Orica Limited

ORI.AX

Chemicals - Specialty · Basic Materials

Exchange

Australian Securities Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Strong

Stability

Good

Valuation

Good

Dividends

Strong

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Winston Score History

The full picture

Orica is an Australian company that makes explosives and blasting systems used in mining and construction. Its main products include bulk explosives, detonators, and digital blasting technology sold to mining companies that extract coal, gold, copper, and other minerals. Orica is one of the largest commercial explosives manufacturers in the world.

The company earns revenue by selling explosives and charging for blasting services under long-term contracts with mining customers. It operates across more than 100 countries, with strong presence in Australia, the Americas, Africa, and Asia. Its scale, global supply network, and proprietary digital blasting technology give it a durable competitive position that is hard for smaller rivals to replicate. The key growth driver is demand for its digital and automated blasting systems, which help miners improve efficiency, but the main risk is that any slowdown in global mining activity directly reduces demand for its products.

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

-1.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+99.3% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

0.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

A$1.2B 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

13.8%

Good — 13.8% 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

+1.8%

Nearly flat sales (+1.8% YoY)

Profit growth

EPS YoY

+159.4%

Earnings growing fast (+159.4% 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

373%

Turns 373% of profit into real cash

Spare cash per sale

FCF Margin

6.2%

Modest free cash flow (6.2%)

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

4.26x

Adequate interest coverage (4.3x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

42.7x

no trend

Pricey — P/E 42.7

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

Cheaper or dearer next year

P/E vs Forward

+25.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (42.7 → 16.8)

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Dividends

Dividend

Dividend Yield

2.73%

no trend

Moderate income — 2.73% yield

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

Dividend record

Dividend Growth

+35.1%

no trend

Dividend growing fast (35.1% YoY)

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