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Tobii AB
(TOBII)
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Rating:42Neutral
Price Target:
kr0.64
▼(-61.69% Downside)
Action:Reiterated
Date:10/24/26
The score is held down primarily by weak financial performance (persistent losses and sharply higher leverage) and very bearish technicals (price below all major moving averages with negative MACD). Earnings-call commentary adds near-term financing and liquidity risk despite operational progress and cost cuts, while valuation provides limited support due to the company being loss-making and no dividend yield data.
Positive Factors
High-margin software and licensing mix
The 93% gross margin in Integrations indicates a scalable software, services and licensing model with attractive unit economics. A high-margin mix can support cash generation as revenue expands, improve resilience against hardware cost pressure, and strengthen Tobii’s ability to fund product development.
Negative Factors
Severe leverage and equity erosion
Debt of 564m against only 116m of equity leaves Tobii highly leveraged and financially vulnerable. The sharp deterioration in debt-to-equity, combined with substantial equity erosion and deeply negative returns, restricts financial flexibility and increases the consequences of continued losses or weaker operating performance.
Read all positive and negative factors
Positive Factors
Negative Factors
High-margin software and licensing mix
The 93% gross margin in Integrations indicates a scalable software, services and licensing model with attractive unit economics. A high-margin mix can support cash generation as revenue expands, improve resilience against hardware cost pressure, and strengthen Tobii’s ability to fund product development.
Read all positive factors
Tobii AB (TOBII) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr149.94M
Dividend YieldN/A
Average Volume (3M)1.06M
Price to Earnings (P/E)―
Beta (1Y)1.72
Revenue Growth-29.55%
EPS Growth-4399.57%
CountrySE
Employees397
SectorTechnology
Sector Strength88
IndustryComputer Hardware
Share Statistics
EPS (TTM)-2.10
Shares Outstanding235,013,960
10 Day Avg. Volume1,696,409
30 Day Avg. Volume1,064,919
Financial Highlights & Ratios
PEG Ratio-0.52
Price to Book (P/B)1.29
Price to Sales (P/S)0.61
P/FCF Ratio5.94
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)-0.16
Revenue Forecast (FY)kr731.00M
Tobii AB Business Overview & Revenue Model
Company Description
Headquartered in Danderyd, Sweden, Tobii AB (publ), founded in 2001, is a global innovator in eye-tracking technology and solutions. The company's reach extends across Sweden, the broader European continent, North America (including the United Sta...
Tobii AB Earnings Call Summary
Earnings Call Date:Oct 22, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 04, 2027
Earnings Call Sentiment Negative
The call showed meaningful operational progress, including lower costs, improved EBITDA, stronger underlying sales after adjusting for one-off items, positive combined EBIT from Products & Solutions and Integrations, and higher Autosense license revenue. However, these improvements were outweighed by the strained SEK 29 million cash position, negative free cash flow, significant upcoming tax and Xperi obligations, the risk of insufficient financing for the next 12 months, and the SEK 180 million Autosense impairment. The company remains focused on cost reductions, financing and strategic alternatives, but the immediate financial situation is highly challenging.Positive Updates
Underlying Sales Growth After One-Off Adjustments
Q3 net sales were SEK 140 million, down 11% reported and 12% organically. Adjusted for the prior-year Dynavox prepurchase and nonrecurring royalty revenue, underlying sales increased by 16%. Currency had a positive impact of 1%.
Negative Updates
Reported Sales Decline and Sales Level Below Ambitions
Net sales declined to SEK 140 million from SEK 158 million, representing an 11% reported decline and a 12% organic decline. Management said the current sales level remains low relative to the cost and investment base and is not up to its ambitions.
Read all updates
Q3-2026 Updates
Positive
Negative
Underlying Sales Growth After One-Off Adjustments
Q3 net sales were SEK 140 million, down 11% reported and 12% organically. Adjusted for the prior-year Dynavox prepurchase and nonrecurring royalty revenue, underlying sales increased by 16%. Currency had a positive impact of 1%.
