EVZ Limited

EVZ.AX

Engineering & Construction · Industrials

Price

A$0.58

+0.03 (+5.45%)

Market Cap

A$70.5M

Exchange

Australian Securities Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Good

Cash Flow

Strong

Stability

Strong

Valuation

Mixed

Dividends

Weak

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Share count rising — dilution

+31.5% over 4y

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

Diluted shares outstanding: 96.1M (2021) → 126.4M (2025)

Winston Score History

The full picture

EVZ Limited is an Australian engineering and construction company that provides infrastructure services, mainly focused on water and wastewater systems. Its core work includes building, maintaining, and rehabilitating underground pipes and related infrastructure. The main customers are local councils, water utilities, and government agencies across Australia.

The company earns money by winning contracts to deliver these engineering projects, so revenue depends heavily on securing new work from public sector clients. EVZ operates primarily in Australia and is a small-cap business with a market capitalization around $100 million. Its competitive position relies on specialist technical skills in pipeline rehabilitation and long-standing relationships with government clients, but the business faces real risk from contract concentration — losing a few large contracts could meaningfully hurt revenue. The key growth driver is increased government spending on aging water infrastructure across Australian cities and regions.

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

-9.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-29.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

A$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

0.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

A$12M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

EVZ Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

18.3%

Thin — 18.3% gross margin

Profit after running costs

Operating Margin

4.6%

Thin — 4.6% operating margin

Return on the money invested

ROCE

10.1%

Below par — 10.1% 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

+2.9%

Nearly flat sales (+2.9% YoY)

Profit growth

EPS YoY

+75.4%

Earnings growing fast (+75.4% YoY)

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

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

451%

Turns 451% of profit into real cash

Spare cash per sale

FCF Margin

8.7%

Modest free cash flow (8.7%)

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

0.18

Conservative — low debt load (0.18)

Covers its interest

Interest Cover

5.19x

Adequate interest coverage (5.2x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

28.0x

Growth-priced — P/E 28.0

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

Cheaper or dearer next year

P/E vs Forward

+0.4

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

0.86%

Small dividend — 0.86% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

N/A

Data not available

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