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Sembcorp Industries

U96.SI
44
Diversified Utilities · Utilities
Price
$6.11
-0.07 (-1.13%)
Market Cap
$10.87B
Exchange
SES
Winston Score
44
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Sep 4, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Weak
Growth
Mixed
Cash Flow
Good
Stability
Weak
Valuation
Strong
Dividends
Exceptional

Winston Score History

The full picture

Sembcorp Industries Ltd. is an investment holding company, which engages in the production and supply of utilities services, terminalling and storage of petroleum products and chemicals, and the provision of energy and urban solutions. It operates through the following segments: Renewables, Integrated Urban Solutions, Conventional Energy, and Other Businesses and Corporate. The Renewables segment provides electricity from solar and wind resources, energy storage, system services that support integration of renewables into grid, and trading of Energy Attribute Certificates. The Integrated Urban Solutions segment supports sustainable development through its suite of urban, water as well as waste and waste-to-resource solutions. The Conventional Energy segment deals with the sale of energy molecules including natural gas, steam and electricity from a diversity of fossil fuels such as natural gas and coal. The Other Businesses and Corporate segment refer to businesses mainly relating to specialized construction, minting, the Group's captive insurance and financial services, as well as corporate costs. The company was founded on May 20, 1998 and is headquartered in Singapore.

Growth Profile

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

Revenue Growth

+28.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-71.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

S$0/ year

0.0% of revenue

Research and development spending

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

S$7.8B cash & investments at current burn rate

Revenue accelerating

Sembcorp Industries grew revenue 28% 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.

Share count broadly stable

0.4% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 1.81B (2021) → 1.80B (2025)

Score breakdown

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Quality

Profit per sale
Gross Margin
16.4%
Thin — 16.4% gross margin
Profit after running costs
Operating Margin
9.4%
Modest — 9.4% operating margin
Return on the money invested
ROCE
3.6%
Weak — 3.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
+7.8%
Steady sales growth (+7.8% YoY)
Profit growth
EPS YoY
-41.4%
Earnings shrinking (-41.4% 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
126%
Turns 126% of profit into real cash
Spare cash per sale
FCF Margin
-2.0%
Burning cash (-2.0%)

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
2.78
Heavy debt load (2.78)
Covers its interest
Interest Cover
1.79x
Dangerous — barely covers interest (1.8x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
18.3x
Fair value — P/E 18.3

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
+6.0
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (18.3 → 12.3)

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Dividends

Dividend
Dividend Yield
7.20%
Healthy income — 7.20% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+96.3%
Dividend growing fast (96.3% YoY)

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