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Dynavox Group AB
(DYVOX)
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Rating:63Neutral
Price Target:
kr81.00
▲(6.02% Upside)
Action:Reiterated
Date:07/23/26
The score is driven primarily by strong financial execution (growth and rising earnings power) and a constructive earnings call with reiterated long-term targets and improving profitability/cash generation. These positives are partially offset by still-elevated leverage and uneven cash-flow conversion, a mixed technical setup (short-term strength vs longer-term weakness), and a demanding valuation (high P/E and low yield).
Positive Factors
Sustained revenue expansion
Multi-year top-line expansion and a reiterated ~20% long-term revenue target indicate durable demand and scalable go-to-market execution. Growth is balanced between organic (+13%) and acquisitions (+4%), reducing dependence on any single channel and supporting 2–6 month visibility into continuing revenue momentum.
Negative Factors
Elevated leverage relative to peers
Leverage has improved from prior years but remains sizable (net debt/LTM EBITDA ~1.6x and debt/equity >1.6x). This level constrains financial flexibility if growth or margins weaken, increasing refinancing or covenant risk and limiting capacity for large bolt-on investments over the next 2–6 months.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained revenue expansion
Multi-year top-line expansion and a reiterated ~20% long-term revenue target indicate durable demand and scalable go-to-market execution. Growth is balanced between organic (+13%) and acquisitions (+4%), reducing dependence on any single channel and supporting 2–6 month visibility into continuing revenue momentum.
Read all positive factors
Dynavox Group AB (DYVOX) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr7.93B
Dividend Yield0.68%
Average Volume (3M)238.11K
Price to Earnings (P/E)34.6
Beta (1Y)1.30
Revenue Growth12.83%
EPS Growth47.70%
CountrySE
Employees1,085
SectorGeneral
Sector StrengthN/A
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)2.13
Shares Outstanding106,065,270
10 Day Avg. Volume182,749
30 Day Avg. Volume238,112
Financial Highlights & Ratios
PEG Ratio5.02
Price to Book (P/B)17.82
Price to Sales (P/S)4.35
P/FCF Ratio-1.29K
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)3
Revenue Forecast (FY)kr2.78B
Dynavox Group AB Business Overview & Revenue Model
Company Description
Headquartered in Stockholm, Sweden, Dynavox Group AB (publ), founded in 2012, specializes in crafting and distributing assistive technology. The company primarily assists individuals with significant communication challenges by providing bespoke a...
How the Company Makes Money
Detailed, factual information about Dynavox Group AB’s revenue model, key revenue streams, customer segments, and partnerships is not available in the provided context; therefore, null....
Dynavox Group AB Earnings Call Summary
Earnings Call Date:Jul 22, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 21, 2026
Earnings Call Sentiment Positive
The call communicated a net positive operational and financial performance: solid revenue growth (16% FX-adjusted), a strong improvement in profitability (EBIT more than doubled to SEK 105m, operating margin 15.7%), improved cash generation and balance-sheet metrics, completion of ERP rollout, and strategic M&A and study results reinforcing market opportunity. Headwinds include U.S. prescription lead-time delays that defer revenue timing (but not demand), currency impacts (~-5% on revenue), rising component costs (sub‑1 ppt gross margin headwind), continued OpEx investments, and a newly filed lawsuit—none of which management characterized as materially altering long-term guidance. Overall, positives (growth, margin expansion, cash flow, strategic progress) outweigh the transitory and manageable lowlights.Positive Updates
Revenue Growth
Q2 revenue SEK 670 million, reported 16% year-over-year growth after adjusting for currency; organic growth 13% and acquisitions contributed ~4%; management notes strong demand across all markets despite tough prior-year comparables (38% in the same quarter last year).
Negative Updates
Longer Prescription Lead Times in U.S.
Management reported longer prescription and assessment lead times (notably in the U.S.) driven by increased insurer changes and therapist handovers; this has deferred revenue timing (slower handling times) though management states reimbursement levels have not deteriorated.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth
Q2 revenue SEK 670 million, reported 16% year-over-year growth after adjusting for currency; organic growth 13% and acquisitions contributed ~4%; management notes strong demand across all markets despite tough prior-year comparables (38% in the same quarter last year).
