CombinedX AB (CX) AI Stock Analysis

CombinedX AB

(Nasdaq OMX AB:CX)

Select Model

Rating:56Neutral

Price Target:SEK 28.00▲(8.11% Upside)

Action:reiterated

Date:09/26/26

CombinedX earns a middling score. The dominant drag is financial performance: an acquisition-led strategy has doubled revenue but halved gross margins, compressed net margins to ~3.6%, cut return on equity from ~22% to ~7.4%, and growth has now stalled and turned slightly negative. Offsetting this, cash generation remains solid and high-quality (SEK 92M free cash flow TTM, FCF closely matching net income) and leverage is modest at 0.21 debt-to-equity. Technicals are moderately supportive, with the stock holding above its 50-, 100- and 200-day averages despite a short-term dip toward the bottom of its recent range. Valuation is the biggest positive — a 3.9x P/E and an outsized dividend yield imply a large margin of safety, though the yield likely reflects an extraordinary payout and should not be assumed recurring. The investment case hinges on margin stabilization and a return to organic growth.

Positive Factors

Conservative balance sheetImproving leverage and strong equity growth give CombinedX financial flexibility to withstand demand changes and continue investing in its specialist IT-services platform. A solid capitalization also reduces dependence on external financing when pursuing projects, acquisitions, or other strategic opportunities.

Negative Factors

Slowing revenue momentumThe recent slowdown indicates that the company is not currently sustaining its earlier expansion rate, which may limit operating leverage and reduce capacity to grow earnings organically. Continued weak top-line development would also make performance more dependent on efficiency gains or project mix.

CombinedX AB (CX) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 504.50M
Dividend Yield: 84.94%
Average Volume (3M): 48.10K
Price to Earnings (P/E): 3.7
Beta (1Y): 0.74
Revenue Growth: 2.97%
EPS Growth: 175.91%
Country: Sweden
Employees: 432
Sector: General
Sector Strength: 55
Industry: Information Technology Services

CombinedX AB Business Overview & Revenue Model

Company Description

Established in Karlstad, Sweden, in 1993, CombinedX AB (publ) delivers a comprehensive suite of consulting services centered around digitalization. The firm assists organizations with a wide array of digital initiatives, including strategic digital b...

How the Company Makes Money

CombinedX primarily makes money by selling professional IT services. Its main revenue stream is time-and-materials consulting, where customers pay hourly or daily rates for consultants (e.g., developers, architects, data/BI specialists, integration s...

CombinedX AB Financial Statement Overview

Summary

Financials are the weakest link. The income statement (score 38) shows revenue roughly doubling since 2021 to ~SEK 948M, but at severe cost to quality: gross margin collapsed from ~38% to ~20% (and ~13% TTM), net margin fell from ~8.8% to ~3.6% TTM, and growth has stalled (+1.9% in 2025, -1.2% TTM). The balance sheet (score 52) is adequate — equity grew to SEK 479M and debt-to-equity improved to 0.21 TTM — but return on equity slid from ~22% to ~7.4%, signaling poor returns on acquisition capital. Cash flow (score 55) is the bright spot, with operating cash flow of SEK 102M TTM, free cash flow of SEK 92M, and FCF closely tracking net income (0.90–0.99), confirming earnings quality. The TTM spike in EBIT and net income diverges from the declining annual trend and may not be sustainable.

Income Statement

38Negative

Balance Sheet

52Neutral

Cash Flow

55Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	955.60M	947.70M	929.90M	765.70M	650.50M	560.10M
Gross Profit	114.60M	189.60M	181.90M	180.60M	143.70M	214.90M
EBITDA	222.20M	119.50M	120.60M	130.00M	79.80M	89.10M
Net Income	136.10M	37.70M	50.60M	70.90M	35.20M	49.30M
Balance Sheet
Total Assets	866.50M	879.60M	742.10M	633.30M	597.30M	427.50M
Cash, Cash Equivalents and Short-Term Investments	351.30M	104.40M	132.60M	117.30M	121.00M	108.20M
Total Debt	78.00M	151.30M	106.00M	88.60M	113.10M	55.40M
Total Liabilities	272.20M	401.00M	317.60M	257.40M	279.00M	200.60M
Stockholders Equity	594.30M	478.60M	424.30M	375.90M	318.30M	226.90M
Cash Flow
Free Cash Flow	92.20M	89.80M	118.10M	77.60M	37.30M	67.00M
Operating Cash Flow	102.00M	99.20M	124.30M	81.40M	40.90M	67.90M
Investing Cash Flow	314.40M	-93.40M	-62.10M	-28.60M	-53.70M	7.30M
Financing Cash Flow	-141.40M	-32.50M	-46.90M	-56.20M	25.50M	-38.10M

CombinedX AB Technical Analysis

Technical Analysis SentimentPositive

Last Price25.90

Price Trends

50DMA26.76Negative

100DMA25.84Positive

200DMA25.26Positive

Market Momentum

MACD-0.17Negative

RSI49.08Neutral

STOCH54.38Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CX, the sentiment is Positive. The current price of 25.90 is above the 20-day moving average (MA) of 25.78, below the 50-day MA of 26.76, and above the 200-day MA of 25.26, indicating a neutral trend. The MACD of -0.17 indicates Negative momentum. The RSI at 49.08 is Neutral, neither overbought nor oversold. The STOCH value of 54.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:CX.

CombinedX AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

SE:CX against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:PACT	78Outperform	SEK 3.78B	16.33	21.32%	1.72%	3.73%	55.91%
SE:EXS	68Neutral	SEK 1.53B	24.47	11.71%	1.65%	9.08%	-14.10%
SE:ANOD.B	64Neutral	SEK 9.00B	24.01	13.08%	1.72%	4.71%	-1.34%
SE:SOF.B	63Neutral	SEK 1.01B	13.49	26.03%	7.10%	10.87%	-1.59%
SE:KNOW	60Neutral	SEK 3.21B	-12.09	-7.43%	1.97%	-5.94%	-382.16%
SE:CX	56Neutral	SEK 508.39M	3.71	―	84.94%	2.97%	175.91%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

* General Sector Average

Performance Comparison

SE:CX and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:CX	CombinedX AB	25.90	0.87	3.47%
SE:SOF.B	Softronic AB Class B	19.02	-2.33	-10.93%
SE:ANOD.B	Addnode Group AB Class B	67.00	-38.23	-36.33%
SE:EXS	Exsitec Holding AB	115.00	-38.88	-25.27%
SE:KNOW	Knowit AB	121.60	8.08	7.12%
SE:PACT	Proact IT Group AB	151.20	49.50	48.68%

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: Sep 26, 2026

CombinedX AB AI Stock Analysis