Deep Value: cash covers about 97% of the stock price

This company holds roughly $25M in cash and investments — about 97% of its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

QPM Energy Limited

QPM.AX

Electrical Equipment & Parts · Industrials

Price

A$0.01

+0.00 (+0.00%)

Market Cap

A$25.7M

Exchange

Australian Securities Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Share count rising — dilution

+178.4% over 4y

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

Diluted shares outstanding: 917.8M (2021) → 2.55B (2025)

Winston Score History

The full picture

QPM Energy Limited is an Australian mining and materials company focused on developing a nickel and cobalt project in Queensland, Australia. Its main product targets are battery-grade nickel sulfate and cobalt sulfate — chemicals used to make lithium-ion batteries for electric vehicles and energy storage. The company's flagship asset is the Townsville Energy Chemicals Hub (TECH) project, which aims to process nickel and cobalt into refined materials for battery manufacturers.

QPM is not yet generating meaningful revenue, as the TECH project is still in development and has not reached commercial production. The company operates entirely in Australia and is small, with a market cap around $100 million. Its negative margins reflect the heavy costs of a pre-revenue mining development company. The key growth driver is the global shift toward electric vehicles and the rising demand for battery materials, but the main risk is securing the financing and partnerships needed to actually build and operate the processing facility at commercial scale.

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

-72.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-129.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

A$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

11.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 months

A$35M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

QPM Energy Limited has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

-95.0%

Thin — -95.0% gross margin

Profit after running costs

Operating Margin

-117.7%

Losing money on operations — -117.7%

Return on the money invested

ROCE

-17.6%

Weak — -17.6% 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

-52.5%

Shrinking sales (-52.5% YoY)

Profit growth

EPS YoY

-156.6%

Earnings shrinking (-156.6% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-65.0%

Burning cash (-65.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

1.25

Elevated debt (1.25)

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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