Nobia AB (publ)

NOBI.ST

Furnishings, Fixtures & Appliances · Consumer Cyclical

Price

kr 15.40

-0.03 (-0.19%)

Market Cap

kr 1.47B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

Dividends

Exceptional

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Share count rising — dilution

+298.3% over 4y

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

Diluted shares outstanding: 16.9M (2021) → 67.3M (2025)

Winston Score History

The full picture

Nobia is a European kitchen manufacturer that designs, makes, and sells kitchens for homes and apartments. Its brands include Magnet in the UK, HTH in Denmark, and Marbodal in Sweden, sold to both individual homeowners and housing developers. The company is one of the largest kitchen specialists in Europe.

Nobia earns money by selling kitchen products and installation services through its own retail stores, trade channels, and partnerships with property developers. It operates mainly across the UK and the Nordic countries, with some presence in other European markets. The company's network of owned stores and established regional brands gives it some local loyalty, but its very thin operating margin — under 1% — shows how sensitive the business is to weak housing markets and rising input costs, both of which remain key risks as European construction activity stays under pressure.

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

-44.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+102.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

kr 0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

25.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 320M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

Nobia AB (publ)'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

36.8%

Modest — 36.8% gross margin

Profit after running costs

Operating Margin

4.7%

Thin — 4.7% operating margin

Return on the money invested

ROCE

2.5%

Weak — 2.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-66.8%

Shrinking sales (-66.8% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-8.3%

Burning cash (-8.3%)

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

0.90

Moderate — manageable debt (0.90)

Covers its interest

Interest Cover

0.43x

Dangerous — barely covers interest (0.4x)

Interest coverage below 1. Their profits don't cover the interest bill.

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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

5.16%

Healthy income — 5.16% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+87.9%

Dividend growing fast (87.9% YoY)

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