Hermana Holding ASA

HERMA.OL

Asset Management · Financial Services

Price

kr 14.20

-0.20 (-1.39%)

Market Cap

kr 195.2M

Exchange

Oslo Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Share count falling — buybacks

−85.6% over 4y

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

Diluted shares outstanding: 93.9M (2021) → 13.6M (2025)

Winston Score History

The full picture

Hermana Holding ASA is a Norwegian holding company that invests in and manages a portfolio of smaller businesses. It operates in the diversified financials space, meaning it owns stakes in other companies rather than selling a single product or service directly to consumers. The firm is listed on the Oslo Stock Exchange and focuses primarily on the Nordic region.

The company earns money through returns on its investments, such as dividends, asset sales, and management fees from its portfolio companies. It is a small-cap firm with a market capitalization of around $0.2 billion, giving it limited scale compared to larger Nordic investment holding peers. The deeply negative operating margin signals that overhead and costs currently far exceed income from investments, which is the central financial challenge the business faces going forward.

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

+150.0% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+90.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

kr 0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

30.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~8 years

kr 103M cash & investments

kr 103M cash & investments at current burn rate

Revenue accelerating

Hermana Holding ASA grew revenue 150% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

-340.0%

Thin — -340.0% gross margin

Profit after running costs

Operating Margin

-340.0%

Losing money on operations — -340.0%

Return on the money invested

ROCE

-5.3%

Weak — -5.3% 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

+6.7%

Slow sales growth (+6.7% YoY)

Profit growth

EPS YoY

N/A

Data not available

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

-825.0%

Burning cash (-825.0%)

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)

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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