Carnegie Clean Energy Limited

CCE.AX

Renewable Utilities · Utilities

Exchange

Australian Securities Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Mixed

Stability

Good

Valuation

Data not available

Track this stock — start free trial

Winston Score History

The full picture

Carnegie Clean Energy is an Australian company that develops clean energy systems, focusing on wave energy and microgrids. Its main technology is the CETO wave energy system, which converts ocean wave power into electricity. The company also builds and operates hybrid renewable energy microgrids — combining solar, battery storage, and sometimes wave power — primarily for remote communities, defense bases, and island locations in Australia.

Carnegie earns revenue through engineering contracts, government grants, and project development work rather than selling a traditional product at scale. It operates mainly in Australia and is a very small company with a market cap around $100 million. The negative gross and operating margins show it is still pre-commercial and spending far more than it earns. The key risk is that wave energy technology remains unproven at commercial scale globally, and Carnegie depends heavily on continued government funding and successfully delivering projects to survive and grow.

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

-17.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+18.8% YoY

YoY Growth Rate

Steady EPS growth

Insider Activity

20.1%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

A$3M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Revenue declining

Carnegie Clean Energy 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

-270.5%

Thin — -270.5% gross margin

Profit after running costs

Operating Margin

-533.0%

Losing money on operations — -533.0%

Return on the money invested

ROCE

-19.3%

Weak — -19.3% return on capital

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

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

+17.0%

Fast-growing sales (+17.0% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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

N/A

Data not available

Spare cash per sale

FCF Margin

318.5%

Converts sales into free cash efficiently (318.5%)

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

0.12

Conservative — low debt load (0.12)

Covers its interest

Interest Cover

N/A

Data not available

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)

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

Full breakdown available with your free trial

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

Try free

Dividends

Not applicable for this business.

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

Start free trial