Upsales Technology AB (SE:UPSALE)
:UPSALE
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Upsales Technology AB
(UPSALE)
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Rating:68Neutral
Price Target:
kr23.00
▼(-31.14% Downside)
Action:DowngradedDate:02/19/26
The score is driven primarily by strong cash-flow performance and continued profitability, partially offset by the significant 2025 gross-margin collapse that adds uncertainty to earnings quality. Technicals are a notable drag due to a clear downtrend, while valuation is supported by a moderate P/E and high dividend yield.
Positive Factors
Cash generation
Consistent positive operating cash flow and strong free cash flow (step-up in 2025 and FCF growth ~55.9%) indicate the business converts subscription revenue to cash reliably. High FCF-to-net-income (~0.93 in 2025) supports reinvestment, dividends or debt service without depending on volatile financing.
Negative Factors
Gross margin collapse
A structural fall in gross margin from ~61–65% to ~18.5% materially alters the company's unit economics and long-term profitability profile. If driven by permanent mix or cost changes, this undermines SaaS margin durability, reduces operating leverage, and raises uncertainty about sustainable earnings quality.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Consistent positive operating cash flow and strong free cash flow (step-up in 2025 and FCF growth ~55.9%) indicate the business converts subscription revenue to cash reliably. High FCF-to-net-income (~0.93 in 2025) supports reinvestment, dividends or debt service without depending on volatile financing.
Read all positive factors
Upsales Technology AB (UPSALE) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr353.61M
Dividend Yield4.69%
Average Volume (3M)15.77K
Price to Earnings (P/E)24.4
Beta (1Y)0.28
Revenue GrowthN/A
EPS GrowthN/A
CountrySE
Employees75
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.34
Shares Outstanding16,838,375
10 Day Avg. Volume10,817
30 Day Avg. Volume15,768
Financial Highlights & Ratios
PEG Ratio1.20
Price to Book (P/B)30.68
Price to Sales (P/S)3.70
P/FCF Ratio17.23
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)1.57
Revenue Forecast (FY)kr166.10M
Upsales Technology AB Business Overview & Revenue Model
Company Description
Upsales Technology AB (publ) operates as a software-as-a-service company that develops and sells web-based business systems with a focus on sales, marketing, and analytics in Sweden and internationally. It offers Upsales platform, which provides d...
How the Company Makes Money
Upsales primarily makes money by selling subscriptions to its cloud software (SaaS). Customers typically pay recurring fees to access the Upsales platform, with pricing commonly tied to factors such as number of users/seats, selected modules/featu...
Upsales Technology AB Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
66
Positive
Cash Flow
81
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 152.03M | 144.77M | 152.14M | 129.58M | 93.14M |
| Gross Profit | 28.18M | 88.52M | 94.77M | 84.06M | 51.56M |
| EBITDA | 38.56M | 32.35M | 43.21M | 35.71M | 19.83M |
| Net Income | 22.45M | 18.48M | 27.55M | 22.50M | 9.72M |
Balance Sheet | |||||
| Total Assets | 109.96M | 103.35M | 115.91M | 124.50M | 115.79M |
| Cash, Cash Equivalents and Short-Term Investments | 36.97M | 47.44M | 52.61M | 64.44M | 66.36M |
| Total Debt | 5.56M | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 91.63M | 81.43M | 85.64M | 87.82M | 77.12M |
| Stockholders Equity | 18.33M | 21.91M | 30.27M | 36.67M | 38.68M |
Cash Flow | |||||
| Free Cash Flow | 32.64M | 21.30M | 29.42M | 22.94M | 29.06M |
| Operating Cash Flow | 35.21M | 30.73M | 32.36M | 33.69M | 40.37M |
| Investing Cash Flow | -19.26M | -9.06M | -10.24M | -11.12M | -11.22M |
| Financing Cash Flow | -26.34M | -26.84M | -33.95M | -24.45M | 1.81M |
Upsales Technology AB Peers Comparison
UnderperformOutperform
Sector (61)
SE:UPSALE
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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.