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XSpray Pharma AB (XSPRAY) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of XSpray Pharma AB stock SEK 7.65, price SEK 13.00, that is 41.2% below the price, quality 40 out of 100. Rating: strongly overvalued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Healthcare SE · ISIN SE0009973563

XP XSpray Pharma AB logo Thin data Nov 10, 2026

XSpray Pharma AB

XSPRAY · ST
Very expensive, weak quality

Our calculation puts a fair price 41% below what the stock costs today.

Ranks above peers (4/6)
Quality 40/100
Fair value kr 7.65 · Strongly overvalued
Weak Growth (revenue 3y −57.6 %/yr in SEK)
Negative free cash flow
Narrow moat 12/100 · thin data
Thin data
Estimate
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

kr 145.67 kr 9.20 Fair Value kr 7.65 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

60‑month range kr 9.20 – kr 145.67 · fair‑value band kr 5.74 – kr 9.57 · the kr 13.00 price screens above the kr 7.65 fair value. As of Nov 10, 2026.

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Company profile

Xspray Pharma AB (publ), a pharmaceutical company, engages in the development of protein kinase inhibitors for targeted cancer treatments in Sweden.

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The company develops Dasynoc, an amorphous version of dasatinib for the treatment of chronic myeloid leukemia (CML)and acute lymphoblastic leukemia; XS003, an amorphous non-crystalline nilotinib for the treatment of CML; XS008, an axitinib for the treatment of kidney cancer; and XS025, a amorphous non-crystalline cabozantinib for the treatment of renal cell carcinoma and other cancers.

It has partnership agreements with EVERSANA for the commercialization of Dasynoc. The company was formerly known as Xspray Microparticles AB and changed its name to Xspray Pharma AB (publ) in 2017. Xspray Pharma AB (publ) was incorporated in 2003 and is headquartered in Solna, Sweden.

Stock analysis

XSpray Pharma AB (XSPRAY) currently trades at kr 13.00, while our estimate is kr 7.65, 41% below the price, so the stock looks overvalued today.

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: kr 5.74 (bear) to kr 9.57 (bull), the price of kr 13.00 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 40/100 (below-average quality), in the Healthcare sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

XSpray Pharma AB reported revenue of 0 SEK in FY2025 versus 0 SEK in FY2021. Reported net income was −171M SEK in FY2025.

Key figures

Market cap 596M SEK (≈ $60.4M) Micro · EPS (TTM) kr −3.75 · Return on equity −27.2% · Return on assets (EBIT) −23.8% (5-year average) · Operating margin −465% · Revenue (TTM) 2.5M SEK · Free cash flow −222M SEK · Net debt 16.4M SEK.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 12 out of 100 (low confidence).

What moves the price

The share trades about 64% below its 52-week high and 41% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −7% fair-value upside, at −41%, XSPRAY screens richer than that median.

Fair Value

Bear kr 5.74 Fair Value kr 7.65 Bull kr 9.57
Price kr 13.00 · Downside -41.2%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 40/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 0
How much profit the company makes from its sales and capital
Quality Growth 75
Are margins and returns getting better?
Cashflow 42
Do the profits arrive as real cash?
Financial strength 67
Debt, balance sheet and risk of trouble
Investment 69
Does it invest with discipline instead of growing at any price?
Low Volatility 50
How calm the share price moves, does not count
Price momentum 15
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 7
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−16.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−57.6%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−332.1% (2015) → −8,381.6% (2018)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

XSPRAY screens overvalued: fair value 41% below the price. Compare with Vertex Pharmaceuticals Incorporated →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 849 stocks

Beats the industry median on 3/5 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 40 · Above median
Fair Value upside −41.2% · Below median
Profitability
Return on assets −22.3% · Below median
Growth and dividend
Revenue growth (quarter YoY) 0.0% · Above median

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B 0.98× · Cheapest 25%

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Biotechnology stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Regeneron Pharmaceuticals, Inc REGN $916.06 $1,275 +39% vs XSPRAY
Samsung Biologics Co 207940 1,468,000 KRW 1,661,000 KRW +13% vs XSPRAY
Vertex Pharmaceuticals Incorporated VRTX $547.89 $601.80 +10% vs XSPRAY
Genmab A/S GMAB kr 3,581 kr 3,880 +8% vs XSPRAY
argenx SE ARGX $971.55 $908.40 −7% vs XSPRAY
CSL Limited CSL A$201.68 A$181.40 −10% vs XSPRAY
Moderna, Inc MRNA $250.83 $158.70 −37% vs XSPRAY
BeOne Medicines AG 6160 HK$252.20 HK$152.80 −39% vs XSPRAY
Celltrion, Inc 068270 203,000 KRW 74,945 KRW −63% vs XSPRAY
Royalty Pharma plc RPRX $69.45 $19.01 −73% vs XSPRAY

