Doxa AB (DOXA) AI Stock Analysis

Doxa AB

(Nasdaq OMX AB:DOXA)

Select Model

Rating:43Neutral

Price Target:SEK 0.46▼(-3.54% Downside)

Action:reiterated

Date:10/29/26

The overall score is heavily constrained by critical weaknesses in valuation and technicals, despite a stabilizing financial foundation. The company's negative P/E ratio and lack of a dividend yield provide no valuation support, while extreme overbought signals on the RSI and Stochastic oscillator warn of a potential price correction. Positively, the company has demonstrated a significant turnaround in cash flow generation and has reduced its debt burden, but these strengths are overshadowed by the persistent inability to generate an accounting profit, as evidenced by the deeply negative gross and net margins.

Positive Factors

Recent Revenue GrowthThe 18.0% TTM revenue increase shows that Doxa has recently regained top-line momentum. If this rebound persists, a larger revenue base could improve operating leverage and provide a foundation for restoring profitability, although earnings conversion remains unresolved.

Negative Factors

Deep LossesDoxa remains deeply loss-making despite the recent revenue rebound, with negative gross profit, operating profit, and a net margin near -244%. This indicates that growth is not yet translating into economic profitability and leaves the business exposed to continued earnings pressure.

Doxa AB (DOXA) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 592.11M
Dividend Yield: ―
Average Volume (3M): 804.91K
Price to Earnings (P/E): -4.1
Beta (1Y): 0.23
Revenue Growth: 206.29%
EPS Growth: 90.34%
Country: Sweden
Employees: 26
Sector: Real Estate
Sector Strength: 65
Industry: Real Estate - Development

Doxa AB Business Overview & Revenue Model

Company Description

Doxa AB (publ) provides real estate development services in Sweden and internationally. The company operates through Project Development and Other Operations segments. Doxa AB (publ) was incorporated in 1987 and is headquartered in Malmö, Sweden.

Doxa AB Financial Statement Overview

Summary

Financial performance is a tale of two extremes. Cash flow is a standout strength, with operating cash flow surging to SEK 525M and free cash flow growing 120%, indicating strong underlying cash generation. The balance sheet has also improved, with debt-to-equity falling to 0.74. However, the income statement remains deeply distressed, with a gross loss of SEK -156.4M and a net loss of SEK -142.9M, showing core operations are unprofitable. The score balances the robust cash generation and stabilizing balance sheet against the critical lack of accounting profitability.

Income Statement

18Very Negative

Balance Sheet

55Neutral

Cash Flow

78Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	97.50M	63.50M	571.80M	9.90M	5.20M	121.30M
Gross Profit	-156.40M	-158.40M	15.50M	9.90M	-1.70M	118.30M
EBITDA	-40.30M	-46.80M	-1.70B	296.00M	-46.60M	-33.20M
Net Income	-142.90M	-335.50M	-1.72B	291.90M	-39.90M	76.20M
Balance Sheet
Total Assets	4.10B	4.03B	8.20B	3.50B	1.79B	878.80M
Cash, Cash Equivalents and Short-Term Investments	65.80M	58.20M	70.60M	111.90M	60.00M	15.10M
Total Debt	1.75B	1.36B	3.63B	256.50M	4.90M	0
Total Liabilities	2.16B	2.06B	5.89B	280.80M	18.30M	9.00M
Stockholders Equity	1.94B	1.97B	2.31B	3.22B	1.77B	869.80M
Cash Flow
Free Cash Flow	508.60M	266.10M	-63.60M	-37.80M	-39.40M	-18.60M
Operating Cash Flow	525.00M	266.10M	-63.20M	-37.80M	-38.50M	-18.60M
Investing Cash Flow	277.40M	292.10M	-834.90M	-205.10M	-267.30M	-392.90M
Financing Cash Flow	-598.50M	-540.60M	807.70M	294.70M	350.70M	422.10M

Doxa AB Technical Analysis

Technical Analysis SentimentPositive

Last Price0.48

Price Trends

50DMA0.35Positive

100DMA0.36Positive

200DMA0.39Positive

Market Momentum

MACD0.03Negative

RSI69.88Neutral

STOCH89.39Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:DOXA, the sentiment is Positive. The current price of 0.48 is above the 20-day moving average (MA) of 0.36, above the 50-day MA of 0.35, and above the 200-day MA of 0.39, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 69.88 is Neutral, neither overbought nor oversold. The STOCH value of 89.39 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:DOXA.

Doxa AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (65)

Financial Indicators

SE:DOXA against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
SE:SOLNA	64Neutral	SEK 443.68M	9.05	―	6.78%	2.81%	12.44%
SE:AGROUP	59Neutral	SEK 2.20B	10.54	4.59%	8.91%	13.47%	―
SE:BONAS	51Neutral	SEK 358.12M	10.02	―	―	41.00%	62.83%
SE:STUDBO	43Neutral	SEK 804.81M	-35.26	―	―	4.83%	-109.13%
SE:DOXA	43Neutral	SEK 592.11M	-4.07	-7.31%	―	206.29%	90.34%

* Real Estate Sector Average

Performance Comparison

SE:DOXA and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:DOXA	Doxa AB	0.45	-0.09	-16.01%
SE:AGROUP	Arlandastad Group AB	34.80	4.74	15.78%
SE:SOLNA	Solnaberg Property AB	118.00	3.07	2.67%
SE:STUDBO	Studentbostader i Norden AB	1.16	-0.57	-32.95%
SE:BONAS	Bonasudden Holding AB	132.00	-4.00	-2.94%
SE:KAPIAB	Kallebaeck Property Invest AB	201.00	10.58	5.56%

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 29, 2026

Doxa AB AI Stock Analysis