Upsales Technology AB (UPSALE) AI Stock Analysis

Upsales Technology AB

(Nasdaq OMX AB:UPSALE)

Select Model

Rating:83Outperform

Price Target:SEK 35.00▲(27.27% Upside)

Action:reiterated

Date:10/21/26

Upsales Technology AB presents an attractive investment profile driven by exceptional cash generation, a generous 7.25% dividend yield, and strong price momentum. Recent earnings highlight expanding profitability and cost control, although modest ARR growth and historically declining gross margins remain the primary risk factors to monitor.

Positive Factors

Strong Cash GenerationHigh free-cash-flow conversion indicates that reported earnings are translating into usable cash, supporting product investment, dividends, or other capital allocation. Continued FCF growth also gives Upsales greater resilience and flexibility as it funds expansion without relying heavily on outside capital.

Negative Factors

Modest Recurring GrowthARR growth of 4.7% limits visibility into durable expansion because recurring revenue is the core driver of SaaS compounding. Management also said ARR growth has been weak for roughly three years, suggesting that stronger sales execution is needed to accelerate the underlying subscription base.

Upsales Technology AB (UPSALE) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 463.06M
Dividend Yield: 7.91%
Average Volume (3M): 109.04K
Price to Earnings (P/E): 17.0
Beta (1Y): 0.63
Revenue Growth: 11.34%
EPS Growth: 40.60%
Country: Sweden
Employees: 51
Sector: General
Sector Strength: 55
Industry: Software - Application

Upsales Technology AB Business Overview & Revenue Model

Company Description

Upsales Technology AB (publ), founded in 2003 and based in Stockholm, Sweden, is a software-as-a-service (SaaS) provider. The company specializes in developing and distributing web-based business solutions with a core emphasis on enhancing sales, mar...

Upsales Technology AB Earnings Call Summary

Earnings Call Date:Oct 19, 2026(Q3-2026)|% Change Since:-5.50%|Next Earnings Date:Feb 16, 2027

Earnings Call SentimentPositive

The call was broadly positive, supported by double-digit revenue growth, sharply higher profitability, improved cash generation, a strong balance sheet, continued product development, and multiple potential growth initiatives. The main concerns were modest 4.7% ARR growth, macroeconomic and competitive pressures, the limited repeatability of certain Q3 revenue, the seasonal nature of Q3 margins, and the time required for sales, marketing, and partner investments to produce results.

Positive Updates

Double-Digit Revenue Growth

Q3 net sales were SEK 42.3 million, compared with around SEK 38 million in the same quarter last year, an increase of 10.9%. This marked the fourth consecutive quarter with growth above 10%.

Negative Updates

ARR Growth Remains Modest

ARR was SEK 154.6 million at quarter-end, up 4.7% year over year. Management said ARR growth has not been a strong point for the last three years or so and described Q3 as the slowest quarter of the year.

Company Guidance

Management said it has “no reason to change the guidance” for 2026 and that “the guidance have been correct so far,” while cautioning that “we should not expect quite the same margins in the coming quarters.” FTEs are expected to “increase a little bit, but not by a lot” in “the next couple of quarters,” with “Maybe two, three hires, four perhaps” expected “over the next quarter,” specifically around sales and marketing. The Q4 product release will target core users, the five core vertical solutions will be released gradually during Q4, and the year-end report will be released on February 17, 2027, with new long-term financial goals comprising “a mix of growth and earnings targets”; management also said it wants to grow faster than the overall CRM market.

Upsales Technology AB Financial Statement Overview

Summary

Robust financial health driven by outstanding cash flow generation and solid net profit margins. The balance sheet carries minimal debt, minimizing financial risk, though the continuous contraction in stockholders' equity and declining gross profit margins require monitoring.

Income Statement

76Positive

Balance Sheet

68Positive

Cash Flow

90Very Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	164.89M	152.03M	144.77M	152.14M	129.58M	93.14M
Gross Profit	54.96M	28.18M	88.52M	94.77M	84.06M	51.56M
EBITDA	48.19M	38.56M	31.88M	43.21M	35.68M	19.83M
Net Income	27.18M	22.45M	18.48M	27.55M	22.50M	9.72M
Balance Sheet
Total Assets	88.64M	109.96M	103.35M	115.91M	124.50M	115.79M
Cash, Cash Equivalents and Short-Term Investments	36.37M	36.97M	47.44M	52.61M	64.44M	66.36M
Total Debt	1.33M	5.56M	0	0	0	0
Total Liabilities	71.67M	91.63M	81.43M	85.64M	87.82M	77.12M
Stockholders Equity	16.97M	18.33M	21.91M	30.27M	36.67M	38.68M
Cash Flow
Free Cash Flow	39.29M	32.64M	21.30M	29.42M	22.94M	29.06M
Operating Cash Flow	45.58M	35.21M	30.73M	32.36M	33.69M	40.37M
Investing Cash Flow	-12.13M	-19.26M	-9.06M	-10.24M	-11.12M	-11.22M
Financing Cash Flow	-17.65M	-26.34M	-26.84M	-33.95M	-24.45M	1.81M

Upsales Technology AB Technical Analysis

Technical Analysis SentimentNegative

Last Price27.50

Price Trends

50DMA28.94Negative

100DMA27.98Negative

200DMA26.28Positive

Market Momentum

MACD-0.26Positive

RSI40.09Neutral

STOCH12.59Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:UPSALE, the sentiment is Negative. The current price of 27.50 is below the 20-day moving average (MA) of 28.57, below the 50-day MA of 28.94, and above the 200-day MA of 26.28, indicating a neutral trend. The MACD of -0.26 indicates Positive momentum. The RSI at 40.09 is Neutral, neither overbought nor oversold. The STOCH value of 12.59 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:UPSALE.

Upsales Technology AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

SE:UPSALE against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:UPSALE	83Outperform	SEK 463.06M	16.98	―	7.91%	11.34%	40.60%
SE:LIME	79Outperform	SEK 3.62B	29.42	32.20%	1.57%	8.57%	17.98%
SE:LITI	60Neutral	SEK 185.37M	-103.68	-1.46%	―	26.50%	-137.53%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
SE:ONEF	55Neutral	SEK 487.40M	-24.57	―	―	21.86%	74.32%
SE:BUSER	43Neutral	SEK 158.53M	-1.66	―	―	-19.34%	-1.24%

* General Sector Average

Performance Comparison

SE:UPSALE and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:UPSALE	Upsales Technology AB	27.50	-4.59	-14.29%
SE:DONE	24Sevenoffice Scandinavia Ab	5.85	-0.87	-12.95%
SE:LITI	Litium AB	9.58	-2.42	-20.17%
SE:LIME	Lime Technologies AB	271.00	-90.35	-25.00%
SE:ONEF	Oneflow AB	17.20	-9.40	-35.34%
SE:BUSER	Bambuser AB	19.70	1.67	9.26%

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 21, 2026

Upsales Technology AB AI Stock Analysis