Fortnox AB (FNOX) - Net Assets

Latest as of March 2025: Skr2.57 Billion SEK ≈ $276.68 Million USD

Based on the latest financial reports, Fortnox AB (FNOX) has net assets worth Skr2.57 Billion SEK (≈ $276.68 Million USD) as of March 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (Skr3.62 Billion ≈ $389.03 Million USD) and total liabilities (Skr1.04 Billion ≈ $112.35 Million USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check Fortnox AB (FNOX) asset resilience to evaluate the company's liquid asset resilience ratio.

Key Net Assets Metrics

Metric	Value
Current Net Assets	Skr2.57 Billion
% of Total Assets	71.12%
Annual Growth Rate	35.38%
5-Year Change	403.35%
10-Year Change	6303.84%
Growth Volatility	32.33

Fortnox AB - Net Assets Trend (2008–2024)

This chart illustrates how Fortnox AB's net assets have evolved over time, based on quarterly financial data. Also explore FNOX asset base for the complete picture of this company's asset base.

Annual Net Assets for Fortnox AB (2008–2024)

The table below shows the annual net assets of Fortnox AB from 2008 to 2024. For live valuation and market cap data, see FNOX stock market capitalisation.

Year	Net Assets	Change
2024-12-31	Skr2.36 Billion ≈ $254.19 Million	+33.30%
2023-12-31	Skr1.77 Billion ≈ $190.70 Million	+38.35%
2022-12-31	Skr1.28 Billion ≈ $137.83 Million	+30.47%
2021-12-31	Skr981.71 Million ≈ $105.65 Million	+109.20%
2020-12-31	Skr469.26 Million ≈ $50.50 Million	+67.32%
2019-12-31	Skr280.45 Million ≈ $30.18 Million	+69.62%
2018-12-31	Skr165.34 Million ≈ $17.79 Million	+66.88%
2017-12-31	Skr99.08 Million ≈ $10.66 Million	+68.77%
2016-12-31	Skr58.71 Million ≈ $6.32 Million	+59.17%
2015-12-31	Skr36.88 Million ≈ $3.97 Million	+38.08%
2014-12-31	Skr26.71 Million ≈ $2.87 Million	-32.83%
2013-12-31	Skr39.77 Million ≈ $4.28 Million	+9.24%
2012-12-31	Skr36.40 Million ≈ $3.92 Million	+14.74%
2011-12-31	Skr31.73 Million ≈ $3.41 Million	+24.52%
2010-12-31	Skr25.48 Million ≈ $2.74 Million	+10.13%
2009-12-31	Skr23.14 Million ≈ $2.49 Million	+24.72%
2008-12-31	Skr18.55 Million ≈ $2.00 Million	--

Equity Component Analysis

This analysis shows how different components contribute to Fortnox AB's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

Retained earnings have grown by 194568568200.0% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2024)

Component	Amount	Percentage
Retained Earnings	Skr1.93 Billion	81.50%
Common Stock	Skr1.00 Million	0.04%
Other Components	Skr436.00 Million	18.46%
Total Equity	Skr2.36 Billion	100.00%

Fortnox AB Competitors by Market Cap

The table below lists competitors of Fortnox AB ranked by their market capitalization.

Company	Market Cap
Bank of Changsha Co Ltd SHG:601577	$5.87 Billion
Bank of Ayudhya Public Company Limited F:NVAU	$5.87 Billion
Puya Semiconductor Shanghai Co Ltd SHG:688766	$5.87 Billion
3SBio Inc F:83B	$5.88 Billion
Churchill Downs Incorporated NASDAQ:CHDN	$5.86 Billion
UPL Limited NSE:UPL	$5.86 Billion
Compagnie du Cambodge PA:CBDG	$5.86 Billion
Cogent Biosciences Inc NASDAQ:COGT	$5.86 Billion

Equity Growth Attribution

This analysis shows how different factors contributed to changes in Fortnox AB's equity between the two most recent reporting periods.

Equity Growth Insights

From 2023 to 2024, total equity changed from 1,772,000,000 to 2,362,000,000, a change of 590,000,000 (33.3%).
Net income of 710,000,000 contributed positively to equity growth.
Dividend payments of 122,000,000 reduced retained earnings.
New share issuances of 13,000,000 increased equity.

