WinstonWınston
Stock

Scales Corporation Limited

SCL.NZ
59
Packaged Foods · Consumer Defensive
Price
NZ$6.70
-0.09 (-1.33%)
Market Cap
NZ$971.6M
Exchange
New Zealand Exchange
Winston Score
59
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Sep 20, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
Growth
Strong
Cash Flow
Strong
Stability
Good
Valuation
Good
Dividends
Strong

Share count rising — dilution

+1.9% over 4y

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

Diluted shares outstanding: 141.3M (2021) → 143.9M (2025)

§Winston Score History

The full picture

Scales Corporation Limited engages in manufacturing and trading of food ingredients in New Zealand, Asia, Europe, North America, and internationally. It operates through Global Proteins, Horticulture, Logistics, and Other segments. The company processes and markets proteins, such as pet food ingredients, edible meat, and offal products; and orchards, fruit packing, and juice concentrate. In addition, it provides sea and air freight, and logistics services. Further, the company provides insurance services; and operates cold storage. Scales Corporation Limited was founded in 1897 and is based in Christchurch, New Zealand.

Growth Profile

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

Revenue Growth

+104.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-38.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

NZ$0/ year

0.0% of revenue

Below sector average (2%)

Research and development spending

Cash Position

Cash flow positive

NZ$82M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Scales Corporation Limited grew revenue 105% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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
16.8%
Thin — 16.8% gross margin
Profit after running costs
Operating Margin
10.6%
Modest — 10.6% operating margin
Return on the money invested
ROCE
14.8%
Good — 14.8% 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
+102.0%
Fast-growing sales (+102.0% YoY)
Profit growth
EPS YoY
+62.0%
Earnings growing fast (+62.0% YoY)

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

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
152%
Turns 152% of profit into real cash
Spare cash per sale
FCF Margin
8.3%
Modest free cash flow (8.3%)

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
0.60
Moderate — manageable debt (0.60)
Covers its interest
Interest Cover
7.46x
Adequate interest coverage (7.5x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
11.6x
Attractive valuation — P/E 11.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
-4.5
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
2.39%
Moderate income — 2.39% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+71.9%
Dividend growing fast (71.9% YoY)

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