olivLaw · European equity research
FOM Technologies A/S FOM.CO
Denmark · Nasdaq Copenhagen · Vertical: Listed companies from Denmark
FOM Technologies A/S is a Danish company that designs and assembles high-precision equipment for materials science research, selling into North America, the EU and Asia. Revenue fell in 2025 as orders in photovoltaic and energy storage stagnated, prompting a 25% staff reduction and a suspended guidance that now points to a recovery dependent on demand returning. Total income for 2025 was 41.6 mDKK, and 2026 guidance is 40 to 50 mDKK.
At the close of 05 Nov 2026, FOM Technologies A/S (FOM.CO) stock was 1.51 DKK (−2.27% on the day), with market capitalisation 20.8 m DKK, beta 0.40, 52-week range 1.51–5.44 DKK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 40.2
- weak (30–45)
- Bollinger (20, 2)
- 1.46 – 1.94
- in the lower half of the band · %B 0.10 · band width 28.6%
- SMA 50 / 200
- 1.87 / 2.68
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.10 / -0.09
- 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 | −22.4% | +0.4% | −22.8 pp | — |
| 3 months | −34.6% | −3.3% | −31.3 pp | — |
| 6 months | −46.4% | +4.0% | −50.4 pp | — |
| Year to date | −62.3% | +8.1% | −70.4 pp | — |
| 1 year | −70.5% | +10.7% | −81.2 pp | −5.3% |
| 3 years | −95.0% | +50.1% | −145.1 pp | +3.3% |
| 5 years | −96.8% | +43.6% | −140.4 pp | — |
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 year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 78.2 m | 44.2 m | 39.1 m |
| Revenue YoY | unavailable | −43.5% | −11.5% |
| Net income | 370.2 k | -14.0 m | -30.7 m |
| Net income YoY | unavailable | −3,889.9% | unavailable |
| Diluted EPS | 0.04 | -1.48 | -2.18 |
| Diluted EPS YoY | unavailable | −3,800.0% | unavailable |
| net % | 0.5% | -31.7% | -78.3% |
| Free cash flow | -11.5 m | -8.7 m | -25.2 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 28.8 m DKK
- Financial debt
- 321.0 k DKK
- Net debt
- -28.5 m DKK
- Equity
- 52.8 m DKK
- Total assets
- 76.7 m DKK
- Debt / equity
- 0.01x
- Current ratio
- 3.49x
- ROE
- -52.9%
- ROA
- -36.8%
- FCF margin
- -64.3%
Financial statements (source on every figure)
Revenue and net income (DKK)
Margins
Income statement · DKK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 78.2 m | 44.2 m | 39.1 m | esef· 30 Jun 2026verified |
| Gross profit | 25.5 m | 9.1 m | 2.6 m | esef· 30 Jun 2026verified |
| Operating income | 1.3 m | -17.6 m | -28.9 m | esef· 30 Jun 2026verified |
| Interest expense | 970.8 k | 1.1 m | 2.0 m | esef· 30 Jun 2026verified |
| Pre-tax income | 879.5 k | -16.9 m | -30.7 m | esef· 30 Jun 2026verified |
| Net income | 370.2 k | -14.0 m | -30.7 m | esef· 30 Jun 2026verified |
| Diluted EPS | 0.04 | -1.48 | -2.18 | esef· 30 Jun 2026verified |
Balance sheet · DKK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 48.0 m | 38.1 m | 28.8 m | esef· 30 Jun 2026verified |
| Inventories | 16.1 m | 19.2 m | 18.0 m | esef· 30 Jun 2026verified |
| Current assets | 87.5 m | 74.8 m | 59.9 m | esef· 30 Jun 2026verified |
| Property, plant & equipment, net | — | 1.5 m | 4.2 m | esef· 30 Jun 2026verified |
| Goodwill | 0 | 321.0 k | 321.0 k | esef· 30 Jun 2026verified |
| Total assets | 99.9 m | 90.0 m | 76.7 m | esef· 30 Jun 2026verified |
| Short-term debt | — | 379.0 k | 321.0 k | esef· 30 Jun 2026verified |
| Current liabilities | 18.2 m | 19.9 m | 17.2 m | esef· 30 Jun 2026verified |
| Total liabilities | 26.8 m | 27.0 m | 23.9 m | esef· 30 Jun 2026verified |
| Equity | 73.1 m | 63.0 m | 52.8 m | esef· 30 Jun 2026verified |
| Shares outstanding at year end | 9.3 m | 9.5 m | 13.8 m | esef· 30 Jun 2026derived |
Cash flow · DKK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -9.7 m | -8.2 m | -21.9 m | esef· 30 Jun 2026verified |
| Capex | 1.8 m | 447.0 k | 3.3 m | esef· 30 Jun 2026verified |
| Free cash flow | -11.5 m ≈ | -8.7 m ≈ | -25.2 m ≈ | esef· 30 Jun 2026derived |
| Investing cash flow | -2.1 m | -3.6 m | -5.7 m | esef· 30 Jun 2026verified |
