Qliro AB (QLIRO) AI Stock Analysis

• Market Cap: kr493.42M
• Dividend Yield: N/A
• Average Volume (3M): 20.44K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.41
• Revenue Growth: -11.93%
• EPS Growth: -821.71%
• Country: SE
• Employees: 215
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Credit Services
• EPS (TTM): -1.28
• Shares Outstanding: 28,276,503
• 10 Day Avg. Volume: 15,075
• 30 Day Avg. Volume: 20,441
• PEG Ratio: 187.21
• Price to Book (P/B): 733.31
• Price to Sales (P/S): 845.50
• P/FCF Ratio: 1.35K
• 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: 44 Neutral
• Price Target: kr17.00 ▼(-7.36% Downside)

The score is held down primarily by deteriorating profitability and a sharp swing to negative operating/free cash flow. Improved gross margin and meaningfully lower reported debt help, but technicals remain weak (below key moving averages) and valuation support is limited due to negative earnings and no dividend data.

Positive Factors

Improved gross margin

A material gross margin improvement implies stronger unit economics or a more profitable product mix for Qliro's payments and credit services. Sustained higher gross margin increases the addressable profit per transaction and provides a more durable foundation for future operating leverage and reinvestment.

Sharply reduced leverage

Significantly lower reported debt materially reduces balance-sheet risk for a fintech that previously had very high leverage. A smaller debt load improves financial flexibility, lowers refinancing risk and interest burden, and gives management room to fund growth or absorb volatility over the medium term.

Revenue acceleration

An uptick in trailing revenue indicates strengthening merchant adoption or higher transaction volumes across Qliro's checkout and credit offerings. Durable revenue growth supports scale benefits in payments, helps amortize fixed costs, and underpins long-term viability if customer and volume trends persist.

Negative Factors

Negative operating and free cash flow

A material swing to negative operating and free cash flow increases reliance on external funding over the medium term. Persistent cash burn can force higher borrowing, asset sales, or equity raises, constraining strategic investments and raising refinancing and dilution risk for a capital-intensive credit/payments business.

Worsening profitability and EBITDA compression

A sharp drop in EBITDA margin and deeper net losses indicate the company is failing to convert higher gross profit into operating profit. Sustained margin compression undermines internal funding for growth, reduces resilience to credit losses, and raises execution risk on any path to sustained profitability.

Low equity cushion and negative returns

A relatively thin equity base versus assets and persistently negative ROE leave limited capital buffer against continued losses or credit shocks. For a fintech with credit exposure, this heightens vulnerability to funding stress, potential regulatory scrutiny, and limits the firm's ability to scale credit underwriting without fresh capital.

Qliro AB Business Overview & Revenue Model

Company Description

Qliro AB (QLIRO) is a leading Nordic e-commerce and payment solutions provider based in Sweden. The company primarily operates in the fintech sector, focusing on offering flexible payment solutions, including invoice payments, installment payments, and digital wallets. Qliro serves both consumers and merchants, enhancing the online shopping experience through its innovative technology and seamless integration with various e-commerce platforms. The company also provides additional services such as logistics and customer insights, positioning itself as a comprehensive partner for online retailers.

How the Company Makes Money

Qliro AB generates revenue through multiple streams, primarily from transaction fees charged to merchants for processing payments. This includes fees for different payment methods such as credit card transactions and invoice payments. Additionally, Qliro earns money from interest and fees associated with consumer credit products, such as installment loans. The company also benefits from partnerships with various e-commerce platforms and online retailers, enhancing its service offerings and expanding its customer base. Moreover, Qliro may generate revenue through value-added services, including analytics and logistics solutions for its merchant clients, which further contributes to its earnings.

Qliro AB Financial Statement Overview

Summary

Qliro AB shows strong cash flow performance and reduced leverage, indicating financial stability. However, operational profitability remains a challenge with negative EBIT margins. The company demonstrates potential for future growth with improved cost management.

Income Statement

Qliro AB experienced a decline in total revenue from 2023 to 2024, indicating a negative revenue growth rate. However, gross profit margin improved significantly to 83.15%, suggesting better cost management. Net profit margin remained low at 0.91%, and EBIT margin turned negative, reflecting operational challenges. Overall, while there are improvements in gross profit, the company struggles with profitability at the operational level.

Balance Sheet

The company has no total debt as of 2024, which is a positive indicator of financial stability. The equity ratio improved to 16.18%, and return on equity increased to 0.73%, indicating a better return on shareholders' investments. The balance sheet shows strengthening equity and reduced leverage, enhancing financial stability.

Cash Flow

Qliro AB achieved a significant turnaround in free cash flow to 304.6 million SEK in 2024 from a negative position in 2023, marking a robust free cash flow growth. The operating cash flow to net income ratio is strong at 106.39, indicating efficient cash generation relative to net income. These positive cash flow metrics highlight improved liquidity and operational efficiency.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	494.50M	485.00M	442.70M	470.40M	449.80M	411.80M
Gross Profit	373.20M	229.60M	241.00M	294.30M	271.70M	247.70M
EBITDA	11.50M	45.50M	48.90M	-9.30M	45.80M	20.60M
Net Income	-98.70M	-21.90M	4.10M	-93.50M	-39.90M	-67.00M
Balance Sheet
Total Assets	2.89B	3.45B	3.69B	4.20B	3.47B	3.20B
Cash, Cash Equivalents and Short-Term Investments	0.00	172.20M	566.10M	97.90M	354.00M	290.10M
Total Debt	100.00M	2.73B	3.06B	3.46B	2.80B	2.39B
Total Liabilities	2.30B	2.90B	3.21B	3.73B	2.93B	2.61B
Stockholders Equity	592.70M	559.20M	480.20M	470.50M	548.00M	588.00M
Cash Flow
Free Cash Flow	-358.80M	304.60M	-792.70M	831.60M	-89.20M	-204.50M
Operating Cash Flow	-259.70M	436.30M	-696.00M	923.30M	1.10M	-130.00M
Investing Cash Flow	-132.20M	-131.70M	-96.70M	-91.60M	-90.20M	-74.50M
Financing Cash Flow	268.20M	-3.20M	-3.10M	11.60M	-8.20M	119.30M

