USWE Sports AB (USWE) AI Stock Analysis

• Market Cap: kr69.58M
• Dividend Yield: N/A
• Average Volume (3M): 4.69K
• Price to Earnings (P/E): 58.0
• Beta (1Y): 0.95
• Revenue Growth: 24.34%
• EPS Growth: 39.30%
• Country: SE
• Employees: 23
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Leisure
• EPS (TTM): 0.07
• 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): -0.07
• Revenue Forecast (FY): kr149.74M

• Rating: 48 Neutral
• Price Target: kr9.50 ▼(-34.03% Downside)
• Action: Reiterated Date: 01/31/26
• Date: Action: Reiterated 01/31/26

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

Conservative balance sheet / low leverage

A low debt-to-equity (~0.14) and sizable equity base (TTM equity ~65.6M on ~100.6M assets) give the company financial flexibility to fund marketing, inventory and distribution expansion, and absorb seasonality or setbacks without relying on expensive external financing.

Positive operating and free cash flow

Transitioning from multi-year negative cash flow to positive OCF (~13.6M) and FCF (~10.9M) is a durable improvement: it supports reinvestment in product development and channels, reduces funding risk, and provides a buffer while management pursues sustained profitability.

Healthy gross margins and historical growth

A ~41% gross margin combined with multi-year revenue gains indicates strong unit economics and product-market fit in a niche outdoor/hydration category. Sustained margin strength gives room to cover fixed costs and supports a pathway to operating profitability as top-line growth resumes.

Negative Factors

Persistent operating losses

Operating and net losses remain a structural concern: until EBIT turns positive, the company cannot reliably generate earnings to reward equity holders. Continued negative margins limit reinvestment capacity and require either sustained margin improvement or continued reliance on retained cash.

Stalled recent revenue growth

TTM revenue essentially flat (~0.5%) undermines economies of scale and makes fixed-cost absorption harder. Slowed top-line momentum raises execution risk: growth must be reaccelerated through new SKUs, channels, or geographies to sustainably lift margins and return to consistent profitability.

Negative return on equity

A TTM ROE of ~-16% signals shareholders are not earning a return despite strong capitalization. This reflects persistent losses and suggests capital allocation has yet to convert the balance sheet advantage into shareholder value, prolonging the path to durable investor returns.

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 makes money primarily by selling branded sports-carry products (notably hydration packs and backpacks) and related accessories (e.g., compatible hydration components and replacement parts) to end customers and retail/wholesale partners. Revenue is generated through product sales across its distribution channels (such as direct-to-consumer e-commerce and sales to retailers/distributors where applicable). Earnings are driven by unit volume and product mix (premium packs vs. lower-priced accessories), seasonality in outdoor sports demand, and geographic expansion through distribution. Specific information on material partnerships, licensing income, sponsorship/athlete marketing contracts, or the breakdown of revenue by channel is null.

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	Mar 2024	Mar 2023	Mar 2022	Mar 2022	Mar 2021
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: Negative
• RSI: Neutral
• 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 10.08, above the 50-day MA of 11.39, and above the 200-day MA of 13.76, indicating a bearish trend. The MACD of -0.36 indicates Negative momentum. The RSI at 38.26 is Neutral, neither overbought nor oversold. The STOCH value of 18.02 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	kr7.26B	12.87	25.41%	2.02%	6.44%	0.49%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
THULE	60 Neutral	kr21.18B	23.21	14.62%	3.54%	8.93%	-12.56%
MIPS	59 Neutral	kr5.67B	78.02	23.68%	1.85%	23.02%	32.69%
FOI.B	54 Neutral	kr5.93B	123.28	2.04%	6.24%	-2.98%	-30.48%
PRFO	51 Neutral	kr341.60M	-18.35	3.22%	―	-11.02%	-90.00%
USWE	48 Neutral	kr69.58M	57.97	-17.87%	―	24.34%	39.30%