olivLaw · European equity research
Dynavox Group AB DYVOX.ST
Sweden · Nasdaq Stockholm · ISIN SE0017105620 · Vertical: Listed companies from Sweden
Dynavox Group AB provides complete communication solutions for people with communication disabilities, combining software, hardware, financing and support for prescribers. The company operates in more than 65 countries, and North America remains its main market, so financing and awareness developments in the US are central to its outlook.
At the close of 05 Nov 2026, Dynavox Group AB (DYVOX.ST) stock was 72.10 SEK (−1.70% on the day), with market capitalisation 7.6 bn SEK, P/E 46.2 on diluted EPS of 1.56 SEK over the last 12 months, beta 0.76, 52-week range 58.10–104.80 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)
- 43.8
- weak (30–45)
- Bollinger (20, 2)
- 65.06 – 89.44
- in the lower half of the band · %B 0.29 · band width 31.6%
- SMA 50 / 200
- 75.89 / 77.98
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.41 / -0.76
- 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 | −3.6% | −0.6% | −3.0 pp | — |
| 3 months | −2.6% | −4.2% | +1.5 pp | — |
| 6 months | −13.4% | +4.3% | −17.8 pp | — |
| Year to date | −29.3% | +7.5% | −36.8 pp | — |
| 1 year | −22.1% | +9.9% | −32.0 pp | −8.5% |
| 3 years | +113.6% | +49.8% | +63.8 pp | +12.3% |
| 5 years | unavailable | +42.8% | unavailable | — |
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.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 43.0, median 45.7, max 65.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.6 bn | 2.0 bn | 2.5 bn |
| Revenue YoY | unavailable | +22.2% | +25.1% |
| Net income | 104.1 m | 145.8 m | 165.7 m |
| Net income YoY | unavailable | +40.1% | +13.6% |
| Diluted EPS | 0.98 | 1.37 | 1.56 |
| Diluted EPS YoY | unavailable | +39.8% | +13.9% |
| net % | 6.5% | 7.4% | 6.7% |
| Free cash flow | 231.9 m | 220.9 m | 103.3 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 194.7 m SEK
- Financial debt
- 896.3 m SEK
- Net debt
- 701.6 m SEK
- Equity
- 602.3 m SEK
- Total assets
- 2.5 bn SEK
- Debt / equity
- 1.49x
- Current ratio
- 1.57x
- ROE
- 31.4%
- ROA
- 7.4%
- FCF margin
- 4.2%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.6 bn | 2.0 bn | 2.5 bn | esef· 26 Oct 2026verified |
| Cost of revenue | 518.9 m | 615.9 m | 778.8 m | esef· 26 Oct 2026verified |
| Gross profit | 1.1 bn | 1.4 bn | 1.7 bn | esef· 26 Oct 2026verified |
| Research & development | 163.5 m | 183.9 m | 245.0 m | esef· 26 Oct 2026verified |
| Operating income | 154.8 m | 228.5 m | 254.1 m | esef· 26 Oct 2026verified |
| Interest expense | 51.4 m | 58.4 m | 49.6 m | esef· 26 Oct 2026verified |
| Pre-tax income | 119.0 m | 176.9 m | 207.3 m | esef· 26 Oct 2026verified |
| Income tax | 15.0 m | 31.1 m | 41.6 m | esef· 26 Oct 2026verified |
| Net income | 104.1 m | 145.8 m | 165.7 m | esef· 26 Oct 2026verified |
| Diluted EPS | 0.98 | 1.37 | 1.56 | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 161.1 m | 133.5 m | 194.7 m | esef· 26 Oct 2026verified |
| Inventories | 129.9 m | 203.8 m | 343.7 m | esef· 26 Oct 2026verified |
| Current assets | 633.4 m | 813.3 m | 1.1 bn | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 50.9 m | 74.2 m | 106.1 m | esef· 26 Oct 2026verified |
| Total assets | 1.7 bn | 2.0 bn | 2.5 bn | esef· 26 Oct 2026verified |
| Short-term debt | 58.8 m | 44.0 m | 67.5 m | esef· 26 Oct 2026verified |
| Long-term debt | 616.4 m | 647.5 m | 828.8 m | esef· 26 Oct 2026verified |
| Current liabilities | 538.8 m | 629.7 m | 686.5 m | esef· 26 Oct 2026verified |
| Total liabilities | 1.4 bn | 1.5 bn | 1.9 bn | esef· 26 Oct 2026verified |
| Equity | 297.8 m | 453.7 m | 602.3 m | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 105.2 m | 104.9 m | 105.5 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 277.4 m | 282.5 m | 196.6 m | esef· 26 Oct 2026verified |
| Capex | 45.5 m | 61.6 m | 93.3 m | esef· 26 Oct 2026verified |
| Free cash flow | 231.9 m ≈ | 220.9 m ≈ | 103.3 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -296.9 m | -280.7 m | -316.4 m | esef· 26 Oct 2026verified |
| Financing cash flow | 78.4 m | -37.2 m | 198.2 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
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 7.6 bn SEK
Key indicators
Coverage and freshness
Score by group
