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Iconovo (ICO) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Iconovo stock SEK 0.84, price SEK 1.06, that is 20.4% below the price, quality 21 out of 100. Rating: 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 SE0010868943

I Iconovo logo Thin data Nov 10, 2026

Iconovo

ICO · ST
Expensive, weak quality

Our calculation puts a fair price 20% below what the stock costs today.

Low debt
Revenue last quarter +100% vs. a year ago.
Fair value kr 0.8400 · Overvalued
Quality 21/100
Weak Growth (revenue 5y −42.6 %/yr in SEK)
Negative free cash flow
Trails peers (3/8)
Narrow moat 9/100
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

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

Price vs Fair Value

kr 85.00 kr 0.9320 Fair Value kr 0.8400 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 0.9320 – kr 85.00 · fair‑value band kr 0.6300 – kr 1.05 · the kr 1.06 price screens above the kr 0.8400 fair value. As of Nov 10, 2026.

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Company profile

Iconovo AB (publ) develops inhaled medicinal products in Sweden.

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The company offers ICOres, a multi-dose dry powder inhaler; ICOcap, a capsule based dry powder inhaler; ICOone, a single-dose disposable dry powder inhaler; and ICOpre, a pre-metered dry powder inhaler; and ICOone nasal single-dose dry powder inhaler for nasal use. It serves generic companies.

The company has a collaboration agreement with Lonza to develop spray-dried formulations of an intranasal biologic drug; and agreement with Kiox Pharma to develop an inhalable treatment for interstitial lung disease. Iconovo AB (publ) was founded in 2013 and is headquartered in Lund, Sweden.

Stock analysis

Iconovo (ICO) currently trades at kr 1.06, while our estimate is kr 0.8400, 20% 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 0.6300 (bear) to kr 1.05 (bull), the price of kr 1.06 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 21/100 (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.

Iconovo reported revenue of 1.1M SEK in FY2025 versus 15.4M SEK in FY2021, a compound −48.3%/yr. Reported net income was −43.4M SEK in FY2025.

Key figures

Market cap 105M SEK (≈ $10.7M) Micro · P/S ratio 49.5 · EPS (TTM) kr −0.5100 · Return on equity −27.3% · Return on assets (EBIT) −31.0% (5-year average) · Operating margin −958% · Revenue (TTM) 2.4M SEK · Revenue growth (YoY) +100%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 9 out of 100 (medium confidence).

What moves the price

The share trades about 39% below its 52-week high and 13% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at 8% fair-value upside, at −20%, ICO screens richer than that median.

Fair Value

Bear kr 0.6300 Fair Value kr 0.8400 Bull kr 1.05
Price kr 1.06 · Downside -20.4%
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 21/100

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 9
Are margins and returns getting better?
Cashflow 5
Do the profits arrive as real cash?
Financial strength 64
Debt, balance sheet and risk of trouble
Investment 46
Does it invest with discipline instead of growing at any price?
Low Volatility 54
How calm the share price moves, does not count
Price momentum 24
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 8
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
−62.3%
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.
−59.9%
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.
−42.6%
Start year 2020 (pandemic). Over 10 years: +22.1% a year
Revenue growth 10 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.
+22.1%
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.
−92.7% (2020) → −3,959.5% (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

ICO screens overvalued: fair value 20% below the price. Compare with Abbott Laboratories, →

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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.Medical Devices · 402 stocks

Beats the industry median on 3/7 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 21 · Bottom 25%
Fair Value upside −20.4% · Below median
Profitability
Return on assets −33.1% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 100.0% · Top 25%
Balance sheet
Debt / equity 0.01× · Below median

Valuation Multiplesvs Medical Devices median · lower = cheaper

P/B 0.89× · Cheapest 25%
P/S (12 months) 43.49× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)6 · sector 17
FUTURE (revenue growth)100 · sector 44
PAST (return on equity)0 · sector 0
HEALTH (low debt)99 · sector 97
DIVIDEND (yield)0 · sector 34

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 Medical Devices stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Shenzhen Mindray Bio-Medical Electronics Co 300760 ¥178.92 ¥202.57 +13% vs ICO
DexCom, Inc DXCM $79.92 $89.18 +12% vs ICO
Stryker Corporation SYK $324.29 $358.30 +10% vs ICO
STERIS plc STE $257.12 $279.53 +9% vs ICO
Boston Scientific Corporation BSX $44.70 $48.42 +8% vs ICO
GE HealthCare Technologies Inc GEHC $83.65 $69.92 −16% vs ICO
Edwards Lifesciences Corporation EW $104.01 $81.94 −21% vs ICO
Abbott Laboratories, ABT $110.46 $75.28 −32% vs ICO
Medtronic plc MDT $101.59 $65.61 −35% vs ICO
Koninklijke Philips N.V PHIA €27.06 €15.23 −44% vs ICO

