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olivLaw · US equity research

Klarna Group plc KLAR

Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)

13.89USD+5.07% · 1 dayClose 04 Nov 2026

Klarna Group plc is a digital bank and flexible payments provider that connects consumers and merchants through a global commerce network. The company is growing its financing products quickly, and in fiscal 2025 revenue reached 3509 million USD while the net loss remained a key concern for investors.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Klarna Group plc (KLAR) stock was 13.89 USD (+5.07% on the day), with market capitalisation 5.2 bn USD, beta 2.42, 52-week range 12.27–37.65 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
5.2 bn USD
shares as of 31 Dec 2025
P/E (TTM)
unavailable
Diluted EPS TTM -0.79 · TTM to 31 Dec 2025
E/P (TTM)
-5.69%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
2.42
Volatility (1y) 71%
52-week range
12.2737.65

Price history

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Technical reading

RSI (14)
56.8
strong (55–70)
Bollinger (20, 2)
12.55 – 14.03
in the upper half of the band · %B 0.91 · band width 11.2%
SMA 50 / 200
13.51 / 16.20
mixed trend
MACD (12, 26, 9)
-0.07 / -0.19
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+6.1%−1.1%+7.2 pp—
3 months−31.8%−0.5%−31.4 pp—
6 months−2.8%+4.4%−7.2 pp—
Year to date−52.0%+12.3%−64.3 pp—
1 year−62.4%+13.5%−75.9 pp−47.5%
3 yearsunavailable+76.4%unavailable−48.3%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−67.4%
12 Nov 2025 → 27 Mar 2026
Max drawdown (5y)
−73.0%
15 Sept 2025 → 27 Mar 2026
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year202320242025
Revenue2.3 bn2.8 bn3.5 bn
Revenue YoYunavailable+23.5%+24.8%
Net income-244.0 m21.0 m-273.0 m
Net income YoYunavailableunavailable−1,400.0%
Diluted EPS-0.690.01-0.79
Diluted EPS YoYunavailableunavailable−8,000.0%
net %-10.7%0.7%-7.8%
Free cash flow807.0 m586.0 m-1.0 bn

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
3.8 bn USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
2.7 bn USD
Total assets
18.8 bn USD
Debt / equity
unavailable
Current ratio
unavailable
ROE
-11.1%
ROA
-1.7%
FCF margin
-29.5%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
2.3 bn
2024
2.8 bn
2025
3.5 bn

SEC (XBRL)· 26 Feb 2026verified

Operating income
2023
-323.0 m
2024
-121.0 m
2025
-230.0 m

SEC (XBRL)· 26 Feb 2026verified

Pre-tax income
2023
-304.0 m
2024
33.0 m
2025
-241.0 m

SEC (XBRL)· 26 Feb 2026verified

Income tax
2023
-60.0 m
2024
12.0 m
2025
32.0 m

SEC (XBRL)· 26 Feb 2026verified

Net income
2023
-244.0 m
2024
21.0 m
2025
-273.0 m

SEC (XBRL)· 26 Feb 2026verified

Diluted EPS
2023
-0.69
2024
0.01
2025
-0.79

SEC (XBRL)· 26 Feb 2026verified

Weighted average diluted shares
2023
362.1 m
2024
364.4 m
2025
370.7 m

SEC (XBRL)· 26 Feb 2026verified

Balance sheet · USD

Cash
2023
2.4 bn
2024
3.2 bn
2025
3.8 bn

SEC (XBRL)· 26 Feb 2026verified

Goodwill
2023
—
2024
613.0 m
2025
685.0 m

SEC (XBRL)· 26 Feb 2026verified

Intangibles (excl. goodwill)
2023
—
2024
376.0 m
2025
383.0 m

SEC (XBRL)· 26 Feb 2026verified

Total assets
2023
—
2024
13.8 bn
2025
18.8 bn

SEC (XBRL)· 26 Feb 2026verified

Total liabilities
2023
—
2024
11.5 bn
2025
16.1 bn

SEC (XBRL)· 26 Feb 2026verified

Equity
2023
2.2 bn
2024
2.3 bn
2025
2.7 bn

SEC (XBRL)· 26 Feb 2026verified

Shares outstanding at year end
2023
—
2024
—
2025
377.5 m

SEC (XBRL)· 26 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
808.0 m
2024
587.0 m
2025
-1.0 bn

