First Graphene Limited

FGR.AX

Chemicals · Basic Materials

Exchange

Australian Securities Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

How the score breaks down

Quality

Weak

Growth

Good

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Winston Score History

The full picture

First Graphene Limited is an Australian company that makes high-quality graphene, a material made from carbon that is extremely thin and strong. It sells graphene products — mainly under the PureGRAPH brand — to manufacturers who add it to rubber, concrete, coatings, and plastics to make those materials stronger or more conductive. The company is one of a small number of producers globally that can supply graphene at a commercial scale.

First Graphene earns revenue by selling graphene powder and related products directly to industrial customers, primarily in Australia and the United Kingdom, where it has a production facility. The company is very small, with a market cap around $100 million, and it is not yet profitable — its negative margins show it spends far more than it earns. The key challenge ahead is converting ongoing customer trials and partnerships into consistent, large-scale commercial orders, without which the business will continue to burn through cash.

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

+67.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+12.5% YoY

YoY Growth Rate

Steady EPS growth

Insider Activity

0.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~8 months

A$3M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Revenue accelerating

First Graphene Limited grew revenue 68% 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

-90.3%

Thin — -90.3% gross margin

Profit after running costs

Operating Margin

-710.1%

Losing money on operations — -710.1%

Return on the money invested

ROCE

-50.6%

Weak — -50.6% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+59.1%

Fast-growing sales (+59.1% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

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

N/A

—

Data not available

Spare cash per sale

FCF Margin

-319.4%

Burning cash (-319.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.05

Conservative — low debt load (0.05)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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