Stille AB

STIL.ST

Medical - Instruments & Supplies · Healthcare

Price

kr 232.00

+2.50 (+1.09%)

Market Cap

kr 2.08B

Exchange

Stockholm 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

Good

Growth

Strong

Cash Flow

Good

Stability

Mixed

Valuation

Strong

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Share count rising — dilution

+79.2% over 4y

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

Diluted shares outstanding: 5.0M (2021) → 9.0M (2025)

Winston Score History

The full picture

Stille AB is a Swedish medical device company that makes specialized surgical instruments and operating tables used in hospitals. Its core products include precision hand instruments for surgery and advanced surgical tables, sold primarily to hospitals and surgical centers around the world. The company has a long history dating back to 1841, making it one of the oldest surgical instrument makers still in operation.

Stille earns revenue by selling its surgical equipment and instruments directly to healthcare facilities and through distribution partners. It operates mainly in Europe and North America, and its long brand heritage and focus on high-precision, niche surgical tools give it a degree of loyalty among surgeons who prefer its products. With a gross margin above 50%, the business has reasonable pricing power, but its relatively modest ROIC of 7.2% suggests growth requires continued investment. The key risk is competition from larger medical device companies with greater resources and broader product portfolios.

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

+49.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+106.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

kr 0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

46.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 150M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Stille AB grew revenue 50% 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

48.4%

Healthy — 48.4% gross margin

Profit after running costs

Operating Margin

14.6%

Healthy — 14.6% operating margin

Return on the money invested

ROCE

13.2%

Good — 13.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+25.5%

Fast-growing sales (+25.5% YoY)

Profit growth

EPS YoY

+39.2%

Earnings growing fast (+39.2% YoY)

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

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

88%

Modest — 88% of profit becomes cash

Spare cash per sale

FCF Margin

5.9%

Thin free cash flow (5.9%)

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

11.66x

Comfortably covers interest (11.7x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

28.7x

Growth-priced — P/E 28.7

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+12.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (28.7 → 16.6)

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Dividends

Not applicable for this business.

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