NAXS AB (publ) (NAXS.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-83.2%

SEK 5.92

vs SEK 35.30 price

Levered DCF

SEK 5.95

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

208.51

Safe zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-16.03×	-8.42×	183.08×	3.69×	4.07×	23.1×	15.22×	33.03×
P/B	0.75×	0.69×	0.86×	0.69×	0.88×	0.82×	0.8×	0.83×
P/S	-2,661.54×	-9.53×	65.23×	3.55×	3.88×	17.49×	12.34×	20.36×
EV / EBITDA	-12.53×	-5.36×	133.34×	2.51×	2.58×	13.99×	9.01×	18.89×
Gross margin	15026.3%	104.5%	79.2%	99.3%	98.6%	91.5%	91.5%	78.0%
Operating margin	17875.6%	113.2%	36.0%	96.1%	95.2%	75.8%	81.2%	61.6%
Net margin	16518.6%	113.2%	35.9%	96.1%	95.2%	75.8%	81.2%	61.6%
Current ratio	101.66×	588.44×	318.25×	506.89×	170.6×	0×	0×	273,774×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	-2.59×	-25×	1.73×	132.42×	67.77×	8.95×	9.57×	2.8×
Dividend yield	54.0%	8.4%	5.3%	5.9%	4.6%	6.0%	5.5%	5.3%
Payout ratio	-870.5%	-70.7%	954.1%	21.7%	18.9%	138.7%	83.6%	174.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-4.6%	-8.2%	0.5%	18.8%	21.6%	3.6%	5.2%	2.5%
Return on invested capital	-4.9%	-8.2%	0.5%	18.8%	21.6%	3.5%	5.2%	2.5%
Return on assets	-4.5%	-8.2%	0.5%	18.7%	21.5%	3.5%	5.2%	2.5%
Free cash flow yield	-3.2%	-1.8%	-1.2%	-2.2%	-1.4%	-2.2%	5.4%	1.9%
Earnings yield	-6.2%	-11.9%	0.6%	27.1%	24.5%	4.3%	6.6%	3.0%
Enterprise value	SEK 349.3M	SEK 356.9M	SEK 581.7M	SEK 452.5M	SEK 457.2M	SEK 337.4M	SEK 334.5M	SEK 349.3M
Net debt / EBITDA	2.36×	3.06×	-47.95×	-1.18×	-1.5×	-9.09×	-6.19×	-14.14×
Cash conversion cycle (days)	-721	-51	-85	-112	0	2	1	149