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Iconovo: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Iconovo Fair Value". https://www.fairvalue-calculator.com/stock/ICO

Frequently asked questions

Is Iconovo (ICO) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is kr 0.8400 versus a price of kr 1.06, about 20% lower (overvalued).
What is the fair value of ICO?
Our estimate for Iconovo is kr 0.8400 (as of Nov 10, 2026), built from audited fundamentals. The current price: kr 1.06.
What is the quality score of ICO?
Iconovo has a Quality Score of 21/100. 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 Iconovo (ICO)?
Our calculated price target is the estimate of kr 0.8400 (as of Nov 10, 2026). Cautious scenario kr 0.6300, optimistic scenario kr 1.05. 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 Iconovo stock forecast for 2026?
Our estimate puts fair value at kr 0.8400, about 20% lower versus a price of kr 1.06 (overvalued). Cautious scenario kr 0.6300, optimistic scenario kr 1.05. The calculation is refreshed regularly with new filings.
What is the revenue of Iconovo (ICO)?
Iconovo reported trailing-twelve-month revenue of about 2.4M SEK (latest available figure, as of Nov 10, 2026).
What is the intrinsic value of Iconovo (ICO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Iconovo it is kr 0.8400 per share (as of Nov 10, 2026), against a price of kr 1.06.
Is Iconovo stock overvalued or undervalued in 2026?
As of Nov 10, 2026, ICO trades above its calculated fair value: price kr 1.06, fair value kr 0.8400, a gap of about −20% (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 ICO?
No. The price is what the market pays today (kr 1.06); the fair value is what the company's own numbers justify (kr 0.8400). For Iconovo the two are kr 0.2150 per share apart. That gap is exactly why we show both numbers side by side.
How much is Iconovo worth?
The market values Iconovo at about 105M SEK (market capitalisation, as of Nov 10, 2026). Per share that is kr 1.06; our models calculate a fair value of kr 0.8400 per share.
What do the bullish and bearish scenarios say about ICO?
Our models span a range for Iconovo: cautious scenario kr 0.6300, base kr 0.8400, optimistic kr 1.05 per share (as of Nov 10, 2026, price kr 1.06). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Iconovo (ICO)?
Balance-sheet figures for Iconovo (as of Nov 10, 2026): return on equity −27.3%, debt of 0.01 per unit of equity. They feed the Quality Score of 21/100, which measures business quality independently of the share price.
How far is ICO from its 52-week high?
Iconovo trades at kr 1.06, about 39% below its 52-week high of kr 1.74 and 13% above the low of kr 0.9320 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of kr 0.8400 is for.
Which stocks are comparable to Iconovo?
From the same area (Healthcare) we also value Abbott Laboratories,, Medtronic plc, Stryker Corporation, Boston Scientific Corporation, 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 Iconovo stock attractive at the current price?
The data as of Nov 10, 2026: price kr 1.06, calculated fair value kr 0.8400 (−20%), Quality Score 21/100. 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. Iconovo 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 Iconovo (ICO)?
The closing price on Nov 10, 2026 was kr 1.06. Our estimate is kr 0.8400, about 20% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Iconovo right now?
Weak quality (21/100) and above fair value at the same time, the margin of safety is missing on both counts. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Iconovo

How large is the market capitalisation of Iconovo (ICO)?
The market capitalisation of Iconovo is 105M SEK (≈ $10.7M). 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 Iconovo (ICO)?
The price-to-sales ratio of Iconovo is 49.5 (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 Iconovo (ICO)?
Earnings per share at Iconovo are kr −0.5100. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Iconovo (ICO)?
The return on equity (ROE) of Iconovo is −27.3% (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 Iconovo (ICO)?
On an EBIT basis the return on assets of Iconovo is −31.0% (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 Iconovo (ICO)?
The operating margin of Iconovo is −958% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Iconovo (ICO)?
Revenue at Iconovo is growing +100% versus a year earlier (3y avg −59.9%). 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 Iconovo (ICO) generate?
The free cash flow of Iconovo is −46.0M 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 cash does Iconovo (ICO) hold?
Iconovo holds more cash than debt, 1.6M SEK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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