Nordnet AB (SAVE) AI Stock Analysis

• Market Cap: kr71.99B
• Dividend Yield: 3.01%
• Average Volume (3M): 182.79K
• Price to Earnings (P/E): 24.8
• Beta (1Y): 0.80
• Revenue Growth: 2.54%
• EPS Growth: 4.51%
• Country: SE
• Employees: 793
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): 3.06
• Shares Outstanding: 250,206,510
• 10 Day Avg. Volume: 150,027
• 30 Day Avg. Volume: 182,794
• PEG Ratio: 2.50
• Price to Book (P/B): 9.02
• Price to Sales (P/S): 10.27
• P/FCF Ratio: 5.50
• 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: kr286.62
• Price Target Upside: -0.62% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 5
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 76 Outperform
• Price Target: kr332.00 ▲(15.12% Upside)

The score is driven primarily by strong financial performance (high profitability and low leverage), tempered by inconsistent cash-flow history. Technicals are supportive but appear overbought, and valuation looks somewhat expensive at a 24.8 P/E despite a ~2.76% dividend yield.

Positive Factors

High profitability / net margins

Sustained high net margins signal durable operating leverage from a digital platform and pricing power over competitors. Strong margins support reinvestment, dividend capacity and resilience through cycles, enabling long‑term profitability even if growth slows.

Conservative balance sheet / low leverage

Very low leverage provides financial flexibility and lowers refinancing and solvency risk, allowing management to invest in the platform, withstand market shocks and pursue strategic initiatives without heavy interest burden. The modest rise in 2025 is manageable.

Scalable digital platform business model

A digital-first savings and investment platform yields scalable unit economics and cross-sell opportunities. Recurring fee and interest streams tied to AUM create structural revenue drivers and network effects that can compound returns as user base and assets grow over time.

Negative Factors

Volatile operating and free cash flow

Material cash-flow swings, including a sharply negative year in 2023 and a decline in 2025 FCF, reduce predictability for capital allocation. This volatility complicates long‑term investment planning, dividend consistency and may force conservative liquidity buffers.

Uneven revenue growth

Intermittent top-line performance highlights reliance on episodic volume and asset cycles rather than steady organic expansion. Irregular growth limits visibility into medium-term revenue trajectories and increases execution risk in achieving sustained scale.

Exposure to market and interest-rate cycles

Revenues tied to AUM, trading volumes and net interest create structural sensitivity to market moves and rate shifts. Macro volatility and changing rate regimes can materially swing income, constraining stability and making long‑term forecasting and product pricing more challenging.

Nordnet AB Business Overview & Revenue Model

Company Description

Nordnet AB (publ) engages in the investments and savings, pensions, and loans businesses in Sweden, Norway, Denmark, and Finland. The company offers digital platform for savings and investment products, such as stocks, mutual funds, and other securities through website, app, or other applications; portfolio lending, residential mortgages, and personal unsecured loans; and pension savings. It operates Shareville, a social investment network that allows customers to follow other investors and see their investments. The company was founded in 1996 and is headquartered in Stockholm, Sweden.

How the Company Makes Money

Nordnet makes money primarily through its revenue model, which includes several key streams. Firstly, the company earns commission fees from trading activities conducted on its platform, charging users a fee for each executed trade. Additionally, Nordnet generates revenue from management fees associated with its investment funds and savings accounts. Another significant source of income comes from interest on customer deposits, as well as fees for premium services and features offered to investors. The company has also formed strategic partnerships with various financial institutions to enhance its service offerings, contributing to its overall earnings. By continuously expanding its product line and improving customer engagement, Nordnet aims to solidify its position in the competitive financial services landscape.

Nordnet AB Financial Statement Overview

Summary

Strong overall fundamentals supported by high and durable profitability and a conservatively levered balance sheet. The main offset is cash-flow volatility (notably a negative year in 2023 and lower free cash flow in 2025), which reduces consistency despite solid underlying earning power.

Income Statement

Revenue growth re-accelerated in 2025 (up ~10.4% vs. near-flat in 2024), while profitability remains exceptionally strong with net margins consistently around ~45–56% over the period. That said, margins have drifted down from the 2021 peak (net margin ~56% then vs. ~45% in 2025), and growth has been uneven year-to-year (including a slight revenue decline in 2022). Overall, the earnings profile is high-quality but not perfectly steady.

