Zinzino AB (ZZ.B) AI Stock Analysis

• Market Cap: kr5.53B
• Dividend Yield: 2.54%
• Average Volume (3M): 111.67K
• Price to Earnings (P/E): 15.9
• Beta (1Y): 0.44
• Revenue Growth: 48.79%
• EPS Growth: 38.02%
• Country: SE
• Employees: 242
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Household & Personal Products
• EPS (TTM): 3.25
• Shares Outstanding: 33,049,988
• 10 Day Avg. Volume: 55,948
• 30 Day Avg. Volume: 111,671
• PEG Ratio: 0.21
• Price to Book (P/B): 8.03
• Price to Sales (P/S): 1.79
• P/FCF Ratio: 10.60
• 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): 10.19
• Revenue Forecast (FY): kr4.13B

• Rating: 72 Outperform
• Price Target: kr169.00 ▼(-0.82% Downside)
• Action: Reiterated Date: 02/27/26
• Date: Action: Reiterated 02/27/26

The score is driven primarily by strong financial quality (low leverage, solid cash generation, and multi-year growth), tempered by margin volatility in 2025. Technical signals are mixed with weaker long-term trend indications, while valuation appears reasonable with a moderate P/E and a modest dividend yield.

Positive Factors

Revenue Growth

Consistent multi‑year revenue expansion (notably 2023–2025) demonstrates durable end‑market demand for Zinzino’s health products. Sustained top‑line growth supports recurring revenue potential from consumables and distributor channels, enabling reinvestment in product and distribution over the next 2–6 months.

Conservative Balance Sheet

Low debt and materially improved leverage into 2025 indicate structural financial resilience. A conservative balance sheet reduces refinancing and interest risks, preserves strategic optionality for marketing or geographic expansion, and enhances the company’s ability to absorb near‑term margin pressure without jeopardizing operations.

Strong Cash Generation

Meaningful growth in operating and free cash flow, with FCF roughly matching net income, signals solid cash conversion and earnings quality support. Reliable cash generation funds working capital, distributor incentives, and modest returns to shareholders while reducing dependence on external funding in the medium term.

Negative Factors

Margin Volatility

Sharp gross and operating margin compression in 2025 is a structural concern: if driven by product mix, input costs, or promotional intensity, it can persist and erode long‑term profitability. Sustained margin weakness would limit cash flow growth, constrain reinvestment, and pressure returns despite rising revenue.

Earnings Quality Risk

Net income growth amid falling gross and operating margins suggests potential one‑offs, accounting effects, or cost timing that may not recur. This divergence raises earnings quality concerns: should margins revert or costs reappear, reported profits could be at risk, complicating forecasting and dividend/return plans.

Cash Flow Volatility

A notable cash flow dip in 2022 and only moderate OCF-to‑revenue despite improvement indicate historical volatility in cash conversion. Recurring swings could strain working capital or distributor financing during slower periods, increasing execution risk for product rollouts or subscription retention initiatives.

Zinzino AB Business Overview & Revenue Model

Company Description

Zinzino AB (ZZ.B) is a Swedish company specializing in health and wellness products, primarily focusing on nutritional supplements and functional food. The company operates in the direct sales sector, offering a range of products that include supplements, coffee, and skin care items. Zinzino emphasizes the importance of balanced nutrition and well-being, leveraging scientific research to formulate its products, which are marketed through a network of independent distributors across various countries.

How the Company Makes Money

Zinzino AB generates revenue through a multi-level marketing (MLM) model, where independent distributors earn commissions on their sales as well as on the sales made by their recruited team members. This creates a tiered structure that incentivizes distributors to expand their networks. Key revenue streams include direct sales of nutritional supplements, coffee, and skincare products, which are often sold through subscription services providing recurring income. Additionally, Zinzino benefits from partnerships with suppliers and researchers that enhance its product offerings and credibility, contributing to its market appeal and sales performance.

Zinzino AB Financial Statement Overview

Summary

Strong multi-year revenue growth, conservative balance sheet with very low and improving leverage, and robust operating/free cash flow that broadly supports reported earnings. Main risk is profitability volatility, highlighted by sharp gross and operating margin compression in 2025, which could pressure sustainability if it persists.

Income Statement

Revenue has expanded strongly over the last several years (notably 2023–2025), and profitability is solid with double‑digit net margin in 2025. However, margins show volatility: gross margin and operating margin dropped sharply in 2025 versus prior years, even as net income rose, which raises questions about cost mix and earnings quality sustainability.

Balance Sheet

The balance sheet looks conservative: debt levels are low and leverage has improved materially, with debt-to-equity trending down to very modest levels by 2025. Equity and asset base have grown substantially, and returns on equity are very high—an efficiency positive—though such elevated ROE can also signal that profitability is outsized relative to the equity base and may be difficult to sustain if margins normalize.

Cash Flow

Cash generation is strong and improving: operating cash flow and free cash flow grew meaningfully into 2025, and free cash flow is roughly in line with net income, supporting earnings quality. A key watch item is that operating cash flow relative to revenue remains moderate (despite improvement), and 2022 showed a notable cash flow dip, indicating some historical volatility.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.17B	2.21B	1.76B	1.36B	1.29B
Gross Profit	244.76M	732.48M	645.93M	378.45M	345.39M
EBITDA	278.10M	253.59M	245.88M	117.02M	137.95M
Net Income	324.32M	169.17M	163.74M	67.70M	86.20M
Balance Sheet
Total Assets	1.75B	1.21B	842.13M	651.25M	605.21M
Cash, Cash Equivalents and Short-Term Investments	771.00M	463.05M	321.24M	161.88M	235.73M
Total Debt	41.99M	46.06M	61.38M	49.58M	38.94M
Total Liabilities	1.05B	818.94M	578.34M	490.88M	453.49M
Stockholders Equity	707.20M	386.14M	259.97M	154.45M	143.05M
Cash Flow
Free Cash Flow	535.77M	295.19M	234.36M	17.92M	143.82M
Operating Cash Flow	541.87M	309.11M	246.14M	42.86M	153.49M
Investing Cash Flow	-91.91M	-98.67M	-11.92M	-35.42M	-11.98M
Financing Cash Flow	-113.12M	-68.63M	-74.87M	-81.28M	-49.00M

Zinzino AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 170.40
• 50DMA: Positive
• 100DMA: Positive
• 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:ZZ.B, the sentiment is Positive. The current price of 170.4 is above the 20-day moving average (MA) of 135.72, above the 50-day MA of 145.47, and below the 200-day MA of 174.41, indicating a neutral trend. The MACD of 1.57 indicates Negative momentum. The RSI at 54.19 is Neutral, neither overbought nor oversold. The STOCH value of 57.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:ZZ.B.

Zinzino AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ZZ.B	72 Outperform	kr5.53B	15.92	51.65%	2.54%	48.79%	38.02%
CLA.B	70 Outperform	kr14.72B	18.36	12.72%	2.74%	0.81%	57.02%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
VIVA	61 Neutral	kr2.95B	14.15	―	4.40%	19.47%	46.15%
MSON.B	58 Neutral	kr1.62B	162.06	-0.17%	2.34%	-2.95%	-112.90%
HUMBLE	50 Neutral	kr3.07B	191.90	0.87%	―	5.99%	-38.16%
DOXA	44 Neutral	kr543.78M	-0.38	-35.70%	―	-18.46%	4.90%