User

Starbreeze AB (publ)

STAR-B.ST

Electronic Gaming & Multimedia · Technology

Price

kr 0.10

-0.00 (-1.14%)

Market Cap

kr 141.6M

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.

Starbreeze AB is a Swedish video game developer and publisher best known for creating the *PAYDAY* franchise, a series of cooperative heist-themed shooter games. The company makes games for PC and gaming consoles, selling primarily to individual consumers through digital storefronts like Steam. Starbreeze has gone through a major financial restructuring after near-bankruptcy in 2019, and the *PAYDAY* series remains its core asset.

The company earns money through game sales, downloadable content (DLC), and licensing its *PAYDAY* brand to other developers. It operates mainly in Sweden and generates most of its revenue from global digital game sales, with a heavy reliance on the PC gaming market. The deeply negative margins shown above reflect ongoing struggles to build a sustainable business beyond a single franchise, and the key risk is whether *PAYDAY 3*, released in 2023 to a disappointing reception, can be revived through updates — or whether the company can develop new intellectual property to reduce its dependence on one aging series.

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

-60.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-93.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

21.6%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$75M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

Starbreeze 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.

Score breakdown

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Quality

Gross Margin

-167.4%

Thin — -167.4% gross margin

Operating Margin

-215.5%

Losing money on operations — -215.5%

ROCE

-32.0%

Weak — -32.0% return on capital

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

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Growth

Sales YoY

-8.7%

Shrinking sales (-8.7% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-16.5%

Burning cash (-16.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.09

Conservative — low debt load (0.09)

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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