Hexicon AB (HEXI) AI Stock Analysis

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Hexicon AB

(Nasdaq OMX AB:HEXI)

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Rating:45Neutral

Price Target:SEK 0.11▼(-4.42% Downside)

Action:reiterated

Date:09/23/26

The score is primarily weighed down by very weak financial performance—sharp TTM revenue collapse, deep ongoing losses, negative equity, and negative operating/free cash flow. Technicals provide only limited support (minor short-term uptick but still below longer-term averages), while valuation is constrained by loss-making status and no provided dividend yield.

Positive Factors

Floating offshore wind specializationHexicon's concentration on floating offshore wind gives it a defined position in a specialized renewable-energy segment, while early-stage origination and project maturation create a repeatable development capability. This specialization can support value creation as projects advance.

Negative Factors

Severe revenue contractionTTM revenue fell about 87.8% versus the prior period, following several years of volatility. Such a sharp contraction reduces the scale available to absorb development costs, weakens operating leverage, and makes near-term revenue conversion less dependable.

Hexicon AB (HEXI) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 41.29M
Dividend Yield: ―
Average Volume (3M): 628.11K
Price to Earnings (P/E): -0.1
Beta (1Y): 0.24
Revenue Growth: -88.46%
EPS Growth: -49.95%
Country: Sweden
Employees: 11
Sector: Industrials
Sector Strength: 63
Industry: Engineering & Construction

Hexicon AB Business Overview & Revenue Model

Company Description

Hexicon AB (publ) specializes in the design, manufacturing, sales, and operation of offshore wave and wind energy systems. The company is particularly known for developing, constructing, and managing floating offshore wind farms. It innovates with un...

How the Company Makes Money

Hexicon’s business model is centered on offshore wind project development rather than operating wind farms for long-term electricity sales. The company generally makes money by (1) developing offshore wind projects and then monetizing its stakes thro...

Hexicon AB Financial Statement Overview

Summary

Financials are highly stressed: TTM revenue is down ~87.8% and profitability is deeply negative with structurally negative margins. The balance sheet is high-risk with negative equity in TTM and recent annual periods, limiting flexibility. Cash flow remains negative (operating and free cash flow), with only modest improvement in burn rate.

Income Statement

9Very Negative

Balance Sheet

12Very Negative

Cash Flow

18Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	10.40M	19.20M	9.80M	5.70M	11.58M	23.11M
Gross Profit	-184.70M	-184.30M	-80.72M	-15.50M	12.27M	23.02M
EBITDA	-44.00M	-43.50M	-58.83M	-81.41M	-132.74M	-44.16M
Net Income	-361.50M	-327.10M	-258.20M	-187.33M	-170.34M	-50.86M
Balance Sheet
Total Assets	385.40M	441.20M	599.20M	501.64M	451.58M	432.18M
Cash, Cash Equivalents and Short-Term Investments	3.30M	20.30M	258.24M	256.89M	86.64M	289.59M
Total Debt	941.50M	996.30M	753.80M	387.70M	80.68M	1.91M
Total Liabilities	1.01B	1.07B	884.20M	500.43M	252.20M	109.33M
Stockholders Equity	-624.40M	-631.30M	-284.20M	1.87M	202.84M	322.76M
Cash Flow
Free Cash Flow	-55.10M	-55.37M	-61.30M	-187.20M	-178.06M	-94.33M
Operating Cash Flow	-54.40M	-34.70M	-45.10M	-158.93M	-95.11M	-52.89M
Investing Cash Flow	-6.30M	-10.50M	-152.00M	-110.47M	-188.71M	-47.97M
Financing Cash Flow	52.80M	42.60M	98.20M	304.09M	80.77M	283.13M

Hexicon AB Technical Analysis

Technical Analysis SentimentNegative

Last Price0.11

Price Trends

50DMA0.11Positive

100DMA0.12Negative

200DMA0.14Negative

Market Momentum

MACD-0.00Positive

RSI49.33Neutral

STOCH38.45Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:HEXI, the sentiment is Negative. The current price of 0.11 is below the 20-day moving average (MA) of 0.11, above the 50-day MA of 0.11, and below the 200-day MA of 0.14, indicating a neutral trend. The MACD of -0.00 indicates Positive momentum. The RSI at 49.33 is Neutral, neither overbought nor oversold. The STOCH value of 38.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:HEXI.

Hexicon AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (63)

Financial Indicators

SE:HEXI against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:SWEC.B	79Outperform	SEK 50.84B	21.43	18.37%	2.62%	6.16%	9.75%
SE:AFRY	67Neutral	SEK 14.69B	17.13	6.63%	4.63%	-3.51%	-7.54%
SE:SKA.B	67Neutral	SEK 116.22B	17.63	10.96%	4.96%	-5.70%	6.78%
SE:EOLU.B	64Neutral	SEK 1.17B	-3.98	-22.52%	4.78%	-28.36%	-201.77%
Sector *	63Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
SE:NCC.B	50Neutral	SEK 16.04B	228.23	1.00%	5.90%	-10.38%	-95.01%
SE:HEXI	45Neutral	SEK 41.29M	-0.11	61.06%	―	-88.46%	-49.95%

* Industrials Sector Average

Performance Comparison

SE:HEXI and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:HEXI	Hexicon AB	0.11	-0.07	-37.57%
SE:NCC.B	NCC AB	180.30	-26.28	-12.72%
SE:SKA.B	Skanska AB	282.40	36.15	14.68%
SE:SWEC.B	Sweco AB	141.00	-25.64	-15.39%
SE:AFRY	AFRY AB Class B	129.70	-27.04	-17.25%
SE:EOLU.B	Eolus Vind AB Class B	47.10	5.61	13.51%

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 23, 2026

Hexicon AB AI Stock Analysis