Read all positive updates
Company Guidance
The company reiterated long‑term guidance while reporting Q2 metrics: revenue SEK 670m (+16% FX‑adjusted; organic +13%; acquisitions +4%; currency −5%), gross margin 70% (+2.6pp, ~1pp FX benefit), EBIT SEK 105m (up ~137%) and operating margin 15.7%, currency‑adjusted EBIT growth ~145%, basic EPS SEK 0.70 (vs SEK 0.27, ~150% improvement), cash flow after continuous investment SEK 67m (cash +167% YoY), cash SEK 223m, net debt SEK 882m (net debt/LTM EBITDA 1.6x) with SEK 300m unused credit and SEK 53m dividends paid; OpEx organic +5% (acquisitions +SEK17m, ERP one‑off SEK6m), R&D costs after cap/amort −SEK17m, LTI cost −SEK12m — and management reiterated a long‑term FX‑adjusted revenue growth target of ~20% p.a., an ambition to reach/exceed a >15% annual EBIT margin, a dividend policy to distribute at least 40% of available net profits over time, and warned of a modest near‑term gross‑margin headwind of slightly below 1pp from component/iPad cost increases.Dynavox Group AB Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
58
Neutral
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.54B | 2.47B | 1.97B | 1.61B | 1.22B | 871.20M |
| Gross Profit | 1.75B | 1.69B | 1.36B | 1.09B | 787.80M | 570.20M |
| EBITDA | 503.00M | 476.50M | 425.10M | 203.40M | 103.80M | 88.90M |
| Net Income | 226.00M | 165.70M | 145.80M | 104.10M | 48.60M | 29.80M |
Balance Sheet | ||||||
| Total Assets | 2.62B | 2.47B | 2.00B | 1.70B | 1.32B | 1.15B |
| Cash, Cash Equivalents and Short-Term Investments | 223.00M | 194.70M | 133.50M | 161.10M | 106.80M | 197.30M |
| Total Debt | 1.10B | 1.10B | 790.80M | 773.30M | 628.30M | 606.70M |
| Total Liabilities | 1.91B | 1.87B | 1.54B | 1.39B | 1.11B | 1.01B |
| Stockholders Equity | 714.00M | 602.40M | 453.70M | 297.80M | 210.60M | 139.50M |
Cash Flow | ||||||
| Free Cash Flow | 245.30M | -8.30M | 99.40M | 142.90M | -22.00M | -230.80M |
| Operating Cash Flow | 405.60M | 196.60M | 282.50M | 277.40M | 96.20M | 136.50M |
| Investing Cash Flow | -319.40M | -316.40M | -280.70M | -296.90M | -197.20M | -370.30M |
| Financing Cash Flow | -21.80M | 198.20M | -37.20M | 78.40M | 2.50M | 253.10M |
Dynavox Group AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | kr14.87B | 69.88 | 23.82% | ― | 21.08% | 44.49% | |
72 Outperform | kr19.17B | 31.41 | 10.82% | 0.98% | 0.82% | 77.45% | |
63 Neutral | kr7.93B | 34.58 | ― | 0.68% | 12.83% | 47.70% | |
57 Neutral | kr19.12B | -52.91 | -4.66% | 4.48% | -6.90% | -232.45% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
46 Neutral | kr9.75M | -0.44 | -101.03% | ― | ― | ― | |
42 Neutral | kr415.40M | -8.07 | ― | ― | -2.61% | -0.28% |
* General Sector Average
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Dynavox Group AB Corporate Events
Dynavox Group Doubles Q2 Earnings as Assistive Communication Demand Accelerates
Jul 22, 2026
Dynavox Group AB reported solid second-quarter 2026 results, with revenue up 11% to SEK 670 million and gross margin rising to 70%, driven by broad-based demand for its assistive communication solutions. Operating profit more than doubled, lifting...
Dynavox Group Updates Share Capital and Voting Structure After New Issues
Jun 30, 2026
Dynavox Group AB, the Stockholm-based parent of assistive communication provider Tobii Dynavox, delivers customized hardware, software and clinically developed language systems to users with severe voice and motor impairments. Through eye-gaze and...
Dynavox Group names new CFO to support global growth push
Jun 24, 2026
Dynavox Group AB, parent company of assistive communication specialist Tobii Dynavox, operates from Stockholm with a global footprint spanning more than 65 countries. The company delivers integrated communication solutions for people with severe d...
Dynavox Group Issues and Repurchases Class C Shares to Fund Incentive Programs
Jun 1, 2026
Dynavox Group AB’s board has approved the issuance of 754,000 new class C shares and their immediate repurchase, using existing AGM authorisations, to support its long-term incentive programmes for executives and employees. The class C share...
Dynavox Group AGM Backs Dividend, New Incentive Plans and Share Buyback Mandate
May 8, 2026
Dynavox Group AB’s annual general meeting in Stockholm approved the 2025 accounts, declared a dividend of SEK 0.5 per ordinary share and granted discharge from liability to the board and CEO, while confirming a six-member board with one new ...
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.