Stillfront Group AB (SF) AI Stock Analysis

• Market Cap: kr2.84B
• Dividend Yield: N/A
• Average Volume (3M): 2.19M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.49
• Revenue Growth: -11.82%
• EPS Growth: -7499.16%
• Country: SE
• Employees: 1,255
• Sector: Services
• Sector Strength: N/A
• Industry: Electronic Gaming & Multimedia
• EPS (TTM): 0.11
• Shares Outstanding: 517,968,500
• 10 Day Avg. Volume: 1,897,818
• 30 Day Avg. Volume: 2,190,783
• PEG Ratio: <0.01
• Price to Book (P/B): 0.57
• Price to Sales (P/S): 0.64
• P/FCF Ratio: 4.01
• 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: kr12.00
• Price Target Upside: 88.09% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: kr5.50 ▼(-13.79% Downside)

Stillfront Group AB's overall stock score reflects its financial challenges, particularly in profitability and revenue growth, despite improved cash flow. Technical indicators suggest potential stability, but valuation concerns due to negative profitability weigh heavily. The earnings call highlighted some positive strategic initiatives, but revenue declines remain a significant risk.

Positive Factors

Business model resilience (live services)

A portfolio of live-service free-to-play games creates recurring revenue streams from microtransactions and ads, reducing dependence on one-hit releases. Multi-studio ownership supports continuous content updates and longer title lifecycles, preserving monetization over months and beyond.

Improved cash generation

A large improvement in free cash flow and solid operating-cash-to-income conversion provides durable operational flexibility. Strong cash conversion cushions ongoing investments and debt servicing, enabling reinvestment in live-ops and studio M&A without immediate reliance on external financing.

High-margin regional strength

Healthy growth and very high adjusted margins in MENA/APAC point to durable, high-quality franchises and efficient monetization in those regions. Geographic diversification and strong regional profitability help stabilize group margins even as other markets lag.

Negative Factors

Declining group revenue

Sustained organic revenue decline erodes scale economics for live services and raises pressure on retention and UA efficiency. Persistent top-line weakness limits ability to absorb fixed costs and may slow reinvestment in live content and new IP over the medium term.

Deep negative profitability metrics

Large negative operating and net margins indicate structural profitability problems that undermine shareholder returns and internal funding. Without sustained top-line recovery or permanent cost reductions, negative margins will constrain growth investment and value creation long term.

Severe North America revenue shortfall

A steep, persistent drop in a major market reduces revenue diversification and scale, raising user-acquisition and monetization risk. Recovery in North America is needed for balanced global growth; continued underperformance could force strategic shifts or heavier investment to regain market share.

Stillfront Group AB Business Overview & Revenue Model

Company Description

Stillfront Group AB is a leading free-to-play gaming company that specializes in developing, publishing, and distributing games across various platforms, including PC, mobile, and console. Headquartered in Stockholm, Sweden, the company operates through a portfolio of multiple game studios, each focused on creating unique and engaging gaming experiences. Stillfront's core products include a diverse range of games that appeal to different audiences, with a strong emphasis on live operations and community engagement to enhance player retention and monetization.

How the Company Makes Money

Stillfront Group AB generates revenue primarily through in-game purchases and microtransactions within its free-to-play games. Players can buy virtual goods, upgrades, and in-game currency, which contributes significantly to the company's earnings. Additionally, Stillfront benefits from advertising revenue generated through in-game ads and partnerships with other gaming companies. The company also explores strategic acquisitions of game studios to expand its portfolio and enhance its market presence, which can lead to increased revenue streams from new and existing titles. Overall, the combination of direct player spending, advertising, and portfolio expansion through acquisitions constitutes the core of Stillfront's revenue model.

Stillfront Group AB Financial Statement Overview

Summary

Stillfront Group AB is facing financial difficulties with significant losses in profitability and revenue growth. The income statement shows negative net profit and EBIT margins, while the balance sheet indicates increased leverage. However, the company has improved its cash flow position, which provides some cushion against operational challenges.

Income Statement

Stillfront Group AB has faced declining revenue and profitability in the TTM period. The company reported a negative net profit margin of -116.76% and a negative EBIT margin of -110.15%, indicating significant operational challenges. The revenue growth rate also declined by 3.61% in the TTM period, reflecting a downturn in sales. Despite a historically strong gross profit margin, recent performance issues have impacted overall profitability.

