Fact based stock research
Fortnox (NGM:FNOX)

SE0017161243

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For every stock, we judge its performance against its peers and rank it on a scale of 1 to 100. The higher the rank, the better the stock performs than its peers. And, we do this for six investment strategies:
Value - shows how good of a value the stock is. Green is "inexpensive"; red is "expensive".

Growth - shows a company's growth potential. Green is "high growth" expected; red is "tough times ahead".

Safety - relates to the amount of debt a company has. Green is low debt level; red is high debt level.

Combined Financial - this isn't an average of the first three ranks but rather a consolidated view across several financial indicators. Green = good; red = tread carefully.

(NEW) Sentiment - quantifies professional analyst ratings and holdings as well as market pulse. Green = positive sentiment; red = skepticism (Only available to Premium Subscribers).

(NEW) 360° View - the ultimate rating with all financial and non-financial indicators.

Fortnox stock research in summary

fortnox.se

ANALYSIS: With an Obermatt Combined Rank of 69 (better than 69% compared with investment alternatives), Fortnox (Application Software, Sweden) shares have above-average financial characteristics compared with similar stocks. Shares of Fortnox are low in value (priced high) with a consolidated Value Rank of 8 (worse than 92% of alternatives). But they show above-average growth (Growth Rank of 92) and are safely financed (Safety Rank of 67, which means below-average debt burdens). ...read more

RECOMMENDATION: A Combined Rank of 69, is a buy recommendation based on Fortnox's financial characteristics. Investors looking for growth and low financial risk may find this stock attractive. While the company Fortnox exhibits low value (Obermatt Value Rank of 8), which means that the stock price is rather high, it also demonstrates above-average growth (Obermatt Growth Rank of 92). This is a typical case, as high-growth companies are often expensive. Good financing practices (Obermatt Safety Rank of 67) are a double-edged sword: if the company continues growing, low debt limits shareholder returns. But if the company increases its debt, it will also increase risk. In other words, this is an investment on the safer side, despite the above-average price (low value). Obermatt Premium subscribers can further check the stock’s Sentiment Ranks, which also flow into the Obermatt 360° View for investors. ...read more

Latest Obermatt Ranks


360° View^new
Sentiment Rank^new
Value Rank	8
Growth Rank	92
Safety Rank	67
Combined Rank	69

Country	Sweden
Industry	Application Software
Index
Size class	Small

31-Jul-2025. Stock data may be delayed. Log in or sign up to get the most recent research.

Further information

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Review the performance ranks of the individual metrics that form each investment strategy.

Research History: Fortnox

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	5	14	15	8
GROWTH
GROWTH	100	95	77	92
SAFETY
SAFETY	54	54	74	67
SENTIMENT
SENTIMENT	45	48	45	^new
360° VIEW
360° VIEW	55	49	80	^new

Most recent update of the stock research: 31-Jul-2025. Financial reporting date used for calculating ranks: 31-Mar-2025. Stock research history is based on the Obermatt Method. The higher the rank, the better Fortnox is in the corresponding investment strategy.
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Combined financial peformance in Detail

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	5	14	15	8
GROWTH
GROWTH	100	95	77	92
SAFETY
SAFETY	54	54	74	67
COMBINED
COMBINED	56	55	69	69

Last update of combined financial performance: 31-Jul-2025. Stock analysis on combined financial performance: The higher the rank of Fortnox the better the performance.

Value Metrics in Detail

ANALYSIS: With an Obermatt Value Rank of 8 (worse than 92% compared with alternatives), Fortnox shares are significantly more expensive than comparable stocks. The Value Rank is based on consolidating four value indicators, with all four indicators below average for Fortnox. Price-to-Sales is 3 which means that the stock price compared with what market professionals expect for future profits is higher than 97% of comparable companies, indicating a low value concerning Fortnox's sales levels. Price-to-Book Capital (also referred to as market-to-book ratio) also has a low Price-to-Book Rank of 10, which means that both reliable company size indicators, sales, and invested capital cannot explain the high stock price of Fortnox. In addition, the two profit-related value indicators, Price-to-Profit (also referred to as price-earnings, P/E) with a low rank of 10 and Dividend Yield, which is lower than 52% of comparable companies, also make the stock more expensive compared with investment alternatives. ...read more

RECOMMENDATION: The overall picture with a consolidated Value Rank of 8, is a sell recommendation based on Fortnox's stock price compared with the company's operational size and dividend yields. How can market participants pay such a high price for Fortnox? One reason may be that the company is simply too popular. If enough people want a particular stock, its price can exceed reasonable levels. This is often the case for companies offering new and exciting products and everybody wants a piece of the action. Should you pay a lot for a hot stock such as Fortnox? It's risky, and even if the stock price continues to grow because of popular demand, it may return to more typical lower levels later. And that return can be sudden and quick, making it impossible for retail investors to exit on time. Sometimes, high prices are deserved. This is the case when it is justified to believe that the company will dominate a market with high profit margins. It has happened in the past for many technology companies and indeed for commercially successful pharmaceutical discoveries. Sometimes they last, sometimes, they get eaten alive. Fortnox may be such a type of stock. That would mean, retail investors should be careful, only considering investing a small part of their wealth in this exciting category and always being ready to lose more than half, if not all of the investment. We recommend further analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks, including the 360° View, before making an investment decision, which is essential in this case, as the financial indicators are inconclusive. ...read more

VALUE METRICS	2022	2023	2024	2025
PRICE VS. REVENUES (P/S)
PRICE VS. REVENUES (P/S)	3	3	5	3
PRICE VS. PROFITS (P/E)
PRICE VS. PROFITS (P/E)	5	11	20	10
PRICE VS. CAPITAL (Market-to-Book)
PRICE VS. CAPITAL (Market-to-Book)	3	9	13	10
DIVIDEND YIELD
DIVIDEND YIELD	49	57	54	48
CONSOLIDATED RANK: VALUE
CONSOLIDATED RANK: VALUE	5	14	15	8

Last update of Value Rank: 31-Jul-2025. Stock analysis on value ratios: The higher the rank, the lower the value ratio of Fortnox; except for dividend yield where the rank is higher, the higher the yield.

Growth Metrics in Detail

ANALYSIS: With an Obermatt Growth Rank of 92 (better than 92% compared with alternatives) for 2025, Fortnox shows one of the highest growth dynamics in its industry. Investors also speak of high momentum. The Growth Rank is based on consolidating four value indicators, with all four indicators above average for Fortnox. Sales Growth has a value of 94, which means that, currently, professionals expect the company to grow more than 94% of its competitors. The same is valid for Profit Growth with a value of 70 and for Capital Growth with 92. In addition, Stock Returns had an above-average rank value of 76, which means they have been higher than 76% of comparable investments. ...read more

RECOMMENDATION: The overall picture with a consolidated Growth Rank of 92, is a buy recommendation for growth and momentum investors. Since all Growth Ranks are positive, Fortnox exhibits above-average growth momentum. This could be due to a uniquely strong market position, proprietary technology, or an extensive corporate acquisition strategy. Growth investors will find this an attractive investment opportunity, unless they expect that the current phase is transitory and will deteriorate in the future. The current performance could also be a temporary recovery from a very low point, such as a turn-around situation. In the case of a turn-around, the current performance may or may not be followed by a continuing positive development. While momentum is a popular investment factor, the value aspect might be the more important one, in the longer term. We recommend analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks to arrive at a 360° View of the stock purchase case. ...read more

GROWTH METRICS	2022	2023	2024	2025
REVENUE GROWTH
REVENUE GROWTH	90	93	98	94
PROFIT GROWTH
PROFIT GROWTH	63	73	76	70
CAPITAL GROWTH
CAPITAL GROWTH	82	76	21	92
STOCK RETURNS
STOCK RETURNS	71	67	45	76
CONSOLIDATED RANK: GROWTH
CONSOLIDATED RANK: GROWTH	100	95	77	92

Last update of Growth Rank: 31-Jul-2025. Stock analysis on growth metrics: The higher the rank, the higher the growth and returns of Fortnox.

Safety Metrics in Detail

ANALYSIS: With an Obermatt Safety Rank of 67 (better than 67% compared with alternatives), the company Fortnox has financing practices on the safer side, which mean that their overall debt burden is lower than average. This doesn't mean that the business of Fortnox is safe, it only means that the company is on the safer side regarding possible bankruptcy, assuming that public reporting is correct. The Safety Rank is based on consolidating three financing indicators, with two out of three indicators above average for Fortnox. Leverage is at a rank of 73, meaning the company has a below-average debt-to-equity ratio. It has less debt than 73% of its competitors. Liquidity is also good at a rank of 78, meaning the company generates more profit to service its debt than 78% of its competitors. This indicates that the company is on the safer side when it comes to debt service. But Refinancing is lower at a rank of 28, which means that the portion of the debt that is about to be refinanced is above-average. It has more debt in the refinancing stage than 72% of its competitors. ...read more

RECOMMENDATION: With a consolidated Safety Rank of 67 (better than 67% compared with alternatives), Fortnox has a financing structure that is safer than that of its competitors. The refinancing issues could be a short-term problem, especially if the company has reputation issues. Banks and investors don't like to refinance debt if there are clouds on the horizon. For this reason, investors should look at the refinancing environment for Fortnox. Does it look safe that debt that is coming due can be covered with new debt? If that is the case, then the financing situation of the company is on the safer side. If not, it may be better to wait until refinancing has been completed and the Refinancing rank is good again. Investors may have a short-term debt challenge with Fortnox and should also compare Obermatt’s Value, Growth, and Sentiment Ranks before making a decision. ...read more

SAFETY METRICS	2022	2023	2024	2025
LEVERAGE
LEVERAGE	44	49	77	73
REFINANCING
REFINANCING	25	27	38	28
LIQUIDITY
LIQUIDITY	81	79	78	78
CONSOLIDATED RANK: SAFETY
CONSOLIDATED RANK: SAFETY	54	54	74	67

Last update of Safety Rank: 31-Jul-2025. Stock analysis on safety metrics: The higher the rank, the lower the leverage of Fortnox and the more cash is available to service its debt.

Sentiment Metrics in Detail

SENTIMENT	2022	2023	2024	2025
ANALYST OPINIONS
ANALYST OPINIONS	n/a	29	22	^new
OPINIONS CHANGE
OPINIONS CHANGE	50	50	57	^new
PRO HOLDINGS
PRO HOLDINGS	8	56	55	^new
MARKET PULSE
MARKET PULSE	58	69	63	^new
CONSOLIDATED RANK: SENTIMENT
CONSOLIDATED RANK: SENTIMENT	45	48	45	^new

Last update of Sentiment Rank: 31-Jul-2025. Stock analysis on sentiment metrics: The higher the rank, the more positive the sentiment for Fortnox.
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