Starbreeze AB (SE:STAR.B)
:STAR.B
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Starbreeze AB
(STAR.B)
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Rating:45Neutral
Price Target:
kr0.09
▼(-19.09% Downside)
Action:Reiterated
Date:05/15/26
The score is held down primarily by very weak profitability and large losses (income statement deterioration), plus inconsistent free cash flow. Technicals are mixed/neutral and do not offset the fundamental weakness, while valuation is also unattractive/unclear due to negative earnings (negative P/E) and no provided dividend yield.
Positive Factors
Modest leverage
Low debt relative to equity gives Starbreeze financial flexibility to fund game development cycles, smoothing investment in multi-year projects and limiting interest burden. That structural conservatism helps the company withstand cyclical sales swings and reduces refinancing risk over the medium term.
Negative Factors
Deep margin deterioration
Severely negative margins and large net losses signal persistent value destruction: core economics are currently loss-making. Over several quarters this undermines retained earnings, limits reinvestment capacity, and threatens long-term viability if structural profitability isn't restored.
Read all positive and negative factors
Positive Factors
Negative Factors
Modest leverage
Low debt relative to equity gives Starbreeze financial flexibility to fund game development cycles, smoothing investment in multi-year projects and limiting interest burden. That structural conservatism helps the company withstand cyclical sales swings and reduces refinancing risk over the medium term.
Read all positive factors
Starbreeze AB (STAR.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr154.08M
Dividend YieldN/A
Average Volume (3M)2.09M
Price to Earnings (P/E)―
Beta (1Y)0.42
Revenue Growth-8.66%
EPS Growth-91.13%
CountrySE
Employees186
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)-0.27
Shares Outstanding1,482,311,400
10 Day Avg. Volume3,311,392
30 Day Avg. Volume2,089,109
Financial Highlights & Ratios
PEG Ratio-0.03
Price to Book (P/B)0.73
Price to Sales (P/S)0.73
P/FCF Ratio4.35
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.04
Revenue Forecast (FY)kr142.40M
Starbreeze AB Business Overview & Revenue Model
Company Description
An independent entity in the interactive entertainment sector, Starbreeze AB (publ) specializes in the full lifecycle of computer and video games, from creation and development to publishing and distribution. Their market reach is extensive, encom...
How the Company Makes Money
Starbreeze primarily makes money by developing and publishing video games and monetizing them through several recurring and transaction-based revenue streams. The core revenue driver is sales of full games (digital purchases on PC/console storefro...
Starbreeze AB Earnings Call Summary
Earnings Call Date:May 14, 2024
(Q1-2024)
| % Change Since: |
Next Earnings Date:Aug 20, 2026
Earnings Call Sentiment Neutral
The earnings call highlights a strong financial performance with significant cash reserves and positive trends in product reviews and market reach, particularly for PAYDAY 3. However, there are challenges with the current performance of PAYDAY 3 and high direct costs impacting the bottom line. The company's focus on future investments and solid financial position provide a positive outlook.Positive Updates
Strong Financial Quarter
Net sales amounted to SEK 56.6 million, with an EBITDA of SEK 28.6 million after adjustments. Positive cash flow from operating activities was SEK 78.4 million, resulting in a healthy cash position of about SEK 387 million.
Negative Updates
PAYDAY 3 Performance Below Expectations
PAYDAY 3 is not performing at expected levels, generating SEK 23.3 million, but positive trends are observed with ongoing content updates.
Read all updates
Q1-2024 Updates
Positive
Negative
Strong Financial Quarter
Net sales amounted to SEK 56.6 million, with an EBITDA of SEK 28.6 million after adjustments. Positive cash flow from operating activities was SEK 78.4 million, resulting in a healthy cash position of about SEK 387 million.
