Genesis Energy Limited

GNE.AX

Independent Power Producers · Utilities

Price

A$2.24

+0.04 (+1.82%)

Market Cap

A$2.52B

Exchange

Australian Securities Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Strong

Stability

Strong

Valuation

Good

Dividends

Good

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Share count rising — dilution

+4.8% over 4y

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

Diluted shares outstanding: 1.04B (2021) → 1.09B (2025)

Winston Score History

The full picture

Genesis Energy is a New Zealand energy company that generates electricity and sells it to homes and businesses across the country. It runs a mix of power plants, including coal and gas-fired stations as well as geothermal and hydro facilities. It also sells natural gas and LPG directly to customers, making it one of New Zealand's largest integrated energy retailers.

The company makes money by generating electricity, buying power from the wholesale market, and selling it to around 400,000 retail customers under fixed and variable contracts. It operates entirely within New Zealand, which gives it a stable, regulated market but also limits its growth options. Genesis is transitioning away from fossil fuels — it plans to close its Huntly coal units — and its ability to replace that generation capacity with renewables while keeping costs low is the central challenge and growth story for the business going forward.

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

+16.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+5.7% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

NZ$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

44.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

NZ$247M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth + cash flow

Genesis Energy Limited is a rare growth stock that's already generating positive cash flow while growing at 17%. 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.

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Quality

Profit per sale

Gross Margin

19.9%

Thin — 19.9% gross margin

Profit after running costs

Operating Margin

11.5%

Modest — 11.5% operating margin

Return on the money invested

ROCE

6.1%

Weak — 6.1% 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

+1.6%

Nearly flat sales (+1.6% YoY)

Profit growth

EPS YoY

+17.5%

Earnings growing fast (+17.5% YoY)

Healthy double-digit earnings growth — what compounders look like.

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

196%

Turns 196% of profit into real cash

Spare cash per sale

FCF Margin

5.7%

Thin free cash flow (5.7%)

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

0.48

Conservative — low debt load (0.48)

Covers its interest

Interest Cover

4.32x

Adequate interest coverage (4.3x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

12.7x

Attractive valuation — P/E 12.7

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

-4.2

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

6.51%

Healthy income — 6.51% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

-13.4%

Dividend cut (-13.4% YoY) — warning sign

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