Capricorn Metals

CMM.AX

Gold · Basic Materials

Price

A$17.50

-0.09 (-0.51%)

Market Cap

A$7.99B

Exchange

Australian Securities Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

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

How the score breaks down

Quality

Exceptional

Growth

Strong

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

Dividends

Weak

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Share count rising — dilution

+18.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 343.4M (2021) → 406.8M (2025)

Winston Score History

The full picture

Capricorn Metals is an Australian gold mining company. It digs gold out of the ground and sells it to refiners and bullion dealers, mostly in Australia. Its main asset is the Karlawinda Gold Project in Western Australia, which it built and brought into production in 2021.

The company makes money by selling gold at market prices, so its profits rise and fall with the gold price. Capricorn operates entirely in Australia and has grown into a mid-tier producer with a market cap around A$5 billion. Its low-cost operations at Karlawinda give it a cost advantage over many peers, which helps protect margins when gold prices dip. The key growth driver is its Mt Gibson Gold Project, also in Western Australia, which is currently being developed and could meaningfully increase the company's annual gold output over the next few years.

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

+75.3% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+188.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

A$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

13.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

A$356M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Strong grower

Capricorn Metals is growing revenue at 75% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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

54.7%

Healthy — 54.7% gross margin

Profit after running costs

Operating Margin

54.1%

Excellent — 54.1% operating margin

Return on the money invested

ROCE

27.8%

Exceptional — 27.8% 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

+66.8%

Fast-growing sales (+66.8% YoY)

Profit growth

EPS YoY

+174.4%

Earnings growing fast (+174.4% YoY)

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

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

163%

Turns 163% of profit into real cash

Spare cash per sale

FCF Margin

36.3%

Converts sales into free cash efficiently (36.3%)

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

0.02

Conservative — low debt load (0.02)

Covers its interest

Interest Cover

90.53x

Comfortably covers interest (90.5x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

32.4x

Pricey — P/E 32.4

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

Cheaper or dearer next year

P/E vs Forward

+19.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (32.4 → 13.0)

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Dividends

Dividend

Dividend Yield

0.31%

Small dividend — 0.31% yield

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

Dividend record

Dividend Growth

N/A

no trend

Data not available

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