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Swvl Holdings

SWVL
22
General Transportation · Industrials
Price
$2.21
+0.74 (+50.34%)
after-hours:$2.27+2.71%
Market Cap
$22.0M
Exchange
NASDAQ Global Market
Winston Score
22
Winston is worried
Weak fundamentals across most pillars.
Data as of Aug 26, 2026 · filings through Jun 30, 2025
How the score breaks down
Quality
Weak
Growth
Weak
Cash Flow
Data not available
Stability
Good
Valuation
Weak

Share count rising — dilution

+127.4% over 4y

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

Diluted shares outstanding: 4.7M (2021) → 10.8M (2025)

Winston Score History

The full picture

Swvl is a technology company that offers mass transit and shared transportation solutions. It runs a platform where people can book seats on buses and vans along fixed routes, similar to a ride-sharing service but for larger vehicles. The company originally started in Egypt and expanded into other emerging markets in the Middle East, Africa, and parts of Asia and Latin America.

Swvl makes money by taking a cut of each ride booked through its platform and by offering transportation-as-a-service to businesses and governments. It went public through a SPAC merger in 2022 and remains a small-cap company. The business targets cities where public transit is unreliable and car ownership is expensive, giving it a niche in underserved markets. Key risks include ongoing operating losses, the challenge of reaching profitability at scale, and exposure to volatile economic conditions in emerging markets.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
22.9%
Thin — 22.9% gross margin
Profit after running costs
Operating Margin
-2.4%
Losing money on operations — -2.4%
Return on the money invested
ROCE
-2.0%
Weak — -2.0% 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
N/A
Data not available
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
N/A
Data not available

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Stability

What it owes vs what it owns
Debt / Equity
0.08
Conservative — low debt load (0.08)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
45.9x
Expensive — P/E 45.9

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

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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