olivLaw · European equity research
Qliro AB QLIRO.ST
Sweden · Nasdaq Stockholm · ISIN SE0013719077 · Vertical: Listed companies from Sweden
Qliro is a Swedish credit market company offering e-merchants in the Nordics a flexible and secure payment solution, including invoices and instalment payments (BNPL). In 2025 the company reported transaction volume growth of +39% and over 350 newly connected merchants, while aiming to become the market leader in the Nordics within 3–5 years.
At the close of 03 Nov 2026, Qliro AB (QLIRO.ST) stock was 12.00 SEK (−2.44% on the day), with market capitalisation 295.1 m SEK, beta 0.52, 52-week range 12.00–21.69 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)
- 18.7
- oversold (≤ 30)
- Bollinger (20, 2)
- 11.41 – 16.61
- in the lower half of the band · %B 0.11 · band width 37.1%
- SMA 50 / 200
- 15.76 / 17.92
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.06 / -0.93
- 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 | −24.3% | −1.0% | −23.3 pp | — |
| 3 months | −31.0% | −3.9% | −27.1 pp | — |
| 6 months | −30.2% | +7.2% | −37.4 pp | — |
| Year to date | −31.4% | +6.6% | −38.0 pp | — |
| 1 year | −35.8% | +9.1% | −44.9 pp | −7.1% |
| 3 years | −41.2% | +47.9% | −89.1 pp | +8.5% |
| 5 years | −53.8% | +43.3% | −97.2 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 | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 4.1 m | -23.7 m | -92.7 m |
| Net income YoY | unavailable | −678.0% | unavailable |
| Diluted EPS | 0.22 | -1.13 | -3.77 |
| Diluted EPS YoY | unavailable | −613.6% | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | -697.8 m | 436.3 m | -389.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 57.7 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 576.9 m SEK
- Total assets
- 3.4 bn SEK
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- -16.3%
- ROA
- -2.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | -24.4 m | -33.3 m | -102.9 m | esef· 26 Oct 2026verified |
| Depreciation & amortisation | 67.8 m | 68.1 m | 83.2 m | esef· 26 Oct 2026verified |
| EBITDA | 43.4 m ≈ | 34.8 m ≈ | -19.7 m ≈ | esef· 26 Oct 2026derived |
| Income tax | -3.3 m | -5.8 m | -18.8 m | esef· 26 Oct 2026verified |
| Net income | 4.1 m | -23.7 m | -92.7 m | esef· 26 Oct 2026verified |
| Diluted EPS | 0.22 | -1.13 | -3.77 | 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 | 101.0 m | 403.0 m | 57.7 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 16.8 m | 14.7 m | 7.8 m | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 198.7 m | 259.5 m | 307.2 m | esef· 26 Oct 2026verified |
| Total assets | 3.7 bn | 3.5 bn | 3.4 bn | esef· 26 Oct 2026verified |
| Total liabilities | 3.2 bn | 2.9 bn | 2.8 bn | esef· 26 Oct 2026verified |
| Equity | 480.2 m | 559.2 m | 576.9 m | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 18.6 m | 21.0 m | 24.6 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -696.0 m | 437.9 m | -387.7 m | esef· 26 Oct 2026verified |
| Capex | 1.8 m | 1.6 m | 1.9 m | esef· 26 Oct 2026verified |
| Free cash flow | -697.8 m ≈ | 436.3 m ≈ | -389.6 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -96.7 m | -131.7 m | -124.0 m | esef· 26 Oct 2026verified |
| Financing cash flow | -3.1 m | -4.9 m | 159.3 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: 1 of at least 6
- score weight coverage: 8.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 295.1 m SEK
Key indicators
Coverage and freshness
Score by group
