Jadestone Energy

JSE.L

Oil & Gas Exploration & Production · Energy

Price

31.60 GBp

+0.60 (+1.94%)

Market Cap

£172.2M

Exchange

London Stock 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

Strong

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+16.7% over 4y

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

Diluted shares outstanding: 463.6M (2021) → 541.1M (2025)

Winston Score History

The full picture

Jadestone Energy is a small oil and gas company that finds, produces, and sells crude oil and natural gas. It focuses on mature, already-discovered fields in the Asia-Pacific region, particularly in countries like Australia, Malaysia, Vietnam, and Indonesia. Its customers are mainly regional oil refiners and energy traders who buy the crude it pumps out of the ground.

Jadestone makes money by selling the oil and gas it produces, with revenue rising and falling alongside global commodity prices. The company operates entirely in Asia-Pacific and has a market value of roughly $200 million, making it one of the smaller independent producers in the region. Its strategy of acquiring late-life fields at low cost gives it a degree of financial discipline, but the main risk it faces is production decline — older fields naturally produce less oil over time, so the company must keep finding and buying new assets to replace that lost output.

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

-14.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-983.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

1.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$320M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

Jadestone Energy'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

37.5%

Modest — 37.5% gross margin

Profit after running costs

Operating Margin

33.5%

Excellent — 33.5% operating margin

Return on the money invested

ROCE

41.6%

Exceptional — 41.6% 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

+3.3%

Slow sales growth (+3.3% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

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

N/A

Data not available

Spare cash per sale

FCF Margin

2.5%

Thin free cash flow (2.5%)

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

N/A

Data not available

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)

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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