Rankings Software, cloud & internet FSport
FSport
26
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Multiples vs own history−14
- Margin−10
- Cash flow and dilution−8
Strengths
- Net cash+2
How the score is built
From 100 to 26, 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 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.10 SEK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- +47%
- 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−27 of −30
- −10MarginOperating margin −339% and gross margin 7% (TTM); revenue SEK 1.5m vs an operating loss of SEK 4.9m. Losses every year since 2021.
- −6Quality of growthRevenue fell 62% in 2025 and 33% TTM; Q2 growth of 58% is from SEK 351k to 556k. Q2 2025's profit was a one-off (EBITDA +3.3m vs −0.9m now).
- −5MoatAffiliate traffic (tipping sites such as Tippa.se, Trav.se) to gambling companies with 3 employees – no documented moat or scale.
- −6Capital allocationWrite-downs of SEK 9.3m in both 2024 and 2025; accumulated losses of 105m vs 121m of paid-in capital.
Price
Today's multiples against the company's own history and its peers. · 2 findings−20 of −35
- −14Multiples vs own historyP/S 11.0 vs 2.2–3.6 in 2022–2025; EV/sales 8.4 for a company with falling revenue and losses.
- −6PeersListed affiliate companies typically trade at a few times sales and are profitable; FSport is more expensive with no earnings.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−23 of −35
- −8Cash flow and dilutionCash fell from SEK 6.2m to 3.8m in H1 (loss −2.2m). The share count rose from 19m to 153m in three years after repeated share issues.
- −5ExecutionSeveral strategy changes (fantasy sports → gaming tech → sports media/streaming); revenue has not grown since 2022.
- −4Customers and regulationRevenue comes from gambling operators; Swedish gambling advertising is tightly regulated, and affiliate income can vanish with one operator.
- −3Governance and key people3 employees; dependent on CEO Joel Hinz. Altman Z-score −3.9 and Piotroski 2.
- −3
Plus
Only documented strengths. · 1 finding+2 of +15
- +2Net cashNo debt and SEK 3.8m in cash (about 23% of market value). Insiders own 51%.
Caveats
What the score does not capture, or where the data is weak.
Microcap (about SEK 16m), 3 employees, no analysts; cash lasts about a year – a new share issue is likely
Also in Software, cloud & internet
The highest scores in the same industry.
