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Boliden AB

BOL.ST
58
Other Precious Metals · Basic Materials
Price
kr 565.60
+26.20 (+4.86%)
Market Cap
kr 160.61B
Exchange
Stockholm Stock Exchange
Winston Score
58
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
Strong
Cash Flow
Strong
Stability
Exceptional
Valuation
Strong
Dividends
Weak
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Share count rising — dilution

+3.0% over 4y

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

Diluted shares outstanding: 273.5M (2021) → 281.6M (2025)

Winston Score History

The full picture

Boliden is a Swedish mining and metals company that digs up copper, zinc, lead, gold, and silver from mines across northern Europe. It sells these metals to manufacturers who use them to make things like electrical wiring, car parts, and electronics. Boliden is one of Europe's largest producers of zinc and copper, and it also runs large smelters that process raw ore into refined metals.

The company earns money by selling refined metals at market prices, so its profits rise and fall with global commodity prices. Boliden operates primarily in Sweden, Finland, Norway, and Ireland, and employs roughly 6,000 people. Its competitive edge comes from owning both mines and smelters, which gives it more control over costs than companies that do only one or the other. The main risk is that falling copper or zinc prices — driven by slower global industrial demand or oversupply — can quickly squeeze profit margins.

Growth Profile

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

Revenue Growth

+15.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+286.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

kr 1.3B/ year

↑ Rising (+15% vs prior year)

1.4% of revenue

Below sector average (3%)

R&D investment increasing — building for the future

Insider Activity

1.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~10 months

kr 5.1B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Boliden 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.

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
14.9%
Thin — 14.9% gross margin
Profit after running costs
Operating Margin
12.4%
Healthy — 12.4% operating margin
Return on the money invested
ROCE
16.6%
Strong — 16.6% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+13.4%
Fast-growing sales (+13.4% YoY)
Profit growth
EPS YoY
+52.4%
Earnings growing fast (+52.4% 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
164%
Turns 164% of profit into real cash
Spare cash per sale
FCF Margin
4.6%
Thin free cash flow (4.6%)

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

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Stability

What it owes vs what it owns
Debt / Equity
0.28
Conservative — low debt load (0.28)
Covers its interest
Interest Cover
10.41x
Comfortably covers interest (10.4x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
12.7x
Attractive valuation — P/E 12.7

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
+2.7
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
1.95%
Small dividend — 1.95% yield

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

Dividend record
Dividend Growth
-29.8%
Dividend cut (-29.8% YoY) — warning sign

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