Modern Times Group MTG AB (publ)

MTG-A.ST

Electronic Gaming & Multimedia · Technology

Price

kr 131.00

+1.00 (+0.77%)

Market Cap

kr 15.47B

Exchange

Stockholm Stock Exchange

Winston Score

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

Exceptional

Stability

Strong

Valuation

Good

Dividends

Exceptional

Track this stock — start free trial

Share count rising — dilution

+12.7% over 4y

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

Diluted shares outstanding: 103.9M (2021) → 117.2M (2025)

Winston Score History

The full picture

Modern Times Group (MTG) is a Swedish company that owns and operates video game businesses. It focuses on mobile and online games, targeting casual and mid-core gamers around the world. MTG has grown by acquiring gaming studios and companies, including well-known mobile game developers.

MTG makes money primarily by selling in-game items, upgrades, and virtual currency within its games — a model called free-to-play, where the game is free but players can spend money inside it. The company operates globally, with a strong presence in Europe and North America, and generates over $500 million in annual revenue across its portfolio of studios. Its competitive position depends on keeping players engaged long enough to spend money, which is a constant challenge as mobile gaming is a crowded market with low switching costs. The main risk is player churn — if users stop playing, revenue drops quickly — while the key growth opportunity lies in expanding its existing game franchises and making further acquisitions.

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

+1.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+259.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

kr 0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

0.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 2.0B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

Modern Times Group MTG AB (publ) 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.

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

68.5%

Premium pricing power — 68.5% gross margin

Profit after running costs

Operating Margin

10.7%

Modest — 10.7% operating margin

Return on the money invested

ROCE

7.3%

Weak — 7.3% return on capital

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

+42.3%

Fast-growing sales (+42.3% 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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

1343%

Turns 1343% of profit into real cash

Spare cash per sale

FCF Margin

16.5%

Converts sales into free cash efficiently (16.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

0.40

Conservative — low debt load (0.40)

Covers its interest

Interest Cover

4.13x

Adequate interest coverage (4.1x)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

92.3x

Expensive — P/E 92.3

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+84.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (92.3 → 8.0)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend

Dividend Yield

8.41%

Healthy income — 8.41% yield

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

Dividend record

Dividend Growth

+58.9%

Dividend growing fast (58.9% YoY)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial