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    Information Technology Services
CombinedX AB (publ)

CombinedX AB (publ)

CX.ST
CombinedX AB (publ)SE flagStockholm Stock Exchange
35.50
SEK
+0.30
- -
691.49MMarket Cap
CombinedX AB (publ)
CX.ST
(Stockholm Stock Exchange)

Recent

price

35.50

P/E

ratio

- -

div

yld

- -

ROIC.AI

2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
14.78
21.46
31.6
33.2
39.43
44.77
51.89
50.04
50.59
Revenue per Share
1
0.49
-0.91
2.92
2.13
4.15
2.82
1.99
2.51
Basic EPS, GAAP
0.49
1.13
3.25
3.96
2.26
4.54
6.59
4.74
5.55
Free Cash Flow per Basic Share
0.21
0.5
- -
1.79
1.53
1.05
2.03
1.35
1.4
Dividend per Share
2.35
2.15
1.23
2.78
3.52
6.47
7.06
7.29
- -
Book Value per Share
1.56
-0.11
-0.71
3.85
3.95
5.75
3.88
-2.75
-3.04
Tangible Book Value per Share
17
17
17
17
16
17
18
19
18
Basic Weighted Avg Shares
249
362
533
560
650
766
930
948
928
Sales/Revenue/Turnover
7.5
3.18
-0.88
10.66
8.02
10.46
6.51
6.12
6.49
Operating Margin (%)
4
7
65
27
28
37
49
58
52
Depreciation Expense
17
8
-15
49
35
71
51
38
46
Net Income, GAAP
20.66
29.06
- -
15.87
25.74
18.79
18.04
20.46
16.06
Effective Tax Rate (%)
6.74
2.26
-2.89
8.8
5.41
9.26
5.44
3.98
4.97
Profit Margin (%)
25
8
10
77
89
105
79
7
20
Working Capital
6
11
50
29
64
46
79
113
81
LT Debt
63
109
160
227
318
376
424
479
463
Total Equity
- -
7.19
- -
17.71
10.33
13.84
9.32
7.25
9.05
Return on Invested Capital (%)
- -
13.93
- -
45.11
28.19
40.61
24.37
14.7
44.12
Return on Capital (%)
- -
21.58
-53.94
145.64
67.11
84.05
42.65
28.49
- -
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
ST Debt
48
38
59
LT Borrowings
37
20
45
LT Finance Leases
42
41
36
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
18
18
19
Market Capitalization
575
673
798

Working Capital

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
Total Current Assets
300
307
274
Cash, Cash Equivalents & STI
133
125
75
Accounts Receivable, Net
142
145
145
Inventories
- -
- -
- -
Total Current Liabilities
221
211
254
Payables & Accruals
- -
- -
- -
ST Debt
48
38
59
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
25.21%
12.74%
Free Cash Flow
- -
22.82%
-23.96%
Net Income, GAAP
- -
-80.29%
-25.49%
Sales/Revenue/Turnover
- -
12.45%
1.91%
Total Cash Common Dividend
- -
56.55%
-29.67%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
225
251
196
258
930
2025
239
235
274
- -
948
2026
259
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1.02
0.56
0.2
1.06
2.82
2025
0.95
0.31
0.54
- -
1.99
2026
0.76
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
2.01
- -
- -
2.03
2025
- -
1.37
- -
- -
1.35
2026
- -
- -
- -
- -
- -
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Business
CombinedX AB (publ) (CX.ST) is a Sweden-based IT consulting company that provides technology solutions and digital transformation services to companies and organizations across the Nordic region. Founded in 1993 and headquartered in Karlstad, the company operates through a group of wholly owned specialist subsidiaries offering services in digital business development and transformation; service design and customer experience; business systems and processes; data analysis and decision support; automation and robotization; application development and lifecycle management; digital workplace and identity management; managed infrastructure services and security; Internet of Things; customer relationship management; and change and process management. Its subsidiaries, including Ninetech, Elvenite, Aspire, Absfront, Two, M3CS, Redway and Beebyte (in which it holds a 33% stake), serve private enterprises and public authorities with market-leading niche expertise, employing approximately 585 people and generating annual revenues of SEK 929.9 million. CombinedX lists on Nasdaq First North Premier Growth Market and focuses on enterprise software solutions for larger clients in Sweden and Norway. In the past two years, CombinedX has pursued aggressive growth through acquisitions including Absfront AB, a Microsoft CRM specialist, in January 2023; Redway Sverige AB in October 2022; M3CS, an Infor M3 consulting firm, in February 2024; and Align Consulting AS, a Norwegian IFS partner with its Swedish subsidiary, in May 2025 for NOK 113.75 million in mixed cash and shares plus earn-outs; it also merged subsidiaries Absfront and Two with Christofer Järlesjö assuming CEO duties in January 2026, integrated M3CS into Elvenite, and divested non-core operations such as Aspire's Borlänge unit to streamline focus on high-margin enterprise software segments.