WinstonWınston
Stock

Parkway Corporate Limited

PWN.AX
28
Industrial - Pollution & Treatment Controls · Industrials
Price
A$0.01
+0.00 (+0.00%)
Market Cap
A$27.7M
Exchange
Australian Securities Exchange
Winston Score
28
Winston is worried
Below-average fundamentals — multiple weak pillars.
Data as of Sep 23, 2026 · filings through Dec 31, 2025

§How the score breaks down

Quality
Weak
Growth
Mixed
Cash Flow
Weak
Stability
Mixed
Valuation
Weak

Share count rising — dilution

+25.1% over 4y

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

Diluted shares outstanding: 2.21B (2021) → 2.77B (2025)

§Winston Score History

The full picture

Parkway Corporate Limited is an Australian cleantech enterprise focused on delivering comprehensive water treatment solutions. The company operates through three distinct segments: Parkway Process Solutions, Parkway Process Technologies, and Parkway Ventures. Through its technology and solutions divisions, Parkway supplies a broad spectrum of products. These encompass specialized analytical instruments for assessing water treatment parameters, a full range of laboratory equipment including glassware and consumables such as syringes and test tubes, and diverse water treatment systems. The company also provides an extensive selection of pumps, from chemical dosing to high-pressure and submersible models, alongside their requisite parts and accessories. Additional offerings include advanced instrumentation and controllers for monitoring, measuring, and automating water treatment processes; piping, hoses, and fittings; various valves and solenoids; filtration and membrane technologies; and robust industrial tanks designed for high-value water treatment applications. Furthermore, Parkway provides an array of water treatment chemicals and advanced disinfection products utilizing methods like chemical disinfection, chlorination, ozone, and UV, complete with related components. Beyond product supply, Parkway offers a suite of professional services. These include analytical testing, comprehensive project evaluations, process development, detailed project engineering, full installation, expert project management, and ongoing operation and maintenance support. In its ventures division, Parkway holds a stake in the Karinga Lakes potash project located in Australia's Northern Territory and manages a proprietary portfolio of industrial wastewater treatment technologies. The company, initially incorporated in 2010 and headquartered in Sunshine North, Australia, adopted its current name, Parkway Corporate Limited, in September 2021, having previously operated as Parkway Minerals NL.

Growth Profile

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

Revenue Growth

-0.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+100.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

A$125,000/ year

Flat (+0% vs prior year)

0.8% of revenue

Below sector average (4%)

Steady R&D investment year-over-year

Cash Runway

~13 months

A$3M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Revenue declining

Parkway Corporate 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
7.6%
Thin — 7.6% gross margin
Profit after running costs
Operating Margin
-2.5%
Losing money on operations — -2.5%
Return on the money invested
ROCE
1.4%
Weak — 1.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
+5.9%
Slow sales growth (+5.9% YoY)
Profit growth
EPS YoY
N/A
Data not available
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
N/A
Data not available
Spare cash per sale
FCF Margin
2.2%
Thin free cash flow (2.2%)

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
0.47
Conservative — low debt load (0.47)
Covers its interest
Interest Cover
0.50x
Dangerous — barely covers interest (0.5x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit
P/E Ratio (TTM)
100.0x
Expensive — P/E 100.0

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

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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