Björn Borg AB (publ)

BORG.ST

Apparel - Manufacturers · Consumer Cyclical

Price

kr 60.70

+2.20 (+3.76%)

Market Cap

kr 1.53B

Exchange

Stockholm Stock Exchange

Winston Score

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

Good

Growth

Good

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

Björn Borg AB is a Swedish fashion and sportswear brand named after the famous tennis player. The company designs and sells clothing, underwear, footwear, and sports bags, targeting men and women who want affordable athletic and casual wear. It is best known for its underwear and activewear lines, which are sold across Scandinavia and parts of Europe.

The company makes money by selling products through its own retail stores, its website, and wholesale partnerships with other retailers. Most of its revenue comes from Sweden and the broader Nordic region, though it also has a presence in the Netherlands and other European markets. With a recognizable brand name and loyal customer base in Scandinavia, Björn Borg has a modest competitive edge, but it faces real pressure from much larger global sportswear brands like Nike and Adidas, which have far greater marketing budgets and distribution reach. Expanding its direct-to-consumer online sales is a key growth opportunity.

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

-12.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+112.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

kr 0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

72.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 14M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

Björn Borg AB (publ)'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 25.1M (2021) → 25.1M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

31.7%

Modest — 31.7% gross margin

Profit after running costs

Operating Margin

6.7%

Modest — 6.7% operating margin

Return on the money invested

ROCE

29.6%

Exceptional — 29.6% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+1.1%

Nearly flat sales (+1.1% YoY)

Profit growth

EPS YoY

+15.1%

Earnings growing fast (+15.1% YoY)

Healthy double-digit earnings growth — what compounders look like.

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

184%

Turns 184% of profit into real cash

Spare cash per sale

FCF Margin

15.9%

Converts sales into free cash efficiently (15.9%)

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

0.22

Conservative — low debt load (0.22)

Covers its interest

Interest Cover

105.95x

Comfortably covers interest (106.0x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

15.6x

Fair value — P/E 15.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+0.9

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

4.94%

Healthy income — 4.94% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

-51.7%

Dividend cut (-51.7% YoY) — warning sign

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