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Polygiene AB (SE:POLYG)
:POLYG
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Polygiene AB
(POLYG)
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Rating:49Neutral
Price Target:
kr7.00
▼(-24.08% Downside)
Action:ReiteratedDate:02/18/26
The score is held back primarily by uneven financial performance and unreliable cash flow (return to losses and negative free cash flow in 2025), alongside weak technicals with the price below key moving averages and negative MACD. A strong, low-debt balance sheet and a ~3.9% dividend yield provide some support but do not offset the profitability and momentum concerns.
Positive Factors
Conservative balance sheet
Very low leverage and a substantial equity buffer reduce financial risk and give management flexibility to absorb earnings volatility, fund targeted marketing or R&D, and support operations over the next several months without immediate refinancing pressure.
Proven cash generation in strong year
The company has demonstrated it can generate material operating and free cash flow in favorable conditions, indicating the underlying licensing business can be cash-generative and can self-fund growth or working capital when volumes recover.
Asset-light, scalable licensing model
An asset-light B2B licensing model ties revenue to customer production volumes and brand licensing, enabling scalability across categories with limited capex. This structure supports margin durability and easier geographic or SKU expansion if brand adoption grows.
Negative Factors
Volatile cash flow profile
Large swings in operating and free cash flow increase liquidity and planning risk; negative cash flow in 2025 shows revenue volatility can translate quickly into funding needs, limiting ability to invest consistently or withstand extended demand softness.
Unstable profitability and revenue declines
The pattern of large earnings swings and recent revenue decline signals fragile demand and margin volatility. Inconsistent profitability undermines predictable cash generation and complicates long-term strategy, making sustained reinvestment and dividend consistency harder.
Small scale and limited resources
A small team and recent negative revenue growth constrain commercial reach, innovation pace, and resilience to client losses. Limited scale can amplify customer concentration and execution risk, slowing adoption across new categories or geographies over the medium term.
Polygiene AB (POLYG) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr237.43M
Dividend Yield2.89%
Average Volume (3M)6.20K
Price to Earnings (P/E)―
Beta (1Y)0.02
Revenue Growth7.92%
EPS Growth94.99%
CountrySE
Employees37
SectorConsumer Cyclical
Sector Strength84
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)-0.10
Shares Outstanding36,526,990
10 Day Avg. Volume5,228
30 Day Avg. Volume6,198
Financial Highlights & Ratios
PEG Ratio0.28
Price to Book (P/B)1.22
Price to Sales (P/S)2.30
P/FCF Ratio-30.49
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)0.9
Revenue Forecast (FY)kr202.00M
Polygiene AB Business Overview & Revenue Model
Company DescriptionPolygiene Group AB develops, manufactures, and sells odor control and stay fresh solutions for clothes, sports equipment, textiles, and other materials in the Middle East, Africa, the Asia Pacific, the Americas, Europe, and internationally. It serves partners in the categories of sports and outdoor, fashion and lifestyle, workwear, hospitality, home and pets, healthcare, water, industrial, and paper and packaging. The company offers its products under the Polygiene brand. The company was formerly known as Polygiene AB (publ.) and changed its name to Polygiene Group AB in June 2022. Polygiene Group AB was founded in 2005 and is headquartered in Malmö, Sweden.
How the Company Makes MoneyPolygiene generates revenue primarily through the sale of its antimicrobial and odor control treatments to various industries, including apparel, home textiles, and sports equipment. The company licenses its technology to manufacturers who incorporate Polygiene's treatments into their products, allowing them to command a premium price due to the added value of enhanced durability and hygiene. Key revenue streams include direct sales to textile manufacturers, licensing agreements with brands, and royalties from products that feature Polygiene's technology. Additionally, partnerships with leading global brands in the fashion and sports sectors contribute significantly to Polygiene's earnings, as these collaborations often lead to increased product visibility and demand.