Balance Sheet

The balance sheet looks conservatively levered, with low debt relative to equity in most years (generally ~0.03x, rising to ~0.12x in 2025). Equity remains sizable, supporting resilience. The main watch item is the increase in debt in 2025 versus 2024, even though leverage remains low in absolute terms.

Cash Flow

Cash generation is strong in the latest year, with operating cash flow and free cash flow both large and free cash flow broadly matching net income (around ~0.96–0.99x in most years). However, cash flows have shown meaningful volatility, including a sharply negative operating and free cash flow year in 2023, followed by a strong rebound in 2024–2025. Free cash flow also declined in 2025 (down ~18.5% year over year), suggesting some near-term variability despite solid underlying capacity.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	6.57B	5.98B	5.19B	3.74B	3.74B
Gross Profit	5.16B	5.17B	4.58B	3.36B	3.52B
EBITDA	3.96B	3.68B	3.34B	2.21B	2.61B
Net Income	2.96B	2.81B	2.58B	1.65B	1.98B
Balance Sheet
Total Assets	309.41B	273.22B	222.25B	206.91B	232.54B
Cash, Cash Equivalents and Short-Term Investments	4.67B	3.79B	4.19B	3.73B	4.25B
Total Debt	900.00M	217.50M	1.57B	163.60M	195.23M
Total Liabilities	301.93B	265.29B	214.55B	200.86B	226.55B
Stockholders Equity	7.48B	7.94B	7.70B	6.05B	5.99B
Cash Flow
Free Cash Flow	12.27B	5.85B	-12.63B	6.33B	13.44B
Operating Cash Flow	12.55B	6.10B	-12.60B	6.49B	13.61B
Investing Cash Flow	-9.02B	-3.42B	13.95B	-5.75B	-12.20B
Financing Cash Flow	-2.52B	-2.61B	-877.50M	-1.43B	-236.80M

Nordnet AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 288.40
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SAVE, the sentiment is Positive. The current price of 288.4 is above the 20-day moving average (MA) of 273.03, above the 50-day MA of 269.20, and above the 200-day MA of 267.91, indicating a bullish trend. The MACD of 4.70 indicates Negative momentum. The RSI at 67.01 is Neutral, neither overbought nor oversold. The STOCH value of 82.21 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:SAVE.

Nordnet AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SAVE	76 Outperform	kr71.99B	24.83	41.80%	3.01%	2.54%	4.51%
SEB.A	71 Outperform	kr385.63B	12.11	13.97%	4.41%	-13.83%	-12.61%
SWED.A	70 Outperform	kr388.80B	11.86	15.50%	6.87%	-14.95%	-4.73%
AZA	69 Neutral	kr54.84B	21.06	42.92%	3.34%	7.33%	23.01%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
SHB.A	67 Neutral	kr281.68B	11.33	12.67%	11.24%	-18.75%	-11.69%
KINV.A	47 Neutral	kr20.22B	172.66	―	―	-97.64%	―

Nordnet AB Corporate Events

Nordnet Delivers Record 2025 Results as Customer Growth and Trading Offset Rate-Driven Headwinds

Nordnet reported its strongest full-year result ever for 2025, with operating profit rising 7% to SEK 3.7 billion and profit after tax up 7% to SEK 3.0 billion, driven by continued customer growth of 12%, record cross-border trading and higher transaction-related income, despite pressure on net interest income from lower market interest rates. Savings capital grew 15% to SEK 1,183 billion and net savings reached SEK 78.1 billion for the year, while adjusted operating expenses increased in line with targets, the Private Banking concept was rolled out across all markets, preparations for a 2026 launch in Germany progressed, and the Board signalled confidence by intending to propose a dividend of SEK 8.60 per share.

The most recent analyst rating on (SE:SAVE) stock is a Hold with a SEK288.00 price target. To see the full list of analyst forecasts on Nordnet AB stock, see the SE:SAVE Stock Forecast page.

Nordnet Concludes Share Buyback and Launches New Program

Nordnet has completed a share buyback program, acquiring 919,819 shares for SEK 250 million, and is initiating a new program to optimize its capital structure and return capital to shareholders. The new buyback will be managed by Citigroup, with repurchases on the Nasdaq Stockholm Stock Exchange, and aims to buy back up to SEK 250 million in shares by March 2026.

The most recent analyst rating on (SE:SAVE) stock is a Buy with a SEK306.00 price target. To see the full list of analyst forecasts on Nordnet AB stock, see the SE:SAVE Stock Forecast page.