Tobii AB (SE:TOBII)
:TOBII
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Tobii AB
(TOBII)
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Rating:45Neutral
Price Target:
kr2.00
▼(-8.68% Downside)
Action:ReiteratedDate:03/14/26
The score is held down primarily by ongoing profitability issues and higher financial risk from increased leverage, reinforced by earnings-call commentary highlighting material impairments and explicit near-term financing uncertainty. Positive factors—improved 2025 cash generation and substantial cost reductions—provide support but are not yet sufficient to offset the weak earnings profile and fragile liquidity backdrop. Technicals add a mildly negative tilt given the longer-term downtrend signals.
Positive Factors
Improved cash generation
A material swing to positive operating cash flow and free cash flow in 2025 indicates the company can internally finance more operations and restructuring. Durable cash conversion reduces immediate refinancing pressure, supports self-funding of cost programs, and provides runway to execute strategic reviews.
Negative Factors
Rising leverage and weakened equity
A sharp increase in leverage materially raises financial risk and reduces balance-sheet flexibility. Higher interest and principal obligations constrain strategic optionality, increase refinancing vulnerability, and amplify the impact of any future earnings volatility over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved cash generation
A material swing to positive operating cash flow and free cash flow in 2025 indicates the company can internally finance more operations and restructuring. Durable cash conversion reduces immediate refinancing pressure, supports self-funding of cost programs, and provides runway to execute strategic reviews.
Read all positive factors
Tobii AB (TOBII) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr444.61M
Dividend YieldN/A
Average Volume (3M)2.05M
Price to Earnings (P/E)―
Beta (1Y)1.33
Revenue Growth11.59%
EPS Growth96.70%
CountrySE
Employees560
SectorTechnology
Sector Strength88
IndustryComputer Hardware
Share Statistics
EPS (TTM)-0.86
Shares Outstanding234,995,200
10 Day Avg. Volume981,355
30 Day Avg. Volume2,049,536
Financial Highlights & Ratios
PEG Ratio-0.52
Price to Book (P/B)1.29
Price to Sales (P/S)0.61
P/FCF Ratio5.94
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)0.01
Revenue Forecast (FY)kr765.13M
Tobii AB Business Overview & Revenue Model
Company Description
Tobii AB (publ) develops and sells eye-tracking technology and solutions in Sweden, rest of Europe, the United States, Canada, Asia/Oceania, and internationally. It operates in two segments, Products & Solutions, and Integrations. The Products & s...
How the Company Makes Money
Tobii makes money primarily by selling eye-tracking products and related software/services to organizations that need gaze and attention data. Key revenue streams typically include: (1) Hardware sales: eye-tracking devices (e.g., screen-based and ...
Tobii AB Earnings Call Summary
Earnings Call Date:Feb 03, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Negative
The call mixed operational progress with significant strategic and financial setbacks. Positives include strong cost reduction execution (SEK 263m OpEx reduction in 2025), run-rate savings progress toward a SEK 100m target, a one-time DMS licensing deal that strengthened cash flow, underlying operational pockets of profitability (Integrations ex-adjustments), and Q4 free cash flow of SEK 57m. However, these were outweighed by very large noncash impairments and write-offs totaling SEK 195m, a reported EBIT loss of SEK 196m, Autosense earnings deterioration, near-term financing risk (credit facility largely drawn and potential 12-month financing shortfall), and removal of prior financial targets. Overall the negative financial impacts and financing uncertainty outweigh the positive operational developments.Positive Updates
Commercial Traction and Design Wins
Notable commercial progress: a new design win for a VR headset was secured during the quarter, growing interest in smart glasses was noted, and a single-camera DMS+OMS launch with a premium European OEM has generated keen industry interest.
Negative Updates
Large Noncash Impairments and Write-offs
Net noncash fair value adjustments, goodwill and project write-offs totaled negative SEK 195 million in Q4, largely related to Autosense/FotoNation and contingent consideration revaluations. Impairments roughly equal to 101% of Q4 revenue (SEK 195m vs SEK 193m).
Read all updates
Q4-2025 Updates
Positive
Negative
Commercial Traction and Design Wins
Notable commercial progress: a new design win for a VR headset was secured during the quarter, growing interest in smart glasses was noted, and a single-camera DMS+OMS launch with a premium European OEM has generated keen industry interest.
