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Linc AB

LINC.ST
46
Asset Management · Financial Services
Price
kr 74.50
+0.10 (+0.13%)
Market Cap
kr 4.31B
Exchange
Stockholm Stock Exchange
Winston Score
46
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Mixed
Cash Flow
Mixed
Stability
Good
Valuation
Good

Share count rising — dilution

+14.9% over 4y

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

Diluted shares outstanding: 50.4M (2021) → 57.9M (2025)

Winston Score History

The full picture

Linc AB is a Swedish investment holding company that owns stakes in a collection of private and listed businesses. It focuses primarily on technology and life science companies, acting as a long-term owner rather than a trader. The firm is closely tied to the founding families behind several major Swedish tech companies, giving it a distinctive ownership identity.

Linc makes money through dividends, capital gains, and the rising value of its portfolio companies over time. It operates mainly in Sweden and the broader Nordic region, with a portfolio valued at roughly 40 billion Swedish kronor. Its main competitive advantage is its patient, long-term ownership model and its deep relationships with entrepreneurial founders, which gives it access to deals that typical funds might not see. The key risk is concentration — if one or two large portfolio holdings perform poorly, it can significantly drag down the overall value of the company.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

YoY Growth Rate

Revenue data limited

EPS Growth

-25.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

kr 0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

61.8%ownership

Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

kr 4.3B cash & investments at current burn rate

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
-700.8%
Thin — -700.8% gross margin
Profit after running costs
Operating Margin
68309.1%
Excellent — 68309.1% operating margin
Return on the money invested
ROCE
6.8%
Weak — 6.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+28.8%
Fast-growing sales (+28.8% 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
6%
Weak — only 6% of profit becomes cash
Spare cash per sale
FCF Margin
289.7%
Converts sales into free cash efficiently (289.7%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
1263.21x
Comfortably covers interest (1263.2x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
13.2x
Attractive valuation — P/E 13.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

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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