The company has issued more shares over this period, which dilutes each existing shareholder’s stake.
Diluted shares outstanding: 160.5M (2021) → 177.5M (2025)
CapMan Oyj stands as a prominent Nordic alternative asset manager, distinguished by its proactive approach to enhancing value. The firm specializes in private equity and venture capital, deploying strategies that span growth capital, industry consolidation, turnarounds, recapitalizations, middle market buyouts, and offering credit and mezzanine financing for unlisted entities. Beyond private companies, CapMan also invests in value-add and income-generating real estate, alongside critical infrastructure projects in the energy, transportation, and telecommunications sectors. Primarily, CapMan operates through typically closed-end funds, strategically directing capital into businesses and assets across the Nordic region, all in line with specific fund mandates. These funds generally divest their holdings within a three to six-year timeframe, either through strategic trade sales or initial public offerings (IPOs). The company also oversees a selection of open-ended investment vehicles. Established in 1989, CapMan Oyj is headquartered in Helsinki, Finland, maintaining an international presence with additional offices in Stockholm, Copenhagen, Oslo, Luxembourg, and London. Listed on Nasdaq Helsinki since 2001, the firm further underlines its dedication to sustainable practices by having been a signatory to the UN Principles for Responsible Investment (PRI) since 2012.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
+25.5% YoY
YoY Growth Rate
Revenue accelerating
-18.7% YoY
YoY Growth Rate
Earnings declining
$0/ year
0.0% of revenue
Below sector average (7%)
Research and development spending
Cash flow positive
$250M cash & investments
Quarterly Free Cash Flow
↑ Burn rate improving
Company generates more cash than it spends — no dilution risk from fundraising
CapMan Oyj grew revenue 26% 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.
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ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.
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Earnings per share down more than 10%. Either a bad year, or a real decline.
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FCF margin between 0% and 10%. Some cash from sales, but not a lot.
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Interest coverage between 3 and 8. Profits cover interest several times over.
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P/E above the market average. People are paying up for expected growth.
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Yield above 6% — often a flag the market is pricing in a cut.
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