Bathurst Resources Limited

BRL.AX

Coal · Energy

Exchange

Australian Securities Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Winston Score History

The full picture

Bathurst Resources Limited is a coal mining company based in New Zealand. It mines metallurgical coal, which is a type of coal used to make steel, not to generate electricity. The company operates the Escarpment mine on the South Island's West Coast and sells its coal mainly to steel mills in Asia.

Bathurst earns revenue by selling coal by the tonne to industrial customers, primarily in export markets. It is a small company with a market cap around $100 million, and its competitive position depends heavily on the quality of its coking coal and access to export infrastructure. The company currently operates at a loss, and its main risks include volatile metallurgical coal prices, high operating costs relative to larger global miners, and growing pressure on steel producers to reduce emissions, which could weaken long-term demand for coking coal.

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

-5.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-111.8% YoY

YoY Growth Rate

Earnings declining

Insider Activity

41.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

A$305M cash & investments at current burn rate

Revenue declining

Bathurst Resources Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

3.8%

Thin — 3.8% gross margin

Profit after running costs

Operating Margin

-40.3%

Losing money on operations — -40.3%

Return on the money invested

ROCE

-2.4%

Weak — -2.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-27.1%

Shrinking sales (-27.1% YoY)

Profit growth

EPS YoY

-116.3%

Earnings shrinking (-116.3% 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

N/A

Data not available

Spare cash per sale

FCF Margin

-18.2%

Burning cash (-18.2%)

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

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

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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