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Synsam AB (SE:SYNSAM)
:SYNSAM
Sweden Market

Synsam AB (SYNSAM) AI Stock Analysis

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SE:SYNSAM

Synsam AB

(SYNSAM)

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Neutral 69 (OpenAI - 5.2)
Rating:69Neutral
Price Target:
kr75.00
▲(13.12% Upside)
Action:DowngradedDate:02/21/26
The score is primarily supported by improving financial performance and strong, recurring free cash flow. It is tempered by balance-sheet leverage (and rising debt) plus mixed technical momentum signals, while valuation appears fair with a moderate dividend yield.
Positive Factors
Steady revenue growth
Multi-year top-line growth (2020–2025) shows expanding customer penetration and execution across stores and digital channels. Persistent revenue gains support scale advantages in purchasing, distribution and marketing, helping sustain margins and fund reinvestment over the medium term.
Consistent free cash flow generation
Repeated positive free cash flow including a strong 2025 rebound indicates durable cash conversion from operations. Reliable FCF underpins capital expenditure, potential debt reduction, dividends or buybacks, and provides flexibility to weather retail cycle volatility over the next several quarters.
Service-driven recurring revenue mix
A business model combining clinical services, consumables and subscription options creates repeatable revenue and customer stickiness. Regular eye exams and contact lens repeat orders improve lifetime value and lower acquisition needs, making revenues more predictable long-term.
Negative Factors
Meaningful leverage and rising debt
Elevated and rising leverage constrains financial flexibility and increases interest exposure, limiting capacity for strategic investments or cushioning downturns. Continued debt build elevates refinancing and covenant risks and reduces the firm's ability to deploy FCF to growth rather than servicing debt.
Margin and profitability inconsistency
Volatility in gross and operating margins suggests sensitivity to product mix, pricing, and supply or inventory timing. Inconsistent profitability makes forecasting earnings durability harder and raises execution risk in maintaining mid‑term margin targets amid competitive retail pressures.
Geographic concentration risk
Heavy Nordic concentration exposes revenue to regional economic cycles, demographic shifts, and country-level regulatory changes. Limited geographic diversification reduces optionality versus peers and can slow overall growth if local demand or regulations soften over the next several quarters.

Synsam AB (SYNSAM) vs. iShares MSCI Sweden ETF (EWD)

Synsam AB Business Overview & Revenue Model

Company DescriptionSynsam AB (publ), through its subsidiaries, operates as an optical retailer in the Nordic Region. The company offers glasses, sunglasses, sports glasses, and contact lenses, as well as glasses and contact lens subscriptions, and eye examination services under the Synsam Lifestyle brand. It sells its products through directly owned and franchised stores, as well as through ecommerce in Sweden, Denmark, Norway, Iceland, and the Faroe Islands, and Finland. As of December 31, 2021, Synsam AB (publ) had 500 stores. Synsam AB (publ) was founded in 1968 and is headquartered in Stockholm, Sweden.
How the Company Makes MoneySynsam AB generates revenue through multiple streams primarily focused on the sale of eyewear products and vision care services. Key revenue sources include the retail sale of prescription glasses, contact lenses, and sunglasses, which are often sold alongside value-added services such as eye examinations and consultations. The company benefits from partnerships with various eyewear brands, allowing it to offer a diverse product range that attracts a wide customer base. Additionally, Synsam's extensive network of physical stores and an increasing online presence contribute significantly to its earnings. The company may also engage in promotional activities and loyalty programs that encourage repeat business, further enhancing its revenue potential.