Read all positive updates
Company Guidance
Management’s target remains positive operating cash flow for the group during 2027, clarified as positive cash flow for the full year 2027 and reflecting Tobii as is today with the 3 business units we have today; the ambition is to make Products and Solutions a sustainably cash-generative business, while the core operations have potential for robust profitability over time. Future investments will have to follow demonstrated customer demand and visible revenue opportunities and acceptable returns, and Tobii will not invest ahead of the market. The additional Autosense cost program is expected to reduce the annual cost base by more than SEK 50 million, with a focus on shorter payback periods, earlier monetization and lower commercial risk; Autosense license payments are expected to increase in the coming years.Tobii AB Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
18
Very Negative
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 652.00M | 834.00M | 857.00M | 758.00M | 776.00M | 616.00M |
| Gross Profit | -11.17M | 198.00M | 687.00M | 567.00M | 590.00M | 444.00M |
| EBITDA | 170.00M | 281.00M | 56.00M | -25.00M | 57.00M | -5.00M |
| Net Income | -492.00M | -217.00M | -177.00M | -199.00M | -105.00M | -184.00M |
Balance Sheet | ||||||
| Total Assets | 945.00M | 1.29B | 1.83B | 1.15B | 1.22B | 1.22B |
| Cash, Cash Equivalents and Short-Term Investments | 29.00M | 117.00M | 116.00M | 236.00M | 402.00M | 438.00M |
| Total Debt | 564.00M | 598.00M | 432.00M | 79.00M | 69.00M | 94.00M |
| Total Liabilities | 826.00M | 901.00M | 1.15B | 585.00M | 470.00M | 382.00M |
| Stockholders Equity | 116.00M | 393.00M | 676.00M | 562.00M | 752.00M | 840.00M |
Cash Flow | ||||||
| Free Cash Flow | 58.00M | 85.00M | -345.00M | -119.00M | -37.00M | -152.00M |
| Operating Cash Flow | 179.00M | 262.00M | 7.00M | 95.00M | 137.00M | -23.00M |
| Investing Cash Flow | -121.00M | -177.00M | -356.00M | -229.00M | -169.00M | -300.00M |
| Financing Cash Flow | -50.00M | -75.00M | 226.00M | -29.00M | -8.00M | 156.00M |
Tobii AB Technical Analysis
Negative
1.66
Price Trends
1.11
Negative
1.46
Negative
1.75
Negative
Market Momentum
-0.14
Positive
22.16
Positive
8.25
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:TOBII, the sentiment is Negative. The current price of 1.66 is above the 20-day moving average (MA) of 1.00, above the 50-day MA of 1.11, and below the 200-day MA of 1.75, indicating a bearish trend. The MACD of -0.14 indicates Positive momentum. The RSI at 22.16 is Positive, neither overbought nor oversold. The STOCH value of 8.25 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:TOBII.
Tobii AB Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
44 Neutral | kr216.15M | -4.11 | -98.57% | ― | ― | 30.68% | |
44 Neutral | kr832.99M | -21.99 | -14.10% | ― | 57.78% | -44.95% | |
43 Neutral | kr299.06M | -3.13 | -103.82% | ― | -24.22% | -77.03% | |
42 Neutral | kr149.94M | -0.30 | -163.73% | ― | -29.55% | -4399.57% | |
42 Neutral | kr7.31B | -26.88 | -25.12% | ― | -6.08% | -65.93% |
* Technology Sector Average
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Tobii AB Corporate Events
Tobii Strengthens Core Eye-Tracking Business as Autosense Write-Offs Deepen Losses
Oct 22, 2026
Tobii reported third-quarter 2026 net sales of SEK 140 million, down organically but showing a 16% underlying increase after adjusting for prior one-off items, with group EBIT heavily hit by SEK 180 million in Autosense write-offs tied to legacy d...
Tobii Sets Q3 2026 Report Release and Investor Webcast
Oct 9, 2026
Tobii AB will publish its interim report for the third quarter of 2026 on October 22 at 07:30 am CEST, followed by an English-language audio webcast presentation at 09:00 am. CEO Fadi Pharaon and acting CFO Martin Johansson will present and commen...
Tobii reshapes board leadership amid ongoing strategic review
Oct 6, 2026
Tobii AB announced that long-serving board member Charlotta Falvin will step down after more than eight years, while the board has appointed Jesper Kärrbrink as an advisor to support its ongoing strategic review. The nomination committee for ...
Tobii Expands Eye‑Tracking Research With Local Webcam Solution
Sep 24, 2026
Tobii has introduced a locally installed version of its Webcam eye‑tracking solution for research, extending its software‑based gaze‑tracking tools beyond remote, distributed studies. Integrated into Tobii Pro Lab, the new offeri...
Tobii Names Acting CFO as Strategic Review Progresses
Sep 24, 2026
Tobii has appointed Martin Johansson as Acting Chief Financial Officer, effective 30 September 2026, succeeding Interim CFO Åsa Wirén, who is leaving the company due to relocation abroad. Johansson, currently Sales Controller and a veter...
Tobii Board Member Carl Mellander Steps Down Amid Expanding Governance Demands
Sep 14, 2026
Tobii AB has announced that board member Carl Mellander has stepped down from the Board of Directors with immediate effect, citing the increasing scope of board responsibilities and the demands of his other commitments. Mellander thanked Tobii for...
Tobii Tightens Costs and Reshapes Autosense as Sales Normalize After One-Off Boosts
Aug 28, 2026
Tobii AB reported a sharp year-on-year decline in second-quarter 2026 net sales to SEK 154 million as prior-year figures were boosted by a major pre-purchase deal and one-off revenues, but underlying growth turned positive and gross margin remaine...
Tobii to Present Second-Quarter 2026 Results in August Webcast
Aug 17, 2026
Tobii AB announced that it will publish its interim report for the second quarter of 2026 on August 28 at 7:30 a.m. CEST, followed by an audio webcast presentation at 9:00 a.m. CEST led by CEO Fadi Pharaon and interim CFO Åsa Wirén. The ...
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.