Zaptec ASA

ZAP.OL

Electrical Equipment & Parts · Industrials

Exchange

Oslo Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

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

How the score breaks down

Quality

Good

Growth

Exceptional

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

Zaptec is a Norwegian company that makes electric vehicle (EV) charging equipment. Its main products are wall-mounted home chargers and charging systems for apartment buildings and commercial properties. The company sells to homeowners, property developers, and businesses across Europe, with a focus on making EV charging simple to install in places where many people share a building.

Zaptec earns money by selling its charging hardware, and it generates additional revenue through software and cloud services that help building managers monitor and control energy use. The company operates mainly in Norway and other European markets, where EV adoption rates are among the highest in the world — giving it a strong home base. Its key competitive edge is its load-balancing technology, which lets multiple chargers share available power without overloading a building's electrical system. The main risk is growing competition from larger electrical equipment companies and global EV charging brands entering the same market.

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

+32.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+116.7% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

11.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 415M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Zaptec ASA grew revenue 32% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

12.2%

Thin — 12.2% gross margin

Profit after running costs

Operating Margin

12.2%

Healthy — 12.2% operating margin

Return on the money invested

ROCE

22.7%

Exceptional — 22.7% 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

+30.2%

Fast-growing sales (+30.2% YoY)

Profit growth

EPS YoY

>+1,000%

Earnings growing fast (>+1,000% YoY)

Earnings growing 25%+ a year. The compounder zone.

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

451%

Turns 451% of profit into real cash

Spare cash per sale

FCF Margin

24.1%

Converts sales into free cash efficiently (24.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.01

Conservative — low debt load (0.01)

Covers its interest

Interest Cover

20.44x

Comfortably covers interest (20.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

39.2x

no trend

Pricey — P/E 39.2

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

Cheaper or dearer next year

P/E vs Forward

+20.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (39.2 → 19.0)

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Dividends

Dividend

Dividend Yield

4.24%

no trend

Healthy income — 4.24% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

N/A

no trend

Data not available

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