IPH Limited

IPH.AX

Specialty Business Services · Industrials

Also trades as: IPHLF

Price

A$3.60

-0.15 (-4.00%)

Market Cap

A$922.7M

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

Mixed

Growth

Good

Cash Flow

Exceptional

Stability

Good

Valuation

Strong

Dividends

Exceptional

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Share count rising — dilution

+19.1% over 4y

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

Diluted shares outstanding: 219.1M (2022) → 260.9M (2026)

Winston Score History

The full picture

IPH Limited is a holding company that owns a network of intellectual property (IP) law firms. These firms help businesses, universities, and inventors apply for and protect patents, trademarks, and other IP rights. IPH operates across Australia, New Zealand, Canada, and several Asian markets, making it one of the largest IP services groups in the Asia-Pacific region.

IPH earns revenue by charging professional fees for filing, prosecuting, and managing IP applications on behalf of clients. The business benefits from a sticky client base, since companies tend to stay with the same IP firm for years to maintain continuity on long-running patent portfolios. With a gross margin above 67%, the model is relatively capital-light. The main growth driver is expansion in Asia, particularly Singapore and China, where IP filings are growing as local businesses become more innovation-focused. The key risk is fee pressure and competition from both traditional law firms and technology-enabled IP service providers that could compress margins over time.

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

-5.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+25.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

A$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

1.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

A$60M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

IPH 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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

0.0%

Thin — 0.0% gross margin

Profit after running costs

Operating Margin

17.9%

Healthy — 17.9% operating margin

Return on the money invested

ROCE

12.9%

Good — 12.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+0.6%

Nearly flat sales (+0.6% YoY)

Profit growth

EPS YoY

+19.2%

Earnings growing fast (+19.2% YoY)

Healthy double-digit earnings growth — what compounders look like.

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

187%

Turns 187% of profit into real cash

Spare cash per sale

FCF Margin

20.8%

Converts sales into free cash efficiently (20.8%)

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

0.62

Moderate — manageable debt (0.62)

Covers its interest

Interest Cover

5.27x

Adequate interest coverage (5.3x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

11.6x

Attractive valuation — P/E 11.6

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

+3.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (11.6 → 8.2)

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Dividends

Dividend

Dividend Yield

9.30%

Healthy income — 9.30% yield

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

Dividend record

Dividend Growth

+14.6%

Dividend growing fast (14.6% YoY)

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