olivLaw · European equity research
ContextVision AB CONTX.OL
Norway · Euronext Oslo Børs · Vertical: Listed companies from Norway
ContextVision AB is an independent supplier of medical image enhancement solutions, particularly for ultrasound, which accounts for 73 % of revenue. The company says its solutions are used daily by millions of patients, and a moderately growing ultrasound market could make image quality a long-term competitive advantage.
At the close of 06 Nov 2026, ContextVision AB (CONTX.OL) stock was 4.60 NOK (−3.77% on the day), with beta 0.06, 52-week range 2.84–5.70 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 49.4
- neutral
- Bollinger (20, 2)
- 4.26 – 4.93
- in the upper half of the band · %B 0.51 · band width 14.5%
- SMA 50 / 200
- 4.70 / 3.77
- mixed trend
- MACD (12, 26, 9)
- -0.06 / -0.06
- MACD below 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
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −9.8% | −0.6% | −9.2 pp | — |
| 3 months | +35.3% | −4.2% | +39.5 pp | — |
| 6 months | +15.9% | +4.3% | +11.5 pp | — |
| Year to date | +8.5% | +7.5% | +1.0 pp | — |
| 1 year | +19.5% | +9.9% | +9.6 pp | −6.7% |
| 3 years | −37.0% | +49.8% | −86.8 pp | +17.6% |
| 5 years | −80.7% | +42.8% | −123.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
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 year | 2024 | 2025 |
|---|---|---|
| Revenue | 130.7 m | 110.3 m |
| Revenue YoY | unavailable | −15.6% |
| Net income | 24.3 m | 405.0 k |
| Net income YoY | unavailable | −98.3% |
| Diluted EPS | 0.32 | 0.01 |
| Diluted EPS YoY | unavailable | −96.9% |
| net % | 18.6% | 0.4% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 69.8 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 92.2 m SEK
- Total assets
- 124.9 m SEK
- Debt / equity
- unavailable
- Current ratio
- 4.28x
- ROE
- 0.4%
- ROA
- 0.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 130.7 m | 110.3 m | esef· 21 Oct 2026verified |
| Operating income | 29.8 m | 417.0 k | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 8.6 m | 7.0 m | esef· 21 Oct 2026verified |
| EBITDA | 38.4 m ≈ | 7.5 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | 204.0 k | 395.0 k | esef· 21 Oct 2026verified |
| Pre-tax income | 31.4 m | 1.1 m | esef· 21 Oct 2026verified |
| Income tax | 6.8 m | 280.0 k | esef· 21 Oct 2026verified |
| Net income | 24.3 m | 405.0 k | esef· 21 Oct 2026verified |
| Diluted EPS | 0.32 | 0.01 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · SEK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 74.4 m | 69.8 m | esef· 21 Oct 2026verified |
| Receivables | 32.6 m | 29.8 m | esef· 21 Oct 2026verified |
| Inventories | 1.1 m | 1.1 m | esef· 21 Oct 2026verified |
| Current assets | 108.1 m | 100.7 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 5.6 m | 7.9 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 3.6 m | 2.3 m | esef· 21 Oct 2026verified |
| Total assets | 130.3 m | 124.9 m | esef· 21 Oct 2026verified |
| Current liabilities | 28.3 m | 23.5 m | esef· 21 Oct 2026verified |
| Total liabilities | 36.0 m | 32.7 m | esef· 21 Oct 2026verified |
| Equity | 94.3 m | 92.2 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 75.9 m | — | esef· 26 Oct 2026derived |
Cash flow · SEK
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
17% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 0.4% | 34 (vs peers) | 38% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.1x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 4.3x | 100 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial34/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
ContextVision AB (CONTX.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 110.3 m SEK in 2025; YoY growth -15.6%; net margin 0.4%; ROE 0.4%.
The estimated value range is 0.09–0.32 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 4.3x
What contradicts it
- Interest coverage: 1.1x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for CONTX.OL 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
Scenarios are not available. input data missing
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.
In brief
ContextVision AB is an independent supplier of medical image enhancement solutions, particularly for ultrasound, which accounts for 73 % of revenue 1. The company says its solutions are used daily by millions of patients, and a moderately growing ultrasound market could make image quality a long-term competitive advantage.
SWOT
Strengths
- The company has long-standing partnerships with most major ultrasound makers and a strong market position in its segments 1.
- It has no external debt and a solid net cash position, which allows it to invest in innovation 1.
- Its solutions are used by a very large number of patients and systems, which strengthens the credibility of the technology 1.
Weaknesses
- Most revenue comes from a single segment, ultrasound, which makes the company sensitive to cycles in that field 1.
- The Data Quality segment is still in research and does not currently generate significant revenue 1.
