Verve Group SE

VER.ST

Software - Application · Technology

Exchange

Stockholm Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Winston Score History

The full picture

Verve Group is a digital advertising technology company based in Europe. It builds software that helps app developers and website publishers sell ad space, and helps brands and advertisers buy that ad space automatically. The company operates what is called a "supply-side platform" and a "demand-side platform," meaning it sits on both sides of the digital ad marketplace, primarily serving mobile app publishers and performance-focused advertisers.

Verve makes money by taking a cut of the advertising spending that flows through its platform, rather than charging flat fees or subscriptions. It operates mainly in Europe and North America, with growing reach in other markets, and generated roughly $3.6 billion in market value as of recent figures. Its competitive edge comes from owning first-party data tools and privacy-focused targeting technology, which matters more as major browsers and mobile operating systems phase out third-party tracking cookies and identifiers. The main risk is that ad spending is cyclical and drops sharply during economic slowdowns.

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

+25.8% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

Insider Activity

26.7%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

kr 158M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Strong grower

Verve Group SE is growing revenue at 26% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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

16.2%

Thin — 16.2% gross margin

Profit after running costs

Operating Margin

6.1%

Modest — 6.1% operating margin

Return on the money invested

ROCE

6.4%

Weak — 6.4% 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

+25.2%

Fast-growing sales (+25.2% YoY)

Profit growth

EPS YoY

-107.7%

Earnings shrinking (-107.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

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

N/A

Data not available

Spare cash per sale

FCF Margin

4.5%

Thin free cash flow (4.5%)

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

1.21

Elevated debt (1.21)

Covers its interest

Interest Cover

0.89x

Dangerous — barely covers interest (0.9x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

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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