Qliro AB (QLIRO) AI Stock Analysis

• Market Cap: kr530.18M
• Dividend Yield: N/A
• Average Volume (3M): 20.44K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.42
• Revenue Growth: -11.93%
• EPS Growth: -821.71%
• Country: SE
• Employees: 215
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Credit Services
• EPS (TTM): -0.56
• Shares Outstanding: 28,276,503
• 10 Day Avg. Volume: 15,075
• 30 Day Avg. Volume: 20,441
• PEG Ratio: <0.01
• Price to Book (P/B): 0.75
• Price to Sales (P/S): 0.86
• P/FCF Ratio: -0.90
• 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): 1.27
• Revenue Forecast (FY): kr581.00M

• Rating: 49 Neutral
• Price Target: kr20.00 ▲(8.99% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is held down primarily by weak financial performance—especially the sharp deterioration in 2025 cash flow and continued losses—partly offset by constructive technical momentum (price above key moving averages with positive MACD). Valuation remains constrained due to negative earnings and no dividend data.

Positive Factors

Improved leverage

A material reduction in leverage to ~0.23 meaningfully lowers solvency and refinancing risk, giving management more flexibility to fund operations or invest in growth. For 2–6 months this improves financial resilience and reduces pressure from creditor covenants.

Solid gross margin

A ~52% gross margin is a durable structural strength for a payments/credit platform: it indicates pricing power and ability to cover variable costs. If operating expenses are managed, this margin supports a credible path to sustainable profitability over the medium term.

Recent revenue growth momentum

Consistent top-line growth in 2024–2025 signals ongoing merchant and consumer adoption of Qliro's checkout and credit offerings. Sustained revenue expansion supports scale economics, network effects with merchants, and the potential to dilute fixed costs as the business scales.

Negative Factors

Material cash burn in 2025

Deep negative operating and free cash flow in 2025 indicates significant cash-burn risk and that operating results do not convert to liquidity. Over a 2–6 month horizon this raises the need for external funding, which can dilute equity or constrain strategic options if access is limited.

Widened 2025 net loss

A materially larger net and operating loss in 2025 shows the company has not yet reached stable earnings power. Persistent losses limit the ability to reinvest internally and to compound equity value, increasing reliance on capital markets or partners to sustain growth.

Volatile historical cash generation

High volatility in cash flows undermines forecasting, complicates working-capital management, and raises the effective cost of capital. Structural variability—likely from credit exposure and funding timing—makes scaling and partnership negotiations riskier over a multi-month horizon.

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

Revenue is growing and leverage improved significantly (lower debt-to-equity), but fundamentals remain weak due to a widened 2025 net loss and materially negative operating and free cash flow, indicating elevated cash-burn risk.

Income Statement

Revenue has grown steadily in recent years (2024 and 2025), showing improving top-line momentum. Gross margin remains solid (~52% in 2025), but profitability deteriorated sharply in 2025: net loss widened to -84.1M and operating losses deepened (negative operating margin). The company has been consistently loss-making across most years, with only a small profit in 2023, suggesting the business model has not yet achieved stable earnings power.

Balance Sheet

Leverage improved dramatically in 2025, with debt-to-equity dropping to ~0.23 versus very high levels in 2022–2024 (roughly 5–7x), reducing balance-sheet risk and financial strain. Equity is meaningful (~577M in 2025) relative to the company’s scale, which supports solvency. However, returns on equity remain negative in 2025, reflecting ongoing losses and limiting the balance sheet’s ability to compound value without improved profitability.

