Pathkey.AI

PKY.AX

Medical - Healthcare Information Services · Healthcare

Price

A$0.04

+0.00 (+11.76%)

Market Cap

A$47.2M

Exchange

Australian Securities Exchange

Winston Score

–

No score yet — Winston is napping.

We couldn’t gather enough financial data to score this stock reliably.

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Share count rising — dilution

+375.2% over 4y

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

Diluted shares outstanding: 42.1M (2021) → 200.1M (2025)

Winston Score History

The full picture

Pathkey.AI is a small Australian technology company focused on healthcare information services. It develops artificial intelligence tools designed to help medical professionals manage and interpret clinical data more efficiently. The company primarily targets hospitals, clinics, and healthcare providers looking to streamline workflows around patient records and diagnostics.

Pathkey.AI generates revenue mainly through software licensing and service agreements with healthcare organizations. It operates primarily in Australia and is a micro-cap company still in early stages of commercialization. The company's key growth opportunity lies in expanding adoption of its AI-driven platform across the healthcare sector, but as a very small, early-stage business with negative returns on invested capital, it faces significant risks around funding, customer acquisition, and competition from larger health-tech providers.

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

-109.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+70.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

A$371,181/ year

↑ Rising (+35% vs prior year)

>1,000% of revenue

74.2x the sector average (18%)

Investing heavily in future products and technology

Insider Activity

76.9%ownership

Insiders own a meaningful stake in the company

Cash Runway

~2 months

A$436,900 cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Heavy R&D investment

Pathkey.AI is putting 1336% of revenue into R&D and that number is rising. That's 74.2x the sector average.

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

0.0%

Thin — 0.0% gross margin

Profit after running costs

Operating Margin

-8396.4%

Losing money on operations — -8396.4%

Return on the money invested

ROCE

-307.0%

Weak — -307.0% 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

-102.0%

Shrinking sales (-102.0% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

N/A

Data not available

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

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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