Swvl (SWVL) AI Stock Analysis

• Market Cap: $16.83M
• Dividend Yield: N/A
• Average Volume (3M): 10.07K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.67
• Revenue Growth: -2.39%
• EPS Growth: -3.11%
• Country: US
• Employees: 284
• Sector: Industrials
• Sector Strength: 72
• Industry: Software - Application
• EPS (TTM): N/A
• Shares Outstanding: 10,719,563
• 10 Day Avg. Volume: 10,399
• 30 Day Avg. Volume: 10,073
• PEG Ratio: 0.01
• Price to Book (P/B): 24.20
• Price to Sales (P/S): 3.21
• P/FCF Ratio: -15.49
• Enterprise Value/Market Cap: 0.67
• Enterprise Value/Revenue: 1.10
• Enterprise Value/Gross Profit: 5.14
• Enterprise Value/Ebitda: 17.63
• 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: 44 Neutral
• Price Target: $2.00 ▲(8.70% Upside)
• Action: Reiterated Date: 02/03/26
• Date: Action: Reiterated 02/03/26

The score is driven primarily by weak financial performance (declining revenue, ongoing losses, negative operating cash flow, and balance-sheet risk). Technicals add pressure given the downtrend and negative MACD, with only limited relief from oversold readings. Valuation is not compelling due to negative earnings and no dividend yield.

Positive Factors

Long-term enterprise contracts

A five-year enterprise contract improves revenue predictability and cash flow visibility, supporting durable unit economics. Multi-year deals deepen client relationships, enable repeatable deployment of the platform and operations stack, and justify investment in scale across the region.

GCC expansion and market traction

Expansion into Kuwait and strong bookings in Saudi demonstrate geographic diversification across GCC markets. Broader regional presence reduces single-market concentration, increases route density and utilization, and supports scalable enterprise deployments that improve long-term unit economics.

Pivot to B2B / contract-based mobility

Shifting revenue mix from B2C trips to contracted B2B shuttle programs tends to generate steadier, higher-margin cash flows. Multi-site enterprise engagements create stickier revenue, improve forecasting, and allow Swvl to monetize its full technology and operations stack over longer horizons.

Negative Factors

Declining revenue and volatility

Material top-line decline undermines scale advantages needed to reach profitable unit economics. Sustained revenue contraction pressures gross margins and operating leverage, lengthening the path to profitability and increasing the likelihood of recurring capital needs over coming quarters.

Ongoing negative operating cash flow

Persistent negative operating cash flow and reliance on financing indicate ongoing cash burn and a limited internal funding runway. This elevates refinancing and dilution risk, constrains investment in service quality or fleet, and threatens execution if external funding conditions tighten.

Weak balance sheet and leverage risk

High leverage and historically negative equity limit financial flexibility, increase borrowing costs, and reduce resilience to shocks. A fragile capital structure raises refinancing and covenant risks and, combined with noted compliance pressures, could force dilutive or disruptive recapitalization steps.

Swvl Business Overview & Revenue Model

Company Description

Swvl Holdings Corp. provides mass transit ridesharing services. It offers B2C Swvl Retail, which provides riders with a network of minibuses and other vehicles running on fixed or semi-fixed routes within cities; Swvl Travel that allows riders to book rides on long-distance intercity routes on vehicle available through the Swvl platform or through third-party services; and Swvl Business, a transport as a service enterprise product for businesses, schools, municipal transit agencies, and other customers. The company was incorporated in 2017 and is headquartered in Dubai, the United Arab Emirates.

How the Company Makes Money

Swvl generates revenue primarily through ticket sales for its bus services. Passengers pay for their rides via the Swvl app, which charges a fare based on the distance and route. Additionally, the company earns money through corporate partnerships where organizations can subsidize employee transportation, offering bulk ticket purchases at discounted rates. Swvl also explores advertising opportunities on its buses and within its app, creating supplementary income. Strategic partnerships with local governments and transportation authorities may further enhance revenue streams by integrating Swvl's services into public transit systems.

Swvl Financial Statement Overview

Summary

Financial results remain weak: revenue declined 24.67% in 2024 vs. 2023, profitability is still negative (weak gross margin with negative EBIT and net margins), leverage risk is elevated with historically negative equity, and operating cash flow remains negative (ongoing cash burn) despite some improvement in free cash flow and increased reliance on financing. KPI trends show helpful diversification (Saudi/UAE growing vs. Egypt down) and a pivot toward B2B corporate revenue recovery, but overall financial stability and profitability are still key concerns.

Income Statement

Swvl's income statement shows a challenging financial period. The company has experienced significant revenue volatility, with substantial declines in total revenue by 24.67% in 2024 compared to 2023. The gross profit margin is weak, and both EBIT and net income margins are negative, highlighting ongoing profitability challenges. Despite some improvement in gross profit from earlier years, the overall trajectory suggests continued financial strain.

Balance Sheet

The balance sheet indicates a concerning financial position for Swvl. The debt-to-equity ratio has improved slightly, but the company still shows high leverage with negative stockholders' equity reported in past years, signaling financial instability. The equity ratio remains low, reflecting a capital structure heavily reliant on liabilities, which poses a risk to financial stability.

