GemLife Group

GLF.AX

Real Estate - Development · Real Estate

Price

A$4.90

+0.30 (+6.52%)

Market Cap

A$1.86B

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

Good

Growth

Mixed

Cash Flow

Weak

Stability

Mixed

Valuation

Good

Dividends

Weak

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Share count falling — buybacks

−24.5% over 3y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 380.3M (2022) → 286.9M (2025)

Winston Score History

The full picture

GemLife Group is an Australian company that builds and operates large residential communities designed specifically for people aged 50 and over. These are not nursing homes — they are lifestyle resorts with homes, pools, gyms, and clubhouses where retirees own their dwelling and pay fees to live in the community. GemLife owns and manages these villages across Queensland, New South Wales, and Victoria.

The company makes money in two main ways: selling new homes within its villages and collecting ongoing management fees from residents. With Australia's population aging rapidly, demand for quality over-50s housing is growing. GemLife competes in a sector alongside larger players like Ingenia Communities and Lifestyle Communities, but it focuses on the premium end of the market, which supports its strong gross margins. The key growth driver is Australia's large baby boomer generation entering retirement age, though rising construction costs and land acquisition expenses remain ongoing risks to profitability.

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

-16.3% YoY

Revenue declining

EPS Growth

-93.4% YoY

Earnings declining

R&D Spend

A$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

43.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

A$1.4B cash & investments at current burn rate

Revenue declining

GemLife Group'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

50.2%

Healthy — 50.2% gross margin

Profit after running costs

Operating Margin

28.7%

Excellent — 28.7% operating margin

Return on the money invested

ROCE

13.1%

Good — 13.1% 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

+6.1%

Slow sales growth (+6.1% YoY)

Profit growth

EPS YoY

-13.5%

Earnings shrinking (-13.5% YoY)

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

How steady the profit is

EPS Consistency

1/2 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

10%

Weak — only 10% of profit becomes cash

Spare cash per sale

FCF Margin

1.5%

Thin free cash flow (1.5%)

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

2.20

Heavy debt load (2.20)

Covers its interest

Interest Cover

3.69x

Tight — interest eats into profit (3.7x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

38.8x

Pricey — P/E 38.8

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+27.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (38.8 → 11.2)

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Dividends

Dividend

Dividend Yield

0.25%

Small dividend — 0.25% yield

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

Dividend record

Dividend Growth

N/A

no trend

Data not available

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