Rankings Machinery & automation Finepart
Finepart
53
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Margin−9
- Capital allocation−7
- Financing risk−6
Strengths
- New orders and buybacks+3
- Debt-free+2
How the score is built
From 100 to 53, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 30 Sep 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 40.10 SEK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- –
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−25 of −30
- −9MarginLoss every year in 2021–2025 (SEK −5.3 to −16.1m before tax). The TTM operating profit of +SEK 1.2m is solely due to Q4 2025, when three machines were delivered (result +SEK 4.7m); Q1 and Q2 2026 were negative again (−0.2 and −1.2m).
- −5Quality of growthRevenue depends on 3-5 machine sales a year: Q4 2025 accounted for 75% of the year's revenue of SEK 23.6m, and the order book was only SEK 1.5m at 30/6-2026. The former largest customer in California changed owner and has sold three of its six machines.
- −7Capital allocationThe share count rose from 41.8m to 329.5m in 2025 (×7.9) via a rights issue at SEK 0.08, TO2 at SEK 0.048 and a directed issue to the underwriters. Issue costs were SEK 4.3m of 20.7m (21%). A 1:500 reverse split followed. In June 2025 machinery was written up by SEK 2.4m, which flatters equity.
- −4Scale and moatWith six employees in Bollebygd, Finepart is a niche producer of micro waterjet cutting. The technology is patented, but competes with laser micro-machining, wire EDM and larger waterjet manufacturers with global sales and service.
Price
Today's multiples against the company's own history and its peers. · 2 findings−4 of −35
- −1Multiples vs own historyEV/Sales is 0.62 and P/B 1.34 vs 1.8-23.7 and 3.3-26.8 in 2021-2025. It is cheap vs history, but that is distorted by the issues, and EV/EBITDA of 7.8 builds on one strong quarter.
- −3Peers and absolute levelWith an EV of approx. SEK 20m and SEK 32m in TTM revenue, the share is cheap vs Impact Coatings (EV/S 5.8) and Mantex (EV/S 4.2). However, the discount reflects that Finepart has never made money over a full year since 2022 and has an Altman Z-score of 1.25.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−17 of −35
- −6Financing riskCash is SEK 6.6m. Operating cash flow was −SEK 8.0m in 2025 and −5.5m TTM, and capital was raised in 2021, 2024 and 2025. One delayed machine sale could trigger a new issue at a low price.
- −5Customer concentrationThe year is decided by a few orders of SEK 3–5m each (UK customer SEK 3m in June, French luxury customer EUR 423k in July, American medtech customer USD 545k in September). Customers' decisions take a long time because of tariffs and currency, as the CEO himself writes.
- −3Liquidity and solvencySpotlight stock with an average volume of about 4,400 shares a day (about SEK 0.18m). Altman Z-score 1.25 and Piotroski 4.
- −3Ownership and governanceInsiders own approx. 1.5% (stockanalysis). The largest owners are pension accounts at Nordnet (20.6%) and Avanza (6.4%), i.e. private investors. There is no anchor investor, and the largest known individual, Mats Beausang, owns 1.8%.
Plus
Only documented strengths. · 2 findings+5 of +15
- +2Debt-freeAll interest-bearing loans to credit institutions were repaid in Q2 2026, and the SEK 4m convertibles were repaid/converted in 2025. Net cash is SEK 6.6m, about 25% of the market cap.
- +3New orders and buybacksAfter Q2, orders of about SEK 10m have come in (about 30% of TTM revenue): a French luxury customer is buying its second Finecut system (EUR 423k), and a US medtech customer is ordering a system for USD 545k with delivery late in Q4 2026.
Caveats
What the score does not capture, or where the data is weak.
Nordnet's market cap of DKK 17m is actually correct: after the 1:500 reverse split (3/7-2026) and the compensation issue there are 660,084 shares, and at SEK 40.2 the market cap is SEK 26.5m (DKK 17.5m). Stockanalysis (quote/xsat/FINE) shows 659,087 shares and split-adjusted historical prices. Historical multiples before 2026 (P/S 24, P/B 27 in 2025) are distorted by outdated prices and share counts around the issues, so the historical comparison is weighted low. Revenue is highly uneven (few machines per year), so TTM figures swing widely. Dilution is calculated from June 2025 to June 2026 (42m -> 329.5m shares before split). cyclical=false per the penny supplement's list, although machine sales follow customers' appetite to invest. No analysts. Short interest not found. Daily turnover is a 20-day average (stockanalysis).
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