olivLaw · European equity research
Image Systems AB IS.ST
Sweden · Nasdaq Stockholm · ISIN SE0006421871 · Vertical: Listed companies from Sweden
Image Systems AB is a Swedish technology group supplying contactless measurement systems: RemaSawco for optimization in sawmills and Motion Analysis for high-speed motion analysis software. In fiscal 2025 net sales fell to 34.8 Mkr as Motion Analysis moved to a subscription-based model.
At the close of 05 Nov 2026, Image Systems AB (IS.ST) stock was 0.57 SEK (+9.20% on the day), with market capitalisation 52.0 m SEK, beta 0.01, 52-week range 0.48–1.32 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)
- 50.1
- neutral
- Bollinger (20, 2)
- 0.47 – 0.63
- in the upper half of the band · %B 0.62 · band width 29.9%
- SMA 50 / 200
- 0.59 / 0.80
- downtrend (price < SMA50 < SMA200)
- 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 | −3.1% | −0.6% | −2.4 pp | — |
| 3 months | −28.8% | −4.2% | −24.6 pp | — |
| 6 months | −20.8% | +4.3% | −25.2 pp | — |
| Year to date | −52.5% | +7.5% | −60.0 pp | — |
| 1 year | −58.1% | +9.9% | −68.0 pp | −8.5% |
| 3 years | −51.7% | +49.8% | −101.5 pp | +12.3% |
| 5 years | −55.8% | +42.8% | −98.6 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 | 160.7 m | 184.9 m | 168.5 m |
| Revenue YoY | unavailable | +15.1% | −8.9% |
| Net income | -6.8 m | 8.6 m | -14.6 m |
| Net income YoY | unavailable | unavailable | −269.8% |
| Diluted EPS | -0.08 | 0.10 | -0.16 |
| Diluted EPS YoY | unavailable | unavailable | −260.0% |
| net % | -4.2% | 4.7% | -8.7% |
| Free cash flow | 1.1 m | 37.7 m | 20.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 8.9 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 109.7 m SEK
- Total assets
- 189.5 m SEK
- Debt / equity
- unavailable
- Current ratio
- 0.70x
- ROE
- -12.5%
- ROA
- -7.0%
- FCF margin
- 12.3%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 160.7 m | 184.9 m | 168.5 m | esef· 26 Oct 2026verified |
| Operating income | -5.3 m | 8.8 m | -14.7 m | esef· 26 Oct 2026verified |
| Depreciation & amortisation | 20.8 m | 18.0 m | 23.8 m | esef· 26 Oct 2026verified |
| EBITDA | 15.5 m ≈ | 26.8 m ≈ | 9.1 m ≈ | esef· 26 Oct 2026derived |
| Interest expense | 2.1 m | 900.0 k | 900.0 k | esef· 26 Oct 2026verified |
| Pre-tax income | -7.4 m | 8.0 m | -15.2 m | esef· 26 Oct 2026verified |
| Income tax | -600.0 k | -600.0 k | — | esef· 08 May 2025verified |
| Net income | -6.8 m | 8.6 m | -14.6 m | esef· 26 Oct 2026verified |
| Diluted EPS | -0.08 | 0.10 | -0.16 | esef· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 6.6 m | 12.7 m | 8.9 m | esef· 26 Oct 2026verified |
| Inventories | 13.1 m | 12.1 m | — | esef· 08 May 2025verified |
| Current assets | 58.8 m | 79.8 m | 47.9 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 1.1 m | 2.3 m | 2.8 m | esef· 26 Oct 2026verified |
| Goodwill | 36.1 m | 36.1 m | 36.1 m | esef· 26 Oct 2026verified |
| Total assets | 183.0 m | 225.9 m | 189.5 m | esef· 26 Oct 2026verified |
| Long-term debt | 5.4 m | 3.1 m | — | esef· 08 May 2025verified |
| Current liabilities | 57.3 m | 85.9 m | 68.9 m | esef· 26 Oct 2026verified |
| Equity | 116.0 m † | 124.6 m † | 109.7 m † | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 85.0 m | 86.0 m | 91.3 m | esef· 26 Oct 2026derived |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.7 m | 39.2 m | 22.3 m | esef· 26 Oct 2026verified |
| Capex | 600.0 k | 1.5 m | 1.6 m | esef· 26 Oct 2026verified |
| Free cash flow | 1.1 m ≈ | 37.7 m ≈ | 20.7 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -11.4 m | -25.4 m | -18.0 m | esef· 26 Oct 2026verified |
| Financing cash flow | -6.2 m | -7.7 m | -8.1 m | esef· 26 Oct 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: 4 of at least 6
- score weight coverage: 25.0% 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: 52.0 m SEK
Key indicators
Coverage and freshness
Score by group
25% · 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: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -8.7% | 14 (vs peers) | 25% |
| 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 | -16.3x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 39.8% | 100 (on a fixed band) | 33% |
| 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· partialunavailable · 0/2 factors with a value
- Quality· partial14/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial100/100 · 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
Image Systems AB (IS.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 168.5 m SEK in 2025; YoY growth -8.9%; net margin -8.7%; ROE -12.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% 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
- FCF yield: 39.8%
What contradicts it
- Net margin: -8.7%
- Interest coverage: -16.3x
- Current ratio: 0.7x
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, 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 IS.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
Image Systems AB is a Swedish technology group supplying contactless measurement systems: RemaSawco for optimization in sawmills and Motion Analysis for high-speed motion analysis software. In fiscal 2025 net sales fell to 34.8 Mkr 1 as Motion Analysis moved to a subscription-based model.
