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Fenix Outdoor International AG

FOI-B.ST
42
Specialty Retail · Consumer Cyclical
Also trades as: 0QVE.L GBP 2.83 (-0.35%)
Price
kr 289.00
+3.50 (+1.23%)
Market Cap
kr 3.89B
Exchange
Stockholm Stock Exchange
Winston Score
42
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 10, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
2/30
Growth
Mixed
8/20
Cash Flow
Strong
8/10
Stability
Good
5/10
Valuation
Good
5/10
Ownership
Good
10/15
Dividends
Strong
4/5

42 of 100 counted points = Winston Score 42.

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§Winston Score History

The full picture

Fenix Outdoor International is a Swedish company that makes and sells outdoor gear and clothing. Its most well-known brand is Fjällräven, famous for backpacks and jackets built for hiking and cold weather. The company also owns other outdoor brands including Hanwag, Brunton, Primus, and Tierra, selling to outdoor enthusiasts across Europe, North America, and Asia.

Fenix makes money by selling gear through its own retail stores, its websites, and through third-party outdoor retailers. It operates primarily in Europe but has been expanding in North America and Asia. The Fjällräven brand carries strong customer loyalty and a reputation for durable, sustainably made products, which helps protect it from cheaper competitors. However, the company's low operating margin of around 3% and very low return on invested capital suggest it is struggling to convert its brand strength into consistent profits, and slowing consumer spending on discretionary goods remains a meaningful near-term risk.

Growth Profile

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

Revenue Growth

-5.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-26.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

72.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€44M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue declining

Fenix Outdoor International AG'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

+0.8% over 4y

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

Diluted shares outstanding: 13.3M (2021) → 13.4M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
-10.5%
Thin — -10.5% gross margin
Profit after running costs
Operating Margin
-10.5%
Losing money on operations — -10.5%
Return on the money invested
ROCE
2.9%
Weak — 2.9% 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
+3.4%
Slow sales growth (+3.4% YoY)
Profit growth
EPS YoY
+16.9%
Earnings growing fast (+16.9% YoY)

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

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
877%
Turns 877% of profit into real cash
Spare cash per sale
FCF Margin
6.0%
Modest free cash flow (6.0%)

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
0.40
Conservative — low debt load (0.40)
Covers its interest
Interest Cover
1.16x
Dangerous — barely covers interest (1.2x)

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)
49.6x
Expensive — P/E 49.6

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

Cheaper or dearer next year
P/E vs Forward
+44.1
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (49.6 → 5.6)

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Dividends

Dividend
Dividend Yield
2.53%
Moderate income — 2.53% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+64.1%
Dividend growing fast (64.1% YoY)

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