Australian Foundation Investment Company Limited

AFI.AX

Asset Management · Financial Services

Exchange

Australian Securities Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Strong

Stability

Good

Valuation

Mixed

Dividends

Exceptional

Track this stock — start free trial

Winston Score History

The full picture

Australian Foundation Investment Company (AFIC) is one of Australia's oldest and largest listed investment companies. It pools money from everyday investors and uses it to buy shares in a diversified portfolio of Australian companies across industries like banks, miners, and retailers. AFIC has been operating since 1928 and is structured as a listed investment company (LIC) traded on the Australian Securities Exchange.

AFIC makes money by collecting dividends from the shares it owns and passing most of that income on to its shareholders as franked dividends, which carry tax credits valuable to Australian investors. It operates entirely within Australia and manages roughly $8 billion in assets, giving it significant scale and a long track record that builds investor trust. The main risk is that AFIC's returns are closely tied to the performance of the broader Australian share market, so a prolonged market downturn would directly reduce both its portfolio value and the dividends it can pay out.

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

+8.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+20.0% YoY

YoY Growth Rate

Steady EPS growth

Insider Activity

2.1%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

A$9.8B cash & investments

Quarterly Free Cash Flow

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

Growth context

Australian Foundation Investment Company Limited is growing revenue at 9% 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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

99.0%

Premium pricing power — 99.0% gross margin

Profit after running costs

Operating Margin

99.1%

Excellent — 99.1% operating margin

Return on the money invested

ROCE

4.0%

Weak — 4.0% return on capital

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

+3.0%

Slow sales growth (+3.0% YoY)

Profit growth

EPS YoY

+9.1%

Earnings growing (+9.1% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

94%

Modest — 94% of profit becomes cash

Spare cash per sale

FCF Margin

80.8%

Converts sales into free cash efficiently (80.8%)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

100.00x

Comfortably covers interest (100.0x)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

28.6x

no trend

Growth-priced — P/E 28.6

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

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend

Dividend Yield

4.61%

no trend

Healthy income — 4.61% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+23.5%

no trend

Dividend growing fast (23.5% YoY)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial