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Smart Eye AB (SEYE) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Smart Eye AB stock SEK 39.57, price SEK 46.04, that is 14.1% below the price, quality 39 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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Technology SE · ISIN SE0009268279

SE Smart Eye AB logo Thin data Nov 10, 2026

Smart Eye AB

SEYE · ST
Expensive, weak quality

Our calculation puts a fair price 14% below what the stock costs today.

Low debt
Revenue last quarter +53% vs. a year ago.
Expensive Growth (revenue 5y +44.0 %/yr in SEK)
Fair value kr 39.57 · Overvalued
Quality 39/100
Loss-making · -26.6% net margin (TTM)
Negative free cash flow
Trails peers (2/10)
Narrow moat 10/100 · 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

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

Price vs Fair Value

kr 185.34 kr 30.63 Fair Value kr 39.57 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 30.63 – kr 185.34 · fair‑value band kr 29.68 – kr 49.46 · the kr 46.04 price screens above the kr 39.57 fair value. As of Nov 10, 2026.

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Company profile

Smart Eye AB (publ) develops human insight artificial intelligence (AI) technology solutions that understand, support, and predict human behavior in the Nordics countries, the rest of Europe, North America, Asia, and internationally.

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The company provides driver monitoring systems and interior sensing solutions for automotive market; and AIS, an end-to-end driver monitoring hardware and software system for fleet and aftermarket.

It offers various behavioral research products, including smart eye research instruments under the Smart Eye Pro, AI-X, XO, and Aurora names, as well as offers smart recorders, software, and analysis services to automotive, aviation and aerospace, media and marketing, psychology and neuroscience, and behavioral research industries.

In addition, the company offers media analytics platform comprising emotion AI for video testing, a cloud-based service used for analyzing images and videos of humans expressing emotion to support qualitative research, and software development kits that enable developers to incorporate emotion sensing to their apps and digital experiences; and iMotions, a human insights software to collect and analyze human behavior data through eye tracking, galvanic skin response, facial expression analysis, EEG, EMG, and ECG on one convenient platform.

Smart Eye AB (publ) was incorporated in 1999 and is based in Gothenburg, Sweden.

Stock analysis

Smart Eye AB (SEYE) currently trades at kr 46.04, while our estimate is kr 39.57, 14% 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 29.68 (bear) to kr 49.46 (bull), the price of kr 46.04 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 39/100 (below-average quality), in the Technology sector.

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

Smart Eye AB reported revenue of 404M SEK in FY2025 versus 110M SEK in FY2021, a compound +38.5%/yr. Reported net income was −173M SEK in FY2025.

Key figures

Market cap 1.8B SEK (≈ $182M) Micro · P/S ratio 4.27 · EPS (TTM) kr −3.30 · Net margin −26.6% · Return on equity −9.4% · Return on assets (EBIT) −13.0% (5-year average) · Operating margin −14.6% · Revenue (TTM) 489M SEK.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 10 out of 100 (low confidence).

What moves the price

The share trades about 54% below its 52-week high and at its 52-week low, currently below its 200-day average.

For context, the median of 10 Technology peers we cover trades at 13% fair-value upside, at −14%, SEYE screens richer than that median.

Fair Value

Bear kr 29.68 Fair Value kr 39.57 Bull kr 49.46
Price kr 46.04 · Downside -14.1%
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 39/100

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

Profitability 5
How much profit the company makes from its sales and capital
Quality Growth 61
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 64
Debt, balance sheet and risk of trouble
Investment 93
Does it invest with discipline instead of growing at any price?
Low Volatility 17
How calm the share price moves, does not count
Price momentum 0
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 0
Distance to the 52-week high, does not count
New shares 47
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. 44/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+13.7%
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.
+22.5%
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.
+44.0%
Start year 2020 (pandemic). Over 10 years: +23.8% a year
Revenue growth 12 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.
+26.7%
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.
−118.5% (2020) → −41.0% (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

SEYE screens overvalued: fair value 14% below the price. Compare with SAP SE →

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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.Software - Application · 723 stocks

Beats the industry median on 2/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 39 · Bottom 25%
Fair Value upside −14.1% · Below median
Profitability
Return on assets −9.1% · Below median
Net margin (12 months) −26.6% · Bottom 25%
Operating margin (12 months) −14.6% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 52.9% · Top 25%
Balance sheet
Debt / equity 0.25× · Above median

Valuation Multiplesvs Software - Application median · lower = cheaper

P/B 1.39× · Cheaper than median
P/S (12 months) 3.68× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)15 · sector 25
FUTURE (revenue growth)100 · sector 40
PAST (return on equity)0 · sector 9
HEALTH (low debt)88 · sector 98
DIVIDEND (yield)0 · sector 28