Read all positive updates
Company Guidance
During the Q1 2024 earnings call for Starbreeze, executives Hans-Jurgen Goeldner and Mats Juhl provided an optimistic update on the company's financial and operational performance. The quarter saw net sales of SEK 56.6 million and an EBITDA of SEK 48.5 million, adjusted to SEK 28.6 million after long-term incentive program impacts. Despite a loss of SEK 21 million due to ongoing investments, the company maintained a solid cash position of SEK 387 million, with a positive cash flow of SEK 78.4 million from operations. The newly launched game Roboquest performed well, contributing SEK 17.4 million to net sales, while PAYDAY 2 and PAYDAY 3 generated SEK 10.9 million and SEK 23.3 million, respectively, with PAYDAY games accounting for 60% of total sales. Despite PAYDAY 3's initial underperformance, positive trends are emerging, bolstered by the launch of Operation Medic Bag. The company is focused on enhancing PAYDAY 3 and advancing Project Baxter, set for a 2026 release, with a development team of 150 people split between the two projects. Starbreeze is also in the final stages of appointing a new CEO, with an announcement expected soon.Starbreeze AB Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 179.87M | 220.98M | 185.85M | 633.51M | 127.60M | 125.69M |
| Gross Profit | -340.55M | -301.42M | -263.00M | 324.24M | 67.08M | 69.39M |
| EBITDA | -290.49M | 47.49M | 102.38M | 457.47M | 64.32M | 6.35M |
| Net Income | -429.31M | -399.31M | -317.85M | 207.63M | -59.81M | -103.47M |
Balance Sheet | ||||||
| Total Assets | 274.26M | 337.48M | 830.13M | 1.11B | 746.40M | 674.15M |
| Cash, Cash Equivalents and Short-Term Investments | 74.55M | 102.62M | 191.91M | 347.75M | 108.22M | 128.57M |
| Total Debt | 37.81M | 41.07M | 22.14M | 16.82M | 400.16M | 440.68M |
| Total Liabilities | 109.71M | 116.45M | 124.69M | 216.84M | 689.62M | 551.33M |
| Stockholders Equity | 164.55M | 221.03M | 705.44M | 894.65M | 56.79M | 122.82M |
Cash Flow | ||||||
| Free Cash Flow | -56.73M | 37.15M | -188.14M | -87.80M | -88.33M | -38.70M |
| Operating Cash Flow | 59.55M | 45.83M | 64.87M | 114.58M | 57.83M | 73.87M |
| Investing Cash Flow | -140.82M | -167.33M | -245.46M | -202.38M | -143.94M | -109.01M |
| Financing Cash Flow | 25.60M | 32.42M | 24.52M | 327.44M | 65.55M | 6.17M |
Starbreeze AB Technical Analysis
Negative
0.11
Price Trends
0.11
Negative
0.10
Negative
0.12
Negative
Market Momentum
>-0.01
Positive
30.90
Neutral
8.33
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:STAR.B, the sentiment is Negative. The current price of 0.11 is above the 20-day moving average (MA) of 0.10, above the 50-day MA of 0.11, and below the 200-day MA of 0.12, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 30.90 is Neutral, neither overbought nor oversold. The STOCH value of 8.33 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:STAR.B.
Starbreeze AB Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
60 Neutral | kr181.22M | -15.27 | -3.04% | 13.12% | 0.57% | -263.59% | |
47 Neutral | kr170.61M | -0.64 | ― | ― | -8.48% | -560.82% | |
45 Neutral | kr154.08M | -0.34 | -76.88% | ― | -8.66% | -91.13% | |
44 Neutral | kr37.56M | 2.04 | 27.44% | ― | -48.06% | ― | |
41 Neutral | kr85.23M | -2.09 | ― | ― | 36.87% | 23.41% |
* Communication Services Sector Average
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Starbreeze AB Corporate Events
Starbreeze Continues Share Conversion, Further Reducing A-Share Votes
May 29, 2026
Starbreeze AB has reported a change in its share structure following the conversion of 532 series A shares into the same number of series B shares, in line with its program to ultimately have only series B shares outstanding. The conversion, reque...
Starbreeze AGM Withholds Dividend and Rejects New Equity Issue Authorization
May 12, 2026
Starbreeze AB’s annual general meeting in Stockholm approved the 2025 income statement and balance sheet and granted discharge from liability to current and former board members and the CEO, while deciding that no dividend will be paid for t...
Starbreeze Q1 Sales Slump as PAYDAY Franchise Expands into Film and VR
May 12, 2026
Starbreeze AB reported a sharp decline in first-quarter 2026 net sales to SEK 26.6 million from SEK 67.7 million, driven by weaker revenues from PAYDAY 3, reduced work-for-hire income and negative contribution from third-party publishing. EBITDA t...
Starbreeze Taps Gamefam for Second PAYDAY Game on Roblox to Broaden Franchise Reach
Apr 29, 2026
Starbreeze Entertainment is doubling down on the PAYDAY franchise by extending it further into the Roblox ecosystem, targeting the platform’s large Gen Z and Alpha user base. The company has already seen strong traction with Notoriety: A PAY...
Starbreeze calls 2026 AGM with expanded voting options
Apr 1, 2026
Starbreeze AB has convened its Annual General Meeting for 12 May 2026 at its Stockholm headquarters, setting out detailed procedures for shareholder participation. Investors may attend in person or be represented by proxy, provided they are regist...
Starbreeze Continues A-to-B Share Conversion, Trimming Voting Power of A Shares
Mar 31, 2026
Starbreeze AB has reported a minor change in its share structure as part of its ongoing program to convert higher-vote series A shares into series B shares, with the long-term aim of having only series B stock outstanding. The company emphasizes t...
Starbreeze Extends PAYDAY Franchise Into VR With Aces High
Mar 24, 2026
Starbreeze Entertainment is deepening the reach of its PAYDAY co‑op heist franchise through a new licensing partnership with VR specialist Fast Travel Games, which will develop PAYDAY: Aces High for Meta Quest and SteamVR. The title, built f...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.