| Financing cash flow | 39.9 m | 1.9 m | 18.3 m | esef· 30 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 20.8 m DKK
Key indicators
Coverage and freshness
Score by group
35% · 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: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -97.7% | 0 (vs peers) | 29% |
| Net margin · Quality | -78.3% | 5 (vs peers) | 18% |
| 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 | -14.6x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 3.5x | 100 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -121.1% | 0 (on a fixed band) | 24% |
| 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
- Quality2/100 · 2/3 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
FOM TECHNOLOGIES A/S (FOM.CO). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 39.1 m DKK in 2025; YoY growth -11.5%; net margin -78.3%; ROE -52.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% 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
- Current ratio: 3.5x
What contradicts it
- ROIC: -97.7%
- Net margin: -78.3%
- Interest coverage: -14.6x
- FCF yield: -121.1%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Denmark · 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 | |
|---|---|---|---|---|---|---|
| DEMANT.CODemant A | 79.7 bn | 51.6 | 15.0% | 6.7% | +2.5% | +72% / +30% |
| PNDORA.COPandora A | 68.8 bn | 13.2 | 133.4% | 16.1% | unavailable | +16% / −3% |
| NEWCAP.CONewcap Holding A | 65.3 bn | 13,125.0 | 29.1% | 41.6% | −99.9% | +121% / +62% |
| ISS.COIss A | 50.8 bn | 19.8 | 27.7% | 3.1% | +1.1% | +43% / +158% |
| BAVA.COBavarian Nordic A | 19.2 bn | 13.9 | 10.9% | 22.0% | unavailable | +33% / +47% |
| GN.COGn Store Nord A | 18.1 bn | 27.7 | 6.3% | 6.8% | unavailable | +20% / −23% |
| NETC.CONetcompany Group A | 16.8 bn | 66.2 | 7.2% | 3.3% | unavailable | +11% / +64% |
| BIOMAR.COBiomar Group A | 12.1 bn | 16.9 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.1 bn | 11.1 | 7.7% | 57.1% | unavailable | +2% / −7% |
| DFDS.CODfds A | 8.7 bn | — | -0.2% | -0.1% | +1.9% | +73% / −25% |
| GUBRA.COGubra A | 4.8 bn | 2.9 | 149.6% | 64.1% | +892.2% | −40% / +157% |
| MATAS.COMatas A | 3.1 bn | 12.9 | 6.6% | 2.8% | +4.7% | −31% / −21% |
| CBRAIN.COCbrain A | 2.4 bn | 54.7 | 13.8% | 17.2% | −6.2% | −21% / −52% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −24% / +12% |
| COLUM.COColumbus A | 1.2 bn | 84.0 | 2.0% | 0.9% | unavailable | −5% / +30% |
| NNIT.CONnit A | 1.0 bn | — | -3.0% | -1.3% | −3.4% | −16% / −54% |
| NORTHM.CONorth Media A | 873.1 m | 13.2 | 5.5% | 5.1% | −0.4% | +11% / −16% |
| FFARMS.COFirstfarms A | 789.8 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 507.2 m | — | -1.3% | -0.9% | +28.7% | −41% / −46% |
| BIOPOR.COBioporto A | 456.2 m | — | -117.6% | -203.8% | +11.2% | −8% / −53% |
| GABR.COGabriel Holding A | 429.4 m | 57.5 | 2.8% | 1.4% | +6.7% | −10% / −29% |
| GREENM.COGreenMobility A | 392.5 m | 11.9 | 74.3% | 21.5% | +20.0% | −19% / +91% |
| EGNETY.COEgnsinvest Ejendomme Tyskland A | 320.0 m | 13.0 | 4.0% | 40.9% | −2.6% | −21% / +11% |
| PFINV.COPapirfabrikken Invest A | 300.9 m | 13.5 | 5.4% | 29.7% | +0.9% | −3% / +36% |
| CEMAT.COCemat A | 213.9 m | 3.5 | 28.7% | 37.5% | +318.0% | −9% / +3% |
1- and 3-year price returns: for FOM.CO 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.
Estimated price (DKK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 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 |
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
FOM Technologies A/S is a Danish company that designs and assembles high-precision equipment for materials science research, selling into North America, the EU and Asia. Revenue fell in 2025 as orders in photovoltaic and energy storage stagnated, prompting a 25% staff reduction and a suspended guidance that now points to a recovery dependent on demand returning. Total income for 2025 was 41.6 mDKK, and 2026 guidance is 40 to 50 mDKK.
SWOT
Strengths
- Proprietary high-precision products, in-house assembly and testing, plus a Scandinavian supplier network with short lead times 1.