Polygiene AB Financial Statement Overview
Summary
Balance sheet strength is a major positive (very low leverage and substantial equity buffer), but this is offset by weak and unstable operating results (2025 revenue down 8.4% and a return to losses) and volatile cash generation (2025 negative operating cash flow and free cash flow after a strong 2024).Income Statement
Profitability has deteriorated sharply versus prior years: 2025 revenue fell (-8.4%) and the company posted a net loss with near-breakeven operating profit. This follows a strong 2024 (solid margins and positive earnings) but also a very weak 2023 with exceptionally large losses. Gross margin remains healthy in most years, but earnings and margin stability are a key weakness given the swing from strong profits (2021/2024) to deep losses (2023/2025).46
Neutral
Balance Sheet
The balance sheet is conservatively financed with very low leverage across the period (debt-to-equity consistently near zero/low). Equity remains substantial relative to assets, providing a meaningful buffer to absorb earnings volatility. The main drawback is that returns to shareholders have been inconsistent, turning negative in loss years, but overall financial risk from debt appears limited.82
Very Positive
Cash Flow
Cash generation is volatile: 2024 produced strong positive operating cash flow and free cash flow, but 2025 flipped to negative operating cash flow and negative free cash flow. Earlier years also show inconsistency, including a notably weak 2022 free cash flow and only modest cash conversion in 2023 despite losses. Overall, cash flow reliability is a concern and increases dependence on maintaining liquidity during downturns.38
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 146.65M | 156.95M | 113.54M | 173.56M | 181.61M |
| Gross Profit | 48.32M | 103.78M | 77.16M | 114.57M | 115.24M |
| EBITDA | 5.96M | 18.80M | -305.61M | 19.10M | 43.99M |
| Net Income | -5.58M | 16.83M | -321.95M | 8.36M | 32.83M |
Balance Sheet | |||||
| Total Assets | 304.74M | 350.84M | 313.78M | 621.90M | 550.69M |
| Cash, Cash Equivalents and Short-Term Investments | 38.78M | 68.59M | 44.15M | 48.06M | 52.40M |
| Total Debt | 4.57M | 2.63M | 3.89M | 1.64M | 2.40M |
| Total Liabilities | 28.56M | 31.23M | 22.53M | 29.34M | 31.54M |
| Stockholders Equity | 276.17M | 319.61M | 291.25M | 592.56M | 519.15M |
Cash Flow | |||||
| Free Cash Flow | -11.04M | 22.75M | -4.27M | -50.64M | 34.15M |
| Operating Cash Flow | -9.79M | 24.34M | 3.79M | -1.54M | 37.60M |
| Investing Cash Flow | -4.07M | -1.59M | -9.42M | -52.11M | -407.47M |
| Financing Cash Flow | -9.67M | -1.38M | 1.95M | 47.50M | 416.27M |
Polygiene AB Technical Analysis
Negative
9.22
Price Trends
8.61
Negative
8.83
Negative
9.79
Negative
Market Momentum
-0.66
Positive
35.48
Neutral
51.15
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:POLYG, the sentiment is Negative. The current price of 9.22 is above the 20-day moving average (MA) of 7.43, above the 50-day MA of 8.61, and below the 200-day MA of 9.79, indicating a bearish trend. The MACD of -0.66 indicates Positive momentum. The RSI at 35.48 is Neutral, neither overbought nor oversold. The STOCH value of 51.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:POLYG.
Polygiene AB Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
49 Neutral | kr237.43M | -10.92 | -5.04% | 2.89% | 7.92% | 94.99% | |
45 Neutral | kr232.66M | -11.21 | -7.96% | ― | -1.89% | -59.17% | |
44 Neutral | kr79.05M | -4.14 | -30.10% | ― | 114.57% | 53.86% | |
42 Neutral | kr15.73M | -0.22 | -354.88% | ― | -15.74% | 44.98% | |
42 Neutral | kr192.51M | -4.85 | -75.16% | ― | -18.29% | -48.74% |
* Consumer Cyclical Sector Average
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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.