Seafire AB (SEAF) AI Stock Analysis

• Market Cap: kr359.05M
• Dividend Yield: N/A
• Average Volume (3M): 9.71K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.63
• Revenue Growth: -1.52%
• EPS Growth: -43.08%
• Country: SE
• Employees: 297
• Sector: Services
• Sector Strength: N/A
• Industry: Asset Management
• EPS (TTM): -0.19
• Shares Outstanding: 42,846,570
• 10 Day Avg. Volume: 11,596
• 30 Day Avg. Volume: 9,711
• PEG Ratio: 0.83
• Price to Book (P/B): 0.55
• Price to Sales (P/S): 0.35
• P/FCF Ratio: 22.95
• 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): 0.77
• Revenue Forecast (FY): kr948.82M

• Rating: 54 Neutral
• Price Target: kr8.50 ▲(3.66% Upside)
• Action: Reiterated Date: 02/21/26
• Date: Action: Reiterated 02/21/26

The score is held back primarily by weak and inconsistent profitability and a downtrend in free cash flow after 2023, despite improved leverage. Technicals are moderately supportive with price above major moving averages, but momentum signals are mixed. Valuation offers limited support due to negative earnings and no dividend yield data.

Positive Factors

Diversified buy-and-build model

Seafire's buy-and-build model creates durable diversification across industrial and tech niches. Long-term ownership and operational improvement focus lets management smooth cyclical revenue swings, capture synergies across subsidiaries, and compound value through disciplined capital allocation and portfolio management.

Historic revenue scaling

Material revenue expansion from 2020–2025 provides a larger base to leverage fixed costs and support cross-selling across subsidiaries. Sustained top-line scale increases optionality for profitable bolt-on M&A and gives the group a stronger platform to restore margin consistency if operating execution improves.

Improved leverage and balance-sheet repair

Meaningful reduction in leverage and lower total debt versus the 2022 peak materially improves financial flexibility. A stronger equity base lowers refinancing risk and supports continued acquisitive growth or investment in operations without immediate pressure from heavy interest burdens.

Negative Factors

Persistent net losses

Repeated net losses over multiple years indicate structural profitability problems across the portfolio. Ongoing negative returns impede retained-earnings accumulation, limit the group's ability to self-fund growth, and require continued external capital or asset disposals until operating margins sustainably recover.

Declining free cash flow trend

Although operating cash turned positive in 2023–2025, free cash flow peaked in 2023 then declined sharply thereafter. A downtrend and volatility in FCF reduce cushion for investment and acquisitions, increase reliance on financing, and constrain the firm's capacity to absorb shocks or fund turnaround programs.

Thin gross margins and operating volatility

Thin gross profit and swings from strong years to operating losses reflect margin pressure or adverse portfolio mix. Structural margin weakness reduces ability to generate operating leverage as revenue grows, making earnings recovery fragile and sensitive to input costs or pricing competition.

Seafire AB Business Overview & Revenue Model

Company Description

Seafire AB (publ) acquires and develops small companies primarily in Sweden. The company operates in two segments, Industry and Trade & Services. It markets and sells personal electric vehicles, such as electric bicycles, electric scooters, scooters, and electric mopeds as well as training equipment under the Nordbutiker i online stores. The company also provides monitoring products and services for farmers and industrial customers; interpretation, translation, and training services; engines and control units for professional TV, the media and film industry; industrial fans for ventilation and industrial use, as well as delivers industrial paint, accessories, and technical advice to the product-painting metal and wood industry. In addition, it engages in the pressing, stamping, and laser cutting of sheet steel components from various materials. Seafire AB (publ) was founded in 2016 and is based in Stockholm, Sweden.

How the Company Makes Money

Seafire AB generates revenue primarily through the sale of its proprietary technologies and solutions to aquaculture operators and marine businesses. The company has established multiple key revenue streams, including direct sales of monitoring and feeding systems, subscription services for software solutions that provide data analytics and operational insights, and maintenance contracts for ongoing support. Additionally, Seafire partners with industry stakeholders and research institutions to develop customized solutions, which can open up new revenue opportunities through collaborative projects and grants. These partnerships enhance Seafire's market reach and credibility, contributing significantly to its overall earnings.

Seafire AB Financial Statement Overview

Summary

Revenue scaled materially over 2020–2025 and leverage has improved versus early years, but profitability remains the core weakness (net losses in most years, large losses in 2023–2024 and still slightly negative in 2025). Cash flow turned positive in 2023–2025, yet free cash flow has fallen sharply since 2023, signaling reduced near-term self-funding strength.

