Pro Medicus Limited

PME.AX

Medical - Healthcare Information Services · Healthcare

Also trades as: PMCUF

Exchange

Australian Securities Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Exceptional

Cash Flow

Good

Stability

Exceptional

Valuation

Mixed

Dividends

Good

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Winston Score History

The full picture

Pro Medicus is an Australian healthcare technology company that makes software for reading and sharing medical images like X-rays, CT scans, and MRIs. Its main product, Visage, is a fast imaging platform used by radiologists and doctors at large hospitals and health systems, primarily in the United States, Australia, and Europe. The company is one of the leading providers of radiology imaging software globally.

Pro Medicus earns money through long-term contracts with hospitals, charging fees based on the volume of scans processed — a model that creates steady, recurring revenue. Most of its growth has come from winning large US health system contracts, and its technology is known for handling very large image files quickly, which is difficult for competitors to replicate. The main growth driver is continued expansion into the large US hospital market, where many health systems still use older imaging software, but the main risk is customer concentration, since losing even one major contract could meaningfully impact revenue.

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

+18.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+47.5% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

49.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

A$440M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Pro Medicus Limited is a rare growth stock that's already generating positive cash flow while growing at 18%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

84.0%

Premium pricing power — 84.0% gross margin

Profit after running costs

Operating Margin

77.0%

Excellent — 77.0% operating margin

Return on the money invested

ROCE

43.4%

Exceptional — 43.4% 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

+22.9%

Fast-growing sales (+22.9% YoY)

Profit growth

EPS YoY

+128.8%

Earnings growing fast (+128.8% YoY)

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

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

51%

Weak — only 51% of profit becomes cash

Spare cash per sale

FCF Margin

52.0%

Converts sales into free cash efficiently (52.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

75.4x

no trend

Expensive — P/E 75.4

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

Cheaper or dearer next year

P/E vs Forward

+5.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (75.4 → 70.3)

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Dividends

Dividend

Dividend Yield

0.38%

no trend

Small dividend — 0.38% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+81.7%

no trend

Dividend growing fast (81.7% YoY)

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