BHG Group AB (publ)

BHG.ST

Specialty Retail · Consumer Cyclical

Also trades as: 0SOM.L

Exchange

Stockholm Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Strong

Stability

Strong

Valuation

Good

Track this stock — start free trial

Winston Score History

The full picture

BHG Group is a Swedish online retailer that sells home improvement and interior design products. Its stores cover things like furniture, lighting, bathrooms, and garden supplies, sold mostly to everyday consumers across the Nordic countries. The company owns a large collection of e-commerce brands, including Bygghemma and Trademax, making it one of the largest online home retailers in the Nordic region.

BHG makes money by selling products directly to customers through its websites, earning a margin on each sale. It operates mainly in Sweden, Norway, Finland, and Denmark, with most revenue coming from Sweden. The business has built scale by owning many niche online stores under one roof, which helps with shared logistics and marketing costs. However, the very thin gross margin of around 3% leaves little room for error, and rising competition from both physical retailers and larger international e-commerce platforms remains a significant ongoing risk to profitability.

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

+10.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-26.2% YoY

YoY Growth Rate

Earnings declining

Insider Activity

39.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 575M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth + cash flow

BHG Group AB (publ) is a rare growth stock that's already generating positive cash flow while growing at 10%. 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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

24.9%

Thin — 24.9% gross margin

Profit after running costs

Operating Margin

3.7%

Thin — 3.7% operating margin

Return on the money invested

ROCE

3.5%

Weak — 3.5% return on capital

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

+7.1%

Steady sales growth (+7.1% 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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

687%

Turns 687% of profit into real cash

Spare cash per sale

FCF Margin

4.7%

Thin free cash flow (4.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

0.27

Conservative — low debt load (0.27)

Covers its interest

Interest Cover

2.80x

Tight — interest eats into profit (2.8x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

40.2x

no trend

Pricey — P/E 40.2

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

Cheaper or dearer next year

P/E vs Forward

+24.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (40.2 → 15.8)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Not applicable for this business.

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial