Smartoptics Group AS

SMOP.OL

Communication Equipment · Technology

Price

kr 45.00

+0.80 (+1.81%)

Market Cap

kr 4.41B

Exchange

Oslo Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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

How the score breaks down

Quality

Strong

Growth

Exceptional

Cash Flow

Strong

Stability

Mixed

Valuation

Good

Dividends

Weak

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Share count rising — dilution

+2.3% over 4y

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

Diluted shares outstanding: 95.8M (2021) → 98.0M (2025)

Winston Score History

The full picture

Smartoptics Group is a Norwegian technology company that makes optical networking equipment and software. Optical networking is how large amounts of data get sent quickly over fiber-optic cables — the physical wires that carry internet traffic. The company sells its products mainly to telecom operators, data centers, and large enterprises that need to move data reliably across long distances.

Smartoptics earns money by selling hardware like optical transceivers and networking devices, along with the software that manages them. The company is headquartered in Oslo, Norway, and operates across Europe and North America, competing against much larger players like Ciena and Infinera. Its competitive edge comes from offering simpler, more open networking solutions that do not lock customers into a single vendor's ecosystem — a growing preference among buyers. The main risk is that larger, better-funded rivals can undercut pricing or out-invest Smartoptics in research and development, which could pressure margins over time.

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

+54.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+522.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$483,804/ year

↓ Declining (-13% vs prior year)

0.6% of revenue

Below sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

56.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~2 years

$2M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$2M cash & investments at current burn rate

Revenue accelerating

Smartoptics Group AS grew revenue 55% 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.

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

46.1%

Healthy — 46.1% gross margin

Profit after running costs

Operating Margin

12.5%

Healthy — 12.5% operating margin

Return on the money invested

ROCE

35.1%

Exceptional — 35.1% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+50.1%

Fast-growing sales (+50.1% YoY)

Profit growth

EPS YoY

+116.6%

Earnings growing fast (+116.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

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

131%

Turns 131% of profit into real cash

Spare cash per sale

FCF Margin

7.1%

Modest free cash flow (7.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

14.82x

Comfortably covers interest (14.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

66.2x

Expensive — P/E 66.2

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

Cheaper or dearer next year

P/E vs Forward

+15.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (66.2 → 50.8)

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Dividends

Dividend

Dividend Yield

1.30%

Small dividend — 1.30% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

N/A

Data not available

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