Vincit Oyj

VINCIT.HE

Software - Application · Technology

Price

€0.87

+0.01 (+1.63%)

Market Cap

€14.8M

Exchange

NASDAQ Helsinki

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+35.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 12.3M (2021) → 16.7M (2025)

Vincit Oyj is a Finnish technology services company that helps businesses design, build, and improve software and digital products. Its main customers are mid-sized and large companies across industries like manufacturing, retail, and financial services that need outside help building custom software, websites, and digital tools. Vincit is listed on the Nasdaq Helsinki stock exchange and is one of Finland's better-known IT consulting and software development firms.

The company earns money by selling consulting hours and project-based software development work to clients, rather than selling packaged software products. It operates primarily in Finland, with some presence in other European markets and the United States. Its competitive position depends on attracting and keeping skilled developers, which is also its main risk — talent costs are high, and competition for experienced engineers is intense. With thin margins and a recent operating loss, improving profitability while growing its client base is the central challenge the business faces.

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

-15.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+75.8% YoY

YoY Growth Rate

EPS growth accelerating

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

48.4%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$10M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Revenue declining

Vincit 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.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

11.1%

Thin — 11.1% gross margin

Operating Margin

-2.3%

Losing money on operations — -2.3%

ROCE

-1.1%

Weak — -1.1% return on capital

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

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Growth

Sales YoY

-18.4%

Shrinking sales (-18.4% YoY)

EPS YoY

N/A

—

Data not available

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

4.9%

Thin free cash flow (4.9%)

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

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Stability

Debt / Equity

0.10

Conservative — low debt load (0.10)

Interest Cover

N/A

Data not available

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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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