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Starbreeze AB
(STAR.B)
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Rating:47Neutral
Price Target:
kr0.11
▲(5.00% Upside)
Action:Reiterated
Date:09/23/26
The score is held down primarily by weak financial performance (deep recent losses, negative gross profit, and negative/volatile free cash flow despite modest leverage). Technicals provide some offset with the stock trading above major moving averages, but mixed momentum and a loss-driven negative P/E with no dividend support keep the overall profile cautious.
Positive Factors
Modest leverage
Modest leverage gives Starbreeze more financial flexibility than a highly indebted peer and reduces immediate balance-sheet pressure. This can help the company continue developing and supporting games while limiting the burden of interest and refinancing obligations during a period of weak profitability.
Negative Factors
Severe profitability deterioration
Negative gross profit means recent revenue has not covered the core cost structure, making the profitability problem more fundamental than a temporary decline in net earnings. Unless margins recover, continued losses can consume resources, weaken equity, and restrict investment in future game development.
Read all positive and negative factors
Positive Factors
Negative Factors
Modest leverage
Modest leverage gives Starbreeze more financial flexibility than a highly indebted peer and reduces immediate balance-sheet pressure. This can help the company continue developing and supporting games while limiting the burden of interest and refinancing obligations during a period of weak profitability.
Read all positive factors
Starbreeze AB (STAR.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr165.94M
Dividend YieldN/A
Average Volume (3M)1.99M
Price to Earnings (P/E)―
Beta (1Y)0.32
Revenue Growth-27.96%
EPS Growth-152.47%
CountrySE
Employees89
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)-0.28
Shares Outstanding1,482,311,400
10 Day Avg. Volume2,095,558
30 Day Avg. Volume1,985,102
Financial Highlights & Ratios
PEG Ratio-0.03
Price to Book (P/B)0.73
Price to Sales (P/S)0.73
P/FCF Ratio4.35
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)-0.08
Revenue Forecast (FY)kr116.00M
Starbreeze AB Business Overview & Revenue Model
Company Description
An independent entity in the interactive entertainment sector, Starbreeze AB (publ) specializes in the full lifecycle of computer and video games, from creation and development to publishing and distribution. Their market reach is extensive, encom...
How the Company Makes Money
Starbreeze makes money primarily by commercializing video games and associated content. Key revenue streams typically include: (1) game sales—revenue from initial sales of its titles (digital and, where applicable, physical) on platforms such as P...
Starbreeze AB Earnings Call Summary
Earnings Call Date:May 14, 2024
(Q1-2024)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Neutral
The earnings call highlights a strong financial performance with significant cash reserves and positive trends in product reviews and market reach, particularly for PAYDAY 3. However, there are challenges with the current performance of PAYDAY 3 and high direct costs impacting the bottom line. The company's focus on future investments and solid financial position provide a positive outlook.Positive Updates
Strong Financial Quarter
Net sales amounted to SEK 56.6 million, with an EBITDA of SEK 28.6 million after adjustments. Positive cash flow from operating activities was SEK 78.4 million, resulting in a healthy cash position of about SEK 387 million.
Negative Updates
PAYDAY 3 Performance Below Expectations
PAYDAY 3 is not performing at expected levels, generating SEK 23.3 million, but positive trends are observed with ongoing content updates.
Read all updates
Q1-2024 Updates
Positive
Negative
Strong Financial Quarter
Net sales amounted to SEK 56.6 million, with an EBITDA of SEK 28.6 million after adjustments. Positive cash flow from operating activities was SEK 78.4 million, resulting in a healthy cash position of about SEK 387 million.
