Moberg Pharma AB (publ)

MOB.ST

Drug Manufacturers - Specialty & Generic · Healthcare

Exchange

Stockholm Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Winston Score History

The full picture

Moberg Pharma is a Swedish pharmaceutical company that develops and sells medicines for conditions affecting nails and skin. Its main product is MOB-015, a nail treatment designed to fight fungal infections, which is one of the most common nail problems people face. The company focuses on over-the-counter and prescription products sold through pharmacies and healthcare providers, primarily in Europe and North America.

Moberg makes money by selling its drug products and through licensing deals with partners in different countries who pay to sell its medicines in their local markets. The company is small, with a market value around $500 million, and its edge comes from patented drug formulations that are hard for competitors to copy directly. However, the deeply negative operating margin shows the company is spending far more than it earns right now, and its main risk is whether MOB-015 can gain enough regulatory approvals and commercial traction to eventually turn a profit.

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

+27.2% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+54.5% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

14.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~7 years

kr 222M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

kr 222M cash & investments at current burn rate

Strong grower

Moberg Pharma AB (publ) is growing revenue at 27% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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

66.2%

Premium pricing power — 66.2% gross margin

Profit after running costs

Operating Margin

-88.9%

Losing money on operations — -88.9%

Return on the money invested

ROCE

-4.1%

Weak — -4.1% 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

+13.5%

Fast-growing sales (+13.5% 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

-273.3%

Burning cash (-273.3%)

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

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

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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