Genesis Energy Limited

GNE.NZ

Independent Power Producers · Utilities

Price

NZ$2.69

+0.01 (+0.37%)

Market Cap

NZ$3.52B

Exchange

New Zealand 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

Mixed

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 Limited is a New Zealand energy company that generates and sells electricity and natural gas to homes and businesses across the country. It operates a mix of power plants, including the large Huntly coal and gas station — one of New Zealand's biggest thermal power stations — as well as hydro and geothermal assets. It also sells fuel through its Kiwi brand of service stations, making it one of New Zealand's more diversified energy retailers.

Genesis makes money by generating electricity, retailing it directly to customers, and selling natural gas and fuel products. It operates entirely within New Zealand and serves hundreds of thousands of residential and business customers, giving it a stable but competitive position in a market that also includes Contact Energy and Mercury. The main risk is New Zealand's push toward 100% renewable electricity, which could reduce the long-term value of Genesis's thermal generation assets at Huntly as the country phases out fossil fuels.

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

-12.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+34.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

NZ$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

43.4%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

NZ$645M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue declining

Genesis Energy 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

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

+1.8%

Nearly flat sales (+1.8% YoY)

Profit growth

EPS YoY

+17.8%

Earnings growing fast (+17.8% 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)

15.2x

Fair value — P/E 15.2

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

-2.7

SLOWING

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

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Dividends

Dividend

Dividend Yield

5.98%

Healthy income — 5.98% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

-17.2%

Dividend cut (-17.2% YoY) — warning sign

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