Meren Energy

MER.ST

Oil & Gas Exploration & Production · Energy

Also trades as: MRNFF

Price

kr 15.06

-0.12 (-0.79%)

Market Cap

kr 10.18B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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

How the score breaks down

Quality

Strong

Growth

Good

Cash Flow

Mixed

Stability

Good

Valuation

Data not available

Dividends

Strong

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Share count rising — dilution

+30.8% over 4y

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

Diluted shares outstanding: 477.4M (2021) → 624.5M (2025)

Winston Score History

The full picture

Meren Energy Inc. is an oil and gas exploration and production company listed on the Stockholm Stock Exchange. It finds, extracts, and sells crude oil and natural gas, primarily serving energy traders, refiners, and industrial buyers. The company operates in the upstream segment of the energy industry, meaning it focuses on getting hydrocarbons out of the ground rather than refining or selling them at retail.

Meren Energy earns revenue by selling the oil and gas it produces, so its income rises and falls with commodity prices. With a market cap of roughly $10.5 billion and margins in the 20% range, it is a mid-to-large producer with a reasonable cost structure relative to peers. The main risk the business faces is its direct exposure to global oil and gas price swings, which are driven by factors largely outside the company's control, including OPEC decisions, geopolitical events, and shifts in global energy demand.

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

+179.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+915.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

35.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$229M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Meren Energy grew revenue 179% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

41.6%

Healthy — 41.6% gross margin

Profit after running costs

Operating Margin

39.1%

Excellent — 39.1% operating margin

Return on the money invested

ROCE

16.3%

Strong — 16.3% 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

+396.9%

Fast-growing sales (+396.9% YoY)

Profit growth

EPS YoY

N/A

Data not available

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

N/A

Data not available

Spare cash per sale

FCF Margin

31.1%

Converts sales into free cash efficiently (31.1%)

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

0.41

Conservative — low debt load (0.41)

Covers its interest

Interest Cover

3.36x

Tight — interest eats into profit (3.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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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

Dividend

Dividend Yield

9.49%

Healthy income — 9.49% yield

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

Dividend record

Dividend Growth

+5.0%

Dividend growing modestly (5.0% YoY)

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