olivLaw · European equity research
Anoto Group AB INQ.ST
Sweden · Nasdaq Stockholm · ISIN SE0010415281 · Vertical: Listed companies from Sweden
Anoto Group AB is a global provider of digital pen solutions, active in Enterprise Solutions (B2B), Retail (B2C through Livescribe) and OEM, with net sales of 30.069 million SEK in 2024, down from the prior year. The company reports a net loss of -55.781 million SEK and raises questions about going concern, which makes assessing its funding capacity relevant.
At the close of 05 Nov 2026, Anoto Group AB (INQ.ST) stock was 0.16 SEK (−0.64% on the day), with market capitalisation 197.1 m SEK, dividend yield 0.00%, beta 0.32, 52-week range 0.04–0.21 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 53.9
- neutral
- Bollinger (20, 2)
- 0.12 – 0.16
- in the upper half of the band · %B 0.81 · band width 29.5%
- SMA 50 / 200
- 0.16 / 0.11
- mixed trend
- MACD (12, 26, 9)
- -0.00 / -0.01
- 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
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.6% | −0.6% | +0.0 pp | — |
| 3 months | +17.4% | −4.2% | +21.6 pp | — |
| 6 months | +171.9% | +4.3% | +167.6 pp | — |
| Year to date | +222.9% | +7.5% | +215.4 pp | — |
| 1 year | +210.0% | +9.9% | +200.1 pp | −8.5% |
| 3 years | −47.1% | +49.8% | −96.9 pp | +12.3% |
| 5 years | −79.8% | +42.8% | −122.7 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 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 69.4 m | 43.0 m | 30.1 m | 22.4 m |
| Revenue YoY | unavailable | −38.0% | −30.1% | −25.6% |
| Net income | -24.7 m | -84.2 m | -55.8 m | -114.4 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.20 | -0.25 | -0.15 | -0.09 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | -35.7% | -195.8% | -185.5% | -511.4% |
| Free cash flow | -29.2 m | -38.0 m | -17.7 m | -42.3 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 197.0 k SEK
- Financial debt
- 2.4 m SEK
- Net debt
- 2.2 m SEK
- Equity
- 16.3 m SEK
- Total assets
- 76.7 m SEK
- Debt / equity
- 0.14x
- Current ratio
- 0.28x
- ROE
- -236.6%
- ROA
- -103.2%
- FCF margin
- -189.1%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 69.4 m | 43.0 m | 30.1 m | 22.4 m | esef· 28 Oct 2026verified |
| Cost of revenue | 26.5 m | 16.0 m | 15.7 m | 10.2 m | esef· 28 Oct 2026verified |
| Gross profit | 42.9 m | 27.0 m | 14.4 m | 12.2 m | esef· 28 Oct 2026verified |
| Research & development | 50.9 m | 130.3 m | 31.0 m | 18.2 m | esef· 28 Oct 2026verified |
| Operating income | -47.2 m | -68.3 m | -60.0 m | -58.4 m | esef· 28 Oct 2026verified |
| Interest expense | 21.3 m | 16.4 m | 1.6 m | 56.8 m | esef· 28 Oct 2026verified |
| Pre-tax income | -31.0 m | -84.0 m | -55.8 m | -114.4 m | esef· 28 Oct 2026verified |
| Income tax | -84.0 k | 244.0 k | 0 | 0 | esef· 28 Oct 2026verified |
| Net income | -24.7 m | -84.2 m | -55.8 m | -114.4 m | esef· 28 Oct 2026verified |
| Diluted EPS | -0.20 | -0.25 | -0.15 | -0.09 | esef· 28 Oct 2026verified |
| Weighted average diluted shares | 227.4 m | 303.7 m | 571.6 m | — | esef· 08 May 2025verified |
| Dividend per share | 0.00 | 0.00 | — | — | esef· 08 May 2025derived |
Balance sheet · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 1.7 m | 2.6 m | 3.8 m | 197.0 k | esef· 28 Oct 2026verified |
| Receivables | 10.7 m | 22.6 m | 35.9 m | 4.2 m | esef· 28 Oct 2026verified |
| Inventories | 40.4 m | 28.4 m | 14.5 m | 15.2 m | esef· 28 Oct 2026verified |
| Current assets | 52.9 m | 53.6 m | 54.2 m | 19.5 m | esef· 28 Oct 2026verified |
| Property, plant & equipment, net | 5.2 m | 2.2 m | 684.0 k | 3.6 m | esef· 28 Oct 2026verified |
| Goodwill | 132.5 m | 29.4 m | 32.3 m | 27.0 m | esef· 28 Oct 2026verified |
| Intangibles (excl. goodwill) | — | — | 21.7 m | 25.8 m | esef· 28 Oct 2026verified |
| Total assets | 238.7 m | 143.6 m | 145.1 m | 76.7 m | esef· 28 Oct 2026verified |
| Accounts payable | — | 22.0 m | 24.9 m | 28.1 m | esef· 28 Oct 2026verified |
| Short-term debt | 56.0 m | 8.7 m | 4.6 m | 2.4 m | esef· 28 Oct 2026verified |
