IPAS Indexo (S9S) Stock Overview

A privately owned investment manager. More details

S9S fundamental analysis
Snowflake Score
Valuation	0/6
Future Growth	0/6
Past Performance	0/6
Financial Health	2/6
Dividends	0/6

Risk Analysis

Shareholders have been substantially diluted in the past year

Earnings have declined by 53.7% per year over past 5 years

Has less than 1 year of cash runway

S9S Community Fair Values

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IPAS Indexo AS Competitors

Price History & Performance

Summary of share price highs, lows and changes for IPAS Indexo
Historical stock prices
Current Share Price	€8.26
52 Week High	€10.50
52 Week Low	€7.30
Beta	0.13
1 Month Change	2.99%
3 Month Change	7.27%
1 Year Change	n/a
3 Year Change	n/a
5 Year Change	n/a
Change since IPO	-8.22%

Recent updates

Shareholder Returns

	S9S	DE Capital Markets	DE Market
7D	0.5%	-1.2%	0.1%
1Y	n/a	10.9%	-0.5%

Return vs Industry: Insufficient data to determine how S9S performed against the German Capital Markets industry.

Return vs Market: Insufficient data to determine how S9S performed against the German Market.

Price Volatility

Is S9S's price volatile compared to industry and market?
S9S volatility
S9S Average Weekly Movement	7.3%
Capital Markets Industry Average Movement	4.0%
Market Average Movement	5.3%
10% most volatile stocks in DE Market	12.7%
10% least volatile stocks in DE Market	2.7%

Stable Share Price: S9S has not had significant price volatility in the past 3 months compared to the German market.

Volatility Over Time: Insufficient data to determine S9S's volatility change over the past year.

About the Company

Founded	Employees	CEO	Website
2017	492	Henrik Karmo	indexo.lv

IPAS Indexo AS is a privately owned investment manager. IPAS Indexo AS, an investment management company, provides asset and investment management services in Latvia. It offers state-funded pension scheme investment plans and private pension plans.

IPAS Indexo AS Fundamentals Summary

How do IPAS Indexo's earnings and revenue compare to its market cap?
S9S fundamental statistics
Market cap	€106.95m
Earnings (TTM)	-€5.56m
Revenue (TTM)	€6.11m

17.5x

P/S Ratio

-19.2x

P/E Ratio

Is S9S overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
S9S income statement (TTM)
Revenue	€6.11m
Cost of Revenue	€1.04m
Gross Profit	€5.07m
Other Expenses	€10.63m
Earnings	-€5.56m

Last Reported Earnings

Mar 31, 2026

Next Earnings Date

Aug 12, 2026

Earnings per share (EPS)	-0.45
Gross Margin	83.01%
Net Profit Margin	-91.06%
Debt/Equity Ratio	170.3%

How did S9S perform over the long term?

See historical performance and comparison

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/07/23 00:19
End of Day Share Price	2026/07/23 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

IPAS Indexo AS is covered by 0 analysts. 0 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

IPAS Indexo ASDB:S9S Stock Report