Cokal Limited

CKA.AX

Coal · Energy

Price

A$0.05

-0.00 (-5.26%)

Market Cap

A$58.3M

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

Mixed

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Share count rising — dilution

+16.7% over 4y

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

Diluted shares outstanding: 924.6M (2021) → 1.08B (2025)

Winston Score History

The full picture

Cokal Limited is an Australian coal mining company focused on producing coking coal, also called metallurgical coal. Coking coal is a key ingredient used to make steel, and Cokal sells primarily to steel producers in Asia. The company's main asset is the BBM project in Indonesia, where it is working to develop and expand coal production.

Cokal earns revenue by mining and selling coking coal directly to buyers, mostly in Asian markets. The company is small, with a market cap around $100 million, and is still in an early stage of ramping up production, which explains its negative profit margins. The biggest risk Cokal faces is its reliance on a single project in Indonesia, meaning any delays, permitting issues, or drops in coking coal prices could significantly hurt the business before it reaches consistent profitability.

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

+8.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+50.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

41.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~2 months

$2M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Cokal Limited has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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

-18.0%

Thin — -18.0% gross margin

Profit after running costs

Operating Margin

-105.9%

Losing money on operations — -105.9%

Return on the money invested

ROCE

-14.1%

Weak — -14.1% 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

+9.1%

Steady sales growth (+9.1% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

3/8 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

-240.3%

Burning cash (-240.3%)

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

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

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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