SWOT
Strengths
- Proprietary image analysis technology and expertise in advanced mathematical algorithms 1.
- A high share of recurring revenue from subscriptions and support services, with a growing order backlog 1.
- Direct presence in several countries and a customer base in industries with high precision requirements 1.
Weaknesses
- Operating result turned negative in 2025, and the subscription transition temporarily weighs on reported revenue 1.
- The small size of the company, with few employees, limits capacity to run several projects at once 1.
- Order intake fell from the prior year, showing dependence on customers' investment cycles 1.
Opportunities
- The new software platform, which will replace TEMA and TrackEye, could extend functionality and integration with other products 1.
- Optimizing the whole production flow in sawmills could create additional value for customers in stages 1.
- Medical and scientific research, where analysis of bubbles and rapid phenomena has applications in drug delivery, is an expanding field 1.
Threats
- Customers may postpone investments during economic uncertainty, which could prolong the decline in orders 1.
- If the subscription transition does not quickly produce enough recurring revenue, financial results could remain under pressure 1.
- Delays in launching the new platform could affect confidence among existing customers 1.
Risks
- Negative result during transitionhigh
The move to subscriptions has a temporary negative effect on results, and a return to profitability depends on growth in recurring revenue 1.
- Volatile customer demandhigh
Customer investment decisions are long and sensitive to economic conditions, which makes revenue hard to forecast 1.
- Development of the new platformmedium
The project to replace existing products is in beta, and any delays could affect commercial plans 1.
- Dependence on key personnelmedium
The company has a small number of employees with specialist skills, and losing them could slow development 1.
- Subscription options with near expirylow
The incentive subscription options expire in 2026, and their exercise could dilute existing shareholders 1.
Investment thesis
What would need to be true (bull case)
- If the subscription transition consolidates, recurring revenue could become dominant and reduce volatility in results 1.
- The order backlog for subscription and support services grew in 2025, which could support stability in the near term 1.
- High-speed image analysis technology has uses across sectors from automotive to medicine, which could open new markets 1.
What would break the thesis
- If customers remain cautious, order intake could keep falling and the operating result could stay negative 1.
- The small group size and negative result limit the capacity to fund platform development and commercial expansion at the same time 1.
- No dividend has been paid so far, so value for shareholders depends entirely on future growth 1.
What to watch
- Development of order intake and the subscription order backlogQ1 2027
- Commercial launch of the new software platform2027
- EBITDA level after the subscription transition is complete2027
- Exercise of incentive subscription options and possible dilution2026
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
The group has two business areas: RemaSawco, which develops measurement and optimization solutions for sawmills, and Motion Analysis, which sells the TEMA and TrackEye software for analysing events recorded at high speed 1. The company has around 77 employees, just under 50 at RemaSawco and over 25 at Motion Analysis 1. Shares are listed on Nasdaq Stockholm, Small Cap, under the ticker IS 1.
Segments
RemaSawco
RemaSawco integrates artificial intelligence into products and development processes, focusing on detection, classification and optimization of sawmill production flows 1. Management says it prioritizes the right technology for each problem, with stable operation, rather than AI everywhere 1.
Motion Analysis
Motion Analysis develops software for motion analysis in high-speed film, used in military testing, car crash tests and university research 1. The company is moving from perpetual licences with upgrade service agreements to a subscription model, which could bring more predictable revenue over time but weighs on near-term results 1.
Market context
Motion Analysis customers stayed cautious in 2025, with longer decision processes, leading to lower order intake than in the prior year 1. Sales are made directly in Sweden, France, Japan, China and the USA, and through distributors in other markets, with a growing share of sales expected via web platforms as the subscription model takes hold 1.
Trends
- Shift to subscriptionsmixed
The subscription model could bring steadier revenue and better predictability, but during the transition it reduces reported results 1.
- Cautious customer investmentheadwind
Customers have delayed purchasing decisions, which slowed order intake in 2025 1.
- Artificial intelligence in productiontailwind
Integrating AI into products and development could accelerate improvements and optimization in sawmill production 1.
- Safety testing in the automotive industrytailwind
Demand for precise crash-test and military test analysis supports use of high-speed motion analysis software 1.
Competitive position
The analysed sources do not explicitly name competitors. Motion Analysis positions itself through advanced mathematical algorithms applied to image streams and its ability to turn pixel data into automated results 1. Competition is not detailed in the annual report, so a comparative assessment cannot be made from this source alone.
- No competitors named in the source
The annual report does not name competing companies, so no entity is attributed to the group.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Image Systems 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.