VEEM

VEE.AX

Industrial - Machinery · Industrials

Exchange

Australian Securities Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

Dividends

Good

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Winston Score History

The full picture

VEEM Ltd is an Australian manufacturer that makes gyrostabilizers, propellers, and other precision engineering products. Gyrostabilizers are devices installed on boats and ships to stop them from rocking in rough water. The company sells to recreational boat builders, commercial marine operators, and defense customers, and is one of the few manufacturers in the world producing gyrostabilizers at a commercial scale.

VEEM earns revenue by selling hardware — physical products it designs and builds at its facility in Western Australia. Most sales go to export markets, particularly North America, Europe, and Asia, making the business sensitive to the Australian dollar exchange rate. The company has a niche position because gyrostabilizer technology requires significant engineering expertise, which limits direct competition. The key growth driver is rising demand for gyrostabilizers as more boat builders offer them as standard or optional equipment, but the main risk is the company's small size, which leaves it exposed to lumpy order flow and limited pricing power with large customers.

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

-18.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-42.8% YoY

YoY Growth Rate

Earnings declining

Insider Activity

56.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

A$813,355 cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue declining

VEEM'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

3.2%

Thin — 3.2% gross margin

Profit after running costs

Operating Margin

-11.0%

Losing money on operations — -11.0%

Return on the money invested

ROCE

4.7%

Weak — 4.7% 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

-23.7%

Shrinking sales (-23.7% YoY)

Profit growth

EPS YoY

-477.4%

Earnings shrinking (-477.4% 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

N/A

Data not available

Spare cash per sale

FCF Margin

9.1%

Modest free cash flow (9.1%)

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

0.32

Conservative — low debt load (0.32)

Covers its interest

Interest Cover

2.49x

Tight — interest eats into profit (2.5x)

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

0.89%

no trend

Small dividend — 0.89% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+101.8%

no trend

Dividend growing fast (101.8% YoY)

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