Elders Limited

ELD.AX

Agricultural Farm Products · Consumer Defensive

Price

A$5.73

-0.05 (-0.87%)

Market Cap

A$1.23B

Exchange

Australian Securities Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Strong

Stability

Good

Valuation

Strong

Dividends

Good

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Share count rising — dilution

+16.0% over 4y

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

Diluted shares outstanding: 159.3M (2021) → 184.7M (2025)

Winston Score History

The full picture

Elders Limited is an Australian agricultural services company that helps farmers run their businesses. It sells farm supplies like fertilizers, chemicals, and animal health products, and also offers services such as livestock and wool selling, real estate for rural properties, and financial products like insurance and loans. Elders is one of Australia's oldest and most recognized agribusiness brands, with roots going back to 1839.

Elders makes money by taking a margin on the products it sells and earning fees and commissions on the services it provides, including livestock auctions and property sales. The company operates almost entirely within Australia, with a network of branches spread across rural and regional areas, giving it strong reach into farming communities that competitors find hard to replicate. The main risks the business faces are drought, floods, and other weather events that reduce farm activity and hurt demand for its products and services.

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

+25.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+0.0% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

A$0/ year

0.0% of revenue

Below sector average (2%)

Research and development spending

Insider Activity

3.8%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

A$161M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Revenue accelerating

Elders Limited grew revenue 25% 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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

22.1%

Thin — 22.1% gross margin

Profit after running costs

Operating Margin

4.0%

Thin — 4.0% operating margin

Return on the money invested

ROCE

7.1%

Weak — 7.1% 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

+11.0%

Steady sales growth (+11.0% YoY)

Profit growth

EPS YoY

-30.7%

Earnings shrinking (-30.7% YoY)

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

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

274%

Turns 274% of profit into real cash

Spare cash per sale

FCF Margin

3.8%

Thin free cash flow (3.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.62

Moderate — manageable debt (0.62)

Covers its interest

Interest Cover

4.26x

Adequate interest coverage (4.3x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

20.7x

Growth-priced — P/E 20.7

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

Cheaper or dearer next year

P/E vs Forward

+10.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (20.7 → 10.3)

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Dividends

Dividend

Dividend Yield

6.45%

Healthy income — 6.45% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

-36.2%

Dividend cut (-36.2% YoY) — warning sign

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