Axfood AB (AXFO) AI Stock Analysis

Axfood AB

(Nasdaq OMX AB:AXFO)

Select Model

Rating:69Neutral

Price Target:SEK 300.00▲(8.66% Upside)

Action:reiterated

Date:10/23/26

The score is driven mainly by resilient financial performance (steady margins, strong cash generation, and solid revenue growth), tempered by a meaningfully higher leverage profile. Technicals are supportive with positive momentum but near-overbought signals, while valuation appears somewhat expensive despite an attractive dividend yield.

Positive Factors

Revenue growthSustained revenue expansion demonstrates that Axfood is continuing to grow its grocery platform and customer reach. A larger sales base can improve purchasing scale, support investment in stores and distribution, and provide a durable foundation for earnings growth over the next several quarters.

Negative Factors

Higher leverageThe sharp increase in debt-to-equity makes Axfood’s capital structure more debt-heavy and reduces financial flexibility. Higher leverage can amplify returns when operations are strong, but it also leaves less room to absorb weaker trading conditions or fund strategic initiatives without added financing.

Axfood AB (AXFO) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 59.66B
Dividend Yield: 3.26%
Average Volume (3M): 420.07K
Price to Earnings (P/E): 24.2
Beta (1Y): 0.22
Revenue Growth: 2.44%
EPS Growth: 15.95%
Country: Sweden
Employees: 15,000
Sector: General
Sector Strength: 55
Industry: Grocery Stores

Axfood AB Business Overview & Revenue Model

Company Description

Axfood AB (publ) is a leading Swedish entity specializing in both food retail and wholesale activities. The company's operations are divided into key segments such as Willys, Hemköp, Dagab, and Axfood Snabbgross. For its retail presence, Axfood manag...

How the Company Makes Money

Axfood makes money primarily through the retail sale of groceries and household consumer goods in Sweden, generating revenue at the checkout (in-store and, where offered, online) across its store concepts. A second major earnings driver is its wholes...

Axfood AB Financial Statement Overview

Summary

Strong revenue momentum and consistently positive free cash flow support a solid operating profile, but the balance sheet is a clear offset as leverage has risen materially (debt-to-equity increasing to ~2.36 in TTM), reducing financial flexibility. Margins are steady but thin and net margin has drifted lower versus 2021.

Income Statement

76Positive

Balance Sheet

58Neutral

Cash Flow

70Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	90.33B	89.15B	84.06B	81.11B	73.47B	57.89B
Gross Profit	13.30B	13.13B	12.23B	11.33B	10.08B	8.95B
EBITDA	7.72B	7.74B	6.68B	6.41B	5.81B	5.10B
Net Income	2.47B	2.34B	2.19B	2.36B	2.36B	2.15B
Balance Sheet
Total Assets	37.06B	36.91B	35.43B	30.02B	28.64B	23.73B
Cash, Cash Equivalents and Short-Term Investments	309.00M	1.08B	735.00M	688.00M	559.00M	734.00M
Total Debt	16.33B	15.40B	15.30B	9.76B	9.25B	8.00B
Total Liabilities	29.18B	29.08B	28.04B	22.83B	21.72B	18.55B
Stockholders Equity	7.53B	7.51B	7.05B	6.88B	6.61B	4.95B
Cash Flow
Free Cash Flow	4.91B	5.37B	3.92B	3.86B	3.33B	2.77B
Operating Cash Flow	6.51B	6.75B	5.46B	5.81B	5.93B	4.59B
Investing Cash Flow	-1.96B	-1.77B	-3.18B	-2.21B	-2.78B	-3.84B
Financing Cash Flow	-4.57B	-4.64B	-2.23B	-3.47B	-3.32B	-1.55B

Axfood AB Technical Analysis

Technical Analysis SentimentPositive

Last Price276.10

Price Trends

50DMA254.37Positive

100DMA249.08Positive

200DMA273.10Positive

Market Momentum

MACD6.55Negative

RSI66.29Neutral

STOCH60.31Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:AXFO, the sentiment is Positive. The current price of 276.10 is above the 20-day moving average (MA) of 266.82, above the 50-day MA of 254.37, and above the 200-day MA of 273.10, indicating a bullish trend. The MACD of 6.55 indicates Negative momentum. The RSI at 66.29 is Neutral, neither overbought nor oversold. The STOCH value of 60.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:AXFO.

Axfood AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

SE:AXFO against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:SCST	75Outperform	SEK 12.48B	26.80	―	1.81%	7.54%	43.52%
SE:CLAS.B	70Outperform	SEK 31.53B	24.96	41.64%	1.39%	9.82%	33.55%
SE:AXFO	69Neutral	SEK 59.66B	24.16	35.36%	3.26%	2.44%	15.95%
SE:RUSTA	61Neutral	SEK 12.61B	21.28	―	2.19%	8.20%	40.01%
SE:APOTEA	58Neutral	SEK 9.59B	39.05	―	0.65%	9.35%	-91.93%
SE:CDON	58Neutral	SEK 528.08M	-6.61	―	―	7.12%	8.47%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

* General Sector Average

Performance Comparison

SE:AXFO and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:AXFO	Axfood AB	276.10	24.69	9.82%
SE:CLAS.B	Clas Ohlson AB	496.00	160.07	47.65%
SE:APOTEA	Apotea AB	92.15	11.31	14.00%
SE:RUSTA	Rusta AB	82.15	22.08	36.76%
SE:SCST	Scandi Standard AB	182.00	86.84	91.26%
SE:CDON	CDON AB	46.90	-12.10	-20.51%

Axfood AB Corporate Events

Axfood lifts profits and turns City Gross profitable amid deflationary market

Oct 22, 2026

Axfood reported continued volume growth in the third quarter of 2026, with net sales rising 1.9% to SEK 22.7 billion and retail sales up 2.9%. Operating profit increased to SEK 1.12 billion and the operating margin edged up to 4.9%, while net profit...

Axfood schedules Q3 2026 report release and investor presentation

Oct 8, 2026

Axfood has scheduled the release of its interim report for the third quarter of 2026 for 7:00 a.m. CET on 22 October, followed by a webcast and conference call presentation at 9:30 a.m. CET led by President and CEO Simone Margulies and CFO Anders Lex...

Axfood Reshapes Nominating Committee Ahead of 2027 AGM

Sep 17, 2026

Axfood AB has announced a change in the composition of its Nominating Committee ahead of the 2027 Annual General Meeting after shifts in the company’s shareholding structure during September led Swedbank Robur Funds’ representative to ste...

Axfood Names Nominating Committee for 2027 AGM as Major Owners Shape Governance

Aug 13, 2026

Axfood has appointed the members of its Nominating Committee ahead of the 2027 Annual General Meeting, following its standard mandate that the four largest shareholders by voting rights as of the end of July nominate representatives. The committee, c...

Axfood names Lidl veteran to lead Snabbgross ahead of wholesale and convenience merger

Aug 10, 2026

Axfood has appointed Robert Stekovic as the new Managing Director of its restaurant wholesaler Snabbgross, with a seat on the Group’s Executive Committee, drawing on more than 15 years of senior experience at Lidl across Sweden, Denmark, Croati...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 23, 2026

Axfood AB AI Stock Analysis