- The company depends on equipment-maker customers who may decide to develop their own solutions 1.
Opportunities
- Point-of-care applications and portable devices are growing quickly and could bring new customers 1.
- Asian markets require continuous support and rapid implementation, which could generate service revenue 1.
- Development of Data Quality and biomarkers could open a new revenue area if it proves commercially viable 1.
Risks
- Dependence on manufacturing customershigh
A large share of revenue comes from a few industrial partners, and their decision to develop in-house solutions could affect the company 1.
- Concentration on ultrasoundhigh
The ultrasound segment accounts for most revenue, so a fall in demand in this area would have a significant effect 1.
- Economic and political uncertaintymedium
A difficult political and economic climate could delay customer investment, particularly in some regions 1.
- Supply chain delaysmedium
Supply problems could slow partner deliveries, which could affect the sales timetable 1.
- Development risk in Data Qualitylow
The new segment is in research phase, and commercial success is not assured and could require additional time and resources 1.
Investment thesis
What would need to be true (bull case)
- If demand for portable and AI-enabled ultrasound continues, the company could benefit from its leading position in image quality 1.
- Long relationships with major manufacturers and a large patient base could support recurring revenue from licences and services 1.
- A financial structure without external debt could allow investment in Data Quality and new applications 1.
What would break the thesis
What to watch
- Development of revenue from ultrasound and the Data Quality segment2026
- Announcements of new partnerships with equipment manufacturers2026
- Progress of Data Quality development and clinical applicationsnext 10-K
- Trends in Asian markets and demand for implementation services2027
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.
The business
ContextVision develops image processing algorithms for ultrasound, X-ray and magnetic resonance imaging, selling them to medical equipment makers who integrate them into their own systems 1. The company says it works with eight of the ten largest ultrasound system manufacturers and has no external debt and a strong net cash position 1. The business model also includes implementation, support and consulting services for customers 1.
The company describes a Data Quality segment still in research phase that could generate significant revenue in the future if its biomarker and clinical application work succeeds 1. This could extend the company beyond image processing toward quantitative diagnostics 1. It remains unclear how much of this development will become commercial and on what timeline 1.
The strategy emphasises long-term partnerships with equipment manufacturers, point-of-care applications and academic collaborations, including a Wallenberg research programme at Linköping and a partnership with the University of Washington 1. The company argues that image quality is a decisive criterion for clinicians when choosing systems 1.
Segments
Ultrasound
Ultrasound is the main segment at 73 % of revenue and includes the Rivent platform for 2D, 3D and handheld devices 1. The company estimates it holds over 20 % of the addressable market and over 30 % in radiology and over 40 % in women's health 1.
Market context
The company describes the ultrasound market as a global industry worth about 7.5 billion USD, with growth expected at 3.8 % a year until 2029 1. The digital radiology market is valued at 2.8 billion USD, with estimated growth of 3.5 % a year 1. Political and economic uncertainty, price pressure and limited care budgets could weigh on customer investment 1.
Trends
- Demand for portable and AI-enabled ultrasoundtailwind
Ultrasound remains a cost-effective diagnostic method, and demand is rising for advanced features such as AI integration and handheld devices 1. If this trend continues, it could support demand for the company's solutions 1.
- Government investment in healthcare infrastructuretailwind
Public investment in healthcare, particularly in East Asia, supports the modernisation of medical imaging 1. This could open opportunities for imaging technology suppliers 1.
- Economic uncertainty and price pressureheadwind
Political and economic uncertainty, price pressure and limited care budgets have created a more difficult climate for investment 1. Some customers could reduce their exposure if perceived risk rises 1.
- Supply chain disruption and equipment replacementmixed
Supply chain problems have reduced production capacity and lengthened lead times, while mature markets are shifting from new sales to replacements 1. The effect on the company is mixed, since it depends on its manufacturing customers 1.
Competitive position
The company presents itself as the largest independent supplier of image processing for ultrasound, which means a significant competitor may be an equipment maker developing its own solutions 1. In radiology, a growing number of manufacturers are developing their own image enhancement solutions, especially in the premium segment 1.
The source does not name listed competitors, so the analysis remains limited to the fact that the main competition comes from customers' internal development 1. The company argues that many customers are open to external solutions 1.
- Ultrasound makers with in-house solutions
Some large customers develop their own image algorithms, which could reduce demand for external solutions 1.
- Premium radiology equipment makers
Some X-ray equipment makers develop their own image enhancement solutions, particularly for the premium segment 1.
- Other imaging software providers
The source mentions image solution providers in the same category without naming them precisely 1.
- Regional suppliers in Asia
Asian markets require continuous service and rapid innovation, which could favour local suppliers with short development cycles 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202426 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / ContextVision AB · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.