Qualitas Limited

QAL.AX

Real Estate - Services · Real Estate

Exchange

Australian Securities Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Weak

Stability

Exceptional

Valuation

Mixed

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Winston Score History

The full picture

Qualitas Limited is an Australian real estate investment manager. It raises money from institutional investors, superannuation funds, and high-net-worth individuals, then lends that money to property developers or invests it in real estate projects across Australia. The company focuses mainly on commercial real estate credit — essentially acting as a lender to property developers who need financing to build things like apartments and commercial buildings.

Qualitas makes money by charging management fees on the funds it oversees, plus performance fees when investments do well. It operates entirely in Australia and manages roughly $8–9 billion in assets under management, which gives it scale in a relatively niche corner of the market. Its competitive position comes from specializing in private credit for real estate, a space where banks have pulled back due to tighter regulations. The key growth driver is continued expansion of its funds under management, but the main risk is a slowdown in Australian property development activity, which would reduce demand for the financing Qualitas provides.

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

+17.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-37.5% YoY

YoY Growth Rate

Earnings declining

Insider Activity

44.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

A$313M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth + cash flow

Qualitas 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

93.5%

Premium pricing power — 93.5% gross margin

Profit after running costs

Operating Margin

47.7%

Excellent — 47.7% operating margin

Return on the money invested

ROCE

14.0%

Good — 14.0% 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

+12.2%

Fast-growing sales (+12.2% YoY)

Profit growth

EPS YoY

-12.7%

Earnings shrinking (-12.7% YoY)

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

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

-119%

Weak — only -119% of profit becomes cash

Spare cash per sale

FCF Margin

-40.7%

Burning cash (-40.7%)

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

0.12

Conservative — low debt load (0.12)

Covers its interest

Interest Cover

59.44x

Comfortably covers interest (59.4x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

22.7x

no trend

Growth-priced — P/E 22.7

P/E above the market average. People are paying up for expected 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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