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AddLife AB (publ)

ALIF-B.ST
52
Medical - Instruments & Supplies · Healthcare
Also trades as: 0REZ.L GBP 1.70 (+0.83%)
Price
kr 168.30
-0.70 (-0.41%)
Market Cap
kr 19.74B
Exchange
Stockholm Stock Exchange
Winston Score
52
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 12, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
10/30
Growth
Strong
15/20
Cash Flow
Strong
8/10
Stability
Good
6/10
Valuation
Good
6/10
Ownership
Mixed
6/15
Dividends
Weak
1/5

52 of 100 counted points = Winston Score 52.

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Share count rising — dilution

+1.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 120.0M (2021) → 121.9M (2025)

§Winston Score History

The full picture

AddLife AB is a Swedish healthcare company that distributes medical and laboratory equipment across Europe. It sells products like diagnostic tools, surgical instruments, and lab supplies to hospitals, clinics, and research laboratories. The company does not manufacture most of its products — instead, it acts as a middleman between global medical device makers and healthcare customers.

AddLife makes money by buying products from manufacturers and reselling them at a markup, earning a roughly 38% gross margin. It operates mainly in the Nordic countries and broader Europe, with over 100 subsidiary companies acquired over the years through an active acquisition strategy. Its competitive edge comes from deep local market relationships and a decentralized business model that lets each subsidiary operate independently. The main risk is that its growth depends heavily on finding and integrating new acquisitions at reasonable prices — if deal flow slows or integration stumbles, growth could stall.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+29.3% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

kr 57M/ year

↓ Declining (-25% vs prior year)

0.5% of revenue

Below sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

3.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 421M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

AddLife AB (publ) is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
39.5%
Modest — 39.5% gross margin
Profit after running costs
Operating Margin
8.7%
Modest — 8.7% operating margin
Return on the money invested
ROCE
7.6%
Weak — 7.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+0.8%
Nearly flat sales (+0.8% YoY)
Profit growth
EPS YoY
+76.5%
Earnings growing fast (+76.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
218%
Turns 218% of profit into real cash
Spare cash per sale
FCF Margin
10.7%
Modest free cash flow (10.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.88
Moderate — manageable debt (0.88)
Covers its interest
Interest Cover
4.24x
Adequate interest coverage (4.2x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
34.4x
Pricey — P/E 34.4

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+8.7
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (34.4 → 25.7)

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Dividends

Dividend
Dividend Yield
0.92%
Small dividend — 0.92% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
-34.7%
Dividend cut (-34.7% YoY) — warning sign
Payout Ratio
30%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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