BlueScope Steel Limited

BSL.AX

Steel · Basic Materials

Price

A$30.41

+0.36 (+1.20%)

Market Cap

A$13.32B

Exchange

Australian Securities Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Strong

Stability

Exceptional

Valuation

Strong

Dividends

Exceptional

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Share count falling — buybacks

−10.9% over 4y

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

Diluted shares outstanding: 495.5M (2022) → 441.5M (2026)

Winston Score History

The full picture

BlueScope Steel is an Australian company that makes steel products used in buildings, construction, and manufacturing. Its most well-known product is COLORBOND steel, a coated steel used in roofing and walls across Australia. The company sells to builders, manufacturers, and distributors, and it also owns the LYSAGHT brand of building products.

BlueScope earns money by producing and selling steel and steel-coated products, with prices tied closely to raw material costs like iron ore and coking coal. It operates in Australia, New Zealand, the United States, and parts of Asia, making it a mid-sized global steel business. Its North Star BlueScope Steel mill in Ohio is one of the most efficient electric arc furnace mills in the United States, which gives it a cost advantage in that market. The biggest risk the company faces is falling steel spreads — the gap between what steel sells for and what raw materials cost — which can shrink quickly when demand slows or supply rises.

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

+0.6% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+527.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

A$32M/ year

0.2% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

0.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

A$1.2B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth context

BlueScope Steel Limited is growing revenue at 1% 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.

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Quality

Profit per sale

Gross Margin

13.8%

Thin — 13.8% gross margin

Profit after running costs

Operating Margin

6.5%

Modest — 6.5% operating margin

Return on the money invested

ROCE

8.6%

Below par — 8.6% 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

+2.3%

Nearly flat sales (+2.3% YoY)

Profit growth

EPS YoY

+916.7%

Earnings growing fast (+916.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

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

215%

Turns 215% of profit into real cash

Spare cash per sale

FCF Margin

1.6%

Thin free cash flow (1.6%)

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

0.12

Conservative — low debt load (0.12)

Covers its interest

Interest Cover

11.16x

Comfortably covers interest (11.2x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

16.6x

Fair value — P/E 16.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+4.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (16.6 → 12.5)

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Dividends

Dividend

Dividend Yield

4.27%

Healthy income — 4.27% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+147.6%

Dividend growing fast (147.6% YoY)

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