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Hemnet Group AB

HEM.ST
66
Real Estate - Development · Real Estate
Exchange
Stockholm Stock Exchange
Winston Score
66
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
Exceptional
Growth
Weak
Cash Flow
Exceptional
Stability
Strong
Valuation
Strong
Dividends
Weak
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Winston Score History

The full picture

Hemnet is Sweden's largest online platform for buying and selling homes. Real estate agents and private sellers list properties on the site, and home buyers use it to search for houses and apartments across Sweden. It is by far the dominant property portal in the country, attracting more visitors than all competing platforms combined.

Hemnet makes money by charging real estate agents and sellers fees to list properties and to boost the visibility of their listings. The company operates almost entirely in Sweden, which makes it a focused, single-market business. Its moat comes from a strong network effect — buyers go where the listings are, and sellers list where the buyers are — making it very hard for a competitor to break in. The main risk is that Hemnet's growth is closely tied to the health of the Swedish housing market, so a prolonged slowdown in home sales could weigh on revenue.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
67.0%
Premium pricing power — 67.0% gross margin
Profit after running costs
Operating Margin
40.2%
Excellent — 40.2% operating margin
Return on the money invested
ROCE
30.3%
Exceptional — 30.3% 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
-13.9%
Shrinking sales (-13.9% YoY)
Profit growth
EPS YoY
-26.3%
Earnings shrinking (-26.3% YoY)

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

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
121%
Turns 121% of profit into real cash
Spare cash per sale
FCF Margin
35.3%
Converts sales into free cash efficiently (35.3%)

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
1.01
Elevated debt (1.01)
Covers its interest
Interest Cover
27.59x
Comfortably covers interest (27.6x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
23.9x
no trend
Growth-priced — P/E 23.9

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+8.2
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (23.9 → 15.7)

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Dividends

Dividend
Dividend Yield
0.94%
no trend
Small dividend — 0.94% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
N/A
no trend
Data not available

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