Klarna Group plc
KLAR · Finance Services · EDGAR filings ↗
Grade
C56Scaled global BNPL/digital-bank franchise growing fast but still unprofitable.
Strengths
- Large scale: ~118M consumers, ~960K merchants, $128B GMV; revenue grew 25% (62nd pct)
- Strong cash position ($3.8B, 95th pct) and improving U.S. loss rates show underwriting progress
- Operating margin -6.6% (73rd pct) and net margin -7.8% (65th pct) better than sector peers
Risks
- Still loss-making (ROE -10%) with net loss widening sharply year over year
- Heavy negative free cash flow (-$1.0B) and reliance on forward-flow/securitization funding
- Complex multi-jurisdiction regulatory/licensing and credit-cycle exposure
Notable findings
- No interest coverageInterest coverage -0.34 (cannot cover interest)
- Net lossNet loss (net margin -7.8%)
- Cash burnNegative free cash flow (-1035.0M)
- Strong balance sheetStrong balance sheet — $3.8B cash & investments, ~15 quarters of runway
Key metrics
Operating margin
-6.6%
Net margin
-7.8%
Return on equity
-10.2%
Return on assets
-1.5%
Revenue growth (QoQ)
24.8%
Interest coverage
-0.3×
Free cash flow
-$1.0B
Tangible book value
$2.0B
Cash & investments
$3.8B
Cash runway
15q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-04-13 | Shaer Yaron | Option exercise | 92 | — |
| 2026-04-13 | Greenway Anthony | Option exercise | 533 | — |
| 2026-04-13 | Sandstrom David | Option exercise | 61 | — |
| 2026-04-13 | Sykes David | Option exercise | 251 | — |
| 2026-04-13 | Giesecke Camilla | Option exercise | 89 | — |
| 2026-04-13 | Fock David | Option exercise | 70 | — |
| 2026-04-13 | Neglen Niclas | Grant | 129 | — |
| 2026-04-02 | Shaer Yaron | Grant | 21K | — |
| 2026-04-02 | Sykes David | Grant | 28K | — |
| 2026-04-02 | Sandstrom David | Grant | 21K | — |
| 2026-04-02 | Neglen Niclas | Grant | 25K | — |
| 2026-03-31 | Greenway Anthony | Grant | 1.7K | — |
All non-derivative Form 4 activity (SEC), newest first.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-02-26 | 2025-12-31 | 0002003292-26-000007 ↗ |