NOTE Balance Sheet Health

Financial Health criteria checks 6/6

NOTE has a total shareholder equity of SEK1.5B and total debt of SEK519.0M, which brings its debt-to-equity ratio to 33.7%. Its total assets and total liabilities are SEK3.2B and SEK1.6B respectively. NOTE's EBIT is SEK373.4M making its interest coverage ratio 9.9. It has cash and short-term investments of SEK316.0M.

Key information

33.7%

Debt to equity ratio

SEK 519.00m

Debt

Interest coverage ratio	9.9x
Cash	SEK 316.00m
Equity	SEK 1.54b
Total liabilities	SEK 1.62b
Total assets	SEK 3.16b

Recent financial health updates

Recent updates

Some May Be Optimistic About NOTE's (STO:NOTE) Earnings

Oct 22

Earnings Working Against NOTE AB (publ)'s (STO:NOTE) Share Price

Oct 15

NOTE (STO:NOTE) Has A Pretty Healthy Balance Sheet

Sep 20

Does NOTE (STO:NOTE) Deserve A Spot On Your Watchlist?

Mar 15

Returns on Capital Paint A Bright Future For NOTE (STO:NOTE)

Jan 30

Do NOTE's (STO:NOTE) Earnings Warrant Your Attention?

Dec 09

Should You Be Adding NOTE (STO:NOTE) To Your Watchlist Today?

Oct 31

Here's Why We Think NOTE (STO:NOTE) Might Deserve Your Attention Today

Jun 17

Is NOTE (STO:NOTE) Using Too Much Debt?

Feb 01

Capital Investments At NOTE (STO:NOTE) Point To A Promising Future

Sep 01

Is Now The Time To Put NOTE (STO:NOTE) On Your Watchlist?

Aug 04

Is NOTE (STO:NOTE) Using Too Much Debt?

Jul 15

With EPS Growth And More, NOTE (STO:NOTE) Is Interesting

May 04

The Trend Of High Returns At NOTE (STO:NOTE) Has Us Very Interested

Apr 12

NOTE (STO:NOTE) Has A Rock Solid Balance Sheet

Mar 29

What Kind Of Shareholders Hold The Majority In NOTE AB (publ)'s (STO:NOTE) Shares?

Mar 14

Is NOTE AB (publ)'s(STO:NOTE) Recent Stock Performance Tethered To Its Strong Fundamentals?

Mar 01

Financial Position Analysis

Short Term Liabilities: NOTE's short term assets (SEK2.3B) exceed its short term liabilities (SEK1.3B).

Long Term Liabilities: NOTE's short term assets (SEK2.3B) exceed its long term liabilities (SEK320.0M).

Debt to Equity History and Analysis

Debt Level: NOTE's net debt to equity ratio (13.2%) is considered satisfactory.

Reducing Debt: NOTE's debt to equity ratio has reduced from 55.6% to 33.7% over the past 5 years.

Debt Coverage: NOTE's debt is well covered by operating cash flow (116%).

Interest Coverage: NOTE's interest payments on its debt are well covered by EBIT (9.9x coverage).

Balance Sheet

Discover healthy companies

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2024/12/30 03:39
End of Day Share Price	2024/12/30 00:00
Earnings	2024/09/30
Annual Earnings	2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

NOTE AB (publ) is covered by 3 analysts. 1 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Fredrik Agardh	Handelsbanken Capital Markets
Michael Latimore	Northland Capital Markets
Thomas Blikstad	Pareto Securities

NOTE Balance Sheet Health

Financial Health criteria checks 6/6

Key information

Recent financial health updates

NOTE (STO:NOTE) Has A Pretty Healthy Balance Sheet

Is NOTE (STO:NOTE) Using Too Much Debt?

Is NOTE (STO:NOTE) Using Too Much Debt?

NOTE (STO:NOTE) Has A Rock Solid Balance Sheet

Recent updates

CEO & President recently bought kr133k worth of stock

NOTE AB (publ) to Report Q2, 2025 Results on Jul 14, 2025

CEO & President recently bought kr505k worth of stock

Some May Be Optimistic About NOTE's (STO:NOTE) Earnings

Earnings Working Against NOTE AB (publ)'s (STO:NOTE) Share Price

Third quarter 2024 earnings: EPS and revenues exceed analyst expectations

NOTE (STO:NOTE) Has A Pretty Healthy Balance Sheet

CEO & President recently sold kr5.0m worth of stock

Independent Director recently bought kr250k worth of stock

CEO & President recently sold kr1.8m worth of stock

Second quarter 2024 earnings released: EPS: kr2.35 (vs kr2.73 in 2Q 2023)

NOTE AB (publ) to Report Fiscal Year 2024 Results on Jan 27, 2025

Director recently sold kr110m worth of stock

CEO & President recently sold kr2.6m worth of stock

First quarter 2024 earnings released: EPS: kr2.21 (vs kr2.93 in 1Q 2023)

NOTE AB (publ) to Report Nine Months, 2024 Results on Oct 15, 2024

Does NOTE (STO:NOTE) Deserve A Spot On Your Watchlist?

