Stock

Qiiwi Games AB (publ)

QIIWI.ST

Electronic Gaming & Multimedia · Technology

Price

kr 5.82

+0.34 (+6.20%)

Market Cap

kr 53.8M

Exchange

Stockholm Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Sep 17, 2026 · filings through Jun 30, 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

Established in 2012 and based in Alingsås, Sweden, Qiiwi Games AB (publ) specializes in conceiving and distributing mobile games. The company primarily targets casual players, concentrating on popular genres such as trivia, match-3, and word/puzzle. Notably, the firm has forged strategic alliances with All3Media International to create a word game inspired by the detective drama "Midsomer Murders" and a match-3 title tied to the reality television series "Kitchen Nightmares."

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

+98.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+93.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

kr 3M/ year

20.0% of revenue

In line with sector average (15%)

Research and development spending

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

kr 12M cash & investments at current burn rate

Revenue accelerating

Qiiwi Games AB (publ) grew revenue 99% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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.

Share count broadly stable

−0.4% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 9.2M (2021) → 9.2M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

64.0%

Premium pricing power — 64.0% gross margin

Profit after running costs

Operating Margin

-1.1%

Losing money on operations — -1.1%

Return on the money invested

ROCE

-22.9%

Weak — -22.9% 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

+0.5%

Nearly flat sales (+0.5% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-13.6%

Burning cash (-13.6%)

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

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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