olivLaw · European equity research
Tobii AB TOBII.ST
Sweden · Nasdaq Stockholm · ISIN SE0002591420 · Vertical: Listed companies from Sweden
Tobii AB is a leader in eyetracking and attention computing technology, with products for healthcare, research, gaming and the automotive industry. The company reports revenue of 834 MSEK in 2025 and is adapting its sustainability reporting to new CSRD and ESRS rules.
At the close of 04 Nov 2026, Tobii AB (TOBII.ST) stock was 0.64 SEK (+4.54% on the day), with market capitalisation 150.4 m SEK, beta 1.19, 52-week range 0.62–3.22 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)
- 25.5
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.38 – 1.43
- in the lower half of the band · %B 0.26 · band width 116.5%
- SMA 50 / 200
- 1.03 / 1.72
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.15 / -0.13
- 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 | −41.8% | +0.4% | −42.2 pp | — |
| 3 months | −63.2% | −3.3% | −59.9 pp | — |
| 6 months | −73.4% | +4.0% | −77.3 pp | — |
| Year to date | −70.2% | +8.1% | −78.3 pp | — |
| 1 year | −61.5% | +10.7% | −72.2 pp | −8.3% |
| 3 years | −93.8% | +50.1% | −143.9 pp | +12.8% |
| 5 years | −97.8% | +43.6% | −141.4 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 | 758.0 m | 857.0 m | 834.0 m |
| Revenue YoY | unavailable | +13.1% | −2.7% |
| Net income | -199.0 m | -177.0 m | -217.0 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -1.87 | -0.89 | -0.93 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -26.3% | -20.7% | -26.0% |
| Free cash flow | 83.0 m | 5.0 m | 259.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 117.0 m SEK
- Financial debt
- 516.0 m SEK
- Net debt
- 399.0 m SEK
- Equity
- 395.0 m SEK
- Total assets
- 1.3 bn SEK
- Debt / equity
- 1.31x
- Current ratio
- 1.14x
- ROE
- -40.4%
- ROA
- -13.9%
- FCF margin
- 31.1%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 758.0 m | 857.0 m | 834.0 m | esef· 26 Oct 2026verified |
| Cost of revenue | 191.0 m | 169.0 m | 166.0 m | esef· 26 Oct 2026verified |
| Gross profit | 567.0 m | 687.0 m | 668.0 m | esef· 26 Oct 2026verified |
| Research & development | 278.0 m | 363.0 m | 616.0 m | esef· 26 Oct 2026verified |
| Operating income | -184.0 m | -107.0 m | -194.0 m | esef· 26 Oct 2026verified |
| Interest expense | 44.0 m | 178.0 m | 154.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | -197.0 m | -167.0 m | -211.0 m | esef· 26 Oct 2026verified |
| Income tax | 1.0 m | 9.0 m | 6.0 m | esef· 26 Oct 2026verified |
| Net income | -199.0 m | -177.0 m | -217.0 m | esef· 26 Oct 2026verified |
| Diluted EPS | -1.87 | -0.89 | -0.93 | esef· 26 Oct 2026verified |
| Weighted average diluted shares | 106.3 k | 199.6 m | 234.1 m | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 236.0 m | 116.0 m | 117.0 m | esef· 26 Oct 2026verified |
| Inventories | 70.0 m | 76.0 m | 41.0 m | esef· 26 Oct 2026verified |
| Current assets | 480.0 m | 409.0 m | 282.0 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 14.0 m | 24.0 m | 14.0 m | esef· 26 Oct 2026verified |
| Goodwill | — | — | 53.0 m | esef· 26 Oct 2026verified |
| Total assets | 1.1 bn | 1.8 bn | 1.3 bn | esef· 26 Oct 2026verified |
| Short-term debt | — | 92.0 m | 89.0 m | esef· 26 Oct 2026verified |
| Long-term debt | 12.0 m | 502.0 m | 427.0 m | esef· 26 Oct 2026verified |
| Current liabilities | 497.0 m | 319.0 m | 247.0 m | esef· 26 Oct 2026verified |
| Total liabilities | 585.0 m | 1.2 bn | 901.0 m | esef· 26 Oct 2026verified |
| Equity | 564.0 m | 678.0 m | 395.0 m | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 106.4 m | 198.9 m | 233.3 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 95.0 m | 7.0 m | 262.0 m | esef· 26 Oct 2026verified |
| Capex | 12.0 m | 2.0 m | 3.0 m | esef· 26 Oct 2026verified |
| Free cash flow | 83.0 m ≈ | 5.0 m ≈ | 259.0 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -229.0 m | -356.0 m | -177.0 m | esef· 26 Oct 2026verified |
| Financing cash flow | -29.0 m | 226.0 m | -75.0 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: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 150.4 m 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%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -16.7% | 13 (vs peers) | 29% |
| Net margin · Quality | -26.0% | 8 (vs peers) | 18% |
| 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 | -1.3x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 1.1x | 28 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 172.2% | 100 (on a fixed band) | 24% |
| 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 sheet11/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality11/100 · 2/3 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
Tobii AB (TOBII.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 834.0 m SEK in 2025; YoY growth -2.7%; net margin -26.0%; ROE -40.6%.
