Hipages Group Holdings Limited

HPG.AX

Software - Application · Technology

Price

A$0.81

+0.00 (+0.00%)

Market Cap

A$111.3M

Exchange

Australian Securities Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Exceptional

Stability

Good

Valuation

Strong

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Share count rising — dilution

+10.6% over 4y

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

Diluted shares outstanding: 122.9M (2021) → 136.0M (2025)

Winston Score History

The full picture

Hipages Group Holdings Limited runs an online marketplace in Australia that connects homeowners with local tradespeople like plumbers, electricians, and builders. Homeowners post jobs for free, and tradies pay to access and respond to those leads. The company owns the hipages brand, which is one of the most recognized home services platforms in Australia.

Hipages makes most of its money through subscription fees charged to tradespeople, who pay a recurring monthly fee to receive job leads in their area. The business operates almost entirely in Australia and generates around $50–60 million in annual revenue. Its main competitive advantage is its network effect — the more tradies on the platform, the more useful it is for homeowners, and vice versa. The key growth challenge is expanding its paying tradie base and improving monetization, while facing competition from broader platforms like Google and Airtasker that also help consumers find local services.

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

+10.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

A$15M/ year

↑ Rising (+12% vs prior year)

18.2% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Insider Activity

52.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

A$29M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Heavy R&D investment

Hipages Group Holdings Limited is putting 18% of revenue into R&D and that number is rising. And they're generating enough cash to self-fund it.

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

5.5%

Thin — 5.5% gross margin

Profit after running costs

Operating Margin

5.5%

Thin — 5.5% operating margin

Return on the money invested

ROCE

-3.1%

Weak — -3.1% 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

+10.7%

Steady sales growth (+10.7% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

513%

Turns 513% of profit into real cash

Spare cash per sale

FCF Margin

29.1%

Converts sales into free cash efficiently (29.1%)

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

0.18

Conservative — low debt load (0.18)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

20.6x

Growth-priced — P/E 20.6

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

Cheaper or dearer next year

P/E vs Forward

+8.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (20.6 → 12.1)

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Dividends

Not applicable for this business.

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