating a neutral trend. The MACD of 0.06 indicates Positive momentum. The RSI at 44.82 is Neutral, neither overbought nor oversold. The STOCH value of 12.96 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:PAX.
Paxman AB Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | kr1.25B | 41.99 | 6.93% | ― | -8.92% | -8.33% | |
55 Neutral | kr1.18B | -110.13 | -4.20% | ― | 28.39% | -141.02% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | kr806.62M | -20.41 | -4.42% | ― | 4.66% | 27.83% | |
47 Neutral | kr693.32M | -5.53 | -36.55% | ― | 48.53% | 17.86% | |
45 Neutral | kr282.34M | -7.67 | -27.22% | ― | -14.57% | 16.16% | |
45 Neutral | kr457.99M | -9.56 | ― | ― | 13.96% | 20.18% |
* Healthcare Sector Average
SE:PAX
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-35.37%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.