Tobii AB (publ)

TOBII.ST

Computer Hardware · Technology

Price

kr 1.78

-0.05 (-2.62%)

Market Cap

kr 418.8M

Exchange

Stockholm Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Mixed

Stability

Weak

Valuation

Data not available

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Share count rising — dilution

+133.3% over 4y

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

Diluted shares outstanding: 100.3M (2021) → 234.1M (2025)

Winston Score History

The full picture

Tobii is a Swedish technology company that makes eye-tracking hardware and software. Eye-tracking technology follows where a person's eyes are looking in real time. Tobii sells its products to three main groups: gaming and PC users who want hands-free computer control, researchers studying human behavior, and companies building assistive technology tools for people with disabilities who cannot use a keyboard or mouse.

Tobii earns money by selling eye-tracking sensors, software licenses, and development kits to hardware makers and research institutions. The company is headquartered in Stockholm and sells globally, with a strong presence in North America, Europe, and Asia. Tobii holds a leading position in eye-tracking technology and has built up years of patents and specialized expertise that are difficult for competitors to copy quickly. However, the company is currently losing money at a significant rate, and its main challenge is scaling revenue fast enough to reach profitability before it needs to raise additional capital.

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

-17.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-283.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

kr 181M/ year

↓ Declining (-50% vs prior year)

21.7% of revenue

In line with sector average (15%)

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

Insider Activity

22.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 39M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

Tobii AB (publ)'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

56.9%

Premium pricing power — 56.9% gross margin

Profit after running costs

Operating Margin

-14.0%

Losing money on operations — -14.0%

Return on the money invested

ROCE

-42.7%

Weak — -42.7% 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

-10.5%

Shrinking sales (-10.5% YoY)

Profit growth

EPS YoY

N/A

Data not available

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

N/A

Data not available

Spare cash per sale

FCF Margin

14.6%

Converts sales into free cash efficiently (14.6%)

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

1.29

Elevated debt (1.29)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

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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