Evolution Mining Limited

EVN.AX

Gold · Basic Materials

Price

A$15.35

+0.28 (+1.86%)

Market Cap

A$31.18B

Exchange

Australian Securities Exchange

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

Exceptional

Growth

Exceptional

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Strong

Dividends

Strong

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Share count rising — dilution

+11.0% over 4y

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

Diluted shares outstanding: 1.83B (2022) → 2.03B (2026)

Winston Score History

The full picture

Evolution Mining is an Australian gold mining company. It digs gold out of the ground at several mines across Australia and Canada, then sells that gold to refiners and bullion banks. It is one of the largest gold producers listed on the Australian stock exchange.

Evolution makes money by selling gold at market prices, so its profits rise and fall with the gold price. Most of its mines are in Australia, with one major operation in Ontario, Canada, giving it some geographic spread. Its competitive position comes from owning long-life, low-cost mines, which helps it stay profitable even when gold prices dip. The main risk the company faces is that gold prices are set by global markets and are outside its control — a sharp drop in the gold price would directly hurt revenue and profits, no matter how well the mines are run.

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

+19.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+25.0% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

A$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

0.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

A$1.5B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Evolution Mining Limited is a rare growth stock that's already generating positive cash flow while growing at 19%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

45.0%

Healthy — 45.0% gross margin

Profit after running costs

Operating Margin

42.4%

Excellent — 42.4% operating margin

Return on the money invested

ROCE

32.7%

Exceptional — 32.7% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+27.7%

Fast-growing sales (+27.7% YoY)

Profit growth

EPS YoY

+58.7%

Earnings growing fast (+58.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

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

179%

Turns 179% of profit into real cash

Spare cash per sale

FCF Margin

25.8%

Converts sales into free cash efficiently (25.8%)

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

0.24

Conservative — low debt load (0.24)

Covers its interest

Interest Cover

20.70x

Comfortably covers interest (20.7x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

21.0x

Growth-priced — P/E 21.0

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

Cheaper or dearer next year

P/E vs Forward

+7.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (21.0 → 13.6)

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Dividends

Dividend

Dividend Yield

2.40%

Moderate income — 2.40% yield

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

Dividend record

Dividend Growth

+400.0%

Dividend growing fast (400.0% YoY)

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