The estimated value range is 21.69–39.99 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 28.12 SEK, the price of 0.64 SEK leaves a potential of 4,263.2% (value / price − 1) and a margin of safety of 97.7% (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 (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 172.2%
- The price is below the estimated value range
What contradicts it
- ROIC: -16.7%
- Net margin: -26.0%
- Interest coverage: -1.3x
- Current ratio: 1.1x
Not assessed (insufficient data or a ratio without meaning): 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 | 224.5 bn | 27.1 | 19.4% | 11.9% | +4.1% | +22% / +39% |
| BOL.STBoliden Ab | 144.0 bn | 15.3 | 13.3% | 10.1% | +4.8% | +13% / +83% |
| CAST.STCastellum Aktiebolag | 66.3 bn | 70.7 | 1.2% | 9.8% | −2.6% | +26% / +5% |
| AAK.STAak Ab (publ) | 46.7 bn | 13.7 | 17.2% | 7.5% | +2.2% | −32% / −15% |
| CAMX.STCamurus AB | 39.4 bn | 54.2 | 19.5% | 32.5% | +21.3% | +8% / +44% |
| BRAV.STBravida Holding AB | 31.1 bn | 25.3 | 13.7% | 4.4% | −4.9% | +90% / +131% |
| ASKER.STAsker Healthcare Group AB | 29.5 bn | 60.0 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 23.1 bn | 34.4 | 4.1% | 3.6% | −5.4% | +12% / +22% |
| BURE.STBure Equity AB | 22.8 bn | — | -21.0% | — | unavailable | +21% / +21% |
| AQ.STAQ Group AB | 20.0 bn | 29.6 | 14.9% | 7.5% | +6.0% | +15% / +122% |
| ALTRA.STAltra Fastigheter AB | 17.9 bn | 33.0 | 3.0% | 15.1% | −2.2% | +6% / +16% |
| ATT.STAttendo AB (publ) | 17.1 bn | 21.1 | 15.1% | 4.3% | +0.1% | +36% / +230% |
| AFRY.STAfry Ab | 14.8 bn | 18.5 | 6.2% | 3.1% | −5.2% | −17% / +3% |
| ATRLJ-B.STAtrium Ljungberg AB | 13.9 bn | 16.8 | 2.9% | 23.9% | −2.0% | −34% / −45% |
| ALIG.STAlimak Group AB (publ) | 12.8 bn | 21.3 | 8.2% | 8.8% | −3.2% | −17% / +51% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.4 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| BOOZT.STBoozt AB | 10.3 bn | 36.8 | 10.4% | 3.6% | +0.5% | +53% / +40% |
| APOTEA.STApotea AB (publ) | 9.9 bn | 43.5 | 31.3% | 3.2% | +10.1% | +7% / unavailable |
| BUFAB.STBufab AB (publ) | 5.1 bn | 9.3 | 15.1% | 6.9% | −7.4% | +38% / +112% |
| CEVI.STCellaVision AB | 4.8 bn | 31.1 | 18.0% | 20.2% | +4.9% | +21% / +13% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.4 | 13.0% | 2.2% | +16.7% | +2% / +26% |
| ACTI.STActive Biotech AB (publ) | 4.6 bn | — | -84.5% | — | unavailable | −37% / −79% |
| BHG.STBHG Group AB | 4.5 bn | 30.7 | 2.5% | 1.4% | +6.2% | −20% / +110% |
| CARA.STCarasent AB (publ) | 1.8 bn | 52.5 | 4.1% | 10.1% | +24.9% | −7% / +90% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +14% / −52% |
1- and 3-year price returns: for TOBII.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
Tobii AB is a leader in eyetracking and attention computing technology, with products for healthcare, research, gaming and the automotive industry. The company reports revenue of 834 MSEK in 2025 and is adapting its sustainability reporting to new CSRD and ESRS rules.
SWOT
Strengths
- Tobii has a specialised technology profile in eyetracking and attention computing, supported by in-house development 1.
