WinstonWınston
Stock

China Railway Group Limited

CRWOF
38
Engineering & Construction · Industrials
Price
$0.42
+0.00 (+0.00%)
Market Cap
$15.85B
Exchange
Other OTC
Winston Score
38
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Sep 22, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
Growth
Mixed
Cash Flow
Mixed
Stability
Good
Valuation
Strong
Dividends
Mixed

§Winston Score History

The full picture

China Railway Group is one of the largest construction and engineering companies in the world. It builds railways, highways, bridges, tunnels, and urban transit systems, primarily for the Chinese government and state-owned enterprises. The company also has businesses in real estate development, mining, and equipment manufacturing.

China Railway Group earns revenue mainly through large-scale infrastructure construction contracts, with additional income from property sales and resource extraction. It operates mostly in China but also takes on projects across Asia, Africa, and other emerging markets. Its massive scale and deep ties to Chinese government infrastructure spending give it a strong competitive position domestically. Growth depends heavily on continued government investment in transportation infrastructure, while risks include thin profit margins, high debt levels, and exposure to any slowdown in China's construction sector.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+77.3% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+33.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

¥22.4B/ year

Declining (-16% vs prior year)

2.1% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

67.3%ownership

Insiders own a meaningful stake in the company

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

¥873.3B cash & investments at current burn rate

Revenue accelerating

China Railway Group Limited grew revenue 77% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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.

Share count broadly stable

+0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 24.57B (2021) → 24.59B (2025)

Score breakdown

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Quality

Profit per sale
Gross Margin
8.0%
Thin — 8.0% gross margin
Profit after running costs
Operating Margin
3.6%
Thin — 3.6% operating margin
Return on the money invested
ROCE
5.6%
Weak — 5.6% 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
+13.7%
Fast-growing sales (+13.7% YoY)
Profit growth
EPS YoY
-9.5%
Earnings shrinking (-9.5% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is
EPS Consistency
1/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
91%
Modest — 91% of profit becomes cash
Spare cash per sale
FCF Margin
-3.4%
Burning cash (-3.4%)

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
1.79
Elevated debt (1.79)
Covers its interest
Interest Cover
4.49x
Adequate interest coverage (4.5x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
5.5x
Attractive valuation — P/E 5.5

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
+0.2
GROWING
Earnings roughly flat

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Dividends

Dividend
Dividend Yield
2.21%
Moderate income — 2.21% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
-49.1%
Dividend cut (-49.1% YoY) — warning sign

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