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Hexicon AB (HEXI) fair value: what the stock is really worth

We calculate from audited financials what Hexicon AB is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.

Valuation from Jun 23, 2026. With the latest figures (losses, negative cash flow), a fair value can no longer be calculated.
  1. Fair value above price? Yes
  2. Good quality? No
  3. Add to watchlist

Industrials · SE · ISIN SE0004898799

HA Thin data Jun 23, 2026

Hexicon AB

HEXI · ST

Low PriorityFair Value upside is limited and quality is weak.

·Fair value kr 0.1100 · Fairly valued (+0%)
!Quality 30/100
!Expensive Growth (revenue 5y +34.5 %/yr)
!Negative equity (buybacks among others) · negative free cash flow
!Trails peers (2/6)
!Narrow moat 12/100
!Evidence only low, so the estimate is less certain
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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

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

kr 3.00 kr 0.0862 Fair Value kr 0.1100 Jun 2021 Sep 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 0.0862 – kr 3.00 · fair‑value band kr 0.0800 – kr 0.1300 · the kr 0.1100 price screens below the kr 0.1100 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jun 23, 2026.

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Company profile

Hexicon AB (publ) develops floating offshore wind power projects in Sweden and Asia. The company also provides TwinWind, patented platform for floating offshore wind with two turbines to optimize the use of sea surface and increase electricity generation. Hexicon AB (publ) was incorporated in 2009 and is headquartered in Stockholm, Sweden.

Stock analysis

Hexicon AB (HEXI) currently trades at kr 0.1100, while our model-based Fair Value estimate is kr 0.1100, implying the stock looks roughly 0.0% fairly valued today.

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Valuation

How firm this estimate is: it rests on 3 models at a data quality of 94/100, which puts the evidence level at low.

Scenario range: kr 0.0800 (bear) to kr 0.1300 (bull), the price of kr 0.1100 sits inside 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 30/100 (below-average quality), in the Industrials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Hexicon AB reported revenue of 19.2M SEK in FY2025 versus 23.1M SEK in FY2021, a compound −4.5%/yr. Reported net income was −327M SEK in FY2025.

Key figures

Market cap 48.4M SEK (≈ $4.9M) · P/S ratio 0.54 · EPS (TTM) kr −1.38 · Return on equity −305% · Return on assets (EBIT) −26.0% · Operating margin −1,871% · Revenue growth (YoY) −87.5% · Free cash flow −45.0M SEK.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (low confidence).

What moves the price

The share trades about 57% below its 52-week high and 28% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −31% fair-value upside, at 0%, HEXI screens cheaper than that median.

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Quality Score breakdown

Overall quality 30/100

Of which business quality 27 · Market factors (momentum, volatility) 19

Profitability 0
Margins and returns on capital today
Quality Growth 53
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 5
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 35
Calm price path (market factor)
Momentum 15
Price trend over the last 3–12 months (market factor)
52W Momentum 7
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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. 38/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+95.9%
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.
+18.4%
Revenue growth 5 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.
+34.5%
Start year 2020 (pandemic)
Revenue growth 6 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.
+11.8%
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.
−819.3% (2020) → −959.9% (2025)
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

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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.Engineering & Construction · 839 stocks

Beats the industry median on 2/6 measures
Overall it trails its industry peers.
Valuation
Quality Score 31 · Bottom 25%
Fair Value upside +0% · Above median
Profitability
Return on equity (TTM) Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets 1% · Below median
Growth and dividend
Revenue growth −88% · Bottom 25%
Balance sheet
Debt / equity Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.

Valuation Multiplesvs Engineering & Construction median · lower = cheaper

P/B Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
P/S (TTM) 0.05× · Cheapest 25%
EV/EBITDA 25.5× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)33 · sector 29
FUTURE (revenue growth)0 · sector 11
PAST (return on equity)0 · sector 29
HEALTH (low debt)0 · sector 94
DIVIDEND (yield)0 · sector 40

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

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

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EMCOR Group EME $751.80 $521.87 −31%
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Hexicon AB · Fair Value
kr 0.1100 +0%Fair Value
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Cite: Fair Value Calculator (2026). "Hexicon AB Fair Value". https://www.fairvalue-calculator.com/stock/HEXI

