Dubai Financial Market P.J.S.C.

DFM.AE

Financial - Data & Stock Exchanges · Financial Services

Price

1.41 AED

+0.00 (+0.00%)

Market Cap

11.27B AED

Exchange

Dubai Financial Market

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

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

How the score breaks down

Quality

Strong

Growth

Good

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Mixed

Dividends

Good

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Winston Score History

The full picture

Dubai Financial Market (DFM) runs the main stock exchange in Dubai, one of the United Arab Emirates' largest cities. It lets investors buy and sell shares of companies listed in Dubai, similar to how the New York Stock Exchange works in the US. DFM serves retail investors, institutional funds, and brokers across the Middle East and beyond.

DFM makes money by charging fees on trades, listings, and other market services. It operates primarily in the UAE and benefits from Dubai's position as a regional financial hub connecting Europe, Asia, and Africa. Its moat comes from being the licensed, government-backed exchange for Dubai — there is no direct local competitor for that role. The key growth driver is Dubai's ongoing push to attract more international companies to list on the exchange, but the main risk is that trading volumes are sensitive to oil prices and regional economic conditions, which can swing sharply.

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

+680.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-60.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

0 AED/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

80.7%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

7.0B AED cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Dubai Financial Market P.J.S.C. grew revenue 680% 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

0.0% over 4y

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

Diluted shares outstanding: 8.00B (2021) → 8.00B (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

97.3%

Premium pricing power — 97.3% gross margin

Profit after running costs

Operating Margin

5124.6%

Excellent — 5124.6% operating margin

Return on the money invested

ROCE

7.7%

Weak — 7.7% 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

+237.2%

Fast-growing sales (+237.2% YoY)

Profit growth

EPS YoY

-26.9%

Earnings shrinking (-26.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

171%

Turns 171% of profit into real cash

Spare cash per sale

FCF Margin

177.8%

Converts sales into free cash efficiently (177.8%)

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

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

1050.38x

Comfortably covers interest (1050.4x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

17.0x

Fair value — P/E 17.0

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

-1.0

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

4.51%

Healthy income — 4.51% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

-15.0%

Dividend cut (-15.0% YoY) — warning sign

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