Income Statement

Revenue has expanded materially over the period (from 2020 to 2025), including strong step-ups in 2021–2022, but growth has become uneven more recently (down in 2024, modestly up in 2025). Profitability is the key weakness: net results are loss-making in most years (notably large losses in 2023–2024 and still slightly negative in 2025). Operating performance is volatile as well, with a strong 2022 turning into operating losses in 2024 and only a small operating profit in 2025; 2025 also shows very thin gross profit versus revenue, highlighting pressure on underlying economics or mix.

Balance Sheet

Leverage has improved meaningfully versus earlier years, with debt-to-equity falling from very high levels in 2020–2021 to more moderate levels in 2023–2024, alongside a much larger equity base. Total debt has also come down from its 2022 peak. The main offset is profitability: returns on equity are negative in 2023–2024, indicating the balance sheet is supporting a business that has struggled to consistently generate earnings, and total assets have trended lower from the 2022 peak, suggesting some contraction or portfolio reshaping.

Cash Flow

Cash generation has improved from negative operating and free cash flow in 2021–2022 to positive in 2023–2025, which is a clear stabilization signal. However, free cash flow is volatile: it peaked in 2023 and then declined sharply in 2024 and again in 2025, and free cash flow growth is negative in the last two years. While cash flow has held up better than reported earnings in recent years, the downtrend in cash generation reduces confidence in near-term self-funding capacity.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	929.00M	905.00M	1.00B	851.00M	421.30M
Gross Profit	6.00M	187.00M	217.00M	194.00M	78.50M
EBITDA	63.00M	71.00M	108.00M	123.00M	37.30M
Net Income	-4.00M	-134.00M	-73.00M	14.00M	-13.40M
Balance Sheet
Total Assets	1.07B	1.15B	1.34B	1.75B	830.87M
Cash, Cash Equivalents and Short-Term Investments	18.00M	57.00M	46.00M	468.00M	176.24M
Total Debt	250.00M	271.00M	286.00M	656.00M	438.67M
Total Liabilities	495.00M	571.00M	622.00M	963.00M	611.76M
Stockholders Equity	580.00M	583.00M	717.00M	786.00M	219.11M
Cash Flow
Free Cash Flow	14.00M	29.00M	69.00M	-79.20M	-24.60M
Operating Cash Flow	22.00M	45.00M	80.00M	-60.70M	-10.10M
Investing Cash Flow	27.00M	-16.00M	-92.00M	-371.70M	-332.20M
Financing Cash Flow	-88.00M	-18.00M	-410.00M	723.80M	498.40M

Seafire AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 8.20
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SEAF, the sentiment is Positive. The current price of 8.2 is above the 20-day moving average (MA) of 7.52, above the 50-day MA of 8.03, and above the 200-day MA of 6.59, indicating a bullish trend. The MACD of 0.09 indicates Negative momentum. The RSI at 55.24 is Neutral, neither overbought nor oversold. The STOCH value of 54.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:SEAF.

Seafire AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
INFREA	65 Neutral	kr499.47M	7.90	―	3.51%	7.83%	―
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
SEAF	54 Neutral	kr359.05M	-89.82	―	―	-1.52%	-43.08%
STWK	50 Neutral	kr148.55M	-6.28	―	―	5.41%	20.99%
NAXS	49 Neutral	kr394.23M	-16.31	―	8.78%	―	―
ATIN	46 Neutral	kr248.94M	-4.32	―	―	―	―

Seafire AB Corporate Events

Seafire lifts organic growth, margins and cash flow amid restructuring drive

Seafire AB reported fourth-quarter 2025 net sales up 11 percent to SEK 234 million, entirely driven by organic growth, with adjusted EBITA rising 66 percent and operating cash flow before tax swinging to SEK 24 million from a negative SEK 6 million. The improvement was supported by stronger markets in Sweden, particularly for DOFAB and SolidEngineer, while reported EBITA was weighed down by SEK 18 million in restructuring costs linked mainly to factory relocation at Borö-Pannan and business consolidation at Nordbutiker.

For the full year 2025, net sales increased 3 percent to SEK 929 million and adjusted EBITA climbed 17 percent to SEK 49 million, as the group lifted its gross margin by one percentage point and generated operating cash flow before tax of SEK 66 million despite repaying SEK 31 million in tax deferrals. Net debt including remaining tax deferrals fell to SEK 251 million, corresponding to a leverage ratio of 3.2 times EBITDA, and Seafire complemented its balance-sheet work with a new SEK 250 million bank financing agreement and a dividend halt, while restructuring and asset sales are aimed at simplifying the group and underpinning higher margins over time.

The most recent analyst rating on (SE:SEAF) stock is a Sell with a SEK7.00 price target. To see the full list of analyst forecasts on Seafire AB stock, see the SE:SEAF Stock Forecast page.