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Midsona AB (publ)

MSON-A.ST
51
Packaged Foods · Consumer Defensive
Price
kr 15.90
+0.00 (+0.00%)
Market Cap
kr 1.83B
Exchange
Stockholm Stock Exchange
Winston Score
51
Winston is curious
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
Good
Cash Flow
Strong
Stability
Strong
Valuation
Strong
Dividends
Weak

Share count rising — dilution

+114.1% over 4y

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

Diluted shares outstanding: 67.9M (2021) → 145.4M (2025)

Winston Score History

The full picture

Midsona is a Swedish consumer goods company that makes and sells health and wellness food products. Its brands include things like organic foods, dietary supplements, and natural snacks sold mainly to everyday shoppers through grocery stores and health food retailers across Europe. The company owns a portfolio of well-known Nordic brands, including Urtekram, Friggs, and Kung Markatta.

Midsona earns money by selling packaged products directly to retailers, who then sell them to consumers. The company operates primarily in Scandinavia and other parts of Northern and Central Europe, generating roughly 5–6 billion Swedish kronor in annual revenue. Its competitive position relies on brand recognition in the growing organic and health food segment, but the business faces real pressure from rising input costs, private-label competition from large grocery chains, and a relatively thin operating margin that leaves little room for error if consumer demand for premium health foods softens.

Score breakdown

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Quality

Profit per sale
Gross Margin
28.7%
Modest — 28.7% gross margin
Profit after running costs
Operating Margin
1.8%
Thin — 1.8% operating margin
Return on the money invested
ROCE
7.6%
Weak — 7.6% 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
-2.5%
Shrinking sales (-2.5% YoY)
Profit growth
EPS YoY
+450.0%
Earnings growing fast (+450.0% 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
219%
Turns 219% of profit into real cash
Spare cash per sale
FCF Margin
5.4%
Thin free cash flow (5.4%)

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
0.00
Conservative — low debt load (0.00)
Covers its interest
Interest Cover
7.09x
Adequate interest coverage (7.1x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
20.6x
Growth-priced — P/E 20.6

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+10.3
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (20.6 → 10.4)

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Dividends

Dividend
Dividend Yield
1.38%
Small dividend — 1.38% yield

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

Dividend record
Dividend Growth
-43.1%
Dividend cut (-43.1% YoY) — warning sign

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