Aristocrat Leisure Limited

ALL.AX

Gambling, Resorts & Casinos · Consumer Cyclical

Exchange

Australian Securities Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Exceptional

Growth

Good

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

Aristocrat Leisure is an Australian company that makes slot machines and digital games. Its physical slot machines are sold and leased to casinos and gaming venues around the world, while its mobile and online games — including popular titles like Coin Master and RAID: Shadow Legends through its Pixel United division — are played by millions of people on smartphones. It is one of the largest gaming machine manufacturers in the world.

Aristocrat earns money in two main ways: selling or leasing physical gaming machines to casinos, and generating revenue from in-app purchases inside its mobile games. The company operates globally, with major revenue coming from North America, Australia, and digital markets worldwide. Its moat comes from strong game content libraries, long-standing casino relationships, and the high cost for venues to switch suppliers. The key growth driver is expanding its online real-money gaming business, though regulatory changes in gambling markets around the world remain a meaningful ongoing risk.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

59.1%

Premium pricing power — 59.1% gross margin

Profit after running costs

Operating Margin

30.9%

Excellent — 30.9% operating margin

Return on the money invested

ROCE

26.0%

Exceptional — 26.0% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

-1.2%

Shrinking sales (-1.2% YoY)

Profit growth

EPS YoY

+11.7%

Earnings growing (+11.7% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

134%

Turns 134% of profit into real cash

Spare cash per sale

FCF Margin

26.1%

Converts sales into free cash efficiently (26.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.27

Conservative — low debt load (0.27)

Covers its interest

Interest Cover

14.51x

Comfortably covers interest (14.5x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

26.2x

no trend

Growth-priced — P/E 26.2

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

Cheaper or dearer next year

P/E vs Forward

+3.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (26.2 → 22.6)

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Dividends

Dividend

Dividend Yield

1.51%

no trend

Small dividend — 1.51% yield

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

Dividend record

Dividend Growth

+46.8%

no trend

Dividend growing fast (46.8% YoY)

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