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Upsales Technology AB
(UPSALE)
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Rating:72Outperform
Price Target:
kr32.00
▲(8.84% Upside)
Action:Upgraded
Date:07/23/26
The score is driven primarily by solid financial performance (healthy margins and strong free cash flow) tempered by uneven revenue trends, gross margin compression, and a shrinking equity base. Technicals are supportive with an upward trend, though overbought signals add short-term risk. Valuation is helped by a very high dividend yield with a mid-range P/E.
Positive Factors
SaaS subscription business model
A recurring subscription model creates predictable revenue streams and higher customer lifetime value versus one-time sales. This supports steady cash flow, easier capacity planning, and scalable unit economics through seat and tier expansion, underpinning durable revenue resilience.
Negative Factors
Uneven revenue growth profile
Choppy revenue trends limit predictability of subscription scale and make capacity and go-to-market investments riskier. A contraction year indicates sensitivity to customer churn or sales execution, constraining reliable multi-period planning and long-term growth forecasting.
Read all positive and negative factors
Positive Factors
Negative Factors
SaaS subscription business model
A recurring subscription model creates predictable revenue streams and higher customer lifetime value versus one-time sales. This supports steady cash flow, easier capacity planning, and scalable unit economics through seat and tier expansion, underpinning durable revenue resilience.
Read all positive factors
Upsales Technology AB (UPSALE) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr496.73M
Dividend Yield7.37%
Average Volume (3M)15.77K
Price to Earnings (P/E)21.7
Beta (1Y)0.45
Revenue Growth10.39%
EPS Growth30.32%
CountrySE
Employees61
SectorGeneral
Sector StrengthN/A
IndustrySoftware - Application
Share Statistics
EPS (TTM)1.36
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)1.52
Revenue Forecast (FY)kr167.90M
Upsales Technology AB Business Overview & Revenue Model
Company Description
Upsales Technology AB (publ), founded in 2003 and based in Stockholm, Sweden, is a software-as-a-service (SaaS) provider. The company specializes in developing and distributing web-based business solutions with a core emphasis on enhancing sales, ...
How the Company Makes Money
Upsales primarily makes money by selling access to its software platform under a subscription (SaaS) model, where customers pay recurring fees to use the product over a contract period (typically billed monthly or annually). Revenue is generally d...
Upsales Technology AB Financial Statement Overview
Summary
Income Statement
76
Positive
Balance Sheet
62
Positive
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 160.75M | 152.03M | 144.77M | 152.14M | 129.58M | 93.14M |
| Gross Profit | 49.40M | 28.18M | 88.52M | 94.77M | 84.06M | 51.56M |
| EBITDA | 42.12M | 38.56M | 32.35M | 43.21M | 35.71M | 19.83M |
| Net Income | 22.89M | 22.45M | 18.48M | 27.55M | 22.50M | 9.72M |
Balance Sheet | ||||||
| Total Assets | 85.47M | 109.96M | 103.35M | 115.91M | 124.50M | 115.79M |
| Cash, Cash Equivalents and Short-Term Investments | 32.50M | 36.97M | 47.44M | 52.61M | 64.44M | 66.36M |
| Total Debt | 2.49M | 5.56M | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 81.56M | 91.63M | 81.43M | 85.64M | 87.82M | 77.12M |
| Stockholders Equity | 3.91M | 18.33M | 21.91M | 30.27M | 36.67M | 38.68M |
Cash Flow | ||||||
| Free Cash Flow | 35.48M | 32.64M | 21.30M | 29.42M | 22.94M | 29.06M |
| Operating Cash Flow | 42.08M | 35.21M | 30.73M | 32.36M | 33.69M | 40.37M |
| Investing Cash Flow | -16.11M | -19.26M | -9.06M | -10.24M | -11.12M | -11.22M |
| Financing Cash Flow | -17.51M | -26.34M | -26.84M | -33.95M | -24.45M | 1.81M |
Upsales Technology AB Peers Comparison
UnderperformOutperform
Sector (55)
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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.