Swedencare AB (publ)

SECARE.ST

Drug Manufacturers - Specialty & Generic · Healthcare

Price

kr 22.20

+0.20 (+0.91%)

Market Cap

kr 3.55B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Strong

Stability

Good

Valuation

Good

Dividends

Weak

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Share count rising — dilution

+42.6% over 4y

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

Diluted shares outstanding: 112.0M (2021) → 159.6M (2025)

Winston Score History

The full picture

Swedencare is a Swedish company that makes health and wellness products for pets, mainly dogs and cats. Its brands include NaturVet, Vetri-Science, and Petnatura, which sell supplements, vitamins, and other health products to pet owners through veterinarians, pet stores, and online retailers. The company has grown largely by acquiring smaller pet health brands rather than building them from scratch.

Swedencare earns money by selling its products directly to retailers and distributors, who then sell them to pet owners. It operates across Europe and North America, with the United States being its largest market after several acquisitions there. The company's main competitive advantage is its portfolio of established pet supplement brands, but its low return on invested capital and thin operating margin suggest it has not yet turned those acquisitions into strong profits — integrating past deals and improving profitability is the key challenge the business faces going forward.

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

+3.7% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+447.2% 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

72.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 100M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth context

Swedencare AB (publ) is growing revenue at 4% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

61.2%

Premium pricing power — 61.2% gross margin

Profit after running costs

Operating Margin

7.7%

Modest — 7.7% operating margin

Return on the money invested

ROCE

2.1%

Weak — 2.1% 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

+4.7%

Slow sales growth (+4.7% YoY)

Profit growth

EPS YoY

+22.9%

Earnings growing fast (+22.9% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

426%

Turns 426% of profit into real cash

Spare cash per sale

FCF Margin

10.1%

Modest free cash flow (10.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.21

Conservative — low debt load (0.21)

Covers its interest

Interest Cover

1.93x

Dangerous — barely covers interest (1.9x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

44.4x

Pricey — P/E 44.4

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

Cheaper or dearer next year

P/E vs Forward

+30.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (44.4 → 14.4)

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Dividends

Dividend

Dividend Yield

1.26%

Small dividend — 1.26% 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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