Synsam AB Financial Statement Overview

Summary
Solid overall fundamentals driven by steady revenue growth (2020–2025) and meaningfully improved profitability, supported by consistently positive free cash flow (notably strong in 2025). Offsetting factors are meaningful leverage with rising debt in 2025 and some uncertainty/inconsistency in margin signals across years.
Income Statement
78
Positive
Revenue has grown steadily from 2020–2025 (roughly 3.86B to 7.07B), with generally strong gross margins in the mid‑70% range (2021–2024). Profitability has improved meaningfully versus 2020’s loss, with net income rising from 51M (2021) to 454M (2025). Offsetting this, operating profitability looks a bit less consistent: EBIT margin eased from 2021 levels and the 2025 gross profit figure appears unusually low versus prior years, introducing some uncertainty in margin quality/consistency.
Balance Sheet
62
Positive
Leverage is meaningful: debt-to-equity has been around ~1.26–1.34 from 2021–2024, and total debt increased to 3.97B in 2025. Equity is positive and fairly stable in recent years (about 2.4–2.6B), supporting a reasonable capital base, and returns on equity improved from very low levels in 2021 to mid‑teens in 2023–2024. The main risk is the continued debt build and the historical sign of balance sheet stress (negative equity in 2020), which keeps the balance sheet score from rating higher.
Cash Flow
80
Positive
Cash generation is a strength: operating cash flow has been solid (0.69B–1.27B from 2022–2025), and free cash flow is consistently positive with a sharp rebound in 2025 (991M, up strongly year-over-year). Free cash flow has generally covered a good share of earnings (notably 2023 and 2020), supporting earnings quality. The key weakness is volatility—free cash flow declined in 2022 and 2024 before re-accelerating in 2025, suggesting working-capital or investment timing swings.
BreakdownDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue7.07B6.43B5.91B5.35B4.73B
Gross Profit727.00M4.84B4.46B4.07B3.64B
EBITDA1.55B1.48B1.35B1.22B1.19B
Net Income454.00M366.00M311.00M328.00M51.00M
Balance Sheet
Total Assets7.95B8.24B8.04B8.02B7.60B
Cash, Cash Equivalents and Short-Term Investments600.00M420.00M582.00M444.00M755.00M
Total Debt3.96B3.42B3.25B3.40B3.13B
Total Liabilities5.51B5.69B5.52B5.43B5.12B
Stockholders Equity2.44B2.56B2.52B2.58B2.48B
Cash Flow
Free Cash Flow991.00M556.00M903.00M308.00M708.00M
Operating Cash Flow1.27B933.00M1.15B690.00M980.00M
Investing Cash Flow-318.00M-398.00M-270.00M-385.00M-283.00M
Financing Cash Flow-759.00M-672.00M-712.00M-631.00M-780.00M

Synsam AB Technical Analysis

Technical Analysis Sentiment
Positive
Last Price66.30
Price Trends
50DMA
65.85
Positive
100DMA
64.74
Positive
200DMA
60.35
Positive
Market Momentum
MACD
0.27
Negative
RSI
56.87
Neutral
STOCH
73.79
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SYNSAM, the sentiment is Positive. The current price of 66.3 is below the 20-day moving average (MA) of 66.50, above the 50-day MA of 65.85, and above the 200-day MA of 60.35, indicating a bullish trend. The MACD of 0.27 indicates Negative momentum. The RSI at 56.87 is Neutral, neither overbought nor oversold. The STOCH value of 73.79 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:SYNSAM.

Synsam AB Peers Comparison

Overall Rating
UnderperformOutperform
Sector (55)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
72
Outperform
kr1.99B14.951.24%4.25%127.31%
69
Neutral
kr10.01B21.472.71%10.01%18.11%
56
Neutral
kr10.74B-216.77-1.61%72.20%-166.05%
55
Neutral
$13.29B17.4210.03%0.93%7.13%-12.93%
54
Neutral
kr1.14B40.007.11%-12.29%-18.24%
53
Neutral
kr4.40B39.475.27%15.33%
46
Neutral
kr1.76B-14.328.40%-101.19%
* Services Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
SE:SYNSAM
Synsam AB
67.70
22.22
48.87%
SE:MTG.B
Modern Times Group AB
88.00
-29.80
-25.30%
SE:BHG
BHG Group AB
24.48
2.42
10.97%
SE:FG
Fasadgruppen Group AB
20.10
2.31
12.97%
SE:EWRK
Ework Group AB
65.70
-69.09
-51.26%
SE:BYGGP
ByggPartner Gruppen AB
43.90
25.39
137.17%

Synsam AB Corporate Events

Synsam Delivers Record 2025 Earnings on Strong Nordic Growth and Subscription Expansion
Feb 20, 2026

Synsam Group reported a strong fourth quarter and record earnings for 2025, with net sales rising nearly 10 percent for both the quarter and full year, driven by 11.4 percent organic growth and expanding subscription and cash businesses. Profitability remained robust despite a slightly lower gross margin, with higher EBIT and earnings per share, stronger operating cash flow, and a maintained dividend, while net debt was modestly reduced despite continued share buy-backs.

The group’s spectacles subscription base grew to about 756,000 customers and total subscription customers to roughly 901,000, underscoring subscriptions as a key engine of stable, profitable growth. Synsam also reported strong organic growth in Sweden, Norway and especially Finland, offsetting weakness in Denmark linked to tighter credit rules, and said it is ahead of schedule on its 2024–2026 expansion plan with 70 new stores already opened and new locations in smaller towns quickly reaching profitability.

