Serstech AB

SERT.ST

Chemicals · Basic Materials

Exchange

Stockholm Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Winston Score History

The full picture

Serstech AB is a Swedish technology company that makes handheld chemical identification devices. These portable scanners let security personnel, customs officers, and military units quickly identify unknown substances — like drugs, explosives, or hazardous chemicals — in the field without sending samples to a lab. The company sells its products to government agencies, law enforcement, and defense organizations around the world.

Serstech earns revenue by selling its hardware devices along with supporting software and services. It operates primarily in Europe but targets global markets, including the Middle East and Asia, where demand for border security and chemical detection tools is growing. The company is small, with a market cap around $100 million, and its deeply negative margins show it is spending far more than it earns right now. The key risk is that Serstech must win enough government contracts at sufficient scale to reach profitability before it exhausts its financial resources.

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

+294.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+54.1% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

0.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~2 months

kr 4M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

Serstech AB grew revenue 295% 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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

85.5%

Premium pricing power — 85.5% gross margin

Profit after running costs

Operating Margin

-49.8%

Losing money on operations — -49.8%

Return on the money invested

ROCE

-61.0%

Weak — -61.0% 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

-8.4%

Shrinking sales (-8.4% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-76.9%

Burning cash (-76.9%)

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

0.28

Conservative — low debt load (0.28)

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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