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Graphene Manufacturing Group

GMG.V
25
Chemicals - Specialty · Basic Materials
Price
C$2.12
-0.02 (-0.93%)
Market Cap
C$266.5M
Exchange
Toronto Stock Exchange Ventures
Winston Score
25
Winston is worried
Below-average fundamentals — multiple weak pillars.
Data as of Aug 23, 2026 · filings through Mar 31, 2026
How the score breaks down
Quality
Weak
Growth
Mixed
Cash Flow
Weak
Stability
Good
Valuation
Data not available

Share count rising — dilution

+62.6% over 4y

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

Diluted shares outstanding: 60.5M (2021) → 98.4M (2025)

Winston Score History

The full picture

Graphene Manufacturing Group (GMG) is a Canadian company that makes graphene — a super-thin, strong material made from a single layer of carbon atoms. GMG produces graphene using natural gas and sells it as a raw material and as part of finished products, including lubricants, thermal management fluids, and graphene-aluminum batteries. Its main customers are industrial companies and researchers looking for advanced materials that perform better than traditional options.

GMG earns money by selling graphene products directly and through licensing agreements. The company is based in Brisbane, Australia, and is still in an early commercial stage, which explains why its operating losses are very large relative to its revenue. Its main competitive edge is a proprietary production process that avoids some of the cost and waste problems common in graphene manufacturing. The biggest risk is that scaling up production and convincing large industrial customers to switch to graphene-based products takes much longer and costs much more than expected.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+243.5% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+147.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

A$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

13.9%ownership

Insiders own a meaningful stake in the company

Cash Runway

~14 months

A$14M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Strong grower

Graphene Manufacturing Group is growing revenue at 243% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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
-1110.7%
Thin — -1110.7% gross margin
Profit after running costs
Operating Margin
-2267.0%
Losing money on operations — -2267.0%
Return on the money invested
ROCE
-134.8%
Weak — -134.8% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
>+1,000%
Fast-growing sales (>+1,000% YoY)
Profit growth
EPS YoY
N/A
Data not available
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
N/A
Data not available
Spare cash per sale
FCF Margin
-202.4%
Burning cash (-202.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.07
Conservative — low debt load (0.07)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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