New Zealand King Salmon Investments Limited

NZK.AX

Food Distribution · Consumer Defensive

Exchange

Australian Securities Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Sep 30, 2025

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Winston Score History

The full picture

New Zealand King Salmon Investments Limited farms and sells Chinook salmon, also known as King salmon, in New Zealand. It raises the fish in sea farms located in the Marlborough Sounds and other coastal waters, then sells fresh and frozen salmon to supermarkets, restaurants, and food retailers. The company is one of New Zealand's largest salmon producers and sells its fish under brands including Ora King, which targets premium food service customers.

The company earns money by selling salmon products directly to domestic and export customers, with key markets including New Zealand, Australia, the United States, and parts of Asia. Its competitive position rests on the premium reputation of King salmon, which is rarer and more expensive than Atlantic salmon. However, the company's negative gross and operating margins show it is currently losing money, and its main risks include rising feed costs, disease outbreaks in fish farms, and regulatory pressure on its sea-farm consents in New Zealand.

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

-7.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-40.0% YoY

YoY Growth Rate

Earnings declining

Insider Activity

1.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~13 months

A$50M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Adequate runway but may need to raise capital within 2 years

Revenue declining

New Zealand King Salmon Investments 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

-6.5%

Thin — -6.5% gross margin

Profit after running costs

Operating Margin

-20.3%

Losing money on operations — -20.3%

Return on the money invested

ROCE

-14.4%

Weak — -14.4% 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

-11.2%

Shrinking sales (-11.2% YoY)

Profit growth

EPS YoY

-143.7%

Earnings shrinking (-143.7% 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

N/A

Data not available

Spare cash per sale

FCF Margin

-0.1%

Burning cash (-0.1%)

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

0.06

Conservative — low debt load (0.06)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

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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