- A Science & Learning division with laboratories in Copenhagen and Seattle supports customers before and after purchase 1.
- A stronger balance sheet after the share issue in the fourth quarter of 2025 gives a longer funding runway 1.
Weaknesses
- Negative total income and EBITDA in 2025, and management considers the financial performance unsatisfactory 1.
- High dependence on the photovoltaic and energy storage sectors, where orders have stagnated 1.
- Guidance for 2025 was suspended and later adjusted in August, which points to limited visibility 1.
Opportunities
Risks
- Falling revenuehigh
Total income and EBITDA were negative in 2025, and the 2026 guidance remains modest 1.
- Dependence on US tariff outcomeshigh
Legal uncertainty over tariffs could weigh on orders in North America, an important market for the company 1.
- Concentration in energy sectorsmedium
Stagnating orders in photovoltaic and energy storage could prolong the period of low revenue 1.
- Dilution from share issuesmedium
The number of shares rose in 2025, and further issues could reduce the stake of existing shareholders 1.
- Execution of cost reductionlow
Cutting the organisation by a quarter and moving production from Helsingborg to Malmo can create operational risks 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
What to watch
- Delivery of the 2026 total income and EBITDA guidance2026
- Development of orders in photovoltaic and energy storageQ1 2027
- Impact of the US Supreme Court tariff ruling and any refunds2026
- Growth of the service division and recurring revenuenext 10-K
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
FOM Technologies designs its own research and automation products but does not manufacture directly: final assembly and testing are done in-house, while technical components are produced by a network of sub-suppliers in Scandinavia and Northern Europe 1. The company has subsidiaries in the United States, Sweden and Denmark, and the US is the largest source of revenue among its regions 1. Its Science & Learning division runs laboratories in Copenhagen and Seattle offering training and commissioned research.
Revenue is split between product and service sales and grant-funded projects, the latter contributing a smaller share 1. The company has also built a Service Lifecycle Management division aimed at recurring service revenue, which is still at an early stage 1. A new Technical & Innovation division now consolidates R&D.
The company has been listed on Nasdaq First North Growth Market since June 2020 and issued new shares in the fourth quarter of 2025 to strengthen its balance sheet 1. The founder relocated to Seattle in 2024 to develop the North American sales organization, a presence the company says it is maintaining despite harder market conditions 1.
Segments
Product and service sales
Operating revenue was 39.141 mDKK in 2025, down from 44.207 mDKK in 2024, reflecting weaker order intake 1.
Grant-funded projects
Grant revenue fell to 2.470 mDKK in 2025 from 7.393 mDKK in 2024, showing that external research funding contributed less to revenue 1.
Research and innovation
The company runs externally funded research projects within European consortia that include universities in Europe and the US, focused on battery and fuel-cell technology 1.
Market context
Main markets are North America, the EU and Asia, and in 2025 demand was hit by stagnating orders in photovoltaic and energy storage, as well as US trade tariffs that created uncertainty for North American customers 1. After 20 February 2026, a US Supreme Court ruling on tariffs could bring temporary relief or refunds, although the administration announced alternative legal routes 1.
The scientific research equipment market is sensitive to institutional and corporate budgets, which were delayed during geopolitical instability 1. If demand in photovoltaic and storage recovers, activity could improve, but the company gives no timetable for this 1.
Trends
- US trade tariffsmixed
Tariffs introduced in the US created uncertainty for North American customers and lengthened sales cycles; the February 2026 Supreme Court ruling could ease pressure if tariffs are not reimposed through other routes 1.
- Stagnation in photovoltaic and energy storageheadwind
Orders in the photovoltaic and energy storage sectors stagnated in 2025, and growth stayed well below the levels seen in 2022 and 2023 1.
- New applications in defence and materials sciencetailwind
The company has won contracts from the defence industry and prestigious research institutions, and more industries want to use its technology for materials science 1.
- Artificial intelligencemixed
The company has started developing AI-based solutions for products and marketing, which could support long-term competitiveness if it translates into customer value 1.
Competitive position
The sources analysed do not name competitors explicitly. The company operates in a niche of high-precision research equipment, where buyers compare precision, delivery times and training services 1. Its local supplier network and laboratory support are the main elements through which it tries to differentiate 1.
The stated advantage is the combination of proprietary products, rigorous testing, short supply chains and the Science & Learning division, which supports customer retention 1. If demand in energy sectors stays weak, competitive pressure on pricing and delivery times could increase 1.
- Competitors not named in the source
The source does not name competitors; no ticker is assigned.
- Research equipment suppliers in the US and Europe
General category, not identified in the source; the company does not name them explicitly.
- Battery test equipment manufacturers
Relevant to energy storage applications, but the source names no specific firms.
- Training and laboratory service providers
Indirect competition in services and training, with no names given in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202530 Jun 2026
- Annual report 202427 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / FOM Technologies A/S · 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.