Indutrade AB (publ)

INDT.ST

Industrial - Distribution · Industrials

Exchange

Stockholm Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Strong

Stability

Exceptional

Valuation

Weak

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Winston Score History

The full picture

Indutrade is a Swedish industrial group that buys and runs small, specialized companies selling technical products and components. These products include valves, flow meters, seals, filters, and measurement instruments. Its customers are mostly factories, energy plants, and infrastructure operators across Europe that need reliable industrial parts to keep their operations running.

The company makes money by selling these technical components and related services directly to industrial buyers, earning a margin on each transaction. Indutrade operates mainly in Northern and Central Europe, with Sweden as its home base, and has grown to include over 200 subsidiary companies. Its competitive strength comes from owning many niche businesses that each dominate a small, specialized market — making it hard for larger generalist distributors to compete on expertise. The main growth driver is continued acquisitions of profitable small industrial companies, but rising interest rates could make those deals more expensive and slow the pace of expansion.

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

+10.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+22.9% YoY

YoY Growth Rate

Steady EPS growth

Insider Activity

27.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 1.7B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth + cash flow

Indutrade AB (publ) is a rare growth stock that's already generating positive cash flow while growing at 11%. 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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

35.6%

Modest — 35.6% gross margin

Profit after running costs

Operating Margin

12.6%

Healthy — 12.6% operating margin

Return on the money invested

ROCE

17.8%

Strong — 17.8% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+2.0%

Nearly flat sales (+2.0% YoY)

Profit growth

EPS YoY

-0.4%

Earnings shrinking (-0.4% YoY)

Slight earnings drop. Typical near a cyclical low.

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

154%

Turns 154% of profit into real cash

Spare cash per sale

FCF Margin

11.1%

Modest free cash flow (11.1%)

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

0.23

Conservative — low debt load (0.23)

Covers its interest

Interest Cover

9.55x

Comfortably covers interest (9.6x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

33.0x

no trend

Pricey — P/E 33.0

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

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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