Investor AB (publ)

INVE-B.ST

Asset Management · Financial Services

Price

kr 413.10

+3.05 (+0.74%)

Market Cap

kr 1.27T

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

Strong

Cash Flow

Weak

Stability

Exceptional

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

Investor AB is a Swedish holding company that owns large stakes in some of Europe's biggest businesses. It is controlled by the Wallenberg family and has been investing in major companies for over 100 years. Its portfolio includes well-known names like ABB, Atlas Copco, AstraZeneca, and Ericsson, spanning industries such as healthcare, industrials, and technology.

Investor AB makes money primarily through dividends and capital gains from its portfolio companies, and it also runs a private equity arm called Patricia Industries that owns unlisted businesses. The company is headquartered in Stockholm and is one of the largest listed holding companies in Europe by assets. Its main competitive advantage is its long-term ownership model and the Wallenberg family's deep relationships with management teams across Swedish industry. The key risk is that its net asset value is heavily tied to the performance of a relatively concentrated group of large-cap holdings, making it sensitive to broad market downturns.

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

+117.5% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+158.8% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

kr 0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

20.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 1.1T cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Strong grower

Investor AB (publ) is growing revenue at 117% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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.

Share count broadly stable

+0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 3.07B (2021) → 3.07B (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

99.1%

Premium pricing power — 99.1% gross margin

Profit after running costs

Operating Margin

88.0%

Excellent — 88.0% operating margin

Return on the money invested

ROCE

22.0%

Exceptional — 22.0% 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

+257.1%

Fast-growing sales (+257.1% YoY)

Profit growth

EPS YoY

>+1,000%

Earnings growing fast (>+1,000% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

Weak — only 9% of profit becomes cash

Spare cash per sale

FCF Margin

6.7%

Modest free cash flow (6.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.12

Conservative — low debt load (0.12)

Covers its interest

Interest Cover

48.85x

Comfortably covers interest (48.8x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

4.8x

Attractive valuation — P/E 4.8

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-3.7

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

0.77%

Small dividend — 0.77% yield

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

Dividend record

Dividend Growth

+17.4%

Dividend growing fast (17.4% YoY)

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