- The capital-light manufacturing model and partnerships with third parties give operational flexibility 1.
- A customer base spread across healthcare, research, gaming and automotive reduces reliance on a single sector 1.
Weaknesses
Opportunities
Risks
- Errors in sustainability reportingmedium
Reporting is exposed to errors from human mistakes, incomplete data and the integration of recently acquired units 1.
- Incomplete supply chain datamedium
Missing supplier data could affect the quality of emissions and working-conditions reporting 1.
- Security and privacy riskshigh
Information security incidents and personal data protection are classified as material impacts for the company 1.
- Climate transition and energy costsmedium
Climate pressures, regulation and customer requirements could generate transition costs in the short and medium term 1.
- Working conditions in the supply chainmedium
Risks to workers' rights in certain geographic areas could affect reputation and continuity of supply 1.
Investment thesis
What would need to be true (bull case)
- Specialised technology positioning and a customer base across several sectors could support long-term growth if demand for eyetracking expands 1.
- The flexible manufacturing model could allow rapid adaptation to supply chain changes and customer requirements 1.
- If energy-efficiency and circularity initiatives succeed, they could reduce costs and strengthen the company's position 1.
What would break the thesis
- Dependence on external suppliers and components could weigh on margins and production continuity if disruptions occur 1.
- Compliance costs under CSRD, ESRS and ecodesign rules could rise considerably and add administrative burden 1.
- A security or data protection incident could damage customer trust and the company's reputation 1.
What to watch
- Progress toward recycled content targets for packaging and shipping cartons2025
- Whether sustainability performance is integrated into remuneration policies2027
- Impact of ecodesign and circularity regulation on the product portfolio2027
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
Tobii focuses on developing, manufacturing and distributing advanced eyetracking products, using a capital-light manufacturing model that combines own facilities with third-party partners 1. The company delivers hardware and software solutions, along with integrations and services tied to them for customers across several sectors 1. With 442 employees at the end of the reported period, Tobii operates as a niche technology company with a global customer base 1.
Its value chain starts with sourcing sensors, electronics and software from global suppliers under a code of conduct for partners and suppliers 1. In-house activities include HW/SW design and development, assembly, local production and customer integration, while distribution runs through a global logistics network with direct deliveries and regional hubs 1.
Core markets are Europe, North America and Asia, and customers include healthcare institutions, gaming companies, automotive manufacturers and academic research organisations 1. The company does not operate in sectors linked to fossil fuels, chemical production, tobacco or controversial weapons 1.
Segments
Eyetracking hardware and software
The main segment covers eyetracking and attention computing products, developed in-house and delivered to healthcare, research, gaming and the automotive industry 1.
Customer integration and services
Integration activities at the customer and services linked to hardware and software adapt solutions to each sector's requirements and support long-term customer relationships 1.
Market context
Tobii operates in markets across healthcare, research, gaming and automotive, within the technology and electronics sector, where material impact is mainly linked to hardware manufacturing and the supply chain 1. Core markets are Europe, North America and Asia 1. The exact size of the total addressable market is not presented in the analysed source.
Trends
- Stricter sustainability reporting requirementsmixed
The move to CSRD and ESRS extends and standardises disclosure, which could increase transparency but also administrative costs 1.
- Shift to recycled packaging materialstailwind
Targets for recycled content in packaging and shipping cartons are increasingly ambitious, and progress depends on suppliers and internal specifications 1.
- Ecodesign and circularity regulationmixed
Legislative requirements on ecodesign and circularity could influence product design and end-of-life take-back decisions 1.
- Climate risk and energy dependenceheadwind
Pressures on energy, logistics and supplier emissions reduction requirements could affect operating costs in the short and medium term 1.
Competitive position
The analysed source does not explicitly name direct competitors of Tobii, so the competitive classification rests only on the market segments mentioned 1. Competition could come from providers of eyetracking and attention computing technology in healthcare, research, gaming and automotive.
Competitive strengths cited in the source include a flexible manufacturing model, a diversified supply chain and integration of sustainability into design and sourcing 1. The company does not explicitly state its market position in figures in the excerpts analysed.
- Eyetracking technology providers in healthcare and research
The source does not name competitors; the segment is identified from the company's described activity 1.
- Sensor manufacturers for the automotive industry
Potential competition appears in in-car sensing, where Tobii has a dedicated segment 1.
- Gaming solution developers using eyetracking
The source names gaming as a target market without naming competitors in that field 1.
- Equipment suppliers for academic research
Academic research appears among the company's customers, with no other providers identified in the source 1.
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 / Tobii 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.