Waystream Group AB (WAYS) AI Stock Analysis

Waystream Group AB

(Nasdaq OMX AB:WAYS)

Select Model

Rating:56Neutral

Price Target:SEK 41.00▲(5.67% Upside)

Action:reiterated

Date:10/09/26

Waystream scores in the middle of the range. Its greatest strength is a near debt-free balance sheet with rising equity and improved free cash flow, which provides real downside protection for a small-cap. However, this is tempered by a dramatic collapse in gross margin, razor-thin TTM net margin of 1.2% and weak return on equity, alongside a history of volatile earnings. An extremely high P/E near 190x with no dividend leaves little valuation cushion, and the technical picture is flat, with the price sitting on all major moving averages and neutral momentum readings. The company looks financially safe but must demonstrate it can convert revenue growth into durable, higher-margin profit to justify a higher rating.

Positive Factors

Conservative balance sheetVery low leverage reduces financial risk and limits interest-related pressure on future earnings. The equity-supported balance sheet also gives Waystream greater flexibility to withstand softer operating conditions and fund product or market initiatives without relying heavily on additional debt.

Negative Factors

Thin current marginsThin current margins leave limited room for execution setbacks, cost increases, or weaker project economics before profitability is materially affected. They also constrain internally generated funds and mean that revenue growth may not translate into durable earnings growth unless operating leverage improves.

Waystream Group AB (WAYS) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 347.26M
Dividend Yield: ―
Average Volume (3M): 9,220
Price to Earnings (P/E): 198.0
Beta (1Y): -0.03
Revenue Growth: 16.73%
EPS Growth: 202.62%
Country: Sweden
Employees: 26
Sector: General
Sector Strength: 55
Industry: Communication Equipment

Waystream Group AB Business Overview & Revenue Model

Company Description

Waystream Holding AB (publ), established in Kista, Sweden in 2001, specializes in delivering network hardware and solutions, specifically routers and high-performance access switches. These products are integral to high-speed broadband infrastructure...

How the Company Makes Money

Waystream makes money primarily by selling networking hardware used in broadband/fiber access networks, especially Ethernet access switches deployed at the network edge (e.g., in access nodes and aggregation points). Revenue is generated mainly from...

Waystream Group AB Financial Statement Overview

Summary

A blend of a mid-range Income Statement score (50), a strong Balance Sheet score (80) and a solid Cash Flow score (68). The balance sheet is the standout: total debt of just SEK 2.2M against SEK 97.3M of equity (debt/equity 0.07) and equity funding ~62% of assets gives Waystream substantial resilience. Cash generation has rebounded from the 2023 trough, with TTM free cash flow of SEK 25.1M covering net income roughly 1.3x, confirming earnings are cash-backed. Offsetting this, revenue growth (SEK 100.3M in 2023 to SEK 145.0M TTM) has come with severe gross margin compression from ~71% in 2021 to ~17% recently, TTM net margin is a thin 1.2% versus 7.5% for FY2025, and return on equity has fallen to ~2.1%. Earnings and cash flows remain volatile, keeping the score moderate despite the fortress balance sheet.

Income Statement

50Neutral

Balance Sheet

80Positive

Cash Flow

68Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	145.00M	136.87M	115.15M	100.31M	140.34M	91.60M
Gross Profit	23.25M	23.82M	53.75M	62.83M	87.34M	65.43M
EBITDA	16.23M	24.16M	-5.76M	1.39M	32.88M	24.93M
Net Income	1.79M	10.30M	-11.79M	-4.81M	20.56M	14.77M
Balance Sheet
Total Assets	158.13M	147.15M	113.25M	128.59M	127.18M	78.40M
Cash, Cash Equivalents and Short-Term Investments	12.40M	21.30M	5.07M	2.80M	27.21M	26.24M
Total Debt	2.17M	1,000	11.17M	12.84M	2.01M	1.99M
Total Liabilities	60.88M	73.68M	56.26M	62.04M	51.78M	24.05M
Stockholders Equity	97.25M	73.47M	56.98M	66.56M	75.40M	54.35M
Cash Flow
Free Cash Flow	25.10M	22.10M	3.91M	-29.02M	978.00K	17.62M
Operating Cash Flow	19.59M	37.64M	15.09M	-17.99M	10.10M	27.00M
Investing Cash Flow	-24.54M	-15.54M	-11.18M	-11.02M	-9.12M	-9.39M
Financing Cash Flow	9.57M	-5.92M	-1.67M	4.78M	-52.00K	740.00K

Waystream Group AB Technical Analysis

Technical Analysis SentimentPositive

Last Price38.80

Price Trends

50DMA39.51Positive

100DMA39.35Positive

200DMA40.17Negative

Market Momentum

MACD-0.14Negative

RSI51.27Neutral

STOCH86.67Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:WAYS, the sentiment is Positive. The current price of 38.80 is below the 20-day moving average (MA) of 39.39, below the 50-day MA of 39.51, and below the 200-day MA of 40.17, indicating a neutral trend. The MACD of -0.14 indicates Negative momentum. The RSI at 51.27 is Neutral, neither overbought nor oversold. The STOCH value of 86.67 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:WAYS.

Waystream Group AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

SE:WAYS against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:LUMEN	71Outperform	SEK 590.09M	17.18	―	―	2.76%	92.66%
SE:HTRO	67Neutral	SEK 10.11B	28.61	8.51%	―	7.22%	153.68%
SE:WAYS	56Neutral	SEK 347.26M	198.00	―	―	16.73%	202.62%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
SE:ALCA	54Neutral	SEK 732.88M	-230.00	―	―	-9.23%	-111.03%
SE:NETI.B	52Neutral	SEK 894.06M	-21.82	-7.07%	―	-14.51%	-1025.00%
SE:GAPW.B	39Underperform	SEK 299.42M	-3.13	-103.82%	―	-24.22%	-77.03%

* General Sector Average

Performance Comparison

SE:WAYS and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:WAYS	Waystream Group AB	39.60	6.70	20.36%
SE:HTRO	Hexatronic Group AB	45.78	26.22	134.05%
SE:GAPW.B	Gapwaves AB Class B	8.24	-10.26	-55.46%
SE:NETI.B	Net Insight AB Class B	2.67	-0.97	-26.61%
SE:ALCA	Alcadon Group AB	29.90	8.10	37.16%
SE:LUMEN	LumenRadio AB	46.90	-6.10	-11.51%

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 09, 2026

Waystream Group AB AI Stock Analysis