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Fagerhult Group AB

FAG.ST
39
Electrical Equipment & Parts · Industrials
Also trades as: 0RQH.L GBP 0.18 (+1.60%)
Price
kr 17.76
+0.20 (+1.14%)
Market Cap
kr 3.13B
Exchange
Stockholm Stock Exchange
Winston Score
39
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Oct 10, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
7/30
Growth
Weak
3/20
Cash Flow
Good
6/10
Stability
Good
5/10
Valuation
Mixed
4/10
Ownership
Good
10/15
Dividends
Strong
4/5

39 of 100 counted points = Winston Score 39.

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§Winston Score History

The full picture

Fagerhult Group is a Swedish company that designs and makes lighting systems for buildings. Its products include indoor and outdoor light fixtures sold to offices, retail stores, hospitals, schools, and public spaces. The company owns several brands across Europe and is one of the larger professional lighting manufacturers on the continent.

Fagerhult earns money by selling lighting hardware and related systems to construction projects, building owners, and electrical contractors. It operates mainly in Europe, with a presence in markets like the UK, Sweden, Germany, and Australia, generating roughly $1 billion in annual revenue. The company's competitive position relies on its portfolio of specialized brands and long relationships with architects and specifiers, but its low operating and returns margins suggest it faces real pressure from competition and input costs — and the pace of the construction market remains a key risk to revenue growth.

Growth Profile

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

Revenue Growth

+6.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-72.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

kr 407M/ year

5.2% of revenue

In line with sector average (4%)

Research and development spending

Insider Activity

52.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

kr 1.0B cash & investments at current burn rate

Growth context

Fagerhult Group AB is growing revenue at 7% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

+0.1% over 4y

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

Diluted shares outstanding: 176.1M (2021) → 176.3M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
36.7%
Modest — 36.7% gross margin
Profit after running costs
Operating Margin
4.6%
Thin — 4.6% operating margin
Return on the money invested
ROCE
3.6%
Weak — 3.6% return on capital

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

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Growth

Sales growth
Sales YoY
+1.9%
Nearly flat sales (+1.9% YoY)
Profit growth
EPS YoY
-18.7%
Earnings shrinking (-18.7% 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
210%
Turns 210% of profit into real cash
Spare cash per sale
FCF Margin
-2.1%
Burning cash (-2.1%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.62
Moderate — manageable debt (0.62)
Covers its interest
Interest Cover
2.90x
Tight — interest eats into profit (2.9x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
17.1x
Fair value — P/E 17.1

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
-7.2
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
6.19%
Healthy income — 6.19% yield

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

Dividend record
Dividend Growth
+6.4%
Dividend growing modestly (6.4% YoY)

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