Read all positive updates
Company Guidance
Management provided no formal outlook and has removed the prior 2024 financial targets, instead guiding on actions to restore profitability and liquidity: Q4 revenue was SEK 193m, reported EBIT was -SEK 196m (including net non‑cash impairments/write‑offs of -SEK 195m) giving an underlying EBIT of roughly -SEK 1m, free cash flow was +SEK 57m and cash & equivalents were SEK 117m, with SEK 47m drawn on a SEK 50m credit facility; FX weighed ~-SEK 17m in the quarter. They emphasized cost programs (OpEx reductions of SEK 263m in 2025 vs a SEK 200m goal; a new SEK 100m savings program launched in Q3 with SEK 43m run‑rate savings in Q4 and SEK 72m total reductions since Q2, progressing toward a SEK 100m target), strategic reviews (potential divestments, portfolio pruning) and financing work with external advisers, while warning there remains a risk of insufficient financing over the next 12 months. They also noted a DMS technology licensing deal drove one‑time Autosense revenue (Autosense = 19% of net sales; reported Autosense EBIT -SEK 172m, excl. adjustments -SEK 9m) with the majority of payments expected in H1 2026; new financial targets will be announced in due course.Tobii AB Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
41
Neutral
Cash Flow
56
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 834.00M | 857.00M | 758.00M | 776.00M | 616.00M |
| Gross Profit | 198.00M | 687.00M | 567.00M | 590.00M | 444.00M |
| EBITDA | 281.00M | 56.00M | -140.00M | -57.00M | -5.00M |
| Net Income | -217.00M | -177.00M | -199.00M | -105.00M | -184.00M |
Balance Sheet | |||||
| Total Assets | 1.29B | 1.83B | 1.15B | 1.22B | 1.22B |
| Cash, Cash Equivalents and Short-Term Investments | 117.00M | 116.00M | 236.00M | 402.00M | 438.00M |
| Total Debt | 651.00M | 432.00M | 79.00M | 69.00M | 94.00M |
| Total Liabilities | 901.00M | 1.15B | 585.00M | 470.00M | 382.00M |
| Stockholders Equity | 393.00M | 676.00M | 562.00M | 752.00M | 840.00M |
Cash Flow | |||||
| Free Cash Flow | 85.00M | -345.00M | -119.00M | -37.00M | -152.00M |
| Operating Cash Flow | 262.00M | 7.00M | 95.00M | 137.00M | -23.00M |
| Investing Cash Flow | -177.00M | -356.00M | -229.00M | -169.00M | -300.00M |
| Financing Cash Flow | -75.00M | 226.00M | -29.00M | -8.00M | 156.00M |
Tobii AB Technical Analysis
Neutral
2.19
Price Trends
1.71
Positive
1.75
Positive
2.74
Negative
Market Momentum
0.05
Negative
51.78
Neutral
74.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:TOBII, the sentiment is Neutral. The current price of 2.19 is above the 20-day moving average (MA) of 1.79, above the 50-day MA of 1.71, and below the 200-day MA of 2.74, indicating a neutral trend. The MACD of 0.05 indicates Negative momentum. The RSI at 51.78 is Neutral, neither overbought nor oversold. The STOCH value of 74.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:TOBII.
Tobii AB Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | kr3.48B | -5.98 | -16.62% | ― | 24.53% | 35.12% | |
55 Neutral | kr637.80M | 52.29 | 22.29% | 0.48% | 27.82% | 305.33% | |
47 Neutral | kr246.42M | -18.80 | -5.81% | ― | -9.79% | -144.24% | |
45 Neutral | kr444.61M | -2.33 | 2.87% | ― | 11.59% | 96.70% | |
44 Neutral | kr2.04B | -17.17 | ― | ― | 10.25% | -698.93% |
* Technology Sector Average
SE:TOBII
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Tobii AB Corporate Events
Tobii Hits One Million Vehicles with Interior Sensing Systems
Mar 6, 2026
Tobii’s automotive arm, Tobii Autosense, has passed the milestone of one million vehicles on the road equipped with its interior sensing technologies, including Driver Monitoring Systems and Occupant Monitoring Systems. The achievement under...
Tobii Converts Class C Shares to Ordinary Stock for Share Savings Program
Feb 27, 2026
Tobii AB has adjusted its share structure following the conversion of 859,599 class C shares into an equal number of ordinary shares to facilitate deliveries under its share savings program approved in early 2025. After the transaction, Tobii̵...
Tobii Co-founder Skogö Nominated to Rejoin Board as Elvesjö Steps Down
Feb 26, 2026
Tobii’s Nomination Committee has proposed the re-election of Per Norman, Carl Mellander, Charlotta Falvin, and Henrik Eskilsson as board members, with Norman to remain as chairman. Co-founder and major shareholder Mårten Skogö has ...
Tobii Wins Design Deal to Power Early Autism Screening Tool in India
Feb 11, 2026
Tobii has secured a design win to supply its Tobii Eye Tracker 5L to Butterfly Learnings for integration into Get Set Early, an eye tracking–based autism spectrum disorder screening tool for children as young as 12 months. Developed from pat...
Tobii Tightens Costs and Boosts Cash Flow as Weak Market Forces Heavy Write-Downs
Feb 3, 2026
Tobii AB reported a challenging 2025 amid weak markets, currency headwinds and trade barriers, with full-year net sales slipping to SEK 834 million and an operating loss of SEK 194 million, heavily impacted by SEK 244 million in goodwill write-off...
Tobii Takes SEK 195 Million Non-Cash Hit as Autosense Outlook Weakens
Feb 3, 2026
Tobii has announced non-cash write-offs and fair value adjustments totalling a net SEK -195 million, driven mainly by an impairment of SEK -244 million in goodwill linked to its Autosense automotive segment, a SEK 67 million positive fair value ad...
Tobii Sets Date for Q4 and Full-Year 2025 Results Webcast
Jan 21, 2026
Tobii AB has scheduled the publication of its full-year and fourth-quarter 2025 report for 4 February 2026 at 7:30 a.m. CEST, followed by an English-language audio webcast at 9:00 a.m. where CEO Fadi Pharaon and interim CFO Åsa Wirén wil...
Tobii Wins Eye-Tracking Deal for Pimax’s New Compact 8K VR Headset
Dec 18, 2025
Tobii has secured a new design win with VR headset maker Pimax, supplying the eye-tracking technology for Pimax’s upcoming Dream Air compact flagship headset, which aims to be the world’s smallest full-feature 8K VR device. The collabo...
Tobii Secures Licensing Deal to Bolster Financial Position
Dec 15, 2025
Tobii AB has signed a significant licensing deal with a major automotive supplier for its driver monitoring system (DMS) technology, which will help strengthen its cash position and meet near-term financial obligations. This agreement is a strateg...
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.