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Stock

Old Mutual Limited

OMU.JO
56
Insurance - Life · Financial Services
Price
1309.00 ZAc
+3.00 (+0.23%)
Market Cap
52.73B ZAc
Exchange
Johannesburg Stock Exchange
Winston Score
56
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Sep 10, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
Growth
Good
Cash Flow
Weak
Stability
Exceptional
Valuation
Good
Dividends
Exceptional

§Winston Score History

The full picture

Old Mutual Limited and its associated entities deliver a comprehensive array of financial services, predominantly serving clients throughout South Africa and the wider African region. The company operates through several specialized divisions, including Mass and Foundation Cluster, Personal Finance and Wealth Management, Old Mutual Investments, Old Mutual Corporate, Old Mutual Insure, and its dedicated Rest of Africa segment. Its product offerings span from protective solutions like group risk and funeral insurance, to long-term savings vehicles, and lending facilities such as micro-lending, alongside transactional products. Furthermore, Old Mutual provides expert financial guidance, a variety of investment and income-generating products, and professional asset management services. For institutional clients, it offers tailored investment, annuity, and consulting services designed for employee retirement and benefit funds. The company also extends into non-life insurance, covering health, property, and casualty risks. Old Mutual caters to a broad customer base, ranging from individuals in low- and lower-middle-income brackets to high-income and high net worth clients, as well as corporate employee benefit schemes. This established financial institution was founded in 1845 and maintains its headquarters in Cape Town, South Africa.

Growth Profile

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

Revenue Growth

+65.9% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+0.0% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

R0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Cash Position

Cash flow positive

R1.3T cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Strong grower

Old Mutual Limited is growing revenue at 66% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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.

Share count broadly stable

0.9% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 4.47B (2021) → 4.43B (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
100.0%
Premium pricing power — 100.0% gross margin
Profit after running costs
Operating Margin
4.5%
Thin — 4.5% operating margin
Return on the money invested
ROCE
27.5%
Exceptional — 27.5% 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
+163.3%
Fast-growing sales (+163.3% YoY)
Profit growth
EPS YoY
+29.6%
Earnings growing fast (+29.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

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
-101%
Weak — only -101% of profit becomes cash
Spare cash per sale
FCF Margin
-3.3%
Burning cash (-3.3%)

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
0.04
Conservative — low debt load (0.04)
Covers its interest
Interest Cover
15.37x
Comfortably covers interest (15.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
6.6x
Attractive valuation — P/E 6.6

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
-0.9
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
8.56%
Healthy income — 8.56% yield

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

Dividend record
Dividend Growth
+14.0%
Dividend growing fast (14.0% YoY)

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