SEC (XBRL)· 26 Feb 2026verified

Capex
2023
1.0 m
2024
1.0 m
2025
3.0 m

SEC (XBRL)· 26 Feb 2026verified

Free cash flow
2023
807.0 m ≈
2024
586.0 m ≈
2025
-1.0 bn ≈

SEC (XBRL)· 26 Feb 2026derived

Investing cash flow
2023
-83.0 m
2024
154.0 m
2025
-30.0 m

SEC (XBRL)· 26 Feb 2026verified

Financing cash flow
2023
-62.0 m
2024
312.0 m
2025
988.0 m

SEC (XBRL)· 26 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
24.8%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
-1,400.0%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
-8,000.0%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
-276.6%
computed by olivLawFY 2025

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
-6.6%
computed by olivLawFY 2025
Net margin
-7.8%
computed by olivLawFY 2025
FCF margin
-29.5%
computed by olivLawFY 2025

Returns

ROE
-11.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
-1.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
unavailable
input data missing
Quick ratio
unavailable
input data missing
Cash ratio
unavailable
input data missing

Cash

Operating cash flow
-1.0 bn USD
computed by olivLawFY 2025
Capital expenditure
3.0 m USD
computed by olivLawFY 2025
Free cash flow
-1.0 bn USD
computed by olivLawFY 2025
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
5.2 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-5.7%
computed by olivLawFY 2025
P/B
2.1x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
1.5x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-19.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 2 of at least 6
  • score weight coverage: 14.6% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

13.89 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 5.2 bn USD

Key indicators

Market capitalisation
5.2 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
unavailable
insufficient data
P/B
2.1x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
-11.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
-7.8%
computed by olivLawFY 2025
Revenue growth (YoY)
24.8%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

19/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 26 Feb 2026
verified 57

Score by group

15% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Finance Services (SIC 6199)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 14.6% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-7.8%57 (vs peers)43%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheetunavailableunavailable—
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-19.7%0 (on a fixed band)57%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partialunavailable · 0/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality· partial57/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Klarna Group plc (KLAR). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 3.5 bn USD in 2025; YoY growth 24.8%; net margin -7.8%; ROE -11.9%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 14.6% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • FCF yield: -19.7%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
—
vertical median 23.7x
EV/EBITDA
—
vertical median —
P/S
1.5x
vertical median 4.7x
below median (−68.3%)
P/B
2.1x
vertical median 1.3x
above median (+59.6%)
ROE
-11.9%
vertical median -17.4%
above median
Net margin
-7.8%
vertical median -99.7%
above median
EBIT margin
-6.6%
vertical median -116.6%
above median
Revenue YoY
24.8%
vertical median 21.9%
above median (+13.4%)
Net debt/EBITDA
—
vertical median —
Dividend yield
—
vertical median 0.6%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
AXPAmerican Express Co223.0 bn18.735.9%27.9%+6.4%−9% / +95%
ARBKArgo Blockchain PLC45.2 bn——-117.2%−7.0%−97% / −99%
COINCoinbase Global, Inc.40.1 bn—-4.7%-12.5%+9.4%−44% / +21%
SOFISoFi Technologies, Inc.22.4 bn36.37.1%104.3%+23.1%−42% / +138%
KLARKlarna Group plc5.2 bn—-11.9%-7.8%+24.8%−62% / unavailable
MARAMara Holdings, Inc.2.7 bn—-107.2%-430.2%+38.2%−42% / −43%
UPSTUpstart Holdings, Inc.2.3 bn39.98.0%4.9%+64.0%−48% / −13%
PURRHyperliquid Strategies Inc1.9 bn3.032.6%3,229.8%unavailableunavailable / unavailable
CLSKCleanSpark, Inc.1.7 bn—-68.6%-130.2%+102.2%−55% / +9%
BTDRBitdeer Technologies Group1.5 bn—-196.7%-171.3%−5.1%−51% / +45%
RHLDResolute Holdings Management, Inc.1.0 bn24.1—4.2%+9.9%−26% / unavailable
CDChaince Digital Holdings Inc.741.4 m—-12.3%-182.5%+277.9%−30% / +622%
GDOTGreen Dot Corp727.1 m—-2.8%-1.1%+20.7%+2% / +59%
TRONTron Inc.664.1 m96.83.8%135.6%+10.0%−24% / −48%
JFU9F Inc.536.7 m23.24.7%125.2%+12.2%−52% / −43%
BTBTBit Digital, Inc.300.9 m—-56.7%-237.2%+5.1%−65% / −68%
CANGCango Inc.272.7 m—-130.8%-90.4%+524.3%−92% / −76%
CNTNCanton Strategic Holdings, Inc.172.1 m—-43.1%—unavailable−17% / −83%
USBCUsbc, Inc.166.5 m—-414.1%—−100.0%−47% / −97%
SNFCASecurity National Financial Corporation166.1 m6.59.0%11.1%+3.0%+15% / +37%
TONXTon Strategy Company159.7 m—-75.5%-532.8%+1,327.8%−15% / −93%
BMHLBluemount Holdings Limited79.0 m61,098.226.2%18.8%unavailable−8% / unavailable
UPXIUpexi, Inc.62.9 m—-1,356.3%-984.3%+58.1%−73% / −95%
SGRXSangrix Inc.40.8 m—-300.3%-36,190.3%−98.6%−99% / −100%
AVXAvax One Technology Ltd.34.9 m—-189.6%-1,533.9%+8,709.3%−80% / −100%