8% · 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: 1 of at least 6; score weight coverage: 8.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| 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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -132.0% | 0 (on a fixed band) | 100% |
| 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 sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 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
QLIRO AB (QLIRO.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE -16.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 8.3% 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
- FCF yield: -132.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), 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 | 224.6 bn | 27.2 | 19.4% | 11.9% | +4.1% | +22% / +39% |
| BOL.STBoliden Ab | 140.5 bn | 14.9 | 13.3% | 10.1% | +4.8% | +10% / +78% |
| CAST.STCastellum Aktiebolag | 65.4 bn | 69.7 | 1.2% | 9.8% | −2.6% | +24% / +4% |
| AAK.STAak Ab (publ) | 45.3 bn | 13.3 | 17.2% | 7.5% | +2.2% | −34% / −18% |
| CAMX.STCamurus AB | 40.1 bn | 55.3 | 19.5% | 32.5% | +21.3% | +10% / +47% |
| BRAV.STBravida Holding AB | 32.0 bn | 26.0 | 13.7% | 4.4% | −4.9% | +95% / +137% |
| ASKER.STAsker Healthcare Group AB | 27.0 bn | 54.8 | 9.8% | 2.9% | +11.7% | −25% / unavailable |
| ALLEI.STAlleima AB | 22.9 bn | 34.1 | 4.1% | 3.6% | −5.4% | +11% / +20% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +20% |
| AQ.STAQ Group AB | 21.0 bn | 31.0 | 14.9% | 7.5% | +6.0% | +21% / +132% |
| ALTRA.STAltra Fastigheter AB | 17.6 bn | 32.6 | 3.0% | 15.1% | −2.2% | +4% / +15% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.8 | 15.1% | 4.3% | +0.1% | +34% / +225% |
| AFRY.STAfry Ab | 14.7 bn | 18.3 | 6.2% | 3.1% | −5.2% | −18% / +2% |
| ATRLJ-B.STAtrium Ljungberg AB | 13.4 bn | 16.3 | 2.9% | 23.9% | −2.0% | −36% / −47% |
| ALIG.STAlimak Group AB (publ) | 12.8 bn | 21.4 | 8.2% | 8.8% | −3.2% | −17% / +51% |
| ACAD.STAcadeMedia AB | 12.5 bn | 15.3 | 12.7% | 4.3% | +9.7% | +21% / +136% |
| APOTEA.STApotea AB (publ) | 9.8 bn | 42.8 | 31.3% | 3.2% | +10.1% | +5% / unavailable |
| BOOZT.STBoozt AB | 9.6 bn | 34.1 | 10.4% | 3.6% | +0.5% | +42% / +29% |
| ACTI.STActive Biotech AB (publ) | 5.1 bn | — | -84.5% | — | unavailable | −30% / −76% |
| BUFAB.STBufab AB (publ) | 5.1 bn | 9.3 | 15.1% | 6.9% | −7.4% | +38% / +113% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.3 | 13.0% | 2.2% | +16.7% | +2% / +25% |
| CEVI.STCellaVision AB | 4.6 bn | 29.8 | 18.0% | 20.2% | +4.9% | +16% / +8% |
| BHG.STBHG Group AB | 4.4 bn | 30.5 | 2.5% | 1.4% | +6.2% | −20% / +109% |
| CARA.STCarasent AB (publ) | 1.9 bn | 53.4 | 4.1% | 10.1% | +24.9% | −5% / +93% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +11% / −54% |
1- and 3-year price returns: for QLIRO.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
Qliro is a Swedish credit market company offering e-merchants in the Nordics a flexible and secure payment solution, including invoices and instalment payments (BNPL). In 2025 the company reported transaction volume growth of +39% and over 350 newly connected merchants, while aiming to become the market leader in the Nordics within 3–5 years.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Credit riskhigh
Customers may struggle to meet payment obligations after changes in their circumstances, which directly affects portfolio quality 1.
- Consumer over-indebtednesshigh
Instalment credit can lead to over-indebtedness for some customers, a risk managed through strict eligibility rules 1.
