Starbreeze AB (SE:STAR.B)
:STAR.B
Want to see SE:STAR.B full AI Analyst Report?
Top Page
Starbreeze AB
(STAR.B)
Select Model
Select Model
Rating:45Neutral
Price Target:
kr0.10
▼(-5.45% 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 / manageable balance sheet
Low reported leverage gives Starbreeze financial flexibility to fund game development cycles and weather periods of weak earnings. Modest debt limits near-term solvency risk and preserves capacity to raise growth capital, an advantage when investing in long-lived IP and live-ops infrastructure.
Negative Factors
Deeply negative profitability and large losses
Severe and persistent losses materially erode capital and constrain the firm's ability to invest in new titles, live services, and marketing. Sustained negative margins undermine long-term competitiveness and force difficult financing choices that can dilute shareholders or increase leverage.
Read all positive and negative factors
Positive Factors
Negative Factors
Modest leverage / manageable balance sheet
Low reported leverage gives Starbreeze financial flexibility to fund game development cycles and weather periods of weak earnings. Modest debt limits near-term solvency risk and preserves capacity to raise growth capital, an advantage when investing in long-lived IP and live-ops infrastructure.
Read all positive factors
Starbreeze AB (STAR.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr185.86M
Dividend YieldN/A
Average Volume (3M)2.09M
Price to Earnings (P/E)―
Beta (1Y)0.36
Revenue Growth-8.66%
EPS Growth-91.13%
CountrySE
Employees186
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)-0.27
Shares Outstanding1,482,310,900
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)-0.05
Revenue Forecast (FY)kr153.71M
Starbreeze AB Business Overview & Revenue Model
Company Description
Starbreeze AB (publ) operates as an independent developer, creator, publisher, and distributor of computer and video games in Europe, North America, Asia, and internationally. The company develops and publishes games for PC and console, as well as...
How the Company Makes Money
Starbreeze makes money primarily through monetizing its video game intellectual property—most notably the PAYDAY franchise—via a mix of game sales, digital add-on content, and publishing-related revenues. Key revenue streams typically include: (1)...
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 | -29.72M | 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
Neutral
0.11
Price Trends
0.10
Positive
0.10
Positive
0.13
Negative
Market Momentum
<0.01
Positive
48.16
Neutral
17.04
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:STAR.B, the sentiment is Neutral. The current price of 0.11 is below the 20-day moving average (MA) of 0.12, above the 50-day MA of 0.10, and below the 200-day MA of 0.13, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 48.16 is Neutral, neither overbought nor oversold. The STOCH value of 17.04 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 | kr205.60M | 81.39 | -3.04% | 13.12% | 0.57% | -263.59% | |
48 Neutral | kr158.10M | -0.28 | ― | ― | -8.48% | -560.82% | |
46 Neutral | kr121.88M | -3.18 | ― | ― | 36.87% | 23.41% | |
45 Neutral | kr185.86M | -0.73 | -76.88% | ― | -8.66% | -91.13% | |
44 Neutral | kr48.95M | -2.47 | 27.44% | ― | -48.06% | ― |
* Communication Services Sector Average
SE:STAR.B
Starbreeze AB
0.11
-0.10
-47.85%
SE:FLEXM
Flexion Mobile
2.86
-2.34
-45.00%
SE:GCOR
Gaming Corps AB
0.81
-0.19
-18.84%
SE:MAGI
MAG Interactive AB
7.52
-1.10
-12.76%
SE:FRAG
Fragbite Group AB
6.04
0.96
18.90%
Starbreeze AB Corporate Events
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...
Starbreeze Taps VICE Studios to Take PAYDAY Heist Franchise to Film and TV
Mar 18, 2026
Starbreeze Entertainment has partnered with VICE Studios to develop film and television adaptations of its PAYDAY heist franchise, aiming to extend the brand beyond gaming into screen and other entertainment formats. The collaboration is designed ...
Starbreeze Posts Wider 2025 Loss Despite Higher Sales and PAYDAY 3 Updates
Feb 19, 2026
Starbreeze reported fourth-quarter 2025 net sales of SEK 41.1 million, down year-on-year, as PAYDAY 3 and third-party publishing revenues declined but work-for-hire income rose sharply. The quarter swung to an EBITDA loss and a pre-tax loss of SEK...
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.