Balance Sheet

The balance sheet shows moderate leverage with a debt-to-equity ratio of 0.77 in the TTM period, which is manageable but has increased compared to previous years. The return on equity is negative at -84.23%, indicating poor returns for shareholders. However, the equity ratio remains stable, suggesting a reasonable level of financial stability despite recent challenges.

Cash Flow

Cash flow analysis reveals a positive free cash flow growth rate of 117.3% in the TTM period, indicating improved cash generation capabilities. The operating cash flow to net income ratio is 1.28, suggesting that the company is generating sufficient cash flow relative to its net income, despite the latter being negative. The free cash flow to net income ratio is 0.66, highlighting a decent conversion of earnings into cash.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	6.03B	6.74B	7.01B	7.06B	5.46B	3.99B
Gross Profit	3.07B	1.40B	4.17B	7.67B	5.92B	4.32B
EBITDA	-5.61B	-6.05B	2.24B	2.04B	1.68B	1.26B
Net Income	-7.26B	-7.38B	7.00M	559.00M	590.00M	580.00M
Balance Sheet
Total Assets	13.84B	16.37B	22.61B	24.13B	20.05B	12.37B
Cash, Cash Equivalents and Short-Term Investments	773.00M	957.00M	807.00M	989.00M	1.13B	1.00B
Total Debt	4.74B	5.86B	4.94B	4.76B	4.58B	2.90B
Total Liabilities	7.19B	8.89B	8.76B	9.88B	10.25B	6.22B
Stockholders Equity	6.65B	7.48B	13.84B	14.24B	9.77B	6.13B
Cash Flow
Free Cash Flow	1.12B	1.07B	857.00M	971.00M	761.00M	788.00M
Operating Cash Flow	1.52B	1.69B	1.69B	2.03B	1.62B	1.25B
Investing Cash Flow	-1.14B	-1.14B	-1.67B	-3.76B	-4.18B	-4.74B
Financing Cash Flow	-421.00M	-452.00M	-175.00M	1.46B	2.62B	4.21B

Stillfront Group AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 6.38
• 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:SF, the sentiment is Negative. The current price of 6.38 is above the 20-day moving average (MA) of 5.56, above the 50-day MA of 6.08, and above the 200-day MA of 6.05, indicating a bearish trend. The MACD of -0.17 indicates Negative momentum. The RSI at 42.25 is Neutral, neither overbought nor oversold. The STOCH value of 72.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:SF.

Stillfront Group AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
G5EN	74 Outperform	kr768.55M	11.13	12.65%	9.28%	-14.68%	-29.97%
PDX	61 Neutral	kr13.68B	109.03	22.69%	3.16%	-18.54%	71.38%
MAGI	56 Neutral	kr153.14M	-12.02	-3.04%	13.12%	-3.51%	-192.91%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
SF	52 Neutral	kr2.84B	-0.38	―	―	-11.82%	-7499.16%
EG7	49 Neutral	kr1.09B	-6.25	―	―	1.74%	-5214.06%
STAR.B	40 Neutral	kr159.39M	-0.39	-76.88%	―	8.38%	-48.41%

Stillfront Group AB Corporate Events

Stillfront Sets Date for 2025 Year-End Results and Investor Webcast

Stillfront Group has scheduled the release of its year-end report for 2025 on 4 February 2026, with results to be published early in the morning and followed by a live webcast later that day. President and Group CEO Alexis Bonte and CFO Emily Villatte will present the figures and take questions in English via both webcast and teleconference, signaling management’s intent to engage actively with investors and analysts around the company’s full-year performance and outlook.

The most recent analyst rating on (SE:SF) stock is a Hold with a SEK5.50 price target. To see the full list of analyst forecasts on Stillfront Group AB stock, see the SE:SF Stock Forecast page.

Emily Villatte Assumes Role as Stillfront Group CFO Ahead of Schedule

Stillfront Group AB has announced that Emily Villatte has started her role as the Group Chief Financial Officer earlier than planned, assuming her responsibilities on December 8, 2025. This change in leadership is expected to bring stability and continuity to the company’s financial operations, with Tim Holland resuming his position as Deputy Group CFO.

The most recent analyst rating on (SE:SF) stock is a Hold with a SEK6.00 price target. To see the full list of analyst forecasts on Stillfront Group AB stock, see the SE:SF Stock Forecast page.