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XSpray Pharma AB: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "XSpray Pharma AB Fair Value". https://www.fairvalue-calculator.com/stock/XSPRAY

Frequently asked questions

Is XSpray Pharma AB (XSPRAY) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is kr 7.65 versus a price of kr 13.00, about 41% lower (overvalued).
What is the fair value of XSPRAY?
Our estimate for XSpray Pharma AB is kr 7.65 (as of Nov 10, 2026), built from audited fundamentals. The current price: kr 13.00.
What is the quality score of XSPRAY?
XSpray Pharma AB has a Quality Score of 40/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for XSpray Pharma AB (XSPRAY)?
Our calculated price target is the estimate of kr 7.65 (as of Nov 10, 2026). Cautious scenario kr 5.74, optimistic scenario kr 9.57. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the XSpray Pharma AB stock forecast for 2026?
Our estimate puts fair value at kr 7.65, about 41% lower versus a price of kr 13.00 (overvalued). Cautious scenario kr 5.74, optimistic scenario kr 9.57. The calculation is refreshed regularly with new filings.
What is the revenue of XSpray Pharma AB (XSPRAY)?
XSpray Pharma AB reported trailing-twelve-month revenue of about 2.5M SEK (latest available figure, as of Nov 10, 2026).
What is the intrinsic value of XSpray Pharma AB (XSPRAY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For XSpray Pharma AB it is kr 7.65 per share (as of Nov 10, 2026), against a price of kr 13.00.
Is XSpray Pharma AB stock overvalued or undervalued in 2026?
As of Nov 10, 2026, XSPRAY trades above its calculated fair value: price kr 13.00, fair value kr 7.65, a gap of about −41% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of XSPRAY?
No. The price is what the market pays today (kr 13.00); the fair value is what the company's own numbers justify (kr 7.65). For XSpray Pharma AB the two are kr 5.35 per share apart. That gap is exactly why we show both numbers side by side.
How much is XSpray Pharma AB worth?
The market values XSpray Pharma AB at about 596M SEK (market capitalisation, as of Nov 10, 2026). Per share that is kr 13.00; our models calculate a fair value of kr 7.65 per share.
What do the bullish and bearish scenarios say about XSPRAY?
Our models span a range for XSpray Pharma AB: cautious scenario kr 5.74, base kr 7.65, optimistic kr 9.57 per share (as of Nov 10, 2026, price kr 13.00). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of XSpray Pharma AB (XSPRAY)?
Balance-sheet figures for XSpray Pharma AB (as of Nov 10, 2026): return on equity −27.2%. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is XSPRAY from its 52-week high?
XSpray Pharma AB trades at kr 13.00, about 64% below its 52-week high of kr 36.15 and 41% above the low of kr 9.20 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of kr 7.65 is for.
Which stocks are comparable to XSpray Pharma AB?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Moderna, Inc, Regeneron Pharmaceuticals, Inc, CSL Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is XSpray Pharma AB stock attractive at the current price?
The data as of Nov 10, 2026: price kr 13.00, calculated fair value kr 7.65 (−41%), Quality Score 40/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. XSpray Pharma AB itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of XSpray Pharma AB (XSPRAY)?
The closing price on Nov 10, 2026 was kr 13.00. Our estimate is kr 7.65, about 41% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with XSpray Pharma AB right now?
The price sits above even our optimistic bull case (kr 9.57). The favourable scenario is already priced in. Weak quality (40/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of XSpray Pharma AB

How large is the market capitalisation of XSpray Pharma AB (XSPRAY)?
The market capitalisation of XSpray Pharma AB is 596M SEK (≈ $60.4M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of XSpray Pharma AB (XSPRAY)?
Earnings per share at XSpray Pharma AB are kr −3.75. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of XSpray Pharma AB (XSPRAY)?
The return on equity (ROE) of XSpray Pharma AB is −27.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of XSpray Pharma AB (XSPRAY)?
On an EBIT basis the return on assets of XSpray Pharma AB is −23.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of XSpray Pharma AB (XSPRAY)?
The operating margin of XSpray Pharma AB is −465% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How much free cash flow does XSpray Pharma AB (XSPRAY) generate?
The free cash flow of XSpray Pharma AB is −222M SEK (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does XSpray Pharma AB (XSPRAY) carry?
The net debt of XSpray Pharma AB is 16.4M SEK (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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