Anoto Group AB

ANOT.ST

Computer Hardware · Technology

Exchange

Stockholm Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Winston Score History

The full picture

Anoto Group is a Swedish technology company best known for inventing digital pen technology. Its core product is a system that turns handwriting on special paper into digital data in real time. The company sells this technology to businesses in healthcare, education, and government — industries where paper forms are still common but digital records are needed.

Anoto makes money by licensing its patented pen-and-paper technology to other companies and selling software that processes handwritten data. It operates mainly in Europe and Asia, and its patent portfolio is its primary competitive asset. However, the company is very small, loses significantly more money than it earns, and faces a major risk: the world is moving away from paper entirely, which shrinks the market for its core technology over time.

Growth Profile

For growth stock investors

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

Revenue Growth

+6.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+99.6% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

9.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 months

kr 3M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

Anoto Group AB has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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

55.8%

Premium pricing power — 55.8% gross margin

Profit after running costs

Operating Margin

-130.9%

Losing money on operations — -130.9%

Return on the money invested

ROCE

-166.2%

Weak — -166.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-1.6%

Shrinking sales (-1.6% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-89.1%

Burning cash (-89.1%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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