The most recent analyst rating on (SE:SYNSAM) stock is a Buy with a SEK75.00 price target. To see the full list of analyst forecasts on Synsam AB stock, see the SE:SYNSAM Stock Forecast page.

Synsam Steps Up Share Buy-Backs to Fine-Tune Capital Structure
Feb 16, 2026

Synsam AB, the Nordic optical retail group listed on Nasdaq Stockholm, has been expanding its presence with more than 600 stores and about 4,000 employees, generating rolling twelve-month sales of roughly SEK 6.9 billion to September 2025. Its strategy emphasizes subscription services, digital channels and ESG-focused innovation to differentiate its offering in a competitive market for eye health and fashion.

The company continued executing its ongoing share buy-back program in week 7 of 2026, repurchasing 125,000 shares between 9 and 13 February for a total consideration of around SEK 7.85 million. The buy-backs, conducted on Nasdaq Stockholm via DNB Carnegie, lift Synsam’s treasury holding to 5,721,354 shares out of 147,864,494 outstanding, and form part of a capital structure adjustment initiative of up to SEK 160 million due to run until late February 2026.

The most recent analyst rating on (SE:SYNSAM) stock is a Buy with a SEK75.00 price target. To see the full list of analyst forecasts on Synsam AB stock, see the SE:SYNSAM Stock Forecast page.

Synsam Tightens Capital Structure With Continued Share Buy-Backs
Feb 9, 2026

Synsam AB, a major Nordic optical retailer listed on Nasdaq Stockholm, continues to position itself as an innovative player through subscription services and digitalization in the eye care and eyewear market. With thousands of employees and hundreds of stores across the Nordics, the group leverages multiple brands to serve customers’ varying lifestyle and vision needs.

The company repurchased 125,000 of its own shares on Nasdaq Stockholm between 2 and 6 February 2026 as part of an ongoing buy-back program of up to SEK 160 million aimed at tightening its capital structure. Executed via DNB Carnegie Investment Bank, the latest purchases lift Synsam’s treasury holding to 5,596,354 shares out of 147,864,494 outstanding, underscoring continued active balance-sheet management that can influence earnings per share and capital efficiency for investors.

The most recent analyst rating on (SE:SYNSAM) stock is a Buy with a SEK75.00 price target. To see the full list of analyst forecasts on Synsam AB stock, see the SE:SYNSAM Stock Forecast page.

Synsam Steps Up Capital Structure Adjustments With New Share Buy-Backs
Feb 2, 2026

Synsam AB has continued to execute its previously announced share buy-back programme, repurchasing 125,000 shares on Nasdaq Stockholm between 26 and 30 January 2026 as part of a plan of up to SEK 160 million aimed at adjusting its capital structure by reducing share capital. The transactions, conducted by DNB Carnegie Investment Bank on Synsam’s behalf under EU market abuse and safe-harbour rules, bring the company’s treasury holding to 5,471,354 shares out of a total 147,864,494 outstanding, underscoring management’s ongoing use of buy-backs as a capital allocation tool that may support earnings per share and signal confidence to investors.

The most recent analyst rating on (SE:SYNSAM) stock is a Buy with a SEK75.00 price target. To see the full list of analyst forecasts on Synsam AB stock, see the SE:SYNSAM Stock Forecast page.

Synsam Continues Share Buy-Back Programme, Lifts Treasury Shareholding
Jan 26, 2026

Synsam AB has repurchased 115,000 of its own shares on Nasdaq Stockholm between 19 and 23 January 2026 under its ongoing share buy-back programme of up to SEK 160 million, which is intended to adjust the company’s capital structure by reducing share capital. The transactions, executed by DNB Carnegie Investment Bank on Synsam’s behalf and conducted in line with EU market abuse and safe harbour regulations, bring the company’s treasury holding to 5,346,354 shares out of a total 147,864,494 outstanding, underscoring Synsam’s active capital management and potentially enhancing value for shareholders through a reduced free float over time.

The most recent analyst rating on (SE:SYNSAM) stock is a Buy with a SEK72.00 price target. To see the full list of analyst forecasts on Synsam AB stock, see the SE:SYNSAM Stock Forecast page.