Cash Flow

Swvl's cash flow statement reflects both challenges and minor improvements. While operating cash flow remains negative, indicating ongoing cash burn, the increase in financing cash flow suggests increased reliance on external funding. Free cash flow has shown some improvement but remains in the negative territory, reflecting operational inefficiencies and a need for stronger cash generation.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	10.19M	17.21M	22.85M	43.00M	25.56M	17.31M
Gross Profit	2.19M	3.64M	4.11M	179.83K	-5.79M	-4.21M
EBITDA	638.51K	-10.55M	4.96M	-94.03M	-131.57M	-24.45M
Net Income	432.20K	-10.34M	3.06M	-116.50M	-141.49M	-29.73M
Balance Sheet
Total Assets	18.23M	16.37M	21.90M	57.46M	59.34M	24.76M
Cash, Cash Equivalents and Short-Term Investments	4.88M	4.96M	2.92M	1.54M	19.53M	10.35M
Total Debt	826.45K	1.21M	1.66M	2.34M	79.65M	928.58K
Total Liabilities	17.53M	17.05M	15.98M	54.83M	149.08M	6.35M
Stockholders Equity	3.68M	2.28M	8.95M	6.82M	-89.80M	18.41M
Cash Flow
Free Cash Flow	-253.06K	-3.57M	-9.38M	-119.95M	-62.46M	-30.76M
Operating Cash Flow	-250.11K	-3.57M	-9.11M	-117.46M	-62.13M	-30.55M
Investing Cash Flow	-2.95K	583.37K	8.79M	-8.09M	-11.15M	-212.99K
Financing Cash Flow	1.76M	4.04M	343.89K	124.85M	72.72M	26.04M

Swvl Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.84
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SWVL, the sentiment is Negative. The current price of 1.84 is above the 20-day moving average (MA) of 1.77, below the 50-day MA of 2.02, and below the 200-day MA of 3.27, indicating a bearish trend. The MACD of -0.17 indicates Positive momentum. The RSI at 39.31 is Neutral, neither overbought nor oversold. The STOCH value of 53.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SWVL.

Swvl Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
QH	49 Neutral	$1.02M	0.47	0.62%	―	-28.50%	―
SWVL	44 Neutral	$16.83M	-2.93	-218.42%	―	-2.39%	-3.11%
NXTT	44 Neutral	$15.62M	<0.01	93.25%	―	259.01%	-61.05%
RYDE	38 Underperform	$34.06M	-0.95	-354.82%	―	34.50%	70.55%

Swvl Corporate Events

Swvl Wins Five-Year, $5.5 Million UAE Contract After 5x Growth in 2025

On February 2, 2026, Swvl announced it had signed a new five-year contract in the United Arab Emirates worth up to $5.5 million, deepening its presence in what it describes as one of its fastest-growing and highest-value markets. The deal, which follows roughly fivefold growth in the UAE between January and December 2025, underscores Swvl’s strategic pivot toward long-term enterprise agreements that deploy its full technology and operations stack to manage complex, multi-site workforce mobility for sectors such as logistics, manufacturing, education, and large corporate campuses, reinforcing its regional positioning in technology-enabled mass mobility solutions across the GCC.

The most recent analyst rating on (SWVL) stock is a Sell with a $2.00 price target. To see the full list of analyst forecasts on Swvl stock, see the SWVL Stock Forecast page.

Swvl Enters Kuwait with $2.2 Million Enterprise Mobility Contract

On January 27, 2026, Swvl launched operations in Kuwait, anchored by a multi-year contract valued at $2.2 million, in a move that the company describes as a key milestone in its Gulf Cooperation Council expansion strategy. The Kuwait rollout will deploy Swvl’s full stack of enterprise mobility solutions to large organizations, targeting improved workforce transportation efficiency, service reliability and cost predictability, and furthering its strategic pivot toward high-margin, contract-based enterprise customers in sectors such as logistics, manufacturing, retail and large corporate campuses, thereby strengthening its positioning as a leading mass mobility platform in the Middle East.

The most recent analyst rating on (SWVL) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on Swvl stock, see the SWVL Stock Forecast page.

Swvl and Bank AlJazira Achieve 100,000 Bookings Milestone in Saudi Arabia

On November 26, 2025, Swvl Holdings Corp announced a significant milestone in collaboration with Bank AlJazira in Saudi Arabia, achieving over 100,000 bookings since the start of the year. This milestone highlights their commitment to enhancing sustainable and efficient transport solutions, aligning with Saudi Arabia’s Vision 2030. The collaboration has successfully reduced the environmental impact of corporate mobility and demonstrated the potential of technology-driven partnerships to transform urban commuting.

The most recent analyst rating on (SWVL) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on Swvl stock, see the SWVL Stock Forecast page.

Swvl Faces Nasdaq Compliance Challenge

On October 31, 2025, Swvl Holdings Corp received a notification from Nasdaq indicating non-compliance with the minimum market value requirement of $35 million for publicly held shares. The company has until April 29, 2025, to meet this requirement or face potential delisting. Swvl plans to monitor its market value and consider options to regain compliance, though there is no assurance of success.

The most recent analyst rating on (SWVL) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Swvl stock, see the SWVL Stock Forecast page.