Treasury Wine Estates Limited

TWE.AX

Beverages - Wineries & Distilleries · Consumer Defensive

Exchange

Australian Securities Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

Dividends

Exceptional

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Winston Score History

The full picture

Treasury Wine Estates is one of the largest wine companies in the world. It grows grapes and makes wine across several countries, then sells those bottles to consumers, restaurants, and retailers globally. Its portfolio includes well-known brands like Penfolds, Wolf Blass, Beringer, and 19 Crimes, spanning a wide range of price points from everyday table wine to premium and luxury bottles.

The company earns money by selling wine through supermarkets, liquor stores, restaurants, and its own cellar doors. It operates primarily in Australia, the United States, Asia, and Europe, generating roughly AUD 2.8 billion in annual revenue. Its main competitive advantage is the Penfolds brand, which commands strong pricing power — especially in China and other Asian luxury markets. The key growth driver is expanding Penfolds sales across Asia, but the business remains exposed to trade policy risk, as Australian wine exports to China were blocked by tariffs from 2021 to 2023, and any future diplomatic or regulatory shifts could disrupt that recovery.

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

-7.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-296.3% YoY

YoY Growth Rate

Earnings declining

Insider Activity

10.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

A$247M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue declining

Treasury Wine Estates Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

35.9%

Modest — 35.9% gross margin

Profit after running costs

Operating Margin

13.2%

Healthy — 13.2% operating margin

Return on the money invested

ROCE

8.9%

Below par — 8.9% 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%

Shrinking sales (-12.2% YoY)

Profit growth

EPS YoY

-346.3%

Earnings shrinking (-346.3% YoY)

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

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

N/A

Data not available

Spare cash per sale

FCF Margin

3.0%

Thin free cash flow (3.0%)

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

0.48

Conservative — low debt load (0.48)

Covers its interest

Interest Cover

2.03x

Tight — interest eats into profit (2.0x)

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)

N/M

no trend

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

Dividend

Dividend Yield

6.94%

no trend

Healthy income — 6.94% yield

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

Dividend record

Dividend Growth

+15.8%

no trend

Dividend growing fast (15.8% YoY)

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