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Tobii

TOBII.ST Small Cap

Technology · Computer Hardware

Updated: May 22, 2026, 22:06 UTC

$2.74
+4.66% today
52W: $1.30 – $7.42
52W Low: $1.30 Position: 23.5% 52W High: $7.42

Key Metrics

P/E Ratio
—
Price-to-Earnings
Forward P/E
—
Forward Price/Earnings
P/S Ratio
0.82x
Price-to-Sales
EV/EBITDA
26.32x
Enterprise Value/EBITDA
Div. Yield
—
Annual dividend yield
Market Cap
$656.7M
Market Capitalization
Revenue Growth
-17.2%
YoY Revenue Growth
Profit Margin
-36.88%
Net profit margin
ROE
-58.73%
Return on Equity
Beta
0.52
Market sensitivity
Short Interest
—
% of float sold short
Avg. Volume
1,609,025
Average daily volume

Valuation Analysis

Signal
N/A
vs. S&P 500 avg P/E (24.7x)
Analyst Consensus
None
1 analysts
Avg. Price Target
$2.00
-27.01% upside
Target Range
$2.00 – $2.00

About the Company

Tobii AB (publ) develops and sells eye-tracking technology and solutions in Sweden, Europe, Middle East, Africa, the United States, and internationally. The company offers Tobii Pro Glasses 3, a wearable eye tracker; screen based eye trackers, including Tobii Pro spectrum, Tobii Pro fusion, and Tobii Pro Spark; and motion capture, protective and corrective lenses, mobile testing accessories, tripod stands, shimmers, stim trackers, and chin rest accessories. It also provides Tobii Pro Lab, an eye tracking software for multimodal research solutions; Sticky by Tobii, an online eye tracking and survey tool; Tobii UX Explore for UX design; Tobii Pro SDK for building analytical applications; Tobii Ocumen, an eye-tracking solution for analytical application in VR; Tobii Pro Eye Tracker Manager, a

Sector: Technology Industry: Computer Hardware Country: Sweden Employees: 404 Exchange: STO

Tobii Stock at a Glance

Tobii (TOBII.ST) is currently trading at $2.74 with a market capitalization of $656.7M. The 52-week range spans from $1.30 to $7.42; the current price is 63.1% below the yearly high. Year-over-year revenue growth stands at -17.2%.

💰 Dividend

Tobii currently does not pay a dividend. The company typically reinvests its earnings into growth initiatives and product development.

📊 Analyst Rating

1 analysts rate Tobii (TOBII.ST) on consensus: None. The average price target is $2.00, implying -27.01% from the current price. Analyst price targets range from $2.00 to $2.00.

Investment Thesis: Strengths & Weaknesses

Strengths
  • High gross margin of 81.75% — indicates pricing power
Weaknesses
  • –Revenue shrinking (-17.2% YoY)
  • –Currently unprofitable
  • –High leverage (D/E 150.72)
  • –Negative free cash flow

Technical Snapshot

50-Day MA
$2.07
+32.37% vs. price
200-Day MA
$2.23
+22.87% vs. price
Below 52W High
−63.1%
$7.42
Above 52W Low
+110.8%
$1.30

The price is in a transition zone relative to the moving averages — no clear signal.

Risk Profile

Market Risk (Beta)
0.52 · Defensive
Moves less than the overall market
Debt-to-Equity
150.72 · Elevated
Total debt / equity

The data points to relatively defensive market behavior, higher leverage relative to equity.

Trading Data

50-Day MA: $2.07
200-Day MA: $2.23
Volume: 2,448,292
Avg. Volume: 1,609,025
Short Ratio: —
P/B Ratio: 1.63x
Debt/Equity: 150.72x
Free Cash Flow: $-198,124,992

Tobii AB (TOBII.ST) 2026: 2,46 SEK Swedish Eye-Tracking Technology Specialist with Gaming, Behavioral Research and Accessibility Applications Plus Founder-Led Discipline

The Real Story

Tobii AB (Stockholm: TOBII) is a Stockholm-headquartered eye-tracking-technology specialist founded in 2001. Lead products: Tobii Pro Glasses 3 wearable eye-tracker for behavioral research, screen-based eye-trackers for usability research, Tobii Dynavox accessibility devices for AAC (augmentative and alternative communication), Tobii Gaming eye-tracking integrated into PC gaming hardware.