Synsam Continues Share Buy-Back to Adjust Capital Structure
Jan 12, 2026

Synsam AB has repurchased 70,000 of its own shares on Nasdaq Stockholm between 5 and 9 January 2026, as part of its ongoing share buy-back programme of up to SEK 160 million aimed at adjusting the company’s capital structure by reducing its share capital. The transactions, executed by DNB Carnegie Investment Bank AB under EU market abuse and safe harbour regulations, bring Synsam’s treasury share holding to 5,131,354 out of a total of 147,864,494 outstanding shares, signalling continued active balance sheet management that may influence capital efficiency and shareholder value in the Nordic optical retailer.

The most recent analyst rating on (SE:SYNSAM) stock is a Buy with a SEK72.00 price target. To see the full list of analyst forecasts on Synsam AB stock, see the SE:SYNSAM Stock Forecast page.

Synsam Continues Share Buy-Back to Adjust Capital Structure
Jan 5, 2026

Synsam AB has continued to execute its previously announced share buy-back programme, repurchasing 55,000 of its own shares on Nasdaq Stockholm between 29 December 2025 and 2 January 2026 as part of a capital structure adjustment aimed at reducing share capital. The latest transactions, carried out by DNB Carnegie Investment Bank on Synsam’s behalf and within an overall mandate of up to SEK 160 million running to late February 2026, bring the company’s treasury shareholding to 5,061,354 out of a total 147,864,494 shares, a move that may support earnings per share and signals ongoing balance-sheet management to shareholders and the market.

The most recent analyst rating on (SE:SYNSAM) stock is a Buy with a SEK73.00 price target. To see the full list of analyst forecasts on Synsam AB stock, see the SE:SYNSAM Stock Forecast page.

Synsam Increases Treasury Stock Through Late-December Share Buybacks
Dec 29, 2025

Synsam AB has continued its share buyback programme, repurchasing its own shares on Nasdaq Stockholm over 22–23 December 2025 through DNB Carnegie Investment Bank acting as its agent. Following these transactions, the company’s treasury holding has risen to 5,006,354 shares out of a total 147,864,494 shares outstanding, signalling ongoing active capital management that may support earnings per share and provide Synsam with greater flexibility in future corporate or shareholder-related actions.

The most recent analyst rating on (SE:SYNSAM) stock is a Buy with a SEK73.00 price target. To see the full list of analyst forecasts on Synsam AB stock, see the SE:SYNSAM Stock Forecast page.

Synsam Expands Treasury Stock Through Continued Share Buybacks
Dec 22, 2025

Synsam AB has continued to execute its share buyback programme, repurchasing additional shares on Nasdaq Stockholm during the period 15–19 December 2025 through DNB Carnegie Investment Bank acting on its behalf. Following these transactions, the company now holds 4,966,354 of its own shares out of a total 147,864,494 outstanding, modestly increasing its treasury position and signalling ongoing capital management efforts that may support earnings per share and shareholder value over time.

The most recent analyst rating on (SE:SYNSAM) stock is a Buy with a SEK73.00 price target. To see the full list of analyst forecasts on Synsam AB stock, see the SE:SYNSAM Stock Forecast page.

Synsam AB Executes Share Buy-Back to Optimize Capital Structure
Dec 15, 2025

Synsam AB has repurchased 100,000 of its own shares as part of a share buy-back program aimed at adjusting its capital structure. This initiative, which aligns with EU regulations, reflects Synsam’s strategic efforts to optimize its financial framework and potentially enhance shareholder value, with implications for its market positioning and stakeholder interests.

The most recent analyst rating on (SE:SYNSAM) stock is a Buy with a SEK73.00 price target. To see the full list of analyst forecasts on Synsam AB stock, see the SE:SYNSAM Stock Forecast page.

Synsam AB Executes Share Buy-Back to Optimize Capital Structure
Nov 24, 2025

Synsam AB has repurchased 90,000 of its own shares between November 17 and November 21, 2025, as part of a share buy-back program aimed at adjusting the company’s capital structure. This initiative, which is compliant with EU regulations, is part of a larger program announced in August 2025, with a maximum value of MSEK 160, running until February 2026. The repurchase was executed on Nasdaq Stockholm, and following this transaction, Synsam holds 4,586,354 of its own shares out of a total of 147,864,494 outstanding shares.

The most recent analyst rating on (SE:SYNSAM) stock is a Buy with a SEK70.00 price target. To see the full list of analyst forecasts on Synsam AB stock, see the SE:SYNSAM Stock Forecast page.

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.Date of analysis: Feb 21, 2026