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Aino Health AB (AINO) Fair Value & Analysis

Healthcare · SE · Market cap 39.9M SEK

AH Aino Health AB AINO · ST
Pricekr 0.2300
Fair Valuekr 0.3825
Upside+66.3%
Quality38/100
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Weak Growth
Loss-making · -32.0% net margin
Negative equity (buybacks among others) · negative free cash flow
Trails peers (3/9)
Narrow moat 8/100
Evidence: Low Range kr 0.2890 – kr 0.4760 Share as image

Fair value as of: Jun 23, 2026

From 3 valuation models · updated 57 days ago

Share price +17.9% over the past month.

Below-average quality, screening 66% undervalued on our models.

What matters now

  • The large discount to fair value meets weak quality (38/100). That raises the risk this is a value trap rather than a bargain.
  • The price is below even our cautious bear case (kr 0.2890). The market is more pessimistic than our downside scenario.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
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Price vs Fair Value (5 years)

kr 1.73 kr 0.1000 Fair Value kr 0.3825 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jun 23, 2026.

How to read this chart

60‑month range kr 0.1000 – kr 1.73 · fair‑value band kr 0.2890 – kr 0.4760 · the kr 0.2300 price screens below the kr 0.3825 fair value. Dashed = 300-day average. As of Jun 23, 2026.

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Analysis

Aino Health AB (AINO) currently trades at kr 0.2300, while our model-based Fair Value estimate is kr 0.3825, implying the stock looks roughly 66.3% undervalued today. The Quality Score stands at 38/100 (below-average quality), in the Healthcare sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: low), always confirm before acting.

Over the trailing twelve months, Aino Health AB generated revenue of 24.3M SEK at a net margin of -32.0%. Revenue declined 25.0% year over year. Net debt stands at 2.5M SEK. Fundamentals as of Jun 23, 2026

Our scenario range runs from kr 0.2890 (bear case) to kr 0.4760 (bull case); at kr 0.2300, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 35% below its 52-week high and 98% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -64% fair-value upside, at 66%, AINO screens cheaper than that median.

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Key figures & financial health

Revenue (TTM) 24.3M SEK
Revenue growth (YoY) -25.0%
Net margin -32.0%
Free cash flow −2.4M SEK FY2025
Operating margin -36.7%
Net debt 2.5M SEK FY2025

Figures from reported company fundamentals · as of Jun 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 38/100

Of which business quality 39 · Market factors (momentum, volatility) 40

Profitability 25
Margins and returns on capital today
Quality Growth 69
Are margins and returns improving?
Cashflow 25
Earnings quality: real cash, not paper profit
Fin. Strength 39
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 0
Calm price path (market factor)
Momentum 62
Price trend over the last 3–12 months (market factor)
52W Momentum 48
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Aino Health AB (publ) develops and provides digital SaaS platforms and consulting services focused on workplace health management and operational efficiency for organizations.

Full company description

Aino Health AB (publ) develops and provides digital SaaS platforms and consulting services focused on workplace health management and operational efficiency for organizations. It offers HealthManager, a cloud-based system that supports company management in monitoring employee well-being, managing staff turnover, and reducing sick leave, while ensuring compliance with regulations such as GDPR. The company also provides ongoing consulting services for onboarding and implementation of HealthManager, as well as process optimization and preventive measures for workplace health. It serves personnel managers, business leaders, and employees. The company was incorporated in 2016 and is based in Stockholm, Sweden.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Aino Health AB reported revenue of kr 26.1M in FY2025 versus kr 23.0M in FY2021, a compound +3.2%/yr. Reported net income was −kr 6.1M in FY2025.

Growth Quality 5/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
26.1M SEK
Latest YoY
+9.1%
Avg. growth/yr (3Y) 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.
+9.5%
Avg. growth/yr (5Y) 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.
+0.9%
Avg. growth/yr (11Y) 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.
+3.7%
Revenue +3.2%/yr
FY21 kr 23.0M
FY22 kr 19.9M
FY23 kr 23.9M
FY24 kr 23.9M
FY25 kr 26.1M
Net income
FY21 −kr 15.2M
FY22 −kr 15.0M
FY23 −kr 10.7M
FY24 −kr 9.9M
FY25 −kr 6.1M

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Cite: Fair Value Calculator (2026). "Aino Health AB Fair Value". https://www.fairvalue-calculator.com/stock/AINO

Peer Group

Health Information Services · 127 stocks

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.

Quality Score 38 · Bottom 25%
Fair Value upside +66% · Top 25%
Return on assets -57% · Bottom 25%
Net margin (TTM) -32% · Bottom 25%
Operating margin (TTM) -37% · Bottom 25%
Revenue growth -25% · Bottom 25%

Valuation Multiples vs Health Information Services median · lower = cheaper

P/S (TTM) 0.17× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 0
FUTURE0 · sector 33
PAST0 · sector 7
HEALTH100 · sector 98
DIVIDEND0 · sector 38

PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Health Information Services stocks, each showing price versus our Fair Value estimate (as of Jun 23, 2026).

Stock Price Fair Value vs Fair Value
Veeva Systems Inc VEEV $241.51 $91.49 -62%
Pro Medicus Limited PME A$183.71 A$23.74 -87%
BrightSpring Health Services, Inc BTSG $59.68 $21.31 -64%
HealthEquity, Inc HQY $105.50 $56.63 -46%
Hinge Health, Inc HNGE $86.32 $24.03 -72%
10x Genomics, Inc TXG $55.63 $17.18 -69%
Waystar Holding WAY $24.54 $12.86 -48%
XtalPi Holdings 2228 HK$8.19 HK$1.04 -87%
Doximity, Inc DOCS $24.99 $25.91 +4%
Privia Health Group PRVA $21.54 $5.26 -76%

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Frequently asked questions

Is Aino Health AB (AINO) overvalued or undervalued?
As of Jun 23, 2026, our model estimates a fair value of kr 0.3825 versus a price of kr 0.2300, about +66% (undervalued).
What is the fair value of AINO?
Our model-based fair value for Aino Health AB is kr 0.3825 (as of Jun 23, 2026), built from audited fundamentals. The current price: kr 0.2300.
What is the quality score of AINO?
Aino Health AB has a Quality Score of 38/100. 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 revenue of Aino Health AB (AINO)?
Aino Health AB reported trailing-twelve-month revenue of about 24.3M SEK (latest available figure, as of Jun 23, 2026).
What is the net profit margin of AINO?
The net profit margin of Aino Health AB is about -32.0%, meaning it is currently running at a net loss. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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