1- and 3-year price returns: for KLAR from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 26 Feb 2026; since then the company filed 6-K (18 Aug 2026), 6-K (28 Jul 2026), 6-K (06 Jul 2026), 6-K (01 Jul 2026), 6-K (23 Jun 2026), 6-K (27 May 2026).

    In brief

    Klarna Group plc is a digital bank and flexible payments provider that connects consumers and merchants through a global commerce network. The company is growing its financing products quickly, and in fiscal 2025 revenue reached 3509 million USD while the net loss remained a key concern for investors.

    SWOT

    Strengths

    • A large global network of consumers and merchants and strong brand recognition in several markets 1.
    • Risk underwriting based on proprietary data and real-time decisions, which supports credit losses below the industry average 1.
    • A banking licence and access to consumer deposits give a funding source that can be cheaper than many alternatives 1.

    Weaknesses

    • The company posted operating and net losses in fiscal 2025, showing that scale has not yet fully translated into profit 1.
    • Processing and funding costs rose as a share of volume, and the U.S. market carries structurally higher fees 1.
    • Rapid growth in products with higher upfront provisions makes profit more sensitive to shifts in credit risk 1.

    Opportunities

    • Expanding the Klarna Card and in-app services could raise consumer retention and transaction volume 1.
    • Advertising and merchant marketing services could generate additional revenue at lower cost 1.
    • The AI assistant and personalised shopping services could deepen customer relationships and open new revenue streams 1.

    Threats

    • A weaker economic cycle could raise credit losses and reduce demand for flexible financing 1.
    • Credit and consumer-protection rules could restrict products or raise compliance costs 1.
    • Competition from card networks, banks and payment providers could pressure fees and margins 1.

    Risks

    • Credit losseshigh

      Credit losses rose alongside Fair Financing, and a deterioration in the economy could amplify this effect 1.

    • Profitabilityhigh

      The company reported operating and net losses in fiscal 2025, and profitability could stay under pressure if costs grow faster than revenue 1.

    • Funding costsmedium

      Funding costs, including fair value adjustments on sold loans, could rise if market conditions worsen 1.

    • Banking and consumer regulationmedium

      Banking status and consumer-protection rules could bring restrictions or penalties, as the company experienced with its supervisor in the past 1.

    • Concentration on the U.S. marketlow

      Growth in the United States brings higher processing fees, and dependence on that market could expose the company to local shifts 1.

