Zaptec ASA

ZAP.OL

Electrical Equipment & Parts · Industrials

Price

kr 45.55

-1.05 (-2.25%)

Market Cap

kr 3.96B

Exchange

Oslo Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+15.6% over 4y

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

Diluted shares outstanding: 76.4M (2021) → 88.3M (2025)

Zaptec is a Norwegian company that makes electric vehicle (EV) charging equipment. Its main products are wall-mounted home chargers and charging systems for apartment buildings and commercial properties. The company sells to homeowners, property developers, and businesses across Europe, with a focus on making EV charging simple to install in places where many people share a building.

Zaptec earns money by selling its charging hardware, and it generates additional revenue through software and cloud services that help building managers monitor and control energy use. The company operates mainly in Norway and other European markets, where EV adoption rates are among the highest in the world — giving it a strong home base. Its key competitive edge is its load-balancing technology, which lets multiple chargers share available power without overloading a building's electrical system. The main risk is growing competition from larger electrical equipment companies and global EV charging brands entering the same market.

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

+31.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+338.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

11.0%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$489M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Zaptec ASA grew revenue 32% 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.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

9.2%

Thin — 9.2% gross margin

Operating Margin

9.2%

Modest — 9.2% operating margin

ROCE

5.5%

Weak — 5.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+25.0%

Fast-growing sales (25.0% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

627%

Turns 627% of profit into real cash

FCF Margin

27.4%

Converts sales into free cash efficiently (27.4%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.01

Conservative — low debt load (0.01)

Interest Cover

19.84x

Comfortably covers interest (19.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

49.9x

Expensive — P/E 49.9

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+29.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (49.9 → 20.3)

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Dividends

Dividend Yield

3.99%

Moderate income — 3.99% yield

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

Dividend Growth

N/A

no trend

Data not available

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