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ArcticZymes Technologies ASA

AZT.OL
61
Biotechnology · Healthcare
Price
kr 20.80
-0.90 (-4.15%)
Market Cap
kr 1.06B
Exchange
Oslo Stock Exchange
Winston Score
61
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Exceptional
Cash Flow
Exceptional
Stability
Exceptional
Valuation
Weak

Share count rising — dilution

+2.9% over 4y

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

Diluted shares outstanding: 50.6M (2021) → 52.0M (2025)

Winston Score History

The full picture

ArcticZymes Technologies is a Norwegian biotechnology company that makes special proteins called enzymes. These enzymes are harvested from cold-water marine organisms found in the Arctic. The company sells these enzymes to other life science companies, diagnostic labs, and researchers who use them as ingredients to make medical tests, gene therapies, and other biotech products.

The company earns money by selling its enzymes as raw materials and research tools, primarily to pharmaceutical and diagnostics manufacturers. It is headquartered in Tromsø, Norway, and operates mainly in European and North American markets. Its competitive edge comes from proprietary cold-active enzymes that perform well at low temperatures, making them useful in sensitive laboratory processes where standard enzymes would not work as well. The main growth driver is rising demand for gene therapy and mRNA-based medicines, which require high-quality enzymes as key ingredients, though the company faces risk from its small scale and dependence on a relatively narrow set of products in a competitive supplier market.

Growth Profile

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

Revenue Growth

+19.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+66.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

kr 0/ year

Declining (-100% vs prior year)

0.0% of revenue

Below sector average (18%)

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

Insider Activity

17.3%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 270M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth + cash flow

ArcticZymes Technologies ASA is a rare growth stock that's already generating positive cash flow while growing at 19%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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
37.4%
Modest — 37.4% gross margin
Profit after running costs
Operating Margin
16.2%
Healthy — 16.2% operating margin
Return on the money invested
ROCE
3.3%
Weak — 3.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
+29.0%
Fast-growing sales (+29.0% YoY)
Profit growth
EPS YoY
+904.7%
Earnings growing fast (+904.7% YoY)

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

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
179%
Turns 179% of profit into real cash
Spare cash per sale
FCF Margin
19.8%
Converts sales into free cash efficiently (19.8%)

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
0.01
Conservative — low debt load (0.01)
Covers its interest
Interest Cover
100.00x
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
69.0x
Expensive — P/E 69.0

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
-0.7
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.
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