    Investment thesis

    What would need to be true (bull case)

    • If transaction volume keeps growing and fees stabilise, revenue could become more predictable and support a return to profitability 1.
    • The large consumer and merchant network together with the strong brand could make Klarna a default payment option for many shoppers 1.
    • If banking services, the card and advertising grow together, the company could diversify its revenue and reduce dependence on one product 1.

    What would break the thesis

    • If credit losses rise in a weaker economy, profitability could be hit harder than seen so far 1.
    • Rising processing and funding costs could limit margins, especially in the U.S. market with higher fees 1.
    • Competition from large card networks and banks could pressure fees and slow growth 1.

    What to watch

    • Trend in credit losses and provisions on Fair FinancingQ1 2027
    • Operating margin and the path of the net loss2027
    • Pace of adoption of the Klarna Card and advertising servicesnext 10-K
    • Funding and processing costs as a share of GMVQ1 2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 26 Feb 2026; since then the company filed 6-K (18 Aug 2026), 6-K (28 Jul 2026), 6-K (06 Jul 2026), 6-K (01 Jul 2026), 6-K (23 Jun 2026), 6-K (27 May 2026).

    The business

    Klarna began in Sweden in 2005 with pay-after-delivery payments and has grown into a global digital commerce network with approximately 118 million active consumers and 966 thousand merchants in 26 countries as of December 31, 2025 1. Revenue comes mainly from merchant fees, interest and the sale of receivables, and GMV reached 128 billion USD in fiscal 2025 1. The company listed on the New York Stock Exchange after its May 2024 reorganization, which moved the parent to the United Kingdom 1.

    Segments

    Merchant payments (Pay Later and Pay in Full)

    This line generates transaction and service revenue from merchant fees, which grew in fiscal 2025 alongside GMV, and is monetised mainly by driving more sales across the network rather than by charging consumers interest 1. The company states that 97% of transactions were interest-free in fiscal 2025 1.

    Fair Financing

    The fixed-term financing product accelerated strongly in fiscal 2025 and lifted interest income, but it carries higher upfront credit provisions 1. In fiscal 2025 the company sold receivable portfolios, producing a gain of 73 million USD 1.

    Klarna Card and app

    The debit-first Klarna Card and the Klarna app aim to become consumers' default payment method and to earn card fees on the volume they process 1. The card completed its U.S. rollout in 2025 1.

    Market context

    Klarna operates in digital payments, where shoppers seek flexible payment options and large merchants are increasingly willing to integrate them at checkout 1. The United States is the most important growth market but also the most costly, since processing fees there are structurally higher 1.

    The company shows that consumer credit grew faster than fee revenue in fiscal 2025, changing the risk and funding profile of the business 1. It states its credit losses are below the industry average, though this depends on economic conditions 1.

    Trends

    • Growth of fixed-term financingmixed

      Fair Financing grew rapidly and pushed interest income higher, which could support growth if consumer demand holds 1.

    • Card and digital banking expansiontailwind

      Expanding the card and in-app banking features could deepen direct consumer relationships and reduce reliance on a single product 1.

    • Funding and processing costsheadwind

      Funding and processing costs rose as a share of GMV in fiscal 2025, which could weigh on margins if the trend continues 1.

    • Banking regulationmixed

      Holding a banking licence in the European Economic Area gives access to deposits but also brings strict prudential supervision that could limit product flexibility 1.

    Competitive position

    Klarna competes with other flexible payment providers, with banks offering short-term credit, and with card networks that increasingly integrate deferred payments 1. The company's stated edge is its proprietary closed-loop network, which lets it issue, fund and settle the entire payment 1.

    • VisaV

      Card network cited in the source as a model of an open network that Klarna compares itself with 1.

    • MastercardMA

      Card network cited in the source alongside Visa and American Express as a reference for open networks 1.

    • American ExpressAXP

      Card network cited in the source as a reference point for open networks in the comparison with Klarna 1.

    • Payment processors (PSPs) and traditional banks

      Partners and indirect competitors, including payment processors and banks offering short-term credit, named in the source 1.

    News & filings

    In the press

    Sources

    1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Klarna Group plc · 26 Feb 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.