- Regulationmedium
As an institution supervised by Finansinspektionen, the company is exposed to changes in the legal framework for lending 1.
- Operational and IT riskmedium
Reliance on digital infrastructure and external credit data creates operational risks in case of disruptions 1.
- Dependence on key merchantsmedium
Losing important merchants could reduce transaction volume 1.
Investment thesis
What would need to be true (bull case)
- Strong growth in transaction volume and a high number of new merchants could support profitable growth in the coming years 1.
- The position as a credit market company and in-house scoring infrastructure may offer an advantage over smaller players 1.
- If investments in products and digitalisation pay off, long-term costs could decline 1.
What would break the thesis
What to watch
- Trend in transaction volume and new merchant countQ1 2027
- Credit portfolio quality and loss levels2027
- Progress toward the market-leader goal in the Nordics2027
- Results of product and digitalisation investmentsnext 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
Qliro is a credit market company supervised by Finansinspektionen, founded in 2014, with Sweden as its main market and operations also in Norway, Finland and Denmark 1. The company offers e-merchants secure payments and consumers the option to pay directly by card or Swish, or by invoice and instalment, and also offers savings accounts in Sweden and Germany 1. Consumer credit is the company's largest single revenue source 1.
The business model rests on Pay Later products, meaning invoices and instalment payments (BNPL), and responsible lending is treated as the central sustainability issue 1. Each credit request goes through an assessment of repayment capacity using in-house scorecards and external credit bureau data 1.
In 2025 the company reorganised its structure and made significant investments in growth and product development, with the aim of long-term profitability 1. The company published its 2025 annual and sustainability report and proposed no dividend for that year 1.
Segments
Payments for e-merchants
The payment service for online merchants includes payment methods through partners and Qliro's own Pay Later products, offered to merchants in the Nordic region 1.
Consumer credit
Credit through invoices and instalment payments is the largest single source of revenue and is subject to the supervision of Finansinspektionen 1.
Savings accounts
Qliro offers savings accounts for consumers in Sweden and Germany, a secondary service next to its payments activity 1.
Market context
Qliro operates in the Nordic markets (Sweden, Norway, Finland, Denmark), competing for online merchants looking for flexible payment solutions 1. The company aims to become the market leader in the Nordics within 3–5 years, an objective that depends on its ability to attract and retain merchants 1.
Growth in e-commerce and demand for instalment payments create opportunities for Qliro, though continuous assessment of credit risk and regulation is required 1.
Trends
- Growing transaction volumetailwind
Transaction volume grew +39% in 2025 and over 350 new merchants were connected, which could support growth if the pace is maintained 1.
- Credit regulationheadwind
Consumer credit is subject to authorisation and supervision by Finansinspektionen, and stricter rules could limit the credit volume granted 1.
- Digitalisation and cloudtailwind
The company is moving towards cloud solutions and reducing physical infrastructure, which may lower operating costs over time 1.
- Demand for flexible paymentsmixed
Consumer demand for instalment and invoice payments can lift revenue, but also brings a risk of over-indebtedness that calls for a stricter responsible-lending framework 1.
Competitive position
The sources provided do not name competitors, so the competitive landscape cannot be detailed from these documents 1. Qliro positions itself as an intermediary between merchants and consumers in the Nordic region, competing on the flexibility of payment methods 1.
A declared advantage is the combination of in-house credit products and partner-based payments, while a possible weakness is reliance on a few key merchant relationships, such as the enterprise agreement renewed with a major merchant 1.
- Card and direct payment providers
Competition from direct card payment and payment app solutions, which Qliro integrates as an alternative 1.
- Nordic invoice and BNPL providers
Other instalment and invoice payment operators competing for the same online merchants in the region.
- E-commerce payment processors
Integrated payment platforms that can offer merchants competing payment methods.
- Banks with consumer credit services
Banking institutions offering consumer credit and instalment payments, competing with the Pay Later products.
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 / Qliro 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.