| Long-term debt | 14.6 m | 0 | — | — | esef· 08 May 2025verified |
| Current liabilities | 132.0 m | 67.2 m | 63.3 m | 70.8 m | esef· 28 Oct 2026verified |
| Equity | 91.7 m | 59.3 m | 80.4 m | 16.3 m | esef· 28 Oct 2026verified |
| Shares outstanding at year end | 123.7 m | 337.0 m | 371.9 m | 1.3 bn | esef· 28 Oct 2026derived |
Cash flow · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -27.1 m | -37.7 m | -17.7 m | -38.3 m | esef· 28 Oct 2026verified |
| Capex | 2.0 m | 258.0 k | 87.0 k | 4.0 m | esef· 28 Oct 2026verified |
| Free cash flow | -29.2 m ≈ | -38.0 m ≈ | -17.7 m ≈ | -42.3 m ≈ | esef· 28 Oct 2026derived |
| Investing cash flow | -2.3 m | 13.3 m | -7.6 m | -14.9 m | esef· 28 Oct 2026verified |
| Financing cash flow | 26.9 m | 25.2 m | 26.5 m | 49.6 m | esef· 28 Oct 2026verified |
| Dividends paid | 0 | 0 | — | — | esef· 08 May 2025verified |
≈ 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
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 197.1 m SEK
Key indicators
Coverage and freshness
Score by group
44% · 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: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -98.3% | 4 (vs peers) | 24% |
| Net margin · Quality | -511.4% | 3 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -31.4% | 0 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -1.0x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 0.3x | 0 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -21.5% | 0 (on a fixed band) | 19% |
| 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 sheet0/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality4/100 · 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
Anoto Group AB (INQ.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 22.4 m SEK in 2025; YoY growth -25.6%; net margin -511.4%; ROE -356.9%.
The estimated value range is 0.03–0.04 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.04 SEK, the price of 0.15 SEK leaves a potential of -76.0% (value / price − 1) and a margin of safety of -316.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).
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
- ROIC: -98.3%
- Net margin: -511.4%
- Revenue CAGR 3Y: -31.4%
- Interest coverage: -1.0x
- Current ratio: 0.3x
- FCF yield: -21.5%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · 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 | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for INQ.ST 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 (SEK)
| 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
Anoto Group AB is a global provider of digital pen solutions, active in Enterprise Solutions (B2B), Retail (B2C through Livescribe) and OEM, with net sales of 30.069 million SEK in 2024, down from the prior year. The company reports a net loss of -55.781 million SEK and raises questions about going concern, which makes assessing its funding capacity relevant.
SWOT
Strengths
- Patent portfolio and know-how in digital pen technology, with a revenue model based on software licences.
- International presence with entities in several countries and two complementary business segments.
- Relationships with corporate customers and retailers that could support recurring licence demand.
Weaknesses
- Net sales declined in 2024, and the company reports operating and net losses.
- Operating cash flow is negative and the company relies on external funding.
- Dependence on components imported from Asia exposes margins to cost pressure and supply risks.
Opportunities
- Projected growth in the digital pen market could bring higher volumes, if the forecast holds.
- Expanding the software portfolio could increase recurring licence revenue.
- Supplier diversification and local assembly could reduce supply chain risks.
Threats
- US tariffs on imports from Asia could reduce margins or demand.
- Inflationary pressures and geopolitical tensions may disrupt supply and costs.
- Intellectual property disputes could bring costs and loss of rights.
