USWE Sports AB (USWE) AI Stock Analysis

• Market Cap: kr80.64M
• Dividend Yield: N/A
• Average Volume (3M): 4.69K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.89
• Revenue Growth: 24.34%
• EPS Growth: 39.30%
• Country: SE
• Employees: 23
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Leisure
• EPS (TTM): 0.06
• Shares Outstanding: 7,136,528
• 10 Day Avg. Volume: 5,794
• 30 Day Avg. Volume: 4,692
• PEG Ratio: -0.18
• Price to Book (P/B): 0.83
• Price to Sales (P/S): 0.46
• P/FCF Ratio: -41.46
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: kr11.50 ▼(-20.14% Downside)

The score is held back primarily by continued operating and net losses and very weak technical momentum (price below key moving averages with negative MACD). Offsetting these risks are a modestly levered balance sheet and improved cash generation with positive operating and free cash flow.

Positive Factors

Balance-sheet conservatism

Low debt and sizable equity provide durable financial flexibility. This conservative capital structure reduces refinancing risk, supports investment in product development or distribution, and cushions the business through seasonal or cyclical downturns over the medium term.

Improved cash generation

A return to positive OCF and FCF after multi-year deficits materially improves funding capacity. Sustainable cash generation enables reinvestment in R&D, marketing and inventory without heavy external financing, strengthening long-term operational resilience.

Healthy gross margins and historical growth

Robust gross margins suggest product pricing power and differentiated product economics in the outdoor gear niche. Combined with prior multi-year revenue expansion, this underpins durable unit economics and the ability to scale profitably if top-line growth resumes.

Negative Factors

Persistent unprofitability

Continued negative operating and net margins indicate the company has not yet converted revenue into sustainable profits. This limits retained earnings, constrains reinvestment capacity, and requires either margin improvement or external capital to achieve durable profitability.

Recent revenue stagnation

A near-zero TTM growth rate after prior expansion raises concerns about market saturation or distribution execution. If top-line momentum stalls, fixed costs pressure margins and the path to scale and durable profit generation becomes more challenging.

Mixed cash-flow quality

Although OCF is positive, coverage below EBITDA and reliance on working-capital shifts suggest cash flows may not fully reflect durable earnings. This weakens confidence in cash sustainability and could reverse quickly if inventory or receivables dynamics change.

USWE Sports AB Business Overview & Revenue Model

Company Description

USWE Sports AB develops, manufactures, markets, and sells backpacks with built-in fluid systems for use in various sports segments. It offers hydration packs, daypacks, protector packs, running vests, waist packs and belts, pack accessories, hydration accessories, and apparel; hydration hip belts/hip bags/hip pouches, protector backpacks, and commuter backpacks; and phone pockets, hydration bladders/hydration reservoirs, bite valves, tool pouches, dry sacks, and others. The company provides its products for various sports activities, such as biking, running, speed hiking, motorsports, and skiing. It also offers its products online. USWE Sports AB was incorporated in 1999 and is based in Malmö, Sweden.

How the Company Makes Money

USWE generates revenue primarily through the sale of its hydration packs and accessories, which are distributed via various channels, including online retail, specialty sports stores, and partnerships with outdoor gear retailers. The company benefits from a loyal customer base and brand recognition within the outdoor sports community, which drives direct sales. Additionally, USWE may engage in collaborations with sporting events, sponsorships, and partnerships with professional athletes to increase brand visibility and market reach, contributing to its overall earnings. The company's focus on innovation and product development also allows it to maintain a competitive edge, attracting customers seeking high-performance gear.

USWE Sports AB Financial Statement Overview

Summary

Financials are improving but still not strong: revenue growth has recently stalled (~0.5% TTM), profitability remains negative (EBIT margin ~-4.4%, net margin ~-8.1%), while the balance sheet is conservatively levered (debt-to-equity ~0.14) and cash flow has rebounded to positive operating and free cash flow (OCF ~13.6M; FCF ~10.9M).

