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Stock

ACWA POWER Company

2082.SR
45
Diversified Utilities · Utilities
Price
171.00 SAR
+5.00 (+3.01%)
Market Cap
131.00B SAR
Exchange
Saudi Exchange
Winston Score
45
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 5, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
15/30
Growth
Mixed
5/20
Cash Flow
Good
6/10
Stability
Mixed
3/10
Valuation
Good
5/10
Ownership
Good
10/15
Dividends
Weak
1/5

45 of 100 counted points = Winston Score 45.

Share count rising — dilution

+12.9% over 4y

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

Diluted shares outstanding: 664.7M (2021) → 750.4M (2025)

§Winston Score History

The full picture

ACWA Power is a Saudi Arabia-based company that develops and operates power plants and water desalination facilities. It builds large-scale projects that generate electricity — often from solar and wind — and turn seawater into drinking water for governments and utilities across the Middle East, Africa, and Central Asia. It is one of the largest private water desalination companies in the world.

ACWA Power makes money through long-term contracts, typically 20–30 years, where governments agree to buy the electricity or water its plants produce at set prices. The company is headquartered in Riyadh and operates projects in over a dozen countries, with a market cap exceeding $140 billion. Its long-duration contracts and backing from Saudi Arabia's Public Investment Fund give it a strong competitive position. Key growth drivers include Saudi Vision 2030 infrastructure spending and rising demand for renewable energy and desalinated water, though the company's low return on invested capital and heavy reliance on project financing remain notable risks.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+19.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-38.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

147M SAR/ year

↓ Declining (-34% vs prior year)

1.9% of revenue

1.9x the sector average (1%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

70.5%ownership

Insiders own a meaningful stake in the company

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

43.7B SAR cash & investments at current burn rate

Growth context

ACWA POWER Company is growing revenue at 19% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

Profit per sale
Gross Margin
50.4%
Healthy — 50.4% gross margin
Profit after running costs
Operating Margin
29.0%
Excellent — 29.0% operating margin
Return on the money invested
ROCE
3.3%
Weak — 3.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
+9.9%
Steady sales growth (+9.9% YoY)
Profit growth
EPS YoY
-11.4%
Earnings shrinking (-11.4% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
196%
Turns 196% of profit into real cash
Spare cash per sale
FCF Margin
-13.8%
Burning cash (-13.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
1.06
Elevated debt (1.06)
Covers its interest
Interest Cover
1.51x
Dangerous — barely covers interest (1.5x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
81.4x
Expensive — P/E 81.4

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

Cheaper or dearer next year
P/E vs Forward
+50.5
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (81.4 → 31.0)

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Dividends

Dividend
Dividend Yield
0.27%
Small dividend — 0.27% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
N/A
Data not available

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