Orexo AB (ORX.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

+348.1%

SEK 15.71

vs SEK 3.51 price

Levered DCF

SEK 12.11

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

-2.4

Distress zone

Rating

B-

Overall 3 / 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	-8.03×	-2.97×	-4.28×	-3.65×	-5.3×	-20.41×	9.92×	15.24×
P/B	2.12×	-4.78×	9.33×	3.34×	3.39×	3.08×	3.08×	4.41×
P/S	40.09×	1.02×	0.86×	1.04×	2.1×	2.59×	2.57×	2.68×
EV / EBITDA	-2.18×	27.71×	-38.75×	-14.28×	-8.71×	89.62×	5.9×	16.61×
Gross margin	-213.5%	87.8%	86.1%	88.4%	86.0%	90.1%	87.5%	78.1%
Operating margin	-1334.2%	-23.8%	-17.1%	-29.5%	-37.9%	-3.3%	27.4%	12.2%
Net margin	-499.2%	-34.4%	-20.1%	-28.4%	-39.6%	-12.7%	25.9%	17.6%
Current ratio	3.7×	1.93×	1.74×	1.91×	2.28×	1.38×	2.65×	2.19×
Debt / equity	1×	-3.77×	8.04×	2.78×	1.57×	0.52×	0.49×	0.67×
Interest coverage	-6.9×	-2.34×	-2.66×	-6.62×	-7.59×	-1.36×	11.86×	5.81×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-26.5%	160.7%	-217.8%	-91.6%	-63.9%	-15.1%	31.0%	29.0%
Return on invested capital	-34.8%	-37.5%	-18.4%	-24.7%	-23.4%	-2.5%	33.1%	11.9%
Return on assets	-10.0%	-34.1%	-16.3%	-16.0%	-17.5%	-6.8%	14.6%	10.7%
Free cash flow yield	16.6%	-6.2%	-20.7%	-27.9%	-23.8%	-10.1%	11.7%	11.3%
Earnings yield	-12.5%	-33.7%	-23.3%	-27.4%	-18.9%	-4.9%	10.1%	6.6%
Enterprise value	SEK 622M	SEK 955.8M	SEK 852.5M	SEK 1.1B	SEK 1.2B	SEK 1.5B	SEK 1.7B	SEK 1.8B
Net debt / EBITDA	1.47×	10.22×	-13.76×	-5.51×	-0.33×	-12.76×	-1.64×	-2.44×
Cash conversion cycle (days)	2,790	243	146	84	353	447	398	394