Stock

Aramex PJSC

ARMX.AE

Integrated Freight & Logistics · Industrials

Price

1.71 AED

+0.02 (+1.18%)

Market Cap

2.50B AED

Exchange

Dubai Financial Market

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Sep 21, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Strong

Stability

Good

Valuation

Good

Dividends

Good

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§Winston Score History

The full picture

Aramex is a logistics and transportation company based in the United Arab Emirates. It offers express delivery, freight forwarding, warehousing, and e-commerce shipping solutions to businesses and individual consumers. It is one of the largest private logistics companies in the Middle East and a well-known brand across the Arab world.

Aramex makes money by charging fees for shipping packages, moving freight, and providing supply chain services. It operates in over 60 countries, with a strong presence across the Middle East, Africa, and South Asia. The company's regional brand recognition and established last-mile delivery network give it a competitive edge in fast-growing emerging markets. Growth is tied to rising e-commerce adoption in the region, but thin operating margins and intense competition from global players like DHL and FedEx remain key risks.

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

+22.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+607.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

0 AED/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

50.7%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

503M AED cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Aramex PJSC is a rare growth stock that's already generating positive cash flow while growing at 22%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 1.46B (2021) → 1.46B (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

21.4%

Thin — 21.4% gross margin

Profit after running costs

Operating Margin

4.9%

Thin — 4.9% operating margin

Return on the money invested

ROCE

5.7%

Weak — 5.7% 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

+6.0%

Slow sales growth (+6.0% YoY)

Profit growth

EPS YoY

-23.6%

Earnings shrinking (-23.6% YoY)

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

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

595%

Turns 595% of profit into real cash

Spare cash per sale

FCF Margin

4.3%

Thin free cash flow (4.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.75

Moderate — manageable debt (0.75)

Covers its interest

Interest Cover

2.20x

Tight — interest eats into profit (2.2x)

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)

32.7x

Pricey — P/E 32.7

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+11.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (32.7 → 20.9)

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Dividends

Dividend

Dividend Yield

5.57%

Healthy income — 5.57% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

-18.4%

Dividend cut (-18.4% YoY) — warning sign

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