Tabcorp Holdings Limited

TAH.AX

Gambling, Resorts & Casinos · Consumer Cyclical

Exchange

Australian Securities Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Strong

Stability

Mixed

Valuation

Good

Dividends

Mixed

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Winston Score History

The full picture

Tabcorp Holdings Limited is an Australian gambling and entertainment company. It runs wagering services — meaning it takes bets on horse racing, greyhound racing, and other sports — primarily under the TAB brand, which is one of the most recognized betting brands in Australia. Its main customers are everyday Australian adults who bet through retail outlets, online, or via mobile apps.

Tabcorp earns money by keeping a portion of every bet placed, known as the "take-out rate," rather than charging subscriptions or selling hardware. The company operates almost entirely within Australia and holds licensed wagering rights in several states, which historically gave it a protected position in the market. However, that moat has weakened as online-only competitors like Sportsbet and Ladbrokes have taken significant market share, and Tabcorp's low ROIC of 2.8% reflects the pressure it faces to modernize its technology and retain customers in an increasingly competitive digital betting landscape.

Score breakdown

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Quality

Profit per sale

Gross Margin

20.2%

Thin — 20.2% gross margin

Profit after running costs

Operating Margin

8.0%

Modest — 8.0% operating margin

Return on the money invested

ROCE

7.5%

Weak — 7.5% 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

-12.7%

Shrinking sales (-12.7% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

999%

Turns 999% of profit into real cash

Spare cash per sale

FCF Margin

9.6%

Modest free cash flow (9.6%)

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

0.67

Moderate — manageable debt (0.67)

Covers its interest

Interest Cover

1.67x

Dangerous — barely covers interest (1.7x)

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)

62.2x

no trend

Expensive — P/E 62.2

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

Cheaper or dearer next year

P/E vs Forward

+37.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (62.2 → 24.6)

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Dividends

Dividend

Dividend Yield

2.73%

no trend

Moderate income — 2.73% yield

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

Dividend record

Dividend Growth

-61.2%

no trend

Dividend cut (-61.2% YoY) — warning sign

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