Tobii AB (TOBII) AI Stock Analysis

• Market Cap: kr391.97M
• Dividend Yield: N/A
• Average Volume (3M): 2.05M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.24
• Revenue Growth: 11.59%
• EPS Growth: 96.70%
• Country: SE
• Employees: 560
• Sector: Technology
• Sector Strength: 88
• Industry: Computer Hardware
• EPS (TTM): -0.86
• Shares Outstanding: 234,995,200
• 10 Day Avg. Volume: 981,355
• 30 Day Avg. Volume: 2,049,536
• PEG Ratio: -0.52
• Price to Book (P/B): 1.29
• Price to Sales (P/S): 0.61
• P/FCF Ratio: 5.94
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.01
• Revenue Forecast (FY): kr765.13M

• Rating: 44 Neutral
• Price Target: kr1.50 ▼(-31.51% Downside)
• Action: Reiterated Date: 02/05/26
• Date: Action: Reiterated 02/05/26

The score is held down primarily by weak financial performance (ongoing losses, deteriorating EBIT and higher leverage) and bearish technicals (below all major moving averages with negative momentum). Valuation provides limited support due to negative earnings and no dividend yield data, while the earnings call adds additional risk from financing uncertainty despite progress on cost cuts and improved near-term cash flow.

Positive Factors

Improved cash generation

A marked swing to positive operating cash flow (SEK 262M) and free cash flow (SEK 85M) in 2025 indicates better cash conversion and lower short-term cash burn. Durable cash generation improves run‑way, funds restructuring and strategic moves, and reduces reliance on dilutive financing if maintained.

Material cost reduction execution

Management delivered substantial structural cost cuts (SEK 263M in 2025 and SEK72M toward a SEK100M target), demonstrating execution capacity to lower fixed costs. If sustained, this permanently reduces break‑even, supports margin recovery, and increases flexibility to invest in prioritized growth areas.

Segment-level underlying profitability

One business line (Integrations) was operationally profitable on an underlying basis, and Products & Solutions approached breakeven. This diversification shows pockets of durable product-market fit and margin potential, allowing management to focus resources on scalable, profitable segments.

Negative Factors

Severely negative operating profitability

A large deterioration in operating profit (EBIT -SEK 303M) reflects structural margin weakness and revenue/mix challenges. Persistent operating losses erode equity, force impairments, and constrain reinvestment capacity; reversing this requires sustained revenue growth or permanent margin improvement.

Rising leverage and weaker balance sheet

Material step-up in debt and falling equity increased debt-to-equity to 1.66, reducing financial flexibility. Higher leverage amplifies refinancing, covenant and interest risks, limits capacity for R&D or M&A, and heightens downside if cash generation reverts to prior inconsistent patterns.

Near-term financing and impairment risks

A nearly fully drawn credit line and management warning of potential insufficient financing create structural liquidity risk. This forces possible asset sales, dilution, or constrained operations; coupled with large prior impairments, it indicates ongoing capital erosion and limits strategic optionality.

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 & solutions segments provides a suite of eye tracking hardware, which includes the Tobii Pro Glasses 3; research-grade and screen-based eye trackers, such as Pro Spectrum and Pro Fusion; and the Tobii Eye Tracker 5, a gaming eye tracker. This segment also includes software Tobii Pro Lab, Sticky, and the consultancy service Tobii Pro Insight. The Integration segment offers algorithms, software, hardware components, system reference designs, and IP-licenses to provide tailored solutions to address industry-specific problems. It serves the scientific studies and research, healthcare, assistive devices, education and training, gaming, extended reality, automotive, and other sectors. The company offers its products through resellers, agents, and distributors. Tobii AB (publ) was founded in 2001 and is headquartered in Danderyd, Sweden.

How the Company Makes Money

Tobii generates revenue through multiple streams, primarily from the sale of its eye-tracking hardware and software solutions. Key revenue streams include assistive technology products for individuals with disabilities, which provide communication aids for users with limited mobility. Additionally, Tobii earns income from its gaming division, where it partners with game developers to integrate eye-tracking features into their products, enhancing gameplay and user engagement. The company also generates revenue from user experience research, offering services and tools to help businesses analyze consumer behavior and optimize their products. Significant partnerships with technology firms and educational institutions further contribute to Tobii's earnings by expanding its reach and application of eye-tracking technology.

Tobii AB Financial Statement Overview

Summary

Financials are constrained by persistent losses and worsening operating profitability in 2025 (EBIT -303M vs -107M in 2024) alongside unstable margins and a 2025 revenue pullback (-9.74% YoY). Balance sheet risk rose materially as debt increased and equity fell (debt-to-equity 1.66 vs 0.64). The main offset is improved 2025 cash generation with positive operating cash flow (262M) and free cash flow (85M), though durability is uncertain given prior inconsistency.

