Tobii
TOBII.ST Small CapTechnology · Computer Hardware
Updated: Jul 6, 2026, 22:20 UTC
Price Chart
Key Metrics
Valuation Analysis
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
Tobii Stock at a Glance
Tobii (TOBII.ST) is currently trading at $1.88 with a market capitalization of $486.7M. The 52-week range spans from $1.30 to $7.42; the current price is 74.7% 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 +6.61% from the current price. Analyst price targets range from $2.00 to $2.00.
Tobii: The Investment Case in Detail
Tobii (TOBII.ST) operates in the Technology — specifically Computer Hardware — and is headquartered in Sweden. Below is a structured read of the investment case built directly from the latest fundamentals, valuation multiples, analyst positioning and smart-money flows. Each section translates raw numbers into the investment logic they imply, so you can decide whether the risk/reward fits your portfolio.
The Bull Case
With a gross margin near 81.75%, the company sits in the top tier of its industry — these are the kinds of structural margins that protect earnings during downturns.
The Bear Case
Revenue is contracting at -17.2% year-over-year — until that trend reverses, valuation is exposed to further downgrades. Net margins remain negative, meaning every euro of revenue is still producing losses — the path to profitability is the central question for shareholders.
What to Watch Next
- The price sits in the lower quartile of the 52-week range — value hunters often start scaling in around this zone if fundamentals hold.
Investment Thesis: Strengths & Weaknesses
- High gross margin of 81.75% — indicates pricing power
- –Revenue shrinking (-17.2% YoY)
- –Currently unprofitable
- –High leverage (D/E 150.72)
- –Negative free cash flow
Technical Snapshot
The price is in a transition zone relative to the moving averages — no clear signal.
Risk Profile
The data points to relatively defensive market behavior, higher leverage relative to equity.
Trading Data
Related Stocks in the Same Sector
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
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.
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.
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
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.
If XR/VR-headset-adoption underperforms (Apple Vision Pro 2024 sales disappointed, Meta Quest 3 traction uncertain), Tobii eye-tracking-licensing trajectory could compress.
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
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2026 Q3:
Q2 2026 earnings (early August 2026). Watch-items: XR/VR-licensing progression, behavioral research revenue growth.
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2027 Q1:
Fiscal-2026 full-year results plus fiscal-2027 guidance.
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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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