GWA Group Limited

GWA.AX

Furnishings, Fixtures & Appliances · Consumer Cyclical

Price

A$2.08

-0.01 (-0.48%)

Market Cap

A$551.6M

Exchange

Australian Securities Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Good

Stability

Good

Valuation

Good

Dividends

Exceptional

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Share count falling — buybacks

−1.6% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 266.8M (2022) → 262.6M (2026)

Winston Score History

The full picture

GWA Group is an Australian company that makes bathroom and kitchen products. Its main brands include Caroma, Methven, and Dorf, which sell things like toilets, taps, showers, and basins. The company sells mostly to builders, plumbers, and hardware retailers across Australia and New Zealand.

GWA makes money by selling its products to trade customers and through retail channels. It operates almost entirely in Australia and New Zealand, with a small presence in the UK. With a gross margin above 40%, the business benefits from owning recognizable brands and holding water efficiency certifications that are required under Australian building codes — this gives it a degree of pricing power. The key growth driver is Australia's residential construction pipeline, but the main risk is that housing activity has slowed sharply due to higher interest rates, which reduces demand for new bathroom and kitchen fittings.

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

-0.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+9.3% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

A$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

22.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

A$47M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue declining

GWA 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

40.6%

Healthy — 40.6% gross margin

Profit after running costs

Operating Margin

18.4%

Healthy — 18.4% operating margin

Return on the money invested

ROCE

16.5%

Strong — 16.5% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+0.9%

Nearly flat sales (+0.9% YoY)

Profit growth

EPS YoY

+12.1%

Earnings growing (+12.1% 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

84%

Modest — 84% of profit becomes cash

Spare cash per sale

FCF Margin

9.0%

Modest free cash flow (9.0%)

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

0.65

Moderate — manageable debt (0.65)

Covers its interest

Interest Cover

7.80x

Adequate interest coverage (7.8x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

11.3x

Attractive valuation — P/E 11.3

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

-0.6

SLOWING

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

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Dividends

Dividend

Dividend Yield

6.64%

Healthy income — 6.64% yield

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

Dividend record

Dividend Growth

+12.5%

Dividend growing fast (12.5% YoY)

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