Rankings Semiconductors Acconeer
Acconeer
51
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Margin−10
- Funding−9
- Peers and absolute level−8
Strengths
- Strategic partner+2
- Order visibility+2
How the score is built
From 100 to 51, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 10.56 SEK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- +32%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−23 of −30
- −10MarginThe operating loss is SEK 27m on revenue of 73m TTM (−37%), and net result was −SEK 13.4m in Q2 2026 alone. There has been a loss every year since the IPO (−20 to −51m). Only Q3 2025 happened to be just above zero in EBIT.
- −3Quality of growthRevenue has doubled (21.4m in Q2 vs 10.5m) with records four quarters in a row. In return, gross margin has fallen from 60-61% to 50-53% because the volume growth comes from cheaper sales via distributors. Growth is thus buying the margin down.
- −6Capital allocationThere have been repeated issues: 140m (2021), 151m (2024), 50m (2025: 25m directed to Alps Alpine at about SEK 4.56 plus a compensation issue of 25m) and 31.7m directed to Eiffel (Q1 2026). The share count is +21% in a year. The company capitalises about 34m a year in development, about 60% of 2025 sales.
- −4MoatThe pulsed coherent 60 GHz radar (A1/A121, now A212) is patented and has extremely low power consumption, which is a real niche. Infineon (XENSIV 60 GHz), Texas Instruments (mmWave) and Calterah are, however, far larger with their own fabs and channels, so a pricing moat is hard to defend.
Price
Today's multiples against the company's own history and its peers. · 2 findings−12 of −35
- −4Multiples vs own historyEV/Sales is 12.4 vs 4.4 (2024), 14.7 (2023), 15.7 (2025) and 21-66 (2021-2022). P/B is 3.7 vs 1.3-6.4. That is in the middle of history, but 2.8x the 2024 bottom. The price is up 132% in a year and 2.7x the price of the 2025 issue.
- −8Peers and absolute levelEV of about SEK 910m for 73m in revenue, a gross margin of 53% and an operating loss. FCF yield is -2% (about -6% incl. capitalized development). Smart Eye, with a gross margin of 90% and positive EBITDA, trades at 4.7x sales, so Acconeer costs double without making money.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 2 findings−12 of −35
- −9FundingCash was 53.3m at 30/6 (69.6m a year earlier). Operating cash flow was -8.0m in Q2 and -14.6m in H1, plus capitalized development (about 17m in H1). Spending is about 16m per quarter, i.e. about 10 months of headroom, and the company has no debt or credit facility. A new issue in H1 2027 is likely unless break-even is reached.
- −3Small orders and dependence on distributorsOrders are small: six orders in Q2 totalling approx. USD 1.05m and a subsequent order of 0.23m. They often go via distributors (Nexty, Future Electronics, Micro Summit, BEYD). There is no large OEM volume contract with a published value, and end-customer demand is hard to track.
Plus
Only documented strengths. · 2 findings+4 of +15
- +2Strategic partnerAlps Alpine (Japanese component giant) invested SEK 25m in 2025, is a customer and partner and has co-financed the development of the next-generation A2 sensor. Eiffel Investment Group came in with 31.7m in Q1 2026.
- +2Order visibilityAccording to management (Q1 2026), confirmed orders for delivery in 2026 exceeded total 2025 revenue in USD, and A212 is in mass production with automotive orders for mass production.
Caveats
What the score does not capture, or where the data is weak.
No analysts at stockanalysis (forecast 404). Stockanalysis: 76.1m shares × SEK 12.68 = SEK 965m ≈ DKK 637m, c. 5% above Nordnet's DKK 607m (price difference 12.68 vs 12.26). The price and number of shares in the directed issue to Eiffel Investment Group (SEK 31.7m, Q1 2026) were not found. Ownership stakes not found beyond the names (Alps Alpine, BGA Invest, the Ingvarsson family). The CEO change from Lars Lindell to Ted Hansson is not dated. Quarterly burn includes an estimate of capitalised development. Short data not found.
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