Frequently asked questions

Is Hexicon AB (HEXI) overvalued or undervalued?
As of Jun 23, 2026, our model estimates a fair value of kr 0.1100 versus a price of kr 0.1100, about +0% upside (fairly valued).
What is the fair value of HEXI?
Our model-based fair value for Hexicon AB is kr 0.1100 (as of Jun 23, 2026), built from audited fundamentals. The current price: kr 0.1100.
What is the quality score of HEXI?
Hexicon AB has a Quality Score of 30/100. 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 Hexicon AB (HEXI)?
Our model-based price target is the fair value of kr 0.1100 (as of Jun 23, 2026) from 3 valuation models. Cautious scenario kr 0.0800, optimistic scenario kr 0.1300. It is a calculation from audited fundamentals, not an analyst target.
What is the Hexicon AB stock forecast for 2026?
Our models put fair value at kr 0.1100, about +0% upside versus a price of kr 0.1100 (fairly valued). Cautious scenario kr 0.0800, optimistic scenario kr 0.1300. The calculation is refreshed regularly with new filings.
What is the intrinsic value of Hexicon AB (HEXI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hexicon AB it is kr 0.1100 per share (as of Jun 23, 2026), against a price of kr 0.1100. It is the blended result of 3 valuation models (cash flow, earnings, asset, dividend).
Is Hexicon AB stock overvalued or undervalued in 2026?
As of Jun 23, 2026, HEXI trades below its calculated fair value: price kr 0.1100, fair value kr 0.1100, a gap of about +0% (fairly valued). 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 HEXI?
No. The price is what the market pays today (kr 0.1100); the fair value is what the company's own numbers justify (kr 0.1100). For Hexicon AB the two are kr 0.0000 per share apart. That gap is exactly why we show both numbers side by side.
How much is Hexicon AB worth?
The market values Hexicon AB at about 48.4M SEK (market capitalisation, as of Jun 23, 2026). Per share that is kr 0.1100; our models calculate a fair value of kr 0.1100 per share.
What do the bullish and bearish scenarios say about HEXI?
Our models span a range for Hexicon AB: cautious scenario kr 0.0800, base kr 0.1100, optimistic kr 0.1300 per share (as of Jun 23, 2026, price kr 0.1100). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Hexicon AB (HEXI)?
Balance-sheet figures for Hexicon AB (as of Jun 23, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 30/100, which measures business quality independently of the share price.
How far is HEXI from its 52-week high?
Hexicon AB trades at kr 0.1100, about 57% below its 52-week high of kr 0.2550 and 28% above the low of kr 0.0862 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 0.1100 is for.
Which stocks are comparable to Hexicon AB?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro 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 Hexicon AB stock attractive at the current price?
The data as of Jun 23, 2026: price kr 0.1100, calculated fair value kr 0.1100 (+0%), Quality Score 30/100, from 3 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of HEXI calculated?
We run Hexicon AB through 3 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 0.1100, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0 % above its aggregate fair value. Hexicon 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 Hexicon AB (HEXI)?
The closing price on Sep 24, 2026 was kr 0.1100. Our model-based fair value is kr 0.1100, about +0% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hexicon AB right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Hexicon AB

How large is the market capitalisation of Hexicon AB (HEXI)?
The market capitalisation of Hexicon AB is 48.4M SEK (≈ $4.9M). 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 is the P/S ratio of Hexicon AB (HEXI)?
The price-to-sales ratio of Hexicon AB is 0.54 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Hexicon AB (HEXI)?
Earnings per share at Hexicon AB are kr −1.38. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Hexicon AB (HEXI)?
The return on equity (ROE) of Hexicon AB is −305% (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 Hexicon AB (HEXI)?
On an EBIT basis the return on assets of Hexicon AB is −26.0% (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 Hexicon AB (HEXI)?
The operating margin of Hexicon AB is −1,871% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hexicon AB (HEXI)?
Revenue at Hexicon AB is growing −87.5% versus a year earlier (3y avg +18.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Hexicon AB (HEXI) generate?
The free cash flow of Hexicon AB is −45.0M 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 Hexicon AB (HEXI) carry?
The net debt of Hexicon AB is 976M 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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