Orica Limited

OCLDY

Chemicals - Specialty · Basic Materials

Price

$14.51

+0.00 (+0.00%)

Market Cap

$6.73B

Exchange

Other OTC

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 28, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Strong

Stability

Good

Valuation

Mixed

Dividends

Strong

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Share count rising — dilution

+20.2% over 4y

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

Diluted shares outstanding: 406.8M (2021) → 488.9M (2025)

Winston Score History

The full picture

Orica is an Australian company that makes commercial explosives and blasting systems used mainly in mining, quarrying, and construction. Its core products include ammonium nitrate-based bulk explosives, detonators, and digital blasting technology that helps miners break rock safely and efficiently. It is one of the largest commercial explosives manufacturers in the world.

Orica earns revenue by selling explosives, blasting services, and related technology to mining companies across more than 100 countries. Its global manufacturing and distribution network, long-term customer relationships, and technical expertise create a strong competitive position that is difficult for smaller rivals to replicate. Key growth drivers include increasing demand for digital blasting solutions and mining activity tied to metals needed for the energy transition, though the business faces risks from volatile commodity cycles that directly affect how much miners spend.

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

-3.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+99.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

A$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

0.3%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

A$1.1B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

Orica 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

19.0%

Thin — 19.0% gross margin

Profit after running costs

Operating Margin

11.6%

Modest — 11.6% operating margin

Return on the money invested

ROCE

17.8%

Strong — 17.8% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+0.5%

Nearly flat sales (+0.5% YoY)

Profit growth

EPS YoY

+173.0%

Earnings growing fast (+173.0% YoY)

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

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

367%

Turns 367% of profit into real cash

Spare cash per sale

FCF Margin

6.1%

Modest free cash flow (6.1%)

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

0.78

Moderate — manageable debt (0.78)

Covers its interest

Interest Cover

5.56x

Adequate interest coverage (5.6x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

28.0x

Growth-priced — P/E 28.0

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

-14.9

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

2.72%

Moderate income — 2.72% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+29.8%

Dividend growing fast (29.8% YoY)

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