Detection Technology Oyj (DETEC.HE) Stock Analysis & Winston Score

Detection Technology Oyj is a Finnish company that makes X-ray detector components used in security scanning and medical imaging equipment. Its products are sold to manufacturers who build airport baggage scanners, cargo inspection systems, and medical CT machines. The company is a niche supplier in the global X-ray imaging supply chain, focused on the sensor and detector hardware that sits inside larger systems.

The company earns revenue by selling detector modules and components to equipment manufacturers, rather than selling finished scanners directly to end users. It operates globally, with significant sales into China, Europe, and North America, and its small size — around $100 million in market cap — means it competes by specializing deeply in X-ray detection technology rather than competing broadly. The key growth driver is rising demand for security screening and medical imaging worldwide, but the company faces real risk from customer concentration and exposure to Chinese market conditions, which have historically been a large portion of its revenue.

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

-53.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-60.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

55.6%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$27M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue declining

Detection Technology Oyj'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

−0.4% over 4y

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

Diluted shares outstanding: 14.7M (2021) → 14.7M (2025)

Score breakdown

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Quality

Gross Margin

20.4%

Thin — 20.4% gross margin

Operating Margin

11.5%

Modest — 11.5% operating margin

ROCE

4.1%

Weak — 4.1% 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

-30.0%

Shrinking sales (-30.0% YoY)

EPS YoY

-56.1%

Earnings shrinking (-56.1% YoY)

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

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

57%

Weak — only 57% of profit becomes cash

FCF Margin

1.8%

Thin free cash flow (1.8%)

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

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Stability

Debt / Equity

0.06

Conservative — low debt load (0.06)

Interest Cover

3.81x

Tight — interest eats into profit (3.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

22.5x

Growth-priced — P/E 22.5

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

P/E vs Forward

+10.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (22.5 → 11.8)

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Dividends

Dividend Yield

3.70%

Moderate income — 3.70% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

-11.5%

Dividend cut (-11.5% YoY) — warning sign

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