Bulten AB (publ)

BULTEN.ST

Auto - Parts · Consumer Cyclical

Also trades as: 0P49.L

Price

kr 62.00

+0.60 (+0.98%)

Market Cap

kr 1.30B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 12, 2026 · filings through Jun 30, 2026

Bulten AB is a Swedish company that makes fasteners — things like bolts, screws, and nuts — used to assemble cars and trucks. Its customers are major automakers and their suppliers, known as OEMs and Tier 1 suppliers, across Europe and beyond. Bulten is one of the largest dedicated fastener suppliers to the automotive industry in Europe.

The company earns revenue by selling fasteners directly to vehicle manufacturers under long-term supply contracts, which provide some stability but also tie Bulten closely to auto production volumes. It operates mainly in Europe, with additional presence in Asia and North America, and generates roughly $1 billion in market value. Its main competitive edge is deep technical integration with customers, but its thin operating margin of around 3% leaves little room for error, and the ongoing shift toward electric vehicles — which use different fastening requirements — is both a risk and a potential opportunity for the business.

Winston Score History

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

-41.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

25.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$291M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

Bulten 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.

Share count broadly stable

+0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 21.0M (2021) → 21.0M (2025)

Score breakdown

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Quality

Gross Margin

24.1%

Thin — 24.1% gross margin

Operating Margin

8.2%

Modest — 8.2% operating margin

ROCE

3.7%

Weak — 3.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-22.7%

Shrinking sales (-22.7% YoY)

EPS YoY

<−1,000%

Earnings shrinking (<−1,000% YoY)

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

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

7.3%

Modest free cash flow (7.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

1.17

Elevated debt (1.17)

Interest Cover

2.01x

Tight — interest eats into profit (2.0x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

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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