Income Statement

Revenue has grown strongly over the last several years (2021–2025 annual), but the growth rate has cooled recently, with TTM (Trailing-Twelve-Months) revenue essentially flat (~0.5% growth). Profitability remains the key issue: TTM shows a solid gross margin (~41%) but operating results are still negative (EBIT margin ~-4.4%) and net losses persist (net margin ~-8.1%). The trend is improving versus 2023–2025 annual losses, but the business has not yet re-established consistent profitability seen in 2021–2022.

Balance Sheet

Leverage is modest and improving, with low debt relative to equity in TTM (debt-to-equity ~0.14) and below prior years (notably ~0.30 in 2023–2024 annual). Equity remains sizable versus total assets (TTM equity ~65.6M on ~100.6M assets), which provides balance-sheet flexibility. The main weakness is returns: profitability is still negative, driving a negative return on equity in TTM (~-16%), indicating shareholders are not currently earning a return despite the solid capitalization.

Cash Flow

Cash generation improved meaningfully: TTM operating cash flow is positive (~13.6M) and free cash flow is also positive (~10.9M), a clear improvement versus multiple years of negative free cash flow (2022–2024 annual) and slightly negative free cash flow in 2025 annual. However, cash flow quality is somewhat mixed—operating cash flow covers only about half of EBITDA in TTM (~0.53), and the company is still reporting net losses (so the cash profile may be helped by working-capital movements rather than durable earnings power).

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	140.38M	124.13M	113.91M	94.56M	82.83M	43.99M
Gross Profit	40.34M	70.93M	66.54M	54.75M	44.43M	25.85M
EBITDA	6.83M	-5.65M	1.33M	-16.98M	7.44M	1.15M
Net Income	-11.93M	-14.37M	-7.88M	-16.68M	4.50M	6.49M
Balance Sheet
Total Assets	100.55M	110.28M	124.76M	125.46M	87.96M	32.35M
Cash, Cash Equivalents and Short-Term Investments	2.73M	3.87M	3.23M	9.11M	11.48M	1.49M
Total Debt	7.63M	9.06M	17.41M	19.73M	0.00	4.79M
Total Liabilities	34.95M	40.88M	67.46M	60.17M	18.63M	19.59M
Stockholders Equity	65.61M	69.41M	57.30M	65.29M	69.33M	12.76M
Cash Flow
Free Cash Flow	10.94M	-1.39M	-9.15M	-11.27M	-34.30M	-190.83K
Operating Cash Flow	13.60M	2.32M	-3.79M	-5.16M	-17.07M	1.95M
Investing Cash Flow	-8.85M	-10.13M	-5.36M	-21.89M	-17.23M	-2.15M
Financing Cash Flow	-6.12M	8.54M	3.29M	24.68M	44.29M	-1.06M

USWE Sports AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 14.40
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:USWE, the sentiment is Negative. The current price of 14.4 is above the 20-day moving average (MA) of 13.47, above the 50-day MA of 13.96, and above the 200-day MA of 13.42, indicating a bearish trend. The MACD of -0.73 indicates Positive momentum. The RSI at 22.68 is Positive, neither overbought nor oversold. The STOCH value of 7.85 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:USWE.

USWE Sports AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RVRC	78 Outperform	kr6.97B	23.18	23.71%	2.02%	6.44%	0.49%
MIPS	72 Outperform	kr7.50B	54.52	23.68%	1.85%	23.02%	32.69%
THULE	65 Neutral	kr23.47B	21.85	14.62%	3.54%	8.93%	-12.56%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
PRFO	59 Neutral	kr408.00M	34.00	3.22%	―	-11.02%	-90.00%
FOI.B	57 Neutral	kr7.18B	85.40	2.04%	6.24%	-2.98%	-30.48%
USWE	48 Neutral	kr80.64M	-6.76	-16.28%	―	24.34%	39.30%