52% · 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: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 17.5% | 70 (vs peers) | 20% |
| Net margin · Quality | 6.7% | 58 (vs peers) | 12% |
| FCF conversion · Quality | 62.3% | 46 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 5.1x | 56 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.6x | 64 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 46.2x | 19 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 1.4% | 17 (on a fixed band) | 16% |
| 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 sheet59/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality60/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation18/100 · 2/3 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
Dynavox Group AB (DYVOX.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.5 bn SEK in 2025; YoY growth 25.1%; net margin 6.7%; ROE 31.4%.
The estimated value range is 17.62–35.15 SEK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 23.47 SEK, the price of 72.10 SEK leaves a potential of -67.4% (value / price − 1) and a margin of safety of -207.2% (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: 52.1% 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
- P/E (TTM): 46.2x
- FCF yield: 1.4%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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% |
| DYVOX.STDynavox Group AB | 7.6 bn | 46.2 | 31.4% | 6.7% | +25.1% | −27% / +86% |
| 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% |
1- and 3-year price returns: for DYVOX.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 | 47.42 Total return -34% · Per year -34% | 83.45 Total return 16% · Per year 16% | 125.17 Total return 74% · Per year 74% |
| 3 years | 56.24 Total return -22% · Per year -8% | 110.36 Total return 53% · Per year 15% | 180.24 Total return 150% · Per year 36% |
| 5 years | 66.71 Total return -7% · Per year -2% | 145.95 Total return 102% · Per year 15% | 259.55 Total return 260% · Per year 29% |
- Exit P/E± 27.59
- Net margin± 19.31
- Annual revenue growth± 14.40
- Annual dilution± 1.62
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
Dynavox Group AB provides complete communication solutions for people with communication disabilities, combining software, hardware, financing and support for prescribers. The company operates in more than 65 countries, and North America remains its main market, so financing and awareness developments in the US are central to its outlook.
SWOT
Strengths
- The company holds a leading position in complete communication solutions and has an extensive network of financing and support for prescribers.
- Partnerships with large technology platforms strengthen the offer and create an advantage over suppliers without access to these integrations.
- Direct presence in eleven markets and trial and loan programmes help retain customers and grow sales.
Weaknesses
- Reliance on a small number of external suppliers for components can expose the company to production disruptions.
- Revenue concentration in North America means results depend heavily on the performance of a single market.
- The acquisition strategy brings integration risks and synergies that may not materialise quickly.
Opportunities
- Low prescriber awareness leaves considerable growth potential if education and financing expand.
- Expansion into markets with mature financing systems and acquisitions of resellers could accelerate growth in Europe.
- Solutions for users with lighter needs, such as people with autism, could widen the customer base.
Threats
- Political and regulatory changes in the US could alter reimbursement conditions and user access to products.
- Competition from large technology companies and consumer products could reduce market share.
- Logistics disruptions and rising transport costs may affect deliveries and margins.
Risks
- Dependence on reimbursement systemshigh
Most users depend on reimbursement from public and private systems, and changes to these could limit access to products.
- Concentration on the US markethigh
Political changes in the US, the largest market, could have direct or indirect effects on revenue, although they are hard to estimate.
- Supply chainmedium
Reliance on a few suppliers for components could lead to delays and extra costs in production and delivery.