Cash Flow

Cash generation was highly volatile and turned materially weaker in 2025, with operating cash flow (-353.1M) and free cash flow (-476.8M) both deeply negative, indicating cash burn despite revenue growth. Prior years show swings between strong inflows (2022, 2024) and significant outflows (2023, 2025), reducing predictability. While free cash flow can at times compare favorably to net income due to accounting losses, the 2025 cash outflow is the key concern.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	499.60M	485.00M	442.70M	470.40M	449.80M
Gross Profit	258.50M	229.60M	241.00M	294.30M	271.70M
EBITDA	-7.00M	45.50M	48.90M	-9.30M	45.80M
Net Income	-84.10M	-21.90M	4.10M	-93.50M	-39.90M
Balance Sheet
Total Assets	3.38B	3.45B	3.69B	4.20B	3.47B
Cash, Cash Equivalents and Short-Term Investments	767.90M	172.20M	566.10M	97.90M	354.00M
Total Debt	119.60M	2.73B	3.06B	3.46B	2.80B
Total Liabilities	2.80B	2.90B	3.21B	3.73B	2.93B
Stockholders Equity	576.90M	559.20M	480.20M	470.50M	548.00M
Cash Flow
Free Cash Flow	-476.80M	304.60M	-792.70M	831.60M	-89.20M
Operating Cash Flow	-353.10M	436.30M	-696.00M	923.30M	1.10M
Investing Cash Flow	-123.70M	-131.70M	-96.70M	-91.60M	-90.20M
Financing Cash Flow	159.30M	-3.20M	-3.10M	11.60M	-8.20M

Qliro AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 18.35
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• 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 Positive. The current price of 18.35 is below the 20-day moving average (MA) of 19.12, above the 50-day MA of 18.30, and below the 200-day MA of 19.67, indicating a bullish trend. The MACD of 0.21 indicates Positive momentum. The RSI at 61.31 is Neutral, neither overbought nor oversold. The STOCH value of 50.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:QLIRO.

Qliro AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TFBANK	78 Outperform	kr10.04B	15.87	26.88%	―	15.59%	24.31%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
HOFI	62 Neutral	kr13.02B	8.66	15.75%	1.78%	19.81%	5.77%
NORION	54 Neutral	kr10.86B	9.63	―	―	0.78%	13.82%
QLIRO	49 Neutral	kr530.18M	-5.11	-16.73%	―	-11.93%	-821.71%
INTRUM	48 Neutral	―	-3.46	-0.68%	―	-6.65%	95.09%

Qliro AB Corporate Events

Qliro’s Strong Q4 Growth and New Deals Underpin Nordic Expansion Drive

Qliro reported a strong finish to 2025, with fourth-quarter total payment volume up 46% and full-year volume rising 39%, while operating income grew modestly and credit losses fell as a share of payment volume. Despite posting a full-year loss and higher operating expenses, the company narrowed its adjusted loss in the fourth quarter and reiterated its trajectory toward profitability in early 2026, supported by earlier restructuring and ongoing investments in growth and geographic expansion.

Operationally, Qliro launched its next-generation Upsell 2.0 tool, which significantly boosted upsell for key partner Lyko and expanded access to popular payment methods like Swish, Apple Pay, Vipps and MobilePay across all markets. The company also delivered record Black Friday volumes, secured new and extended multi-year agreements with merchants such as GLOWiD, Nelly and Lyko, and strengthened its management team with an interim CFO, moves that reinforce its strategy to become a leading Nordic payments player through deep, long-term merchant partnerships.

The most recent analyst rating on (SE:QLIRO) stock is a Hold with a SEK16.50 price target. To see the full list of analyst forecasts on Qliro AB stock, see the SE:QLIRO Stock Forecast page.

Qliro Deepens Nordic Payment Alliance with Lyko

Qliro is extending its multi-year enterprise agreement with beauty-focused e-commerce leader Lyko, reaffirming the Flywheel commerce strategy under which the payment provider manages Lyko’s regional payment flows, co-develops features like UPSell 2.0, and targets strengthened conversion, order values, and loyalty through app-integrated checkout innovations that have already driven triple-digit upsell gains outside Sweden and over SEK 1 billion in beauty volumes signed in 2025. The deal underscores Qliro’s reliance on deep merchant collaborations to widen its Nordic footprint and supports a growth trajectory that hinges on co-created payment experiences delivering new transaction volumes for both parties.

The most recent analyst rating on (SE:QLIRO) stock is a Hold with a SEK16.50 price target. To see the full list of analyst forecasts on Qliro AB stock, see the SE:QLIRO Stock Forecast page.

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.