Gentrack Group Limited

GTK.AX

Software - Infrastructure · Technology

Price

A$3.50

-0.05 (-1.41%)

Market Cap

A$393.6M

Exchange

Australian Securities Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Mixed

Stability

Exceptional

Valuation

Good

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Share count rising — dilution

+9.8% over 4y

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

Diluted shares outstanding: 102.6M (2021) → 112.7M (2025)

Winston Score History

The full picture

Gentrack Group Limited is a software company that builds billing and management systems for utility companies and airports. Its main products help electricity, gas, and water providers track customer accounts, process bills, and manage data. The company also sells software to airports to handle things like gate scheduling and passenger flow.

Gentrack earns money by charging utilities and airports for software licenses, implementation services, and ongoing support contracts. It operates mainly in Australia, New Zealand, and the United Kingdom, with a market cap of around $400 million. The company's moat comes from the fact that switching billing software is expensive and disruptive for utilities, which makes customers sticky once they are signed up. The key growth driver is the global push by energy companies to upgrade aging software systems as they adapt to renewable energy and smart meters, though competition from larger enterprise software vendors remains a real risk.

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

-0.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-22.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

NZ$21M/ year

↓ Declining (-7% vs prior year)

9.3% of revenue

Below sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

10.4%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

~2 years

NZ$87M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

NZ$87M cash & investments at current burn rate

Revenue declining

Gentrack Group 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

12.6%

Thin — 12.6% gross margin

Profit after running costs

Operating Margin

6.3%

Modest — 6.3% operating margin

Return on the money invested

ROCE

4.9%

Weak — 4.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+2.6%

Nearly flat sales (+2.6% YoY)

Profit growth

EPS YoY

+71.8%

Earnings growing fast (+71.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

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

61%

Modest — 61% of profit becomes cash

Spare cash per sale

FCF Margin

4.2%

Thin free cash flow (4.2%)

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

0.02

Conservative — low debt load (0.02)

Covers its interest

Interest Cover

10.83x

Comfortably covers interest (10.8x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

21.0x

Growth-priced — P/E 21.0

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

Cheaper or dearer next year

P/E vs Forward

+1.6

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Not applicable for this business.

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