ContextVision AB (publ)

CONTX.OL

Medical - Healthcare Information Services · Healthcare

Exchange

Oslo Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Strong

Stability

Mixed

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

ContextVision is a Swedish software company that makes image-processing tools for medical scanning machines. Its main product is software that sharpens and cleans up images from ultrasound and MRI machines, making it easier for doctors to see what is happening inside a patient's body. The company sells its technology to medical device manufacturers, who then build it into their scanning equipment.

ContextVision earns money by licensing its software to hardware makers rather than selling directly to hospitals. It operates primarily in Europe and Asia, with a focus on the ultrasound market, and its long-standing relationships with major device manufacturers give it some customer stickiness. However, with an operating margin of just over 4%, the company has limited financial cushion, and its main risk is dependence on a small number of large equipment makers — losing even one key customer could meaningfully hurt revenue.

Score breakdown

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Quality

Profit per sale

Gross Margin

97.5%

Premium pricing power — 97.5% gross margin

Profit after running costs

Operating Margin

3.6%

Thin — 3.6% operating margin

Return on the money invested

ROCE

5.3%

Weak — 5.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-9.4%

Shrinking sales (-9.4% YoY)

Profit growth

EPS YoY

-63.4%

Earnings shrinking (-63.4% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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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

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

N/A

Data not available

Covers its interest

Interest Cover

10.58x

Comfortably covers interest (10.6x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

56.1x

no trend

Expensive — P/E 56.1

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

Cheaper or dearer next year

P/E vs Forward

+32.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (56.1 → 23.8)

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Dividends

Dividend

Dividend Yield

8.62%

no trend

Healthy income — 8.62% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

N/A

no trend

Data not available

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