Income Statement

Revenue has been volatile, with a sharp decline in 2021 followed by a rebound in 2022–2024, then a pullback in 2025 (-9.74% YoY). Profitability remains the key weakness: net losses persist every year shown and operating profitability deteriorated in 2025 (EBIT fell to -303M vs -107M in 2024), despite a strong reported EBITDA margin in 2025. Gross margin also appears unstable, dropping sharply in 2025 versus 2024, which adds uncertainty around underlying earnings quality and cost structure.

Balance Sheet

Leverage increased materially in 2025 as total debt rose to 651M (from 432M in 2024) while equity fell to 393M, pushing debt-to-equity to 1.66 (vs 0.64 in 2024). Returns on equity are deeply negative across the period, reflecting ongoing net losses and eroding capital base. The balance sheet was comparatively conservatively levered in 2021–2023, but the recent step-up in debt and lower equity meaningfully raises financial risk.

Cash Flow

Cash generation improved significantly in 2025, with operating cash flow of 262M and positive free cash flow of 85M (a major swing from -345M in 2024). Operating cash flow modestly exceeded net loss in 2025, indicating improved cash conversion and/or working-capital benefits. However, cash flow has been inconsistent (notably weak in 2024 and negative free cash flow in most prior years), so durability of the improvement remains the main concern.

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

• Technical Analysis Sentiment: Neutral
• Last Price: 2.19
• 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:TOBII, the sentiment is Neutral. The current price of 2.19 is above the 20-day moving average (MA) of 1.54, above the 50-day MA of 1.82, and below the 200-day MA of 2.94, indicating a neutral trend. The MACD of -0.05 indicates Negative momentum. The RSI at 51.98 is Neutral, neither overbought nor oversold. The STOCH value of 43.17 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
ADVE	55 Neutral	kr659.79M	-492.50	22.29%	0.48%	27.82%	305.33%
SIVE	45 Neutral	kr1.06B	-5.98	-11.60%	―	24.53%	35.12%
TOBII	44 Neutral	kr391.97M	-2.33	2.87%	―	11.59%	96.70%
MAVEN	44 Neutral	kr203.73M	-18.80	-5.81%	―	-9.79%	-144.24%
SEYE	44 Neutral	kr2.11B	-17.17	―	―	10.25%	-698.93%

Tobii AB Corporate Events

Tobii Hits One Million Vehicles with Interior Sensing Systems

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 underscores the reliability and scalability of its in-cabin sensing platforms and reinforces Tobii’s standing as a leading supplier of safety- and experience-enhancing interior sensing solutions for global automakers.

As interior sensing becomes integral to meeting stricter safety requirements and enabling advanced in-car user experiences, this level of adoption signals growing OEM confidence in Tobii’s technology and strengthens its competitive position in the rapidly evolving automotive interior sensing market. The milestone supports the company’s broader strategy of embedding attention-aware technologies into real-world, large-scale deployments, with direct implications for road safety and next-generation vehicle design.

The most recent analyst rating on (SE:TOBII) stock is a Sell with a SEK1.50 price target. To see the full list of analyst forecasts on Tobii AB stock, see the SE:TOBII Stock Forecast page.

Tobii Converts Class C Shares to Ordinary Stock for Share Savings Program

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, Tobii’s share capital comprises 259,436,350 shares, of which 234,995,199 are ordinary shares and 24,441,151 are class C shares, corresponding to 237,439,314.1 votes.

The move increases the number of votes in the company by 773,639.1 and reflects Tobii’s ongoing use of equity-based incentive schemes to align employee interests with those of shareholders. While the transaction does not alter total share count, the higher proportion of ordinary shares marginally strengthens the voting power of holders of common equity and underscores continued reliance on share-based compensation as a strategic tool in talent retention and engagement.

The most recent analyst rating on (SE:TOBII) stock is a Sell with a SEK1.50 price target. To see the full list of analyst forecasts on Tobii AB stock, see the SE:TOBII Stock Forecast page.

Tobii Co-founder Skogö Nominated to Rejoin Board as Elvesjö Steps Down

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 been nominated to join the board, replacing fellow co-founder John Elvesjö, who has declined re-election.

Skogö, who previously held several senior roles at Tobii and served on its board from 2019 to 2021, would reinforce founder influence at the board level if elected. The full proposal will be presented ahead of the Annual General Meeting on 7 May 2026, signaling continuity in governance while adjusting the composition among the company’s founding figures.

The most recent analyst rating on (SE:TOBII) stock is a Sell with a SEK1.50 price target. To see the full list of analyst forecasts on Tobii AB stock, see the SE:TOBII Stock Forecast page.