- Acquisition risksmedium
Integrating acquired companies can be difficult, and expected synergies may be delayed or not fully realised.
- Intangible assetslow
Future cash flows lower than planned could lead to impairment of assets linked to product development and brand licences.
Investment thesis
What would need to be true (bull case)
- Rapid growth in North America, supported by more prescribers and wider insurer agreements, could continue if the trend holds.
- The market is characterised by large unmet need, so rising awareness and financing could open a considerable volume of new customers.
- Partnerships with global technology platforms could strengthen the company's competitive advantage if integration remains effective.
What would break the thesis
- If US political changes reduce funding or complicate reimbursement, demand could fall quickly.
- Competition from large technology companies could limit growth and pressure prices over time.
- Acquisition and integration risks could slow growth or lead to impairment if synergies do not appear.
What to watch
- Development of North American revenue and the pace of growth in local currencyQ1 2027
- Number of active prescribers and insurers with which the company has agreements2027
- Effects of US policy and reimbursement changes on salesnext 10-K
- Integration of the French and German acquisitions and the synergies reported2027
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
Dynavox Group AB is a global supplier of complete communication solutions for communication aids, integrating language systems, software, hardware, financing and support. According to the 2025 annual report, the company serves hundreds of thousands of people in more than 65 countries. The group works directly with customers in eleven markets and uses networks of reseller partners in the rest of the world.
The business model depends on the ability to obtain reimbursement from public and private financing systems, since access to funding determines whether a user can buy a device. Dynavox has a dedicated team of financing specialists who help prescribers and families navigate approval processes. The company also invests in trial and loan programs so that users can test solutions before purchase.
The company is expanding its presence through acquisitions of former resellers, such as those in France and Germany completed in 2025, and is modernising internal systems, including a new ERP launched in North America in July 2025. Research and development has been concentrated in Stockholm.
Segments
North America
North America is the group's largest market and contributed about 76 percent of group revenue in 2025. Regional revenue grew 32 percent in local currency, supported by a larger number of prescribers and agreements with insurers.
Europe and rest of world
The Eurow segment increased revenue by 29 percent in 2025, and about 70 percent of its revenue comes from markets with direct presence. Growth rests on recent acquisitions and on markets with more mature financing infrastructure.
Market context
The global market for communication aids is niche and underserved, as only 2 percent of the two million people diagnosed each year who need such aids get access. Growth depends on the level of public and private financing in each country, with the United States among the best funded although the system remains complex. Awareness among prescribers, for example about 5 to 10 percent in the US, remains the main constraint and opportunity.
The market is moving toward a model in which suppliers with full coverage, including financing and training, can gain advantages, especially where reimbursement systems are stable. If financing systems expand, demand could grow faster than it has so far.
Trends
- Rising prescriber awarenesstailwind
The number of prescribers using the company's solutions has grown, suggesting that education and training programmes are having an effect. If this trend continues, the customer base could widen.
- Wider insurer networktailwind
The number of insurers with which the company has agreements grew in 2025, which simplifies access to financing for users. This could support sales in the US.
- Political changes in the USheadwind
Changes in US political leadership could alter reimbursement rules and have broad effects on operations, even though the immediate impact has not been significant so far. The effects are difficult to quantify.
- Tariffs and logistics costsmixed
According to the report, tariffs on goods produced in China currently have only a marginal indirect effect, because the products are exempt. Indirect transport costs may nevertheless rise, which could affect margins.
Competitive position
Dynavox Group faces competition from other suppliers specialised in communication devices, as well as from consumer electronics makers. The company's advantage lies in complete solutions that combine software, hardware, financing and training.
Partnerships with large platforms such as Apple, Microsoft and Google can reduce competitive pressure, since the company integrates their technologies into its offer. However, general-purpose technology could attract users who do not need a specialised supplier.
- AppleAAPL
Consumer electronics platform that the source names as a partner of the company, but which could also compete through consumer devices.
- MicrosoftMSFT
Large technology platform named as a partner, whose general technology could compete with specialised solutions.
- GoogleGOOGL
Technology platform named as a partner, with consumer products that could compete in certain segments.
- Other communication device suppliers
Specialised companies in the industry, cited generically in the report, offering similar communication solutions to the same users.
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 / Dynavox Group 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.