Zinzino AB (ZZ.B) AI Stock Analysis

• Market Cap: kr4.86B
• Dividend Yield: 2.54%
• Average Volume (3M): 111.67K
• Price to Earnings (P/E): 17.5
• Beta (1Y): 0.55
• 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: kr141.00 ▼(-17.25% 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

Sustained multi-year revenue expansion indicates strengthening product adoption and geographic reach. Persistent top-line growth supports scalable operating leverage, recurring supplement demand, and distributor-driven acquisition, underpinning durable cash generation and strategic reinvestment ability.

Conservative Balance Sheet

Very low leverage and a growing equity/asset base provide strong financial flexibility for organic expansion, product investment, or cyclical shocks. Improved debt metrics reduce default risk and preserve capacity for dividends or share buybacks, supporting long-term capital allocation optionality.

Strong Cash Generation

Robust and improving operating and free cash flow that track net income signals high earnings quality and internal funding capacity. Reliable FCF supports sustainable operations, product development, and potential shareholder distributions without heavy external financing dependency.

Negative Factors

Margin Volatility

Sharp margin compression in 2025 highlights cost and pricing sensitivity that can erode durable profitability. If structural (cost mix, supply chain, channel incentives) rather than one-off, it could reduce long-term returns and require margin-restoring actions that constrain reinvestment or distributor economics.

ROE Sustainability Risk

Elevated ROE reflects strong recent profitability but can reverse if margins normalize or equity grows faster. Reliance on outsized ROE to signal performance risks overestimating future returns, complicating capital allocation and investor expectations if margins compress or competition increases.

Distributor Reliance

Heavy dependence on an independent direct‑selling network concentrates customer acquisition and retention risk. Network growth and distributor economics are structural drivers; deterioration in recruitment, regulation, or channel incentives could slow recurring revenue and impair long-term organic growth.

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 143.12, above the 50-day MA of 140.86, and below the 200-day MA of 171.13, indicating a bearish trend. The MACD of -2.14 indicates Positive momentum. The RSI at 37.92 is Neutral, neither overbought nor oversold. The STOCH value of 9.81 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	kr4.86B	17.51	58.76%	2.54%	48.79%	38.02%
CLA.B	70 Outperform	kr14.47B	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	kr2.86B	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	kr513.57M	-1.69	-35.70%	―	-18.46%	4.90%
HUMBLE	50 Neutral	kr3.14B	58.18	0.87%	―	5.99%	-38.16%