Fragbite Group AB (publ)

FRAG.ST

Electronic Gaming & Multimedia · Technology

Exchange

Stockholm Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Data not available

Valuation

Strong

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Winston Score History

The full picture

Fragbite Group is a Swedish company that operates in the esports and online gaming space. It runs platforms and services aimed at competitive gamers, including tournament tools, gaming communities, and digital entertainment products. The company targets casual and semi-professional gamers, primarily in the Nordic region.

Fragbite makes money by selling advertising, offering platform services, and through partnerships with gaming brands and sponsors. It is a small-cap company based in Sweden with operations focused mainly on Europe, and it has limited scale compared to larger global esports platforms. The company's financials show a deeply negative operating margin and poor returns on capital, which signals it is spending significantly more than it earns. The key risk is whether Fragbite can grow its user base and revenue fast enough to reach profitability before it runs out of financial runway, which is a common challenge for small esports businesses competing against much larger, better-funded platforms.

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

-91.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+68.7% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

23.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~14 months

kr 36M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Revenue declining

Fragbite 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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

91.6%

Premium pricing power — 91.6% gross margin

Profit after running costs

Operating Margin

-162.5%

Losing money on operations — -162.5%

Return on the money invested

ROCE

-132.1%

Weak — -132.1% 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

-49.0%

Shrinking sales (-49.0% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

-58%

Weak — only -58% of profit becomes cash

Spare cash per sale

FCF Margin

-49.5%

Burning cash (-49.5%)

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

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

3.1x

no trend

Attractive valuation — P/E 3.1

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

+2.9

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Not applicable for this business.

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