Read all positive updates
Company Guidance
During the Q1 2024 earnings call for Starbreeze, executives Hans-Jurgen Goeldner and Mats Juhl provided an optimistic update on the company's financial and operational performance. The quarter saw net sales of SEK 56.6 million and an EBITDA of SEK 48.5 million, adjusted to SEK 28.6 million after long-term incentive program impacts. Despite a loss of SEK 21 million due to ongoing investments, the company maintained a solid cash position of SEK 387 million, with a positive cash flow of SEK 78.4 million from operations. The newly launched game Roboquest performed well, contributing SEK 17.4 million to net sales, while PAYDAY 2 and PAYDAY 3 generated SEK 10.9 million and SEK 23.3 million, respectively, with PAYDAY games accounting for 60% of total sales. Despite PAYDAY 3's initial underperformance, positive trends are emerging, bolstered by the launch of Operation Medic Bag. The company is focused on enhancing PAYDAY 3 and advancing Project Baxter, set for a 2026 release, with a development team of 150 people split between the two projects. Starbreeze is also in the final stages of appointing a new CEO, with an announcement expected soon.Starbreeze AB Financial Statement Overview
Summary
Income Statement
14
Very Negative
Balance Sheet
58
Neutral
Cash Flow
41
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 151.64M | 220.98M | 185.85M | 633.51M | 127.60M | 125.69M |
| Gross Profit | -367.91M | -301.42M | -263.00M | 324.24M | 67.08M | 69.39M |
| EBITDA | -340.10M | 47.49M | 102.38M | 457.47M | 64.32M | 6.35M |
| Net Income | -440.13M | -399.31M | -317.85M | 207.63M | -59.81M | -103.47M |
Balance Sheet | ||||||
| Total Assets | 228.07M | 337.48M | 830.13M | 1.11B | 746.40M | 674.15M |
| Cash, Cash Equivalents and Short-Term Investments | 52.06M | 102.62M | 191.91M | 347.75M | 108.22M | 128.57M |
| Total Debt | 34.52M | 41.07M | 22.14M | 16.82M | 400.16M | 440.68M |
| Total Liabilities | 100.23M | 116.45M | 124.69M | 216.84M | 689.62M | 551.33M |
| Stockholders Equity | 127.84M | 221.03M | 705.44M | 894.65M | 56.79M | 122.82M |
Cash Flow | ||||||
| Free Cash Flow | -37.67M | 37.15M | -188.14M | -87.80M | -88.33M | -38.70M |
| Operating Cash Flow | 27.04M | 45.83M | 64.87M | 114.58M | 57.83M | 73.87M |
| Investing Cash Flow | -115.02M | -167.33M | -245.46M | -202.38M | -143.94M | -109.01M |
| Financing Cash Flow | -16.30M | 32.42M | 24.52M | 327.44M | 65.55M | 6.17M |
Starbreeze AB Technical Analysis
Negative
0.10
Price Trends
0.10
Negative
0.10
Positive
0.10
Negative
Market Momentum
<0.01
Negative
48.45
Neutral
45.10
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:STAR.B, the sentiment is Negative. The current price of 0.1 is above the 20-day moving average (MA) of 0.10, below the 50-day MA of 0.10, and above the 200-day MA of 0.10, indicating a bearish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 48.45 is Neutral, neither overbought nor oversold. The STOCH value of 45.10 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:STAR.B.
Starbreeze AB Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | kr16.13B | 126.50 | 5.06% | 3.29% | 7.73% | -81.02% | |
71 Outperform | kr15.49B | 93.10 | 1.54% | 8.87% | 42.27% | ― | |
63 Neutral | kr486.66M | 21.00 | 5.13% | 3.06% | -19.67% | -68.42% | |
63 Neutral | kr3.73B | -1.83 | ― | ― | -13.65% | 72.95% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
56 Neutral | kr1.24B | -0.68 | ― | 18.89% | -11.07% | -734.06% | |
47 Neutral | kr165.94M | -0.36 | -221.09% | ― | -27.96% | -152.47% |
* Communication Services Sector Average
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Starbreeze AB Corporate Events
Starbreeze Sees Revenue Slump but Leans on PAYDAY Expansion and Cost Control
Aug 20, 2026
Starbreeze AB, a Swedish video game developer and publisher, generates most of its revenue from the PAYDAY franchise of cooperative heist games. The company is increasingly extending PAYDAY into new platforms such as Roblox and Fortnite while main...
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.