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Dynavox Group AB
(DYVOX)
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Rating:68Neutral
Price Target:
kr75.00
▼(-1.83% Downside)
Action:Reiterated
Date:10/23/26
The score is driven primarily by strong financial performance (material revenue scale-up and improved profitability) and a very positive earnings call with reiterated long-term growth and margin targets. Offsetting these positives, technicals remain weak with the stock trading below major moving averages, and valuation is only moderate given the P/E and low dividend yield.
Positive Factors
Underserved Market
A large underserved population provides Dynavox with substantial structural room to expand adoption over several years. The company’s presence in more than 65 markets and established reseller network can help convert unmet clinical need into recurring demand and broader market penetration.
Negative Factors
Reimbursement Complexity
Heavy exposure to Medicaid and managed-care reimbursement creates an enduring execution risk because administrative requirements and approval delays can defer otherwise healthy demand. Longer lead times may make U.S. revenue timing less predictable and increase the resources required to process claims.
Read all positive and negative factors
Positive Factors
Negative Factors
Underserved Market
A large underserved population provides Dynavox with substantial structural room to expand adoption over several years. The company’s presence in more than 65 markets and established reseller network can help convert unmet clinical need into recurring demand and broader market penetration.
Read all positive factors
Dynavox Group AB (DYVOX) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr7.88B
Dividend Yield0.68%
Average Volume (3M)458.62K
Price to Earnings (P/E)28.0
Beta (1Y)1.38
Revenue Growth10.32%
EPS Growth89.37%
CountrySE
Employees1,085
SectorGeneral
Sector StrengthN/A
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)2.61
Shares Outstanding106,065,270
10 Day Avg. Volume837,251
30 Day Avg. Volume458,617
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)2.91
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...
Dynavox Group AB Earnings Call Summary
Earnings Call Date:Oct 21, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 04, 2027
Earnings Call Sentiment Positive
The call was strongly positive overall. The company delivered 15% currency-adjusted revenue growth, 94% currency-adjusted EBIT growth, a 17.4% EBIT margin, substantially improved cash flow, and a stronger balance sheet while reiterating its long-term growth and profitability targets. The main challenges were ongoing U.S. reimbursement complexity, higher component costs, foreign exchange headwinds, and uneven performance across some European and tender markets, but management characterized these issues as operational or delaying factors rather than a deterioration in underlying demand.Positive Updates
Strong Revenue Growth Despite Challenging Comparisons
Third-quarter revenue increased 13% to SEK 684 million, while currency-adjusted growth was 15%. Organic growth contributed 13%, acquisitions contributed 3%, and currency fluctuations had a 2% negative impact. Management noted that the quarter was achieved on top of the prior year's exceptional growth.
Negative Updates
U.S. Medicaid and Managed Care Complexity
Increased administrative complexity and longer lead times related primarily to Medicaid and Medicaid managed care organizations held back some U.S. growth. These funding sources represent approximately 40% of current U.S. revenue.
Read all updates
Q3-2026 Updates
Positive
Negative
Strong Revenue Growth Despite Challenging Comparisons
Third-quarter revenue increased 13% to SEK 684 million, while currency-adjusted growth was 15%. Organic growth contributed 13%, acquisitions contributed 3%, and currency fluctuations had a 2% negative impact. Management noted that the quarter was achieved on top of the prior year's exceptional growth.
Read all positive updates
Company Guidance
Dynavox reiterated its target to on average grow revenue by 20% per year, adjusted for currency effects, including contributions from acquisitions, and to deliver an annual EBIT margin that reaches and exceeds 15%; management said the ambition to on average, grow revenue by 20% in local currencies absolutely remains, with fluctuations over weeks, months, quarters, and years and tougher comps also playing into that. Management answered yes when asked whether Europe can grow in the double digits going forward on an organic basis, expects more reimbursement cases to arise and said they are typically not longer than that to resolve, and expects to distribute at least 40% of available net profits to shareholders via dividends, share repurchases, or similar programs.Dynavox Group AB Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
66
Positive
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.62B | 2.47B | 1.97B | 1.61B | 1.22B | 871.20M |
| Gross Profit | 1.80B | 1.69B | 1.36B | 1.09B | 787.80M | 570.20M |
| EBITDA | 594.00M | 476.50M | 425.10M | 224.10M | 200.30M | 152.00M |
| Net Income | 276.00M | 165.70M | 145.80M | 104.10M | 48.60M | 29.80M |
Balance Sheet | ||||||
| Total Assets | 2.72B | 2.47B | 2.00B | 1.70B | 1.32B | 1.15B |
| Cash, Cash Equivalents and Short-Term Investments | 273.00M | 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 | 1.89B | 1.87B | 1.54B | 1.39B | 1.11B | 1.01B |
| Stockholders Equity | 829.00M | 602.40M | 453.70M | 297.80M | 210.60M | 139.50M |
Cash Flow | ||||||
| Free Cash Flow | 297.30M | -8.30M | 99.40M | 142.90M | -22.00M | -230.80M |
| Operating Cash Flow | 450.60M | 196.60M | 282.50M | 277.40M | 96.20M | 136.50M |
| Investing Cash Flow | -286.40M | -316.40M | -280.70M | -296.90M | -197.20M | -370.30M |
| Financing Cash Flow | -72.80M | 198.20M | -37.20M | 78.40M | 2.50M | 253.10M |
Dynavox Group AB Technical Analysis
Negative
76.40
Price Trends
76.24
Negative
72.40
Positive
78.30
Negative
Market Momentum
-0.87
Positive
44.28
Neutral
36.60
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:DYVOX, the sentiment is Negative. The current price of 76.4 is below the 20-day moving average (MA) of 77.92, above the 50-day MA of 76.24, and below the 200-day MA of 78.30, indicating a bearish trend. The MACD of -0.87 indicates Positive momentum. The RSI at 44.28 is Neutral, neither overbought nor oversold. The STOCH value of 36.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:DYVOX.
Dynavox Group AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | kr21.40B | 78.69 | 29.00% | ― | 25.20% | 79.34% | |
68 Neutral | kr7.88B | 28.05 | ― | 0.68% | 10.32% | 89.37% | |
68 Neutral | kr22.23B | 34.66 | 11.32% | 0.82% | 1.62% | 63.45% | |
57 Neutral | kr22.81B | -63.25 | -4.66% | 3.75% | -6.90% | -232.45% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
46 Neutral | kr6.89M | -0.32 | -101.03% | ― | ― | ― | |
42 Neutral | kr373.36M | -7.46 | ― | ― | -2.61% | -0.28% |
* General Sector Average
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Dynavox Group AB Corporate Events
Dynavox boosts profitability as U.S. reimbursement headwinds persist
Oct 21, 2026
Dynavox Group AB reported continued solid growth and sharply improved profitability in the third quarter of 2026, with currency-adjusted revenue up 15% to SEK 685 million and the EBIT margin rising to 17.4%. For the January–September period,...
Dynavox Group Sets Nomination Committee Ahead of 2027 AGM
Oct 9, 2026
Dynavox Group AB, parent of assistive communication specialist Tobii Dynavox and listed on Nasdaq Stockholm, develops integrated hardware and software solutions that enable people with severe speech and motor impairments to communicate and live mo...
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.