GQG Partners

GQG.AX

Asset Management · Financial Services

Exchange

Australian Securities Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Good

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

Dividends

Exceptional

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Winston Score History

The full picture

GQG Partners is an investment management firm based in Fort Lauderdale, Florida. It manages money on behalf of large clients — including pension funds, sovereign wealth funds, and institutions — by investing in stocks across global markets. The firm is known for a concentrated, high-conviction approach to equity investing, meaning it picks a relatively small number of stocks it believes in strongly.

GQG makes money by charging fees based on a percentage of the assets it manages, known as management fees. It operates globally, managing roughly $150 billion in assets across strategies focused on international, emerging market, global, and US equities. The firm listed on the Australian Securities Exchange in 2021, which is unusual for a US-based asset manager. Its main competitive edge is its track record of strong returns and the reputation of founder Rajiv Jain. The key risk is that poor investment performance or a market downturn could trigger client withdrawals, which would directly reduce fee revenue.

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

-2.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-1.9% YoY

YoY Growth Rate

Earnings declining

Insider Activity

79.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

A$190M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

GQG Partners'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

95.5%

Premium pricing power — 95.5% gross margin

Profit after running costs

Operating Margin

76.2%

Excellent — 76.2% operating margin

Return on the money invested

ROCE

132.1%

Exceptional — 132.1% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+2.7%

Nearly flat sales (+2.7% YoY)

Profit growth

EPS YoY

+0.5%

Flat earnings

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

107%

Turns 107% of profit into real cash

Spare cash per sale

FCF Margin

61.4%

Converts sales into free cash efficiently (61.4%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.01

Conservative — low debt load (0.01)

Covers its interest

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

6.5x

no trend

Attractive valuation — P/E 6.5

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-2.0

SLOWING

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

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Dividends

Dividend

Dividend Yield

15.70%

no trend

Healthy income — 15.70% yield

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

Dividend record

Dividend Growth

+36.3%

no trend

Dividend growing fast (36.3% YoY)

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