olivLaw · European equity research
Nobia AB NOBI.ST
Sweden · Nasdaq Stockholm · ISIN SE0028900134 · Vertical: Listed companies from Sweden
Nobia AB is a European kitchen specialist active mainly in the Nordics and the United Kingdom, selling to consumers, property projects and craftsmen. The market declined from 2023 due to high interest rates and low construction, while the company invests in a new factory in Jönköping, its largest investment, against an estimated regional kitchen market value of 79 billion SEK.
At the close of 05 Nov 2026, Nobia AB (NOBI.ST) stock was 10.18 SEK (−1.17% on the day), with market capitalisation 6.9 bn SEK, beta 0.96, 52-week range 10.18–37.11 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 22.2
- oversold (≤ 30)
- Bollinger (20, 2)
- 11.08 – 14.94
- below the lower band · %B -0.23 · band width 29.6%
- SMA 50 / 200
- 13.62 / 17.41
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.47 / -0.23
- 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 | −25.4% | −0.6% | −24.8 pp | — |
| 3 months | −37.2% | −4.2% | −33.0 pp | — |
| 6 months | −42.9% | +4.3% | −47.3 pp | — |
| Year to date | −66.8% | +7.5% | −74.3 pp | — |
| 1 year | −62.8% | +9.9% | −72.8 pp | −8.3% |
| 3 years | −65.3% | +49.8% | −115.1 pp | +12.0% |
| 5 years | −94.4% | +42.8% | −137.2 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 | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable |
| Net income | -2.0 m | -347.0 m | -1.3 bn | -3.3 bn |
| Net income YoY | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.01 | -0.92 | -2.46 | -4.83 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | -568.0 m | -627.0 m | -512.0 m | 107.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 39.0 m SEK
- Financial debt
- 3.0 bn SEK
- Net debt
- 2.9 bn SEK
- Equity
- 947.0 m SEK
- Total assets
- 9.0 bn SEK
- Debt / equity
- 3.15x
- Current ratio
- 0.86x
- ROE
- -123.4%
- ROA
- -30.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Income statement · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cost of revenue | 9.6 bn | 7.6 bn | 3.8 bn | 3.7 bn | esef· 28 Oct 2026verified |
| Gross profit | 5.4 bn | 4.1 bn | 2.0 bn | 1.9 bn | esef· 28 Oct 2026verified |
| Operating income | 191.0 m | -243.0 m | 28.0 m | -205.0 m | esef· 28 Oct 2026verified |
| Interest expense | 428.0 m | 298.0 m | 268.0 m | 315.0 m | esef· 28 Oct 2026verified |
| Pre-tax income | 30.0 m | -515.0 m | -205.0 m | -499.0 m | esef· 28 Oct 2026verified |
| Income tax | 32.0 m | -60.0 m | 149.0 m | 137.0 m | esef· 28 Oct 2026verified |
| Net income | -2.0 m | -347.0 m | -1.3 bn | -3.3 bn | esef· 28 Oct 2026verified |
| Diluted EPS | -0.01 | -0.92 | -2.46 | -4.83 | esef· 28 Oct 2026verified |
Balance sheet · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 340.0 m | 412.0 m | 270.0 m | 39.0 m | esef· 28 Oct 2026verified |
| Current assets | 3.8 bn | 4.5 bn | 2.8 bn | 3.0 bn | esef· 28 Oct 2026verified |
| Property, plant & equipment, net | 5.0 bn | 4.8 bn | 6.0 bn | 4.5 bn | esef· 28 Oct 2026verified |
| Goodwill | 3.2 bn | 3.2 bn | 2.2 bn | 674.0 m | esef· 28 Oct 2026verified |
| Intangibles (excl. goodwill) | 418.0 m | 560.0 m | 684.0 m | 520.0 m | esef· 28 Oct 2026verified |
| Total assets | 12.8 bn | 13.6 bn | 12.3 bn | 9.0 bn | esef· 28 Oct 2026verified |
| Short-term debt | 0 | 250.0 m | 0 | 0 | esef· 28 Oct 2026verified |
| Long-term debt | 2.2 bn | 3.6 bn | 2.6 bn | 3.0 bn | esef· 28 Oct 2026verified |
| Current liabilities | 4.0 bn | 3.9 bn | 3.0 bn | 3.5 bn | esef· 28 Oct 2026verified |
| Equity | 4.7 bn † | 4.3 bn † | 4.3 bn † | 947.0 m † | esef· 28 Oct 2026verified |
| Shares outstanding at year end | — | 377.2 m | 545.9 m | 673.5 m | esef· 28 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 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 919.0 m | 890.0 m | 210.0 m | 486.0 m | esef· 28 Oct 2026verified |
| Capex | 1.5 bn | 1.5 bn | 722.0 m | 379.0 m | esef· 28 Oct 2026verified |
| Free cash flow | -568.0 m ≈ | -627.0 m ≈ | -512.0 m ≈ | 107.0 m ≈ | esef· 28 Oct 2026derived |
| Investing cash flow | -1.7 bn | -1.7 bn | 727.0 m | -407.0 m | esef· 28 Oct 2026verified |
| Financing cash flow | 658.0 m | 868.0 m | -1.0 bn | -337.0 m | esef· 28 Oct 2026verified |
| Share repurchases | 0 | 0 | 0 | 0 | esef· 28 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: 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: 6.9 bn SEK
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 | -3.3% | 13 (vs peers) | 29% |
| Net margin · Quality | unavailable | unavailable | — |
| 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 | -0.7x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 0.9x | 5 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 1.6% | 20 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 18% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet2/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial13/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial20/100 · 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
Nobia AB (NOBI.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE -123.4%.
