Lindex Group Oyj

LINDEX.HE

Apparel - Retail · Consumer Cyclical

Price

€2.31

+0.02 (+0.87%)

Market Cap

€379.1M

Exchange

NASDAQ Helsinki

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 24, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Strong

Stability

Good

Valuation

Good

Dividends

Good

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Share count rising — dilution

+42.7% over 4y

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

Diluted shares outstanding: 114.0M (2021) → 162.7M (2025)

Winston Score History

The full picture

Lindex is a Nordic fashion retailer that sells affordable women's wear, kids' clothing, and lingerie. The brand operates hundreds of stores mainly across Scandinavia, the Baltics, and Central Europe, and also sells online. It was long owned by Stockmann Group and later became part of Lindex Group Oyj, listed on the Helsinki exchange.

Lindex makes money by selling its own-brand clothing through company-operated stores and its e-commerce platform. With a market cap around $0.4 billion, it is a mid-sized specialty retailer competing against fast-fashion giants like H&M and Zara as well as online players. Its recognized brand and loyal customer base in the Nordics provide some competitive advantage, but thin operating margins leave limited room for error. Growth depends on expanding online sales and entering new markets, while the main risk is intense price competition and shifting consumer spending in a tough retail environment.

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

+2.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+11.1% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

€0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

31.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

€108M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth context

Lindex Group Oyj is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

27.0%

Modest — 27.0% gross margin

Profit after running costs

Operating Margin

11.6%

Modest — 11.6% operating margin

Return on the money invested

ROCE

10.4%

Below par — 10.4% 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

+3.1%

Slow sales growth (+3.1% YoY)

Profit growth

EPS YoY

+107.2%

Earnings growing fast (+107.2% 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

462%

Turns 462% 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

0.38

Conservative — low debt load (0.38)

Covers its interest

Interest Cover

1.54x

Dangerous — barely covers interest (1.5x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

13.5x

Attractive valuation — P/E 13.5

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

+1.0

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

17.39%

Healthy income — 17.39% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

-41.0%

Dividend cut (-41.0% YoY) — warning sign

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