Stock

IDEX Biometrics ASA

IDEX.OL

Semiconductors · Technology

Also trades as: 0MTP.L GBP 0.08 (+16.31%)

Price

kr 7.70

+1.04 (+15.62%)

Market Cap

kr 595.3M

Exchange

Oslo Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Oct 10, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Weak

1/30

Growth

Mixed

8/20

Cash Flow

Weak

0/10

Stability

Weak

2/10

Valuation

Data not available

0/10

Ownership

Mixed

6/15

Dividends

Not counted

n/a

17 of 95 counted points = Winston Score 18. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count falling — buybacks

−78.7% over 4y

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

Diluted shares outstanding: 183.8M (2021) → 39.1M (2025)

§Winston Score History

The full picture

IDEX Biometrics is a Norwegian company that makes fingerprint sensor chips for smart cards — the kind of cards people use for banking, payments, and secure ID. Their technology lets a card reader recognize your fingerprint directly on the card itself, without needing a phone or separate device. They sell their chips to card manufacturers and financial institutions around the world.

The company earns money by selling semiconductor chips and licensing its fingerprint technology to partners. IDEX is headquartered in Oslo, Norway, but operates globally, with key relationships in Asia, Europe, and North America. Its main competitive edge is its focus on a narrow, specialized market — biometric payment cards — where it has built up patents and technical expertise over many years. The biggest risk the company faces is that biometric payment cards have been slow to gain mass adoption, and IDEX continues to burn through cash while waiting for the market to scale up meaningfully.

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

+105.0% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+82.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$1M/ year

↓ Declining (-43% vs prior year)

536.2% of revenue

35.7x the sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

2.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~2 months

$3M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Revenue accelerating

IDEX Biometrics ASA grew revenue 105% 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

-476.3%

Thin — -476.3% gross margin

Profit after running costs

Operating Margin

-1359.7%

Losing money on operations — -1359.7%

Return on the money invested

ROCE

-112.5%

Weak — -112.5% 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

+56.6%

Fast-growing sales (+56.6% YoY)

Profit growth

EPS YoY

N/A

Data not available

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

N/A

Data not available

Spare cash per sale

FCF Margin

-2397.7%

Burning cash (-2397.7%)

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

1.33

Elevated debt (1.33)

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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