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Iconovo AB
(ICO)
Select Model
Select Model
Rating:44Neutral
Price Target:
kr0.99
▼(-4.37% Downside)
Action:Reiterated
Date:10/09/26
The score is held down primarily by weak financial performance—deep losses, deteriorated margins, and significant negative operating/free cash flow—despite strong revenue growth and a low-debt balance sheet. Technical signals are also bearish with the stock below major moving averages and negative MACD, while valuation is constrained by a negative P/E and no dividend data.
Positive Factors
Revenue growth
Strong TTM revenue growth indicates that demand for Iconovo’s inhaled drug delivery work is expanding. If this growth continues, it can broaden the partnered project base and improve operating leverage, although profitability still needs to follow.
Negative Factors
Persistent operating losses
Substantial EBIT and net losses show that the current revenue base is not covering the company’s cost structure. Continued losses can limit reinvestment capacity and make the business model dependent on successful project progression and eventual margin improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth
Strong TTM revenue growth indicates that demand for Iconovo’s inhaled drug delivery work is expanding. If this growth continues, it can broaden the partnered project base and improve operating leverage, although profitability still needs to follow.
Read all positive factors
Iconovo AB (ICO) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr97.61M
Dividend YieldN/A
Average Volume (3M)64.40K
Price to Earnings (P/E)―
Beta (1Y)-0.35
Revenue Growth8.99%
EPS Growth70.28%
CountrySE
Employees12
SectorGeneral
Sector StrengthN/A
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.61
Shares Outstanding96,171,910
10 Day Avg. Volume86,579
30 Day Avg. Volume64,397
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)0.37
Price to Sales (P/S)39.24
P/FCF Ratio-0.94
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)-0.42
Revenue Forecast (FY)kr29.00M
Iconovo AB Business Overview & Revenue Model
Company Description
Based in Lund, Sweden, Iconovo AB (publ) focuses on the creation and licensing of advanced inhalation delivery systems. Their product portfolio encompasses a variety of dry powder inhalers, such as the versatile multi-dose ICOres, the capsule-driv...
How the Company Makes Money
Iconovo makes money primarily through partnering and licensing its inhaler platforms and inhalation product development capabilities to other pharmaceutical companies. Revenue is typically generated from (1) upfront payments and fees for developme...
Iconovo AB Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
66
Positive
Cash Flow
23
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.72M | 1.10M | 2.93M | 7.08M | 17.12M | 15.41M |
| Gross Profit | -28.76M | -43.75M | 19.13M | 17.58M | 17.24M | 21.31M |
| EBITDA | -30.53M | -34.05M | -29.76M | -27.45M | -38.77M | -24.90M |
| Net Income | -39.30M | -43.36M | -41.14M | -45.89M | -50.31M | -26.16M |
Balance Sheet | ||||||
| Total Assets | 162.44M | 131.08M | 145.69M | 128.08M | 121.27M | 148.54M |
| Cash, Cash Equivalents and Short-Term Investments | 37.12M | 6.56M | 29.76M | 18.48M | 13.45M | 94.94M |
| Total Debt | 4.32M | 4.97M | 7.90M | 7.72M | 10.03M | 0.00 |
| Total Liabilities | 13.15M | 13.16M | 16.47M | 14.55M | 31.97M | 11.51M |
| Stockholders Equity | 149.29M | 117.92M | 129.21M | 113.53M | 89.29M | 137.03M |
Cash Flow | ||||||
| Free Cash Flow | -39.62M | -45.96M | -46.44M | -61.43M | -80.65M | -36.91M |
| Operating Cash Flow | -32.28M | -31.87M | -24.54M | -38.60M | -43.70M | -11.01M |
| Investing Cash Flow | -13.40M | -14.09M | -21.90M | -22.91M | -36.95M | -25.99M |
| Financing Cash Flow | 44.56M | 27.83M | 52.65M | 66.55M | -936.22K | 70.25M |
Iconovo AB Technical Analysis
Negative
1.03
Price Trends
1.19
Negative
1.15
Negative
1.15
Negative
Market Momentum
-0.02
Positive
31.27
Neutral
17.09
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ICO, the sentiment is Negative. The current price of 1.03 is below the 20-day moving average (MA) of 1.21, below the 50-day MA of 1.19, and below the 200-day MA of 1.15, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 31.27 is Neutral, neither overbought nor oversold. The STOCH value of 17.09 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:ICO.
Iconovo AB Peers Comparison
UnderperformOutperform
Sector (55)
SE:ICO
Iconovo AB
1.02
-1.13
-52.57%
SE:GETI.B
Getinge
249.60
47.17
23.30%
SE:SEDANA
Sedana Medical AB
9.32
-3.38
-26.61%
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.