KebNi AB (publ)

KEBNI-B.ST

Aerospace & Defense · Industrials

Price

kr 1.05

-0.01 (-0.66%)

Market Cap

kr 287.0M

Exchange

Stockholm Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+86.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 145.6M (2021) → 272.0M (2025)

Winston Score History

The full picture

KebNi AB is a Swedish technology company that makes equipment for satellite communication and navigation. Its main products include antenna systems and inertial navigation units, which help vehicles, ships, and other platforms stay connected and know their exact location even in remote areas. The company sells to defense customers, government agencies, and commercial operators who need reliable communication in challenging environments.

KebNi earns revenue by selling hardware and related systems, with some additional income from services and support contracts. It operates primarily in Europe but targets global defense and maritime markets. The company is small, with a market cap around $0.3 billion, and its competitive position relies on specialized technical know-how in ruggedized antenna and navigation technology. However, the negative operating margin and low gross margin of 8.2% signal that the company is not yet profitable, and its main challenge is scaling revenue fast enough to cover its cost base before cash runs out.

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

-14.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-692.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

kr 0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

34.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~0 months

kr 481,000 cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

KebNi AB (publ) has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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

-14.0%

Thin — -14.0% gross margin

Profit after running costs

Operating Margin

-14.0%

Losing money on operations — -14.0%

Return on the money invested

ROCE

-28.7%

Weak — -28.7% 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

-28.7%

Shrinking sales (-28.7% YoY)

Profit growth

EPS YoY

<−1,000%

Earnings shrinking (<−1,000% 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

N/A

Data not available

Spare cash per sale

FCF Margin

-16.6%

Burning cash (-16.6%)

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

0.14

Conservative — low debt load (0.14)

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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