Polygiene AB (POLYG) AI Stock Analysis

Polygiene AB

(Nasdaq OMX AB:POLYG)

Select Model

Rating:41Neutral

Price Target:SEK 2.50▲(6.84% Upside)

Action:reiterated

Date:10/28/26

Polygiene scores low primarily because of deteriorating fundamentals: shrinking revenue, a sharp gross margin compression from the mid-60% range to around 41%, and a swing back into net losses and negative free cash flow after a promising 2024. Technicals reinforce the caution, with the share price below all major moving averages and a negative MACD confirming an entrenched downtrend. Valuation adds no support given negative earnings and the absence of a dividend. The key mitigating factor is an exceptionally conservative balance sheet — virtually no debt, equity funding roughly 94% of assets, and a cash burn that is small in absolute terms — which buys management time to engineer a turnaround and provides meaningful upside leverage if volumes and margins recover. Until evidence of that stabilisation appears, the risk profile remains elevated.

Positive Factors

Low leverageA near-zero debt burden reduces refinancing and solvency risk while preserving financial flexibility. This conservative structure gives Polygiene more capacity to manage operating volatility and fund priorities without the added pressure of substantial interest obligations.

Negative Factors

Revenue contractionA declining revenue base signals weaker current demand or commercial execution and reduces the scale available to absorb operating costs. If the contraction persists, it can limit reinvestment capacity and make recovery in operating profitability more difficult over the next several quarters.

Polygiene AB (POLYG) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 85.47M
Dividend Yield: ―
Average Volume (3M): 51.98K
Price to Earnings (P/E): -19.6
Beta (1Y): 0.23
Revenue Growth: -18.26%
EPS Growth: 35.77%
Country: Sweden
Employees: 34
Sector: Basic Materials
Sector Strength: 61
Industry: Chemicals - Specialty

Polygiene AB Business Overview & Revenue Model

Company Description

Based in Malmö, Sweden, and founded in 2005, Polygiene Group AB develops, produces, and markets advanced solutions designed to control odors and maintain freshness across a wide range of materials. These applications extend to clothing, athletic equi...

Polygiene AB Financial Statement Overview

Summary

A split picture dominated by weak operations. Revenue has contracted from SEK 181.6m (2021) to SEK 146.6m (2025), with TTM of SEK 127.5m down a further 7.3%, while gross margin has collapsed from roughly 66% to about 41% on a TTM basis (Income Statement score 31). Cash generation has reversed sharply, with TTM operating cash flow of negative SEK 4.1m and free cash flow of negative SEK 5.2m after a solid 2024 (SEK 22.7m FCF), signalling an operational rather than investment-driven shortfall (Cash Flow score 29). The offset is a fortress balance sheet (score 78): total debt of just SEK 2.0m against SEK 287.2m of equity, which funds roughly 94% of assets, leaving the company effectively debt-free with ample room to absorb a small cash burn. However, equity has eroded from SEK 592.6m in 2022 following the 2023 impairment, and returns on equity remain negative.

Income Statement

31Negative

Balance Sheet

78Positive

Cash Flow

29Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	127.52M	146.65M	156.95M	113.54M	173.56M	181.61M
Gross Profit	48.04M	48.32M	103.78M	77.16M	114.57M	115.24M
EBITDA	-1.35M	5.96M	18.80M	-304.02M	20.34M	43.99M
Net Income	-4.29M	-5.58M	16.83M	-321.95M	8.36M	32.83M
Balance Sheet
Total Assets	307.06M	304.74M	350.84M	313.78M	621.90M	550.69M
Cash, Cash Equivalents and Short-Term Investments	34.20M	38.78M	68.59M	44.15M	48.06M	52.40M
Total Debt	2.02M	4.57M	2.63M	3.89M	1.64M	2.40M
Total Liabilities	19.91M	28.56M	31.23M	22.53M	29.34M	31.54M
Stockholders Equity	287.15M	276.17M	319.61M	291.25M	592.56M	519.15M
Cash Flow
Free Cash Flow	-5.62M	-11.04M	22.75M	-4.27M	-50.64M	34.15M
Operating Cash Flow	-4.13M	-9.79M	24.34M	3.79M	-1.54M	37.60M
Investing Cash Flow	-2.19M	-4.07M	-1.59M	-9.42M	-52.11M	-407.47M
Financing Cash Flow	-5.83M	-9.67M	-1.38M	1.95M	47.50M	416.27M

Polygiene AB Technical Analysis

Technical Analysis SentimentNegative

Last Price2.34

Price Trends

50DMA3.49Negative

100DMA4.19Negative

200DMA5.55Negative

Market Momentum

MACD-0.32Positive

RSI31.98Neutral

STOCH11.29Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:POLYG, the sentiment is Negative. The current price of 2.34 is below the 20-day moving average (MA) of 3.04, below the 50-day MA of 3.49, and below the 200-day MA of 5.55, indicating a bearish trend. The MACD of -0.32 indicates Positive momentum. The RSI at 31.98 is Neutral, neither overbought nor oversold. The STOCH value of 11.29 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:POLYG.

Polygiene AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

SE:POLYG against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:HPOL.B	68Neutral	SEK 31.74B	17.55	12.33%	4.56%	-0.82%	-7.46%
SE:PCAT	65Neutral	SEK 14.87M	4.56	―	―	-17.14%	88.76%
Sector *	61Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
SE:SCA.A	60Neutral	SEK 84.54B	39.09	2.14%	2.50%	-3.07%	-38.98%
SE:ORGC	45Neutral	SEK 83.91M	-1.52	-176.65%	―	-21.95%	-28.77%
SE:NEXAM	43Neutral	SEK 258.28M	-12.35	-9.37%	―	-4.57%	-15.20%
SE:POLYG	41Neutral	SEK 85.47M	-19.61	-1.52%	―	-18.26%	35.77%

* Basic Materials Sector Average

Performance Comparison

SE:POLYG and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:POLYG	Polygiene AB	2.34	-7.06	-75.11%
SE:HPOL.B	Hexpol AB	92.15	11.61	14.42%
SE:NEXAM	Nexam Chemical Holding AB	2.52	-0.60	-19.23%
SE:SCA.A	Svenska Cellulosa Aktiebolaget Class A	120.00	-0.40	-0.33%
SE:ORGC	OrganoClick AB	0.46	-1.42	-75.64%
SE:PCAT	Photocat A/S	2.48	-2.32	-48.33%

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 28, 2026

Polygiene AB AI Stock Analysis