User

KebNi AB (publ)

KEBNI-B.ST

Communication Equipment · Technology

Price

kr 1.18

+0.03 (+2.61%)

Market Cap

kr 322.5M

Exchange

Stockholm Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Winston Score below 40. The stock fails on most of our quality checks.

KebNi AB is a Swedish technology company that makes equipment for satellite communication and navigation. Its main products include antenna systems and inertial navigation units, which help vehicles, ships, and other platforms stay connected and know their exact location even in remote areas. The company sells to defense customers, government agencies, and commercial operators who need reliable communication in challenging environments.

KebNi earns revenue by selling hardware and related systems, with some additional income from services and support contracts. It operates primarily in Europe but targets global defense and maritime markets. The company is small, with a market cap around $0.3 billion, and its competitive position relies on specialized technical know-how in ruggedized antenna and navigation technology. However, the negative operating margin and low gross margin of 8.2% signal that the company is not yet profitable, and its main challenge is scaling revenue fast enough to cover its cost base before cash runs out.

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

-62.7% 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 (15%)

Research and development spending

Insider Activity

34.8%ownership

Insiders own a meaningful stake in the company

Cash Runway

~7 months

$9M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

KebNi AB (publ) 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.

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Quality

Gross Margin

-66.6%

Thin — -66.6% gross margin

Operating Margin

-66.6%

Losing money on operations — -66.6%

ROCE

-14.1%

Weak — -14.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-23.7%

Shrinking sales (-23.7% YoY)

EPS YoY

-1444.8%

Earnings shrinking (-1444.8% 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

N/A

Data not available

FCF Margin

9.7%

Modest free cash flow (9.7%)

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

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio

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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