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
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: -3.3%
- Interest coverage: -0.7x
- Current ratio: 0.9x
- FCF yield: 1.6%
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 40 companies
Multiples and returns vs the median
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 NOBI.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
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
Nobia AB is a European kitchen specialist active mainly in the Nordics and the United Kingdom, selling to consumers, property projects and craftsmen. The market declined from 2023 due to high interest rates and low construction, while the company invests in a new factory in Jönköping, its largest investment, against an estimated regional kitchen market value of 79 billion SEK 1.
SWOT
Strengths
- The company has strong brands and a position as a European specialist, with a new factory that could increase production capacity 1.
- Its segment mix, with relatively high consumer exposure and varied channels, reduces dependence on one type of customer 1.
- The company has shown the ability to adjust its costs to changes in demand 1.
Weaknesses
Opportunities
- If consumer confidence improves, renovation demand could rise and boost consumer segment sales 1.
- The new Jönköping factory could allow customised kitchens at lower cost and expansion into new markets 1.
- Demand for sustainability data could favour companies that can demonstrate certifications and transparency 1.
Risks
- Weak project demandhigh
If new construction stays low, sales to developers and builders could keep falling 1.
- Execution of the new factoryhigh
The company's largest investment must be commissioned successfully, and delays or cost overruns could affect results 1.
- Currency exposuremedium
Exchange rate differences between the currencies of sales and purchases can influence results 1.
- IT securitymedium
Cyberattacks or system failures could disrupt production and financial reporting 1.
- Raw material costsmedium
Rising prices for wood, steel, aluminium and plastics could reduce margins if they cannot be passed on to customers 1.
Investment thesis
What would need to be true (bull case)
- If consumer confidence keeps improving, the consumer segment could become the engine of growth 1.
- The new factory could lower costs and increase the ability to deliver customised kitchens at scale 1.
- Strong brands and the channel network could support a leading Nordic position even in a weak market 1.
What would break the thesis
- If new construction does not recover, the project segment could stay below expectations for a long time 1.
- The large investment in the new factory could put pressure on debt and financial flexibility 1.
- Competition and digitalisation could erode market share if the strategy does not prove effective 1.
What to watch
- Development of consumer segment sales2025
- Progress of the Jönköping factory2025
- Results of the United Kingdom transformation programme2025
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
Nobia designs, produces and sells kitchens under several brands within one group, operating in Sweden, other Nordic countries and the United Kingdom 1. Sales are made through own stores, franchises, building centres and direct channels to professional clients such as property developers. The company's 2025 outlook focuses on completing the Jönköping factory and growing in the consumer segment, which shows the strongest development 1.
The organisation was restructured to encourage collaboration and productivity, and the United Kingdom runs a multi-year transformation programme 1. Management launched group-wide cost reduction programmes in 2024 that are expected to have full effect in 2025 1.
The company finances its operations through a syndicated credit facility with two banks, part of which was drawn at year-end 2024 1. Managing this debt and the financial covenants remains a central point of shareholder reporting 1.
Segments
Market context
The kitchen market in the Nordics and United Kingdom was estimated at about 79 billion SEK in 2023, with around 21 million kitchen cabinets 1. The mid and premium segments dominate, while luxury is small, and sustainability is becoming more important for all customers 1. The decline that began in 2023 continued in 2024, but renovation demand could recover if consumer confidence improves 1.
The market is sensitive to interest rates, house prices and new construction, and these conditions set the pace of project demand 1. Sales to municipal housing depend on political decisions and maintenance programmes 1.
Trends
- Consumer recoverytailwind
The company expects the recovery in the consumer segment to continue, supported by better confidence and renovation demand 1. If this trend is confirmed, it could offset weakness in projects 1.
- Weak new constructionheadwind
The low level of new construction continues to affect sales to developers and builders, and the company expects the project segment to remain below its long-term average 1.
- Sustainability and datamixed
Demand for sustainability data is rising, especially from project customers who want to see the whole value chain, and the company is preparing CSRD reporting 1.
- Digitalisationmixed
New digital solutions and new entrants are changing demand and sales channels, and companies that do not adapt could lose customers 1.
Competitive position
The company describes competition as significant, and a wrong strategy could lead to loss of market share and lower profitability 1. The market is fragmented with many local brands, though a few specialists have combined several brands and markets 1.
The company's advantage rests on strong brands, its store network and the ability to adjust costs to demand changes 1. Competitors are not named in the analysed source, so they cannot be compared directly here 1.
- Local kitchen specialists
Local brands in each country whose market shares may be affected by Nobia's strategy, according to the report 1.
- DIY chains and furniture stores
Sales channels for consumer kitchens, named as external distributors in the report 1.
- Franchised kitchen producers
Networks operating under franchise that compete for the same consumer customers 1.
- Property project suppliers
Firms delivering kitchens for new builds that compete for project contracts 1.
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 202323 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Nobia 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.