Westpay AB

WPAY.ST

Software - Infrastructure · Technology

Price

kr 1.17

+0.14 (+13.11%)

Market Cap

kr 118.4M

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

Good

Cash Flow

Strong

Stability

Good

Valuation

Mixed

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Share count rising — dilution

+174.4% over 4y

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

Diluted shares outstanding: 35.0M (2021) → 96.0M (2025)

Winston Score History

The full picture

Westpay AB is a Swedish company that makes payment terminals and software for businesses. It helps stores, restaurants, and other merchants accept card and digital payments. The company sells its own hardware devices and connects them to payment networks, competing in the broader European point-of-sale and payments infrastructure market.

Westpay earns money by selling payment terminals and charging fees for the software and services that run on them, including transaction processing support. It operates primarily in Sweden and the Nordic region, and with a market cap around $0.1 billion, it is a small player in a market dominated by much larger global competitors like Ingenico and Verifone. The company's thin gross margin of roughly 15% reflects the hardware-heavy nature of its business, and its main challenge is scaling software and recurring service revenue to improve profitability while fending off competition from larger, better-funded rivals.

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

+11.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

kr 0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (15%)

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

Insider Activity

21.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~1 months

kr 507,000 cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

Westpay AB has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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

10.4%

Thin — 10.4% gross margin

Profit after running costs

Operating Margin

10.4%

Modest — 10.4% operating margin

Return on the money invested

ROCE

17.1%

Strong — 17.1% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+6.9%

Slow sales growth (+6.9% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

153%

Turns 153% of profit into real cash

Spare cash per sale

FCF Margin

3.4%

Thin free cash flow (3.4%)

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

0.51

Conservative — low debt load (0.51)

Covers its interest

Interest Cover

2.36x

Tight — interest eats into profit (2.4x)

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)

26.7x

Growth-priced — P/E 26.7

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