Fractal Gaming Group AB (publ)

FRACTL.ST

Computer Hardware · Technology

Price

kr 14.08

-0.24 (-1.68%)

Market Cap

kr 410.7M

Exchange

Stockholm Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Winston Score History

The full picture

Fractal Gaming Group is a Swedish company that designs and sells PC cases, cooling systems, and power supplies for desktop computers. Its products are aimed at PC builders — both everyday consumers and gaming enthusiasts — who want clean, well-built hardware to house their components. The company sells under the Fractal Design brand, which is well known in the PC building community for its minimalist Scandinavian aesthetic.

Fractal earns money by selling physical hardware through retailers and online stores, primarily across Europe and North America. It is a relatively small player in a competitive market dominated by larger brands like Corsair and NZXT, and its negative gross margin signals that it currently costs more to make its products than it earns from selling them. The key challenge ahead is improving profitability as PC hardware demand remains cyclical and pricing pressure from lower-cost competitors stays intense.

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

-65.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-465.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

kr 0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

48.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 18M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

Fractal Gaming Group AB (publ)'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

+0.3% over 4y

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

Diluted shares outstanding: 29.1M (2021) → 29.2M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

-41.9%

Thin — -41.9% gross margin

Profit after running costs

Operating Margin

-41.9%

Losing money on operations — -41.9%

Return on the money invested

ROCE

-8.2%

Weak — -8.2% 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

-27.6%

Shrinking sales (-27.6% YoY)

Profit growth

EPS YoY

-147.0%

Earnings shrinking (-147.0% YoY)

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

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

N/A

Data not available

Spare cash per sale

FCF Margin

-6.1%

Burning cash (-6.1%)

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

0.01

Conservative — low debt load (0.01)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

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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