Risks
- Going concernhigh
The annual report mentions uncertainty linked to liquidity risk, which could affect the group's ability to continue operating without additional funding.
- Trade tariffshigh
Possible US tariffs on imports from Asia could pressure margins or reduce demand in price-sensitive segments.
- Supply risksmedium
Geopolitical conflicts and high inflation could disrupt the supply chain and raise component costs.
- Intellectual propertymedium
The company cannot guarantee that patent applications will succeed or that its rights will not be challenged, and disputes can be costly.
- Currency and credit risklow
Exposure to foreign currencies and credit risk is described in the financial notes, with potential impact on results.
Investment thesis
What would need to be true (bull case)
- If the digital pen market grows in line with the company's forecasts, the group could benefit from higher volumes in both segments.
- A patent portfolio and software licence base could generate more predictable revenue over the long term.
- Supplier diversification could reduce exposure to supply shocks and tariffs.
What would break the thesis
- Falling sales and repeated losses could force the company to raise new funding, diluting shareholders.
- If US tariffs materialise, already thin margins could be hit further.
- Negative operating cash flow could limit investment in development and marketing.
What to watch
- Development of net sales and operating loss versus 2024Q1 2026
- Clarity on liquidity and the group's funding plans2026
- Any changes to US tariffs on imported components2026
- Next annual report and notes on going concernnext annual report
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
Anoto Group AB, headquartered in Stockholm, is the parent company of a group that develops and sells digital pens, associated software and printed patterned paper. Revenue comes mainly from the sale of digital pens and software licences, as well as patterns, according to the revenue recognition policy in the annual report 1. The group operates entities in the USA, the UK, Korea, Portugal, Ireland, Canada and Sweden.
In fiscal 2024, net sales fell to 30.069 million SEK from 43.012 million SEK in 2023 1. The operating loss was -60.025 million SEK, and gross profit was 14.360 million SEK 1. Total assets at 31 December 2024 stood at 145.128 million SEK, and equity at 80.425 million SEK 1.
The annual report mentions uncertainty about going concern, linked to the liquidity risk the company must manage 1. Operating cash flow remained negative at -17.661 million SEK in 2024 1.
Segments
Retail Products
The Retail Products segment offers retailers hardware and software supplied and served through Livescribe, aimed at end consumers 1.
Enterprise Solutions
Enterprise Solutions is the B2B segment, run mainly through Anoto AB and Anoto Ltd, and targets corporate customers 1.
OEM
The company also mentions OEM activity as part of its global portfolio, without separate figures in the analysed source 1.
Market context
The annual report states that the market for digital pens, stylus pens and related products is expected to grow strongly through 2030, and the company considers itself well positioned to benefit from this growth in both divisions 1. This growth estimate is the company's own forecast, not a guarantee.
On the cost side, the company cites persistent high inflation and geopolitical tensions that could disrupt the supply chain, which could affect both purchase costs and demand in price-sensitive segments 1.
Trends
- Projected growth of the digital pen markettailwind
The company expects solid growth in the digital pen market through 2030, which could support demand for its products if the forecast holds 1.
- US tariff uncertaintyheadwind
The company is monitoring possible higher US tariffs on components imported from Asia, including China. If these materialise, they could reduce margins or push prices up, weakening demand 1.
- Geopolitical tensions and inflationheadwind
High inflation and the conflicts in Ukraine and the Middle East are cited as risks for input costs and supply continuity 1.
- Supply chain diversificationmixed
The company is working on geographic diversification of suppliers and possible local assembly options, which could mitigate supply risks over the medium term 1.
Competitive position
The analysed source does not name competitors. The report describes the market in general terms, and the company bases its positioning on its patent portfolio and software licensing model 1.
The company acknowledges that defending and maintaining its patents can be costly and that its intellectual property rights could be challenged 1.
- Digital pen and smart stylus suppliers
Generic competitors implied by the report; the source names no specific companies.
- Input hardware makers for education
Competition in the B2B and education segment, not detailed in the source.
- Handwriting digitisation software providers
Competition from alternative software solutions, unnamed in the source.
- Lower-cost Asian manufacturers
Indirect price pressure linked to the Asian supply chain mentioned in the report.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202528 Oct 2026
- Annual report 202408 May 2025
- Annual report 202308 May 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Anoto Group AB · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.