Genovis AB

GENO.ST

Biotechnology · Healthcare

Price

kr 20.10

+0.26 (+1.31%)

Market Cap

kr 1.33B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

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Winston Score History

The full picture

Genovis is a Swedish biotechnology company that makes specialized enzymes and tools used by scientists in drug development and medical research. Its core products — sold under brands like SmartEnzymes — help researchers break down and analyze antibody-based medicines, which are a fast-growing class of drugs used to treat cancer and autoimmune diseases. The company's main customers are pharmaceutical companies, biotech firms, and academic research labs around the world.

Genovis earns money by selling its enzyme products and research kits, a model that generates very high gross margins near 90%. The company is headquartered in Lund, Sweden, and sells globally, with a significant share of revenue coming from large pharmaceutical markets in North America and Europe. Its moat comes from highly specialized, hard-to-replicate enzyme technology that becomes embedded in customers' research workflows. The key growth driver is the continued expansion of antibody drug development worldwide, though the company faces risk from its relatively small size and dependence on a niche market.

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

+18.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-74.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

kr 0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

14.3%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

kr 157M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Genovis AB is a rare growth stock that's already generating positive cash flow while growing at 19%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

+0.5% over 4y

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

Diluted shares outstanding: 65.5M (2021) → 65.8M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

90.2%

Premium pricing power — 90.2% gross margin

Profit after running costs

Operating Margin

8.2%

Modest — 8.2% operating margin

Return on the money invested

ROCE

6.3%

Weak — 6.3% 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

+11.2%

Steady sales growth (+11.2% YoY)

Profit growth

EPS YoY

-27.0%

Earnings shrinking (-27.0% YoY)

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

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

250%

Turns 250% of profit into real cash

Spare cash per sale

FCF Margin

12.0%

Converts sales into free cash efficiently (12.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.03

Conservative — low debt load (0.03)

Covers its interest

Interest Cover

30.40x

Comfortably covers interest (30.4x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

67.0x

Expensive — P/E 67.0

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

Cheaper or dearer next year

P/E vs Forward

+39.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (67.0 → 27.6)

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Dividends

Not applicable for this business.

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