Zinzino AB (ZZ.B) AI Stock Analysis

• Market Cap: kr5.32B
• Dividend Yield: 2.54%
• Average Volume (3M): 111.67K
• Price to Earnings (P/E): 17.5
• Beta (1Y): 0.49
• 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: kr155.00 ▼(-9.04% 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

Multi-year revenue growth

Sustained top-line expansion across 2023–2025 indicates durable demand for core supplements and test kits. Multi-year growth supports scale advantages in marketing and distribution, underpins recurring reorder potential from subscriptions, and creates a stronger base for profitable expansion over the medium term.

Conservative balance sheet

Very low leverage provides financial flexibility to fund working capital, invest in international expansion, or weather margin volatility without straining liquidity. A conservative balance sheet reduces refinancing risk and preserves strategic optionality across the next several quarters.

Strong cash generation

Robust and improving operating and free cash flow that aligns with reported earnings enhances earnings quality and funds organic reinvestment or distributor incentives. Reliable cash conversion supports sustainability of the direct‑selling model and reduces dependence on external capital.

Negative Factors

Margin volatility

Sharp compression in gross and operating margins is a structural concern: if driven by cost mix, pricing pressure, or channel shifts, margins could remain depressed and squeeze operating leverage. Persisting margin weakness would undermine the sustainability of recent net income gains.

Elevated ROE risk

Very high ROE can reflect thin equity or recent profit spikes; if margins normalize or equity base grows, ROE could revert lower. That reversion would pressure perceived profitability and reduce the durability of returns investors might expect over the medium term.

Cash flow conversion volatility

Moderate cash conversion and a historical dip (2022) point to working capital or seasonal sensitivity. Cash flow variability can limit reinvestment, make distributor payouts or subscriptions harder to sustain, and raise the chance of short-term funding needs if growth or costs accelerate.

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 primarily makes money by selling health and wellness products directly to end customers via a direct-selling model. Revenue is generated from (1) product sales of nutritional supplements and related wellness items and (2) sales of test kits used to measure biomarkers related to fatty acid balance, which can be bundled with or used to support ongoing supplement subscriptions. The company’s independent distributor/partner network promotes products, acquires customers, and may earn commissions or incentives tied to sales volume, while Zinzino records revenue from the underlying product and test-kit transactions. A meaningful portion of demand can be recurring in nature where customers reorder consumable supplements over time, including through subscription or loyalty-style purchase patterns where available. Any additional revenue streams, specific gross margin structure, or material third-party partnerships beyond standard manufacturing/logistics arrangements are null.

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: Negative
• Last Price: 170.40
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ZZ.B, the sentiment is Negative. The current price of 170.4 is above the 20-day moving average (MA) of 142.06, above the 50-day MA of 142.98, and below the 200-day MA of 172.52, indicating a bearish trend. The MACD of 1.10 indicates Positive momentum. The RSI at 47.05 is Neutral, neither overbought nor oversold. The STOCH value of 12.58 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	kr5.32B	17.51	58.76%	2.54%	48.79%	38.02%
CLA.B	70 Outperform	kr14.88B	14.56	14.28%	2.74%	0.81%	57.02%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
VIVA	61 Neutral	kr2.87B	15.14	―	4.40%	19.47%	46.15%
MSON.B	58 Neutral	kr1.72B	9.34	-0.17%	2.34%	-2.95%	-112.90%
DOXA	51 Neutral	kr557.28M	-1.69	-35.70%	―	-18.46%	4.90%
HUMBLE	50 Neutral	kr3.26B	58.18	0.87%	―	5.99%	-38.16%