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MA Financial Group Limited

MAF.AX
44
Asset Management · Financial Services
Price
A$6.84
-0.26 (-3.66%)
Market Cap
A$1.22B
Exchange
Australian Securities Exchange
Winston Score
44
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Good
Growth
Mixed
Cash Flow
Weak
Stability
Weak
Valuation
Good
Dividends
Good

Share count rising — dilution

+9.4% over 4y

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

Diluted shares outstanding: 160.4M (2021) → 175.5M (2025)

Winston Score History

The full picture

MA Financial Group is an Australian financial services company that manages money for investors and helps businesses raise capital. It runs two main businesses: asset management, where it pools money from clients and invests it in areas like credit, real estate, and hospitality; and corporate advisory, where it advises companies on mergers, acquisitions, and other deals. The firm is based in Sydney and focuses mostly on the Australian and Asia-Pacific markets.

The company earns money through management fees on the funds it oversees, performance fees when investments do well, and advisory fees from deal work. With a market cap of around $1.1 billion, it is a mid-sized player competing against much larger global asset managers. Its edge comes from specializing in less crowded areas like private credit and hospitality assets, where big competitors are less active. The key growth driver is expanding its funds under management, but rising interest rates and slower deal activity could pressure both fee income and new capital raising.

Growth Profile

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

Revenue Growth

+80.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+107.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

A$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

42.0%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

A$859M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue accelerating

MA Financial Group Limited grew revenue 81% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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
54.3%
Healthy — 54.3% gross margin
Profit after running costs
Operating Margin
36.8%
Excellent — 36.8% operating margin
Return on the money invested
ROCE
5.7%
Weak — 5.7% 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
+65.4%
Fast-growing sales (+65.4% YoY)
Profit growth
EPS YoY
-49.9%
Earnings shrinking (-49.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
-23682%
Weak — only -23682% of profit becomes cash
Spare cash per sale
FCF Margin
-230.5%
Burning cash (-230.5%)

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
23.39
Heavy debt load (23.39)
Covers its interest
Interest Cover
1.09x
Dangerous — barely covers interest (1.1x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
60.1x
Expensive — P/E 60.1

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+44.6
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (60.1 → 15.5)

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Dividends

Dividend
Dividend Yield
4.09%
Healthy income — 4.09% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+0.0%
Dividend flat

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