Hacksaw AB

HACK.ST

Electronic Gaming & Multimedia · Technology

Price

kr 83.05

+1.55 (+1.90%)

Market Cap

kr 24.02B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

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

How the score breaks down

Quality

Exceptional

Growth

Mixed

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Exceptional

Dividends

Good

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Share count falling — buybacks

−6.7% over 3y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 288.9M (2022) → 269.5M (2025)

Winston Score History

The full picture

Hacksaw AB is a Swedish company that makes online casino games — mainly slot machines and scratch card games — that it licenses to online gambling operators around the world. Its customers are gambling platforms and casinos that pay to offer Hacksaw's games to their players. The company is known for producing a large volume of mobile-first slot titles and has grown quickly in the regulated online gambling market.

Hacksaw makes money by taking a share of the revenue that gambling operators earn from players using its games, which is a royalty-style licensing model. It operates primarily across regulated European markets, with expansion into other jurisdictions as more countries legalize online gambling. The extremely high gross and operating margins reflect how scalable software licensing is once a game is built. The main risk is regulatory — governments can restrict or ban online gambling at any time, and Hacksaw's growth depends heavily on favorable licensing decisions in new markets.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

98.5%

Premium pricing power — 98.5% gross margin

Profit after running costs

Operating Margin

80.5%

Excellent — 80.5% operating margin

Return on the money invested

ROCE

137.9%

Exceptional — 137.9% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

-64.4%

Shrinking sales (-64.4% YoY)

Profit growth

EPS YoY

-60.1%

Earnings shrinking (-60.1% YoY)

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

How steady the profit is

EPS Consistency

4/6 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

101%

Turns 101% of profit into real cash

Spare cash per sale

FCF Margin

73.2%

Converts sales into free cash efficiently (73.2%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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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

320.46x

Comfortably covers interest (320.5x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

12.1x

Attractive valuation — P/E 12.1

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

+11.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (12.1 → 0.7)

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Dividends

Dividend

Dividend Yield

5.37%

Healthy income — 5.37% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

N/A

no trend

Data not available

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