Tobii Wins Design Deal to Power Early Autism Screening Tool in India

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 patented, scientifically validated research by UC San Diego’s Dr. Karen Pierce and now clinically approved in India, the tool offers non-invasive, objective biomarkers to support earlier autism detection and more effective therapy.

The rollout of Get Set Early across clinics in India positions Tobii more firmly in the digital health and neurodevelopmental diagnostics market, underscoring the commercial potential of its eye tracking platform beyond traditional research and gaming applications. Collaboration with Butterfly Learnings and local reseller Tiden Technologies highlights Tobii’s strategy of partnering with specialist healthcare and neuroscience players to scale clinically approved, technology-driven screening solutions in high-growth markets and potentially beyond India.

The most recent analyst rating on (SE:TOBII) stock is a Sell with a SEK1.50 price target. To see the full list of analyst forecasts on Tobii AB stock, see the SE:TOBII Stock Forecast page.

Tobii Tightens Costs and Boosts Cash Flow as Weak Market Forces Heavy Write-Downs

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-offs and project impairments tied mainly to slower-than-expected progress in its Autosense automotive unit. Despite this, the company generated positive free cash flow of SEK 85 million, realized SEK 263 million in total cost reductions from a completed savings program, secured a strategically important DMS licensing deal that is already supporting liquidity, and strengthened its financial position via portfolio focusing and non-core patent and technology licensing, while appointing new CEO Fadi Pharaon and suspending the dividend as it continues to reassess financing options and prioritizes a path to sustainable positive cash flow.

The most recent analyst rating on (SE:TOBII) stock is a Hold with a SEK2.00 price target. To see the full list of analyst forecasts on Tobii AB stock, see the SE:TOBII Stock Forecast page.

Tobii Takes SEK 195 Million Non-Cash Hit as Autosense Outlook Weakens

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 adjustment of contingent considerations, and SEK -18 million in project write-offs. The move follows an ongoing strategic review to sharpen the company’s focus and improve profitability, triggered by slower-than-expected realization of new business in Autosense and a weaker international automotive market; while the charges are substantial, they are non-cash and therefore do not affect Tobii’s cash flow, and further details are being provided in an accelerated year-end report.

The most recent analyst rating on (SE:TOBII) stock is a Hold with a SEK2.00 price target. To see the full list of analyst forecasts on Tobii AB stock, see the SE:TOBII Stock Forecast page.

Tobii Sets Date for Q4 and Full-Year 2025 Results Webcast

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 will present the results and take questions. The webcast, which will allow participants to submit questions via chat or verbally, along with the presentation materials, report and a recording of the event, will be made available on Tobii’s website, signalling the company’s continued emphasis on transparent communication with investors and other stakeholders ahead of its latest financial disclosure.

The most recent analyst rating on (SE:TOBII) stock is a Hold with a SEK2.00 price target. To see the full list of analyst forecasts on Tobii AB stock, see the SE:TOBII Stock Forecast page.

Tobii Wins Eye-Tracking Deal for Pimax’s New Compact 8K VR Headset

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 collaboration, building on their previous integration in the Pimax Crystal headset, underscores Tobii’s ability to deliver high-accuracy, low-latency eye tracking optimized for tight form factors and mass production, reinforcing its strategic position in the high-end virtual reality and extended reality market as device makers push for lighter, more immersive headsets.

The most recent analyst rating on (SE:TOBII) stock is a Hold with a SEK1.50 price target. To see the full list of analyst forecasts on Tobii AB stock, see the SE:TOBII Stock Forecast page.

Tobii Secures Licensing Deal to Bolster Financial Position

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 strategic move to monetize Tobii’s technology portfolio more efficiently, enhancing its industry positioning in automotive interior sensing, where its solutions are already active in over 800,000 vehicles globally.

The most recent analyst rating on (SE:TOBII) stock is a Hold with a SEK1.50 price target. To see the full list of analyst forecasts on Tobii AB stock, see the SE:TOBII Stock Forecast page.

Tobii Appoints Fadi Pharaon as New CEO to Drive Global Growth

Tobii AB has appointed Fadi Pharaon as their new CEO, effective January 1, 2026. Pharaon brings extensive experience from his 25-year career at Ericsson, where he held senior leadership roles and demonstrated strong customer focus and strategic growth capabilities. His appointment is expected to align with Tobii’s long-term direction and enhance its global market positioning. The transition is set to be smooth as the current CEO, Anand Srivatsa, will remain with the company until the end of January 2026.

The most recent analyst rating on (SE:TOBII) stock is a Hold with a SEK1.50 price target. To see the full list of analyst forecasts on Tobii AB stock, see the SE:TOBII Stock Forecast page.