Vulcan Steel Limited

VSL.AX

Steel · Basic Materials

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

Weak

Valuation

Good

Dividends

Weak

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Winston Score History

The full picture

Vulcan Steel is a metals distributor and processor based in New Zealand and Australia. It buys steel and stainless steel products in bulk, then cuts and shapes them to order before selling to manufacturers, construction companies, and engineering businesses. It is one of the larger independent steel distributors in the Australasian region.

The company makes money by buying metal at wholesale prices and selling it at a markup, while also charging for processing services like cutting and profiling. It operates across both New Zealand and Australia, with a network of service centers that handle storage and processing close to customers. Its main competitive advantage is its distribution network and the convenience it offers customers who need processed metal quickly without holding large inventories themselves. The key risk is that steel prices can fall sharply during economic slowdowns, which squeezes margins and reduces demand from construction and manufacturing 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

-10.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-51.0% YoY

YoY Growth Rate

Earnings declining

Insider Activity

8.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

A$17M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue declining

Vulcan Steel 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

28.5%

Modest — 28.5% gross margin

Profit after running costs

Operating Margin

5.4%

Thin — 5.4% operating margin

Return on the money invested

ROCE

6.4%

Weak — 6.4% 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

+0.9%

Nearly flat sales (+0.9% YoY)

Profit growth

EPS YoY

-35.7%

Earnings shrinking (-35.7% YoY)

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

How steady the profit is

EPS Consistency

1/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

428%

Turns 428% of profit into real