Ainsworth Game Technology Limited

AGI.AX

Gambling, Resorts & Casinos · Consumer Cyclical

Price

A$1.17

+0.07 (+5.91%)

Market Cap

A$392.4M

Exchange

Australian Securities Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Based on the IPO prospectus (annual filing). This score will refine automatically once the company reports its first quarters.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Exceptional

Valuation

Data not available

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Share count falling — buybacks

−2.2% over 3y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 344.5M (2022) → 336.8M (2025)

Winston Score History

The full picture

Ainsworth Game Technology is an Australian company that designs and makes electronic gaming machines — the slot machines you see in casinos and pubs. Its customers are casinos, hotels, clubs, and gaming venues across Australia and internationally. The company was founded by Len Ainsworth, a pioneer of the gaming machine industry, and competes with larger rivals like Aristocrat Leisure.

Ainsworth earns money by selling gaming machines outright and through recurring revenue from game licenses and service agreements. It operates in Australia, the Americas, and parts of Europe and Asia, though Australia remains its core market. The company's moat comes from its library of game content and long-standing relationships with venue operators, but its relatively low return on capital and thin operating margins suggest it struggles to fully convert that position into strong profits. The key risk is competition from much larger, better-resourced rivals who can outspend Ainsworth on game development and technology.

Growth Profile

For growth stock investors

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

Revenue Growth

+25.3% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

-63.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

A$50M/ year

→ Flat (+1% vs prior year)

17.2% of revenue

4.3x the sector average (4%)

Steady R&D investment year-over-year

Insider Activity

80.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~13 months

A$34M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Strong grower

Ainsworth Game Technology Limited is growing revenue at 25% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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

57.3%

Premium pricing power — 57.3% gross margin

Profit after running costs

Operating Margin

6.7%

Modest — 6.7% operating margin

Return on the money invested

ROCE

5.5%

Weak — 5.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+44.3%

Fast-growing sales (+44.3% YoY)

Profit growth

EPS YoY

-163.6%

Earnings shrinking (-163.6% YoY)

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

How steady the profit is

EPS Consistency

N/A

Data not available

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-5.5%

Burning cash (-5.5%)

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

0.08

Conservative — low debt load (0.08)

Covers its interest

Interest Cover

8.59x

Comfortably covers interest (8.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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