The 2024-2025 period: Tobii Dynavox spin-off (completed 2021) plus continued investment in eye-tracking-and-XR/VR-headset-integration. Pre-profit operating burn with forward-P/E negative (-6,0x). Multiple growth catalysts: Apple Vision Pro and Meta Quest XR-headset eye-tracking-integration, behavioral-research demand growth, accessibility device expansion.

What Smart Money Thinks

Tobii has founder-aligned base. Founder Henrik Eskilsson directly and via affiliated entities holds approximately 7 percent of shares. Investment AB Spiltan at approximately 6,2 percent, Lannebo Fonder at approximately 5,4 percent represent Swedish institutional flows. Short-interest sits at approximately 3 percent of float as of May 2026.

Explore the BMI Smart-Money Tracker →

📈 The 3 Real Bull Points

#1 XR/VR-headset eye-tracking integration with Apple Vision Pro and Meta Quest creates structural growth catalyst

Apple Vision Pro plus Meta Quest XR-headset eye-tracking-integration drives structural-demand for Tobii eye-tracking-IP and modules. As XR/VR-headset volumes scale through 2026-2028, Tobii royalty-and-licensing revenue compounds.

#2 Behavioral research and accessibility (AAC) markets provide defensive revenue base

Tobii Dynavox (accessibility) and Tobii Pro (behavioral research) markets provide defensive-recurring revenue base. Academic-and-clinical-research customers exhibit low-churn-and-high-stickiness.

#3 Founder Eskilsson 7 percent ownership plus 25-year leadership provides long-duration discipline

Founder Henrik Eskilsson's 7 percent ownership plus 25-year leadership-since-founding provides long-duration capital-allocation discipline through cycle-volatility.

📉 The 3 Real Bear Points

#1 Pre-profit operating burn requires continued capital-raise — dilution risk

Tobii continues to operate near-cash-flow break-even with periodic capital-raise requirements. Continued cash-burn through 2026-2027 could trigger dilutive equity-issuance.

#2 XR/VR-headset adoption execution risk — Apple Vision Pro and Meta Quest volumes uncertain

If XR/VR-headset-adoption underperforms (Apple Vision Pro 2024 sales disappointed, Meta Quest 3 traction uncertain), Tobii eye-tracking-licensing trajectory could compress.

#3 Competitive pressure from Qualcomm, Garmin, smaller eye-tracking specialists

Larger semiconductor and smaller specialist competitors compress Tobii's licensing-pricing-power.

Valuation in Context

Tobii at 2,46 SEK per share with approximately 239 million shares outstanding has a market capitalization of approximately 589 million SEK. Pre-profit operating profile with forward-P/E negative -6,0x. EV/sales approximately 0,9x.

If XR/VR-eye-tracking-licensing scales and Tobii reaches cash-flow break-even by 2027, sum-of-parts supports 4-7 SEK per share. Bear-case (XR/VR-disappoints) 1,40-1,80 SEK. Bull-case (XR/VR-acceleration plus accessibility expansion) 8-12 SEK over 24-36 months.

🗓️ Next 3 Catalyst Dates

  1. 2026 Q3:

    Q2 2026 earnings (early August 2026). Watch-items: XR/VR-licensing progression, behavioral research revenue growth.

  2. 2027 Q1:

    Fiscal-2026 full-year results plus fiscal-2027 guidance.

  3. 2027 H2:

    XR/VR-headset volume inflection milestones.

💬 Daniel's Take

Tobii is a Swedish eye-tracking-technology specialist with XR/VR-headset structural growth catalyst, behavioral-research defensive-revenue base, founder-led discipline and pre-profit speculative-cyclical valuation. Position-sizing: 0,2–0,6 percent in thematic-XR-tech sleeve.

Sources (3)

Disclaimer: This article is not investment advice. Investing in stocks carries risks, including total loss.

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