Equity Change Factors (2023 to 2024)

Factor	Impact	Contribution
Net Income	Skr710.00 Million	+30.06%
Dividends Paid	Skr122.00 Million	-5.17%
Share Issuances	Skr13.00 Million	+0.55%
Other Changes	Skr-11.00 Million	-0.47%
Total Change	Skr-	33.30%

Book Value vs Market Value Analysis

This analysis compares Fortnox AB's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

Current price-to-book ratio: 23.08x
The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
The price-to-book ratio has decreased from 2242.12x to 23.08x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2008-12-31	Skr0.04	Skr89.40	x
2009-12-31	Skr0.04	Skr89.40	x
2010-12-31	Skr0.04	Skr89.40	x
2011-12-31	Skr0.06	Skr89.40	x
2012-12-31	Skr0.06	Skr89.40	x
2013-12-31	Skr0.07	Skr89.40	x
2014-12-31	Skr0.04	Skr89.40	x
2015-12-31	Skr0.06	Skr89.40	x
2016-12-31	Skr0.10	Skr89.40	x
2017-12-31	Skr0.17	Skr89.40	x
2018-12-31	Skr0.27	Skr89.40	x
2019-12-31	Skr0.47	Skr89.40	x
2020-12-31	Skr0.78	Skr89.40	x
2021-12-31	Skr1.61	Skr89.40	x
2022-12-31	Skr2.10	Skr89.40	x
2023-12-31	Skr2.91	Skr89.40	x
2024-12-31	Skr3.87	Skr89.40	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Fortnox AB utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

Current Return on Equity (ROE): 30.06%
The company demonstrates strong efficiency in generating profits from shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 34.72%
• Asset Turnover: 0.60x
• Equity Multiplier: 1.44x
Recent ROE (30.06%) is above the historical average (27.72%), indicating improving capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2008	-42.47%	-93.63%	0.36x	1.27x	Skr-9.51 Million
2009	-10.13%	-11.58%	0.65x	1.35x	Skr-4.49 Million
2010	17.05%	15.14%	0.95x	1.19x	Skr1.80 Million
2011	10.23%	7.56%	1.10x	1.23x	Skr73.95K
2012	12.85%	8.07%	1.27x	1.25x	Skr1.04 Million
2013	23.15%	11.15%	1.56x	1.33x	Skr5.23 Million
2014	47.66%	13.15%	1.31x	2.77x	Skr9.87 Million
2015	53.66%	14.98%	1.17x	3.05x	Skr15.81 Million
2016	56.57%	17.20%	1.21x	2.72x	Skr26.80 Million
2017	49.13%	18.15%	0.83x	3.26x	Skr38.77 Million
2018	47.71%	21.07%	0.93x	2.43x	Skr62.34 Million
2019	48.12%	25.36%	0.96x	1.97x	Skr106.90 Million
2020	43.77%	29.61%	0.74x	1.98x	Skr158.46 Million
2021	24.56%	25.87%	0.47x	2.01x	Skr142.93 Million
2022	27.09%	27.20%	0.55x	1.80x	Skr218.92 Million
2023	32.17%	34.71%	0.62x	1.50x	Skr392.80 Million
2024	30.06%	34.72%	0.60x	1.44x	Skr473.80 Million

Industry Comparison

This section compares Fortnox AB's net assets metrics with peer companies in the Software - Application industry.

Industry Context

Industry: Software - Application
Average net assets among peers: $164,488,692
Average return on equity (ROE) among peers: -79.66%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Fortnox AB (FNOX)	Skr2.57 Billion	-42.47%	0.41x	$5.87 Billion
24SevenOffice Scandinavia AB (247)	$414.56 Million	-17.81%	0.89x	$67.95 Million
eEducation Albert AB (ALBERT)	$45.42 Million	-137.73%	1.84x	$11.25 Million
AppSpotr AB (APTR)	$36.54 Million	-80.26%	0.22x	$28.96 Million
Better Collective (BETCO)	$685.93 Million	4.96%	0.71x	$899.81 Million
BIMobject AB (BIM)	$282.06 Million	-28.81%	0.34x	$71.75 Million
Bambuser AB (BUSER)	$7.37 Million	-268.23%	0.60x	$24.10 Million
CodeMill AB (CDMIL)	$48.59 Million	-28.16%	0.71x	$22.72 Million
Crunchfish AB (CFISH)	$58.77 Million	-44.06%	0.13x	$30.49 Million
ChargePanel AB (CHARGE)	$672.00K	3.13%	2.05x	$5.99 Million
Checkin.com Group AB (CHECK)	$64.96 Million	-199.64%	0.21x	$10.26 Million

About Fortnox AB

ST:FNOX Sweden Software - Application

Market Cap

$5.87 Billion

Skr54.51 Billion SEK

Market Cap Rank

#3229 Global

#51 in Sweden

Share Price

Skr89.40

Change (1 day)

+1.52%

52-Week Range

Skr85.70 - Skr91.94

All Time High

Skr91.94