Catena Media

CTM.ST

Internet Content & Information · Communication Services

Exchange

Stockholm Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Weak

Growth

Good

Cash Flow

Mixed

Stability

Mixed

Valuation

Data not available

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Winston Score History

The full picture

Catena Media is a digital marketing company that helps online casinos and sports betting sites find new customers. It runs websites and comparison tools that guide people looking to gamble online toward licensed betting platforms. The company operates in the affiliate marketing industry, meaning it acts as a middleman between gamblers searching for information and the gambling operators who want their business.

Catena Media makes money by earning a commission each time a visitor it refers signs up and deposits money at a partner casino or sportsbook. It operates mainly in North America and Europe, with a growing focus on regulated U.S. states where sports betting has recently become legal. The company's main competitive advantage is its library of content and search engine rankings, which are hard to build quickly. However, its negative operating margin and weak returns on capital show the business is currently spending more than it earns, and tighter regulations or changes to Google's search algorithm could significantly hurt traffic and revenue.

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

-2.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-92.3% YoY

YoY Growth Rate

Earnings declining

Insider Activity

22.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 13M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

Catena Media'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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

20.4%

Thin — 20.4% gross margin

Profit after running costs

Operating Margin

3.3%

Thin — 3.3% operating margin

Return on the money invested

ROCE

-7.2%

Weak — -7.2% 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

+21.5%

Fast-growing sales (+21.5% YoY)

Profit growth

EPS YoY

N/A

Data not available

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

N/A

Data not available

Spare cash per sale

FCF Margin

14.7%

Converts sales into free cash efficiently (14.7%)

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

0.54

Conservative — low debt load (0.54)

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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