Vista Group International Limited

VGL.AX

Software - Application · Technology

Price

A$2.26

-0.08 (-3.42%)

Market Cap

A$540.8M

Exchange

Australian Securities Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Weak

Growth

Good

Cash Flow

Exceptional

Stability

Good

Valuation

Good

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Share count rising — dilution

+4.6% over 4y

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

Diluted shares outstanding: 230.7M (2021) → 241.2M (2025)

Winston Score History

The full picture

Vista Group International makes software specifically for the movie theater industry. Its main product, Vista Cinema, helps cinemas manage ticket sales, loyalty programs, and daily operations. The company works with cinema chains around the world, from small independent theaters to large multiplex operators.

Vista Group earns most of its revenue through software licenses and subscription fees paid by cinema operators. It operates globally, with customers across more than 100 countries, and its deep integration into cinema workflows makes it difficult for operators to switch to a competitor. However, the business is closely tied to cinema attendance, which means any long-term decline in moviegoing — driven by streaming services pulling audiences away from theaters — is the central risk the company faces going forward.

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

+12.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+0.0% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

NZ$26M/ year

↓ Declining (-35% vs prior year)

15.9% of revenue

In line with sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

38.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

NZ$50M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Vista Group International Limited is a rare growth stock that's already generating positive cash flow while growing at 12%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

42.9%

Healthy — 42.9% gross margin

Profit after running costs

Operating Margin

-1.3%

Losing money on operations — -1.3%

Return on the money invested

ROCE

3.4%

Weak — 3.4% 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

+10.3%

Steady sales growth (+10.3% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

1209%

Turns 1209% of profit into real cash

Spare cash per sale

FCF Margin

12.8%

Converts sales into free cash efficiently (12.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.36

Conservative — low debt load (0.36)

Covers its interest

Interest Cover

2.43x

Tight — interest eats into profit (2.4x)

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)

282.5x

Expensive — P/E 282.5

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

Cheaper or dearer next year

P/E vs Forward

+249.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (282.5 → 33.0)

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Dividends

Not applicable for this business.

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