Qliro AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 18.35
• 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:QLIRO, the sentiment is Negative. The current price of 18.35 is above the 20-day moving average (MA) of 17.37, above the 50-day MA of 17.68, and below the 200-day MA of 19.98, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 49.69 is Neutral, neither overbought nor oversold. The STOCH value of 58.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:QLIRO.

Qliro AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HOFI	72 Outperform	kr9.89B	10.98	15.75%	1.78%	19.81%	5.77%
TFBANK	71 Outperform	kr10.76B	6.15	26.88%	―	15.59%	24.31%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
NORION	63 Neutral	kr13.27B	9.31	―	―	0.78%	13.82%
QLIRO	44 Neutral	kr493.42M	-4.12	-16.73%	―	-11.93%	-821.71%
INTRUM	42 Neutral	kr6.05B	-42.24	-0.68%	―	-6.65%	95.09%

Qliro AB Corporate Events

Qliro Extends Multi-Year Nordic Payments Deal With Nelly Group

Qliro AB has renewed and extended its multi-year enterprise agreement with Nelly Group, a leading Nordic fashion e‑retailer, securing continued management of Nelly’s payment flows across the Nordic region. The deal cements Qliro’s role as a core payments partner in fashion e‑commerce and is described as a significant source of transaction volume for the coming years. The renewed collaboration centers on Qliro’s “Flywheel Commerce” product strategy, leveraging features like Upsell and its next-generation checkout to improve conversion rates, raise average order values and enhance the end-to-end shopping experience, aiming to strengthen customer loyalty and support both companies’ growth and positioning in the competitive Nordic fashion and fintech markets.

The most recent analyst rating on (SE:QLIRO) stock is a Hold with a SEK18.50 price target. To see the full list of analyst forecasts on Qliro AB stock, see the SE:QLIRO Stock Forecast page.

Qliro Expands in Beauty Sector with GLOWiD Partnership

Qliro AB has signed a significant enterprise agreement with GLOWiD, a prominent player in the Nordic Korean beauty market, to provide Pay Now and Pay Later solutions. This agreement is expected to enhance Qliro’s presence in the beauty segment, with a total signed volume exceeding SEK 1 billion for 2025. The partnership with GLOWiD, which saw a 27% increase in net sales in the previous financial year, is part of Qliro’s strategy to strengthen its market position in fast-growing e-commerce categories. This move is anticipated to contribute to Qliro’s growth strategy, with expected annual transaction volumes reaching SEK 21.5 billion once all agreements are operational.

The most recent analyst rating on (SE:QLIRO) stock is a Hold with a SEK18.50 price target. To see the full list of analyst forecasts on Qliro AB stock, see the SE:QLIRO Stock Forecast page.

Qliro AB Appoints Nomination Committee for 2026 AGM

Qliro AB has announced the appointment of its Nomination Committee for the Annual General Meeting 2026, which will be held in Stockholm on May 25, 2026. The committee, composed of representatives from Rite Ventures, Mandatum Private Equity, and individual shareholders, is tasked with preparing proposals for board and auditor appointments, remuneration, and any changes to the committee’s instructions. This development is significant as it sets the stage for strategic decisions that could impact Qliro’s governance and operational focus.

The most recent analyst rating on (SE:QLIRO) stock is a Hold with a SEK18.50 price target. To see the full list of analyst forecasts on Qliro AB stock, see the SE:QLIRO Stock Forecast page.

Qliro AB Launches Next-Generation Upselling Tool ‘Upsell 2.0’

Qliro AB has launched Upsell 2.0, a next-generation upselling tool designed to enhance the checkout experience for merchants by offering greater flexibility and expanded payment options. The tool, developed in collaboration with Lyko, has already shown significant increases in upsales across Nordic markets, reflecting its potential to boost average order values and strengthen Qliro’s market position in e-commerce solutions.

Qliro AB Reports Strong Payment Volume Growth Amid Strategic Overhaul

Qliro AB reported a significant 50% increase in total payment volume for the third quarter of 2025, despite facing a decline in operating profit. The company is implementing organizational changes and launching new products to enhance efficiency and scalability, with the aim of achieving profitability by Q1 2026. Key initiatives include the launch of a new Pay Later platform and improvements in merchant onboarding processes, which are expected to drive future growth and market share expansion in the Nordics.

Qliro AB Announces Q3 2025 Interim Report Presentation

Qliro AB has announced an upcoming presentation of its Q3 2025 interim report, scheduled for October 21, 2025. The event, led by CEO Christoffer Rutgersson, will be available via webcast and conference call, providing an opportunity for investors, analysts, and media to engage with the company’s latest financial performance.

Qliro Appoints Christofer Zetterquist as Interim CFO

Qliro AB has appointed Christofer Zetterquist as interim CFO following the departure of Carl Löfgren. Zetterquist, who brings extensive experience from the financial sector, previously served as CFO at Skandiabanken and has held senior positions at DNB Carnegie, EY, and Accenture. His appointment is expected to provide stability and leadership to Qliro’s finance function during the ongoing recruitment process for a permanent CFO.