Fortnox FNOX
This picture changes. Follow Fortnox free — email when the signal or risk changes + a Sunday weekly brief.
Follow Fortnox freeEmail when the signal or risk changes · Sunday weekly brief
No card · No time limit on free tier · Upgrade when you need more
Full analysis: 6 Apr 2026
Latest news check: 26 Jul 2026
General analysis — not personal advice.
SELL
8/10
Confidence
Tender into the offer or sell near the offer price to free capital.
Delisting and lack of public reports limit transparency and upside near the offer level.
Market sentiment
5/10
↓
Trend: Declining
Sentiment has weakened further, dominated by accounting firms’ backlash over perceived forced price increases/lock-in via Access and churn concerns ahead of the next rollout step.
Risk assessment
5/10
Dilution:
Low
Strong cash flow and take-private process.
Jurisdiction:
Low
Sweden, stable legal framework.
Execution:
Medium
Delisting/squeeze-out timing may slip.
Recent changes
- ▼ Sentiment_score fell from 8 to 6 and the trend shifted from stable to declining, driven by increased customer dissatisfaction and concerns about price hikes/forced features.
About the company
Fortnox is a Swedish SaaS platform for accounting, invoicing, payroll and related financial services for SMEs and accounting firms. The company is highly profitable with strong cash generation and low leverage. In 2025 it has been in a cash take-private and delisting process following an offer around SEK 90 per share.
Sector:
Cloud business software (SaaS) for accounting and admin
Type:
Tech
Next report
22 Oct 2026
Q3
Catalysts
1 Oct 2026
Access billing starts for existing customers
High
Horizon:
Bull case
The offer level acts as an anchor with limited downside due to strong cash flow.
Bear case
Limited upside and reduced transparency after delisting tie up capital without a clear exit.
Signal rationale (informational)
Delisting and lack of public reports limit transparency and upside near the offer level.
Recent news
- Fortnox has been delisted since July 2025 and no longer publishes public reports. Minor updates include a new association integration in July 2026, an Ipsos survey on AI among small businesses, and mentions during Investor AB's Q2 presentation.
Exchange
Stockholm
Type
Technology
Sector
Cloud business software (SaaS) for accounting and admin
This picture changes. Follow Fortnox free — email when the signal or risk changes + a Sunday weekly brief.
Follow 3 companies freeEmail when the signal or risk changes · Sunday weekly brief
No card · No time limit on free tier · Upgrade when you need more
Firelda provides general information and analysis, not personal investment advice. Content does not consider your financial situation or goals. Investments can rise and fall in value. Always do your own research.