Saxlund Group AB (SAXG) AI Stock Analysis

• Market Cap: kr105.47M
• Dividend Yield: N/A
• Average Volume (3M): 1.28K
• Price to Earnings (P/E): 45.3
• Beta (1Y): <0.01
• Revenue Growth: -17.38%
• EPS Growth: 96.53%
• Country: SE
• Employees: 75
• Sector: Services
• Sector Strength: N/A
• Industry: Industrial - Pollution & Treatment Controls
• EPS (TTM): N/A
• Shares Outstanding: 7,199,059
• 10 Day Avg. Volume: 1,003
• 30 Day Avg. Volume: 1,278
• PEG Ratio: -0.21
• Price to Book (P/B): 1.36
• Price to Sales (P/S): 0.34
• P/FCF Ratio: 0.00
• 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: 49 Neutral
• Price Target: kr14.50 ▲(31.82% Upside)
• Action: Reiterated Date: 02/23/26
• Date: Action: Reiterated 02/23/26

The score is primarily constrained by weak financial quality—especially persistent negative operating cash flow and uneven profitability—despite a currently more manageable leverage profile. Technicals are supportive with a clear uptrend, but overbought signals temper the outlook. A high P/E further limits the score given the cash-generation concerns.

Positive Factors

Niche bioenergy and waste-to-energy focus

Saxlund’s core business targets bioenergy and waste-to-energy systems and includes design, project delivery and aftermarket services. This niche aligns with structural energy-transition and waste-management demand, supporting durable project pipelines and recurring aftermarket revenue streams.

Manageable recent leverage and solid equity base

A relatively strong equity base and low reported debt in the most recent year provide balance-sheet flexibility to fund operations or raise capital while cash flows recover. This reduces short-term insolvency risk and supports investment or bidding on medium-term projects.

Return to small profit and operating improvement in 2025

Re-establishing profitability after multi-year losses reflects operational leverage or cost discipline that can persist. If sustained, improved operating margins can enhance internal funding, reduce reliance on external financing, and improve resilience across the cycle.

Negative Factors

Persistent negative operating cash flow

Chronic negative operating cash flow indicates the business struggles to convert accounting profits into cash. This weak cash conversion forces dependence on external funding, risks periodic liquidity stress, and constrains reinvestment and sustainable growth.

Revenue contraction and uneven profitability

Declining revenue and volatile earnings undermine scale benefits and make margin recovery harder. In engineering and project businesses, lower topline reduces fixed-cost absorption and predictability, increasing refinancing risk and pressuring long-term profitability.

Historical leverage spikes and sensitivity to downturns

Past episodes of materially higher leverage show the company is vulnerable to revenue shocks. Such sensitivity raises refinancing and covenant risks if cash flow weakens again, limiting strategic optionality and increasing cost of capital over the medium term.

Saxlund Group AB Business Overview & Revenue Model

Company Description

Saxlund Group AB (publ), an environmental technology group, develops, manufactures, and services plants and equipment for the production of environmentally-friendly and resource-efficient energy. The company provides bulk materials handling systems, such as bar feeders, tube feeders, hydraulic rotors, and sliding frames for forest residues, sawmill waste, chips, pellets, sludge, etc.; combustion systems; fixed and transportable heating plants; and purification products, including scrubbers, lamella or tubes, wet electrostatic precipitators (WESP), filter cassettes, hose filters, ESP electrostatic precipitators, injection of lime and activated carbon, and cyclones, as well as plant operator training. It serves electricity; heat and power production; wood and forest; water and waste management; process, recycling, and mining; and other industries. The company was formerly known as Pilum AB (publ.) and changed its name to Saxlund Group AB (publ) in July 2017. Saxlund Group AB (publ) is headquartered in Nacka, Sweden.

How the Company Makes Money

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Saxlund Group AB Financial Statement Overview

Summary

Income statement shows a return to a small profit in 2025 but with revenue down 6.49% and a history of multi-year losses. Balance sheet leverage looks manageable recently, yet prior leverage spikes (e.g., 2023) suggest sensitivity in downturns. The largest drag is persistently negative operating cash flow across all shown years (including ~-13.3m in 2025), indicating weak cash conversion and ongoing cash burn risk.

Income Statement

Profitability has been volatile: the company returned to a small profit in 2025 (annual) after sizable losses in 2022–2024, and operating profit improved materially versus prior years. However, revenue contracted in 2025 (down 6.49%) and the business has not shown consistent earnings power across the cycle, with multiple loss-making years despite previously stronger revenue levels.

Balance Sheet

Leverage appears moderate in the most recent years, supported by a solid equity base (equity ~57.9m vs. debt ~15.6m in 2025; debt-to-equity was low at ~0.12 in 2024). That said, the balance sheet has shown meaningful swings historically—most notably in 2023 when leverage spiked (debt-to-equity ~2.65) and returns on equity were deeply negative—highlighting potential sensitivity to earnings downturns and financing needs.

Cash Flow

Cash generation is the key weakness: operating cash flow has been negative every year shown (including 2025 at about -13.3m and 2024 at about -19.8m), indicating the core business has not consistently converted accounting results into cash. Free cash flow was also materially negative in several periods (e.g., 2024 about -21.8m), increasing reliance on external funding or balance-sheet flexibility to sustain operations and investment.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	228.71M	307.32M	308.13M	250.04M	257.82M
Gross Profit	5.42M	89.79M	71.74M	79.98M	79.90M
EBITDA	9.23M	-617.00K	-13.24M	-6.63M	9.81M
Net Income	1.74M	-15.07M	-26.68M	-10.21M	2.12M
Balance Sheet
Total Assets	141.83M	160.88M	198.56M	189.79M	167.71M
Cash, Cash Equivalents and Short-Term Investments	5.41M	12.17M	3.53M	4.47M	7.29M
Total Debt	15.64M	7.11M	34.64M	28.81M	8.66M
Total Liabilities	83.94M	102.92M	185.49M	151.38M	127.21M
Stockholders Equity	57.88M	57.96M	13.08M	38.41M	40.50M
Cash Flow
Free Cash Flow	0.00	-21.75M	-6.83M	-15.69M	-18.58M
Operating Cash Flow	-13.31M	-19.80M	-5.29M	-10.82M	-14.90M
Investing Cash Flow	879.00K	-1.95M	-1.54M	-1.46M	-3.68M
Financing Cash Flow	6.63M	30.88M	5.83M	9.08M	12.60M

Saxlund Group AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 11.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SAXG, the sentiment is Positive. The current price of 11 is below the 20-day moving average (MA) of 12.38, below the 50-day MA of 11.29, and above the 200-day MA of 9.75, indicating a bullish trend. The MACD of 1.00 indicates Negative momentum. The RSI at 76.78 is Negative, neither overbought nor oversold. The STOCH value of 73.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:SAXG.

Saxlund Group AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ACRI.B	65 Neutral	kr480.57M	11.17	―	13.40%	-0.10%	426.11%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
AXOLOT	53 Neutral	kr111.42M	-13.81	-17.60%	―	-27.29%	72.72%
SAXG	49 Neutral	kr105.47M	45.33	-14.54%	―	-17.38%	96.53%
BOMILL	44 Neutral	kr65.69M	-6.08	-110.39%	―	-65.29%	-33.93%
CI	40 Underperform	kr69.52M	-0.25	―	―	-81.35%	42.35%