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FFI Holdings Limited

FFI.AX
44
Food Confectioners · Consumer Defensive
Price
A$4.95
+0.39 (+8.55%)
Market Cap
A$67.3M
Exchange
Australian Securities Exchange
Winston Score
44
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Mixed
Cash Flow
Exceptional
Stability
Good
Valuation
Mixed
Dividends
Good

Share count rising — dilution

+23.5% over 4y

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

Diluted shares outstanding: 11.0M (2022) → 13.6M (2026)

Winston Score History

The full picture

FFI Holdings Limited is an Australian food company that makes snack foods and confectionery products. Its brands include Yowie, a chocolate confectionery line featuring collectible wildlife figures aimed at children, which is sold in Australia and the United States. The company operates in the consumer packaged goods space and is best known for the Yowie brand, which combines chocolate with educational toy inserts.

FFI earns revenue by selling its products through retail grocery chains, convenience stores, and mass-market retailers. The business operates primarily in Australia and North America, and its small market capitalization of around $100 million reflects its niche position in a crowded snack and confectionery market. The Yowie brand's collectible element gives it some differentiation from standard chocolate products, but the company faces ongoing pressure from larger confectionery competitors with significantly greater marketing budgets and distribution reach, which remains the central risk to its long-term growth.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+1.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-72.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

A$0/ year

0.0% of revenue

Below sector average (2%)

Research and development spending

Insider Activity

90.1%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

A$36M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

FFI Holdings Limited is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

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Quality

Profit per sale
Gross Margin
23.8%
Thin — 23.8% gross margin
Profit after running costs
Operating Margin
7.7%
Modest — 7.7% operating margin
Return on the money invested
ROCE
7.5%
Weak — 7.5% 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
+7.1%
Steady sales growth (+7.1% YoY)
Profit growth
EPS YoY
-60.7%
Earnings shrinking (-60.7% YoY)

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

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
326%
Turns 326% of profit into real cash
Spare cash per sale
FCF Margin
16.0%
Converts sales into free cash efficiently (16.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
30.88x
Comfortably covers interest (30.9x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
20.6x
Growth-priced — P/E 20.6

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

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
5.15%
Healthy income — 5.15% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
-2.7%
Dividend cut (-2.7% YoY) — warning sign

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