Physitrack

PTRK.ST

Medical - Healthcare Information Services · Healthcare

Price

kr 8.22

-0.18 (-2.14%)

Market Cap

kr 133.7M

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

Mixed

Stability

Mixed

Valuation

Data not available

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Share count rising — dilution

+18.8% over 4y

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

Diluted shares outstanding: 13.7M (2021) → 16.3M (2025)

Winston Score History

The full picture

Physitrack is a software company that helps physical therapists and other healthcare providers give exercise programs to their patients. Clinicians use the platform to assign guided exercise videos and track how well patients are following their treatment plans outside of the clinic. The company serves healthcare providers across hospitals, private clinics, and insurance networks, primarily in Europe, Australia, and North America.

Physitrack makes money by charging healthcare providers and health systems a subscription fee to use its software platform. The company is small, with a market cap around $100 million, and its competitive position rests on its established clinical content library and integrations with existing healthcare systems. With operating margins just above breakeven, the key risk is that larger electronic health record companies could bundle similar exercise-tracking features into their existing products, making it harder for Physitrack to grow its subscriber base and improve profitability.

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

-3.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+53.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

72.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€497,956 cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Revenue declining

Physitrack'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

7.2%

Thin — 7.2% gross margin

Profit after running costs

Operating Margin

7.2%

Modest — 7.2% operating margin

Return on the money invested

ROCE

2.4%

Weak — 2.4% 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

-11.4%

Shrinking sales (-11.4% 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

21.7%

Converts sales into free cash efficiently (21.7%)

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

0.43

Conservative — low debt load (0.43)

Covers its interest

Interest Cover

0.83x

Dangerous — barely covers interest (0.8x)

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

Not applicable for this business.

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