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 Software - Application stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Adobe Inc ADBE $236.70 $463.72 +96% vs SEYE
Salesforce, Inc CRM $213.48 $342.73 +61% vs SEYE
Uber Technologies, Inc UBER $70.05 $101.28 +45% vs SEYE
Intuit Inc INTU $340.44 $459.14 +35% vs SEYE
ServiceNow, Inc NOW $99.61 $112.17 +13% vs SEYE
SAP SE SAP €209.95 €173.59 −17% vs SEYE
Cadence Design Systems, Inc CDNS $331.64 $225.48 −32% vs SEYE
Automatic Data Processing, Inc ADP $305.44 $150.40 −51% vs SEYE
Shopify Inc SHOP $146.61 $64.96 −56% vs SEYE
Snowflake Inc SNOW $295.76 $73.81 −75% vs SEYE

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Smart Eye AB: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Smart Eye AB Fair Value". https://www.fairvalue-calculator.com/stock/SEYE

Frequently asked questions

Is Smart Eye AB (SEYE) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is kr 39.57 versus a price of kr 46.04, about 14% lower (overvalued).
What is the fair value of SEYE?
Our estimate for Smart Eye AB is kr 39.57 (as of Nov 10, 2026), built from audited fundamentals. The current price: kr 46.04.
What is the quality score of SEYE?
Smart Eye AB has a Quality Score of 39/100. 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 Smart Eye AB (SEYE)?
Our calculated price target is the estimate of kr 39.57 (as of Nov 10, 2026). Cautious scenario kr 29.68, optimistic scenario kr 49.46. 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 Smart Eye AB stock forecast for 2026?
Our estimate puts fair value at kr 39.57, about 14% lower versus a price of kr 46.04 (overvalued). Cautious scenario kr 29.68, optimistic scenario kr 49.46. The calculation is refreshed regularly with new filings.
What is the revenue of Smart Eye AB (SEYE)?
Smart Eye AB reported trailing-twelve-month revenue of about 489M SEK (latest available figure, as of Nov 10, 2026).
What is the intrinsic value of Smart Eye AB (SEYE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Smart Eye AB it is kr 39.57 per share (as of Nov 10, 2026), against a price of kr 46.04.
Is Smart Eye AB stock overvalued or undervalued in 2026?
As of Nov 10, 2026, SEYE trades above its calculated fair value: price kr 46.04, fair value kr 39.57, a gap of about −14% (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 SEYE?
No. The price is what the market pays today (kr 46.04); the fair value is what the company's own numbers justify (kr 39.57). For Smart Eye AB the two are kr 6.47 per share apart. That gap is exactly why we show both numbers side by side.
How much is Smart Eye AB worth?
The market values Smart Eye AB at about 1.8B SEK (market capitalisation, as of Nov 10, 2026). Per share that is kr 46.04; our models calculate a fair value of kr 39.57 per share.
What do the bullish and bearish scenarios say about SEYE?
Our models span a range for Smart Eye AB: cautious scenario kr 29.68, base kr 39.57, optimistic kr 49.46 per share (as of Nov 10, 2026, price kr 46.04). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Smart Eye AB (SEYE)?
Balance-sheet figures for Smart Eye AB (as of Nov 10, 2026): return on equity −9.4%, debt of 0.25 per unit of equity. They feed the Quality Score of 39/100, which measures business quality independently of the share price.
How far is SEYE from its 52-week high?
Smart Eye AB trades at kr 46.04, about 54% below its 52-week high of kr 99.20 and at the low of kr 46.04 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of kr 39.57 is for.
Which stocks are comparable to Smart Eye AB?
From the same area (Technology) we also value SAP SE, Salesforce, Inc, Shopify Inc, ServiceNow, Inc, 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 Smart Eye AB stock attractive at the current price?
The data as of Nov 10, 2026: price kr 46.04, calculated fair value kr 39.57 (−14%), Quality Score 39/100. 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. Smart Eye 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 Smart Eye AB (SEYE)?
The closing price on Nov 10, 2026 was kr 46.04. Our estimate is kr 39.57, about 14% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Smart Eye AB right now?
Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. The price sits in the upper half of our model range, so the margin of safety is thin. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.

Key figures of Smart Eye AB

How large is the market capitalisation of Smart Eye AB (SEYE)?
The market capitalisation of Smart Eye AB is 1.8B SEK (≈ $182M). 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 Smart Eye AB (SEYE)?
The price-to-sales ratio of Smart Eye AB is 4.27 (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 Smart Eye AB (SEYE)?
Earnings per share at Smart Eye AB are kr −3.30. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Smart Eye AB (SEYE)?
The net margin of Smart Eye AB is −26.6% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Smart Eye AB (SEYE)?
The return on equity (ROE) of Smart Eye AB is −9.4% (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 Smart Eye AB (SEYE)?
On an EBIT basis the return on assets of Smart Eye AB is −13.0% (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 Smart Eye AB (SEYE)?
The operating margin of Smart Eye AB is −14.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Smart Eye AB (SEYE)?
Revenue at Smart Eye AB is growing +52.9% versus a year earlier (3y avg +22.5%). 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 Smart Eye AB (SEYE) generate?
The free cash flow of Smart Eye AB is −41.4M 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 Smart Eye AB (SEYE) carry?
The net debt of Smart Eye AB is 173M 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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