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Stillfront Group AB
(SF)
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Rating:50Neutral
Price Target:
kr6.00
▲(10.50% Upside)
Action:Reiterated
Date:10/27/26
The score is held back mainly by weak profitability and declining revenue trends despite strong free cash flow, plus bearish technical momentum (below key moving averages with negative MACD). Partially offsetting these are constructive earnings-call signals around improving cash generation, continued growth in key franchises, and ongoing debt reduction, while valuation is difficult to assess due to a negative P/E and no dividend data.
Positive Factors
Resilient Cash Generation
Strong and improving cash generation despite reported accounting losses gives Stillfront internal funding capacity for game updates, selective user acquisition, and debt service. This resilience can support the portfolio through earnings volatility and preserve strategic flexibility over the next several quarters.
Negative Factors
Weak Revenue and Profitability Trend
Persistent revenue contraction and negative net margins weaken the earnings base that supports reinvestment and shareholder returns. Although losses have narrowed from 2024, low recent gross margins and ongoing operating pressure indicate that cash generation has not yet translated into durable accounting profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Resilient Cash Generation
Strong and improving cash generation despite reported accounting losses gives Stillfront internal funding capacity for game updates, selective user acquisition, and debt service. This resilience can support the portfolio through earnings volatility and preserve strategic flexibility over the next several quarters.
Read all positive factors
Stillfront Group AB (SF) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr2.99B
Dividend YieldN/A
Average Volume (3M)1.62M
Price to Earnings (P/E)―
Beta (1Y)0.84
Revenue Growth-11.82%
EPS Growth73.35%
CountrySE
Employees1,133
SectorGeneral
Sector StrengthN/A
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)-3.86
Shares Outstanding517,968,500
10 Day Avg. Volume2,178,959
30 Day Avg. Volume1,618,441
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)0.82
Price to Sales (P/S)0.57
P/FCF Ratio2.25
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)1.45
Revenue Forecast (FY)kr5.27B
Stillfront Group AB Business Overview & Revenue Model
Company Description
Stillfront Group AB (publ), operating through its subsidiaries, specializes in the full lifecycle of digital games, encompassing their design, development, marketing, publishing, and distribution. The company serves a wide geographic area, includi...
How the Company Makes Money
Stillfront makes money primarily by operating free-to-play games that monetize through in-game purchases and, where applicable, in-game advertising. The largest recurring revenue stream typically comes from player spending on virtual items, progre...
Stillfront Group AB Earnings Call Summary
Earnings Call Date:Oct 23, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 04, 2027
Earnings Call Sentiment Positive
The call was broadly positive. Key franchises delivered 8% organic growth for the fifth consecutive quarter, cash flow increased, debt was reduced, direct-to-consumer bookings improved, and several major franchises posted strong growth. These positives were partly offset by a 6% reported revenue decline, a 16% decline in adjusted EBITDAC, a lower EBITDAC margin, continued declines in Other Games and Supremacy, and remaining earn-out obligations. Management nevertheless characterized profitability, liquidity, and underlying cash generation as strong.Positive Updates
Key Franchises Continue to Grow
Key franchises grew organically by 8%, marking their fifth consecutive quarter of growth. They now account for around three quarters of group revenue and were the main driver of the company's organic development.
Negative Updates
Reported Revenue Declines Year-on-Year
Absolute net revenue declined 6% year-on-year to about SEK 1.3 billion. The company stated that divestments of Narrative and OFM Studios and the end of Gameberry royalties had a negative impact of around 4.5 percentage points.
Read all updates
Q3-2026 Updates
Positive
Negative
Key Franchises Continue to Grow
Key franchises grew organically by 8%, marking their fifth consecutive quarter of growth. They now account for around three quarters of group revenue and were the main driver of the company's organic development.
Read all positive updates
Company Guidance
For Q4, Stillfront said its UA strategy remains unchanged: it will deploy UA where it sees “the required return on ad spend” and pull back if it does not; UA has historically been “between 25%-30% in a usual quarter,” versus 24% in Q3, and spending “a little bit more than that in Q4” would depend on the marketing environment and adherence to “strict UAC criteria.” The company said Q4 costs tend to go up for “certain franchises, most of them,” while prices “usually tend to go down quite a lot” in the Q5 period after Christmas; Jawaker deploys “very little paid marketing.” Stillfront will continue investing with discipline in key franchises, where player lifetime value is “around three times acquisition cost,” while deleveraging remains its “near-term capital allocation priority,” with remaining earn-outs of SEK 671 million due in June 2027 and 2027 described as “an important inflection point.”Stillfront Group AB Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
50
Neutral
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.31B | 5.71B | 6.74B | 7.01B | 7.06B | 5.46B |
| Gross Profit | 1.28B | 1.40B | 1.40B | 4.17B | 7.67B | 5.92B |
| EBITDA | -1.03B | -1.40B | -6.05B | 2.24B | 2.80B | 1.94B |
| Net Income | -1.98B | -2.40B | -7.38B | 7.00M | 559.00M | 590.00M |
Balance Sheet | ||||||
| Total Assets | 11.31B | 11.02B | 16.37B | 22.61B | 24.13B | 20.05B |
| Cash, Cash Equivalents and Short-Term Investments | 758.00M | 701.00M | 957.00M | 807.00M | 989.00M | 1.13B |
| Total Debt | 4.36B | 4.57B | 5.86B | 4.94B | 4.76B | 4.58B |
| Total Liabilities | 6.44B | 7.04B | 8.89B | 8.76B | 9.88B | 10.25B |
| Stockholders Equity | 4.88B | 3.99B | 7.48B | 13.84B | 14.24B | 9.77B |
Cash Flow | ||||||
| Free Cash Flow | 1.39B | 1.46B | 1.07B | 857.00M | 971.00M | 761.00M |
| Operating Cash Flow | 1.63B | 1.47B | 1.69B | 1.69B | 2.03B | 1.62B |
| Investing Cash Flow | -975.00M | -1.11B | -1.14B | -1.67B | -3.76B | -4.18B |
| Financing Cash Flow | -700.00M | -505.00M | -452.00M | -175.00M | 1.46B | 2.62B |
Stillfront Group AB Technical Analysis
Negative
5.43
Price Trends
6.92
Negative
6.00
Negative
5.40
Positive
Market Momentum
-0.22
Positive
29.66
Positive
2.58
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SF, the sentiment is Negative. The current price of 5.43 is below the 20-day moving average (MA) of 7.05, below the 50-day MA of 6.92, and above the 200-day MA of 5.40, indicating a neutral trend. The MACD of -0.22 indicates Positive momentum. The RSI at 29.66 is Positive, neither overbought nor oversold. The STOCH value of 2.58 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:SF.
Stillfront Group AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | kr251.70M | 283.58 | 0.31% | 17.53% | -4.32% | ― | |
67 Neutral | kr14.64B | 115.50 | 5.06% | 3.61% | 7.73% | -81.02% | |
64 Neutral | kr486.66M | 21.06 | 5.13% | 3.05% | -19.67% | -68.42% | |
61 Neutral | kr14.25B | 84.65 | 1.54% | 8.87% | 42.27% | ― | |
58 Neutral | kr1.24B | -0.67 | ― | 18.89% | -11.07% | -734.06% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | kr2.99B | -1.50 | ― | ― | -11.82% | 73.35% |
* General Sector Average
SE:SF
Stillfront Group AB
5.78
-0.56
-8.91%
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Stillfront Group AB Corporate Events
Stillfront Names Industry Veteran Marcus Jacobs as New CEO
Oct 22, 2026
Stillfront Group AB, a Stockholm-based global developer and operator of free-to-play games, focuses on cultivating long-lived franchises and communities around titles such as Jawaker, Supremacy, BIG, BitLife, Empire, Albion and Board. The company ...
Stillfront to Present Third-Quarter 2026 Results in Global Webcast
Oct 9, 2026
Stillfront Group AB has announced that it will publish its third-quarter 2026 results on Friday, 23 October 2026, at 7:00 a.m. CEST. The results will be presented later that morning in an English-language live webcast and teleconference, led by Pr...
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.