Less than half of directors are independent

Full year 2023 earnings released: EPS: kr11.04 (vs kr8.79 in FY 2022)

Returns on Capital Paint A Bright Future For NOTE (STO:NOTE)

NOTE AB (publ) Adjusts the Guidance for the Full Year 2023

Do NOTE's (STO:NOTE) Earnings Warrant Your Attention?

Director recently bought kr37m worth of stock

CEO & President recently sold kr7.9m worth of stock

NOTE AB (publ), Annual General Meeting, Apr 18, 2024

Third quarter 2023 earnings released: EPS: kr2.24 (vs kr1.38 in 3Q 2022)

NOTE AB (publ), Annual General Meeting, Apr 18, 2024

NOTE AB (publ) to Report Fiscal Year 2023 Results on Jan 29, 2024

Director recently bought kr513k worth of stock

Director recently bought kr2.3m worth of stock

Second quarter 2023 earnings released: EPS: kr2.73 (vs kr2.04 in 2Q 2022)

Investor sentiment deteriorates as stock falls 20%

NOTE AB (publ) acquired Dvr Limited from Hellings family for £9 million.

Employee Representative Director recently sold kr144k worth of stock

CEO & President recently bought kr999k worth of stock

First quarter 2023 earnings released: EPS: kr2.93 (vs kr1.95 in 1Q 2022)

An unknown buyer acquired a 4% stake in NOTE AB (publ) from Johannes Lind-Widestam for SEK 4.4 million.

Full year 2022 earnings released: EPS: kr8.79 (vs kr6.79 in FY 2021)

NOTE AB (publ) to Report Q2, 2023 Results on Jul 13, 2023

Note AB (Publ) Provides Sales Guidance for the Full Year of 2023

Note AB (Publ) Confirms Earnings Guidance for the Fourth Quarter and Full Year of 2022

Insufficient new directors

Should You Be Adding NOTE (STO:NOTE) To Your Watchlist Today?

NOTE AB (publ) to Report Q1, 2023 Results on Apr 19, 2023

Third quarter 2022 earnings released: EPS: kr1.38 (vs kr1.68 in 3Q 2021)

NOTE AB (publ) to Report Fiscal Year 2022 Results on Jan 27, 2023

Second quarter 2022 earnings released: EPS: kr2.04 (vs kr1.65 in 2Q 2021)

NOTE AB (publ) Provides Sales Guidance for the Second Half and Full Year 2022

Here's Why We Think NOTE (STO:NOTE) Might Deserve Your Attention Today

Insufficient new directors

NOTE's plant in China is opening its operations earlier than expected

Director recently bought kr1.1m worth of stock

Insufficient new directors

Is NOTE (STO:NOTE) Using Too Much Debt?

NOTE AB (publ) to Report Q2, 2022 Results on Jul 14, 2022

Full year 2021 earnings: Revenues and EPS in line with analyst expectations

NOTE AB (publ) to Report Q3, 2022 Results on Oct 18, 2022

NOTE AB (publ)(OM:NOTE) dropped from OMX Nordic Small Cap Index

Investor sentiment improved over the past week

Independent Director recently bought kr448k worth of stock

Third quarter 2021 earnings released: EPS kr1.68 (vs kr0.99 in 3Q 2020)

Investor sentiment improved over the past week

Director recently bought kr1.7m worth of stock

Insider recently bought kr53k worth of stock

Capital Investments At NOTE (STO:NOTE) Point To A Promising Future

Is Now The Time To Put NOTE (STO:NOTE) On Your Watchlist?

CEO & President recently sold kr2.7m worth of stock

Is NOTE (STO:NOTE) Using Too Much Debt?

NOTE AB (publ) Announces Earning Guidance for the Full Year 2021

Second quarter 2021 earnings released: EPS kr1.65 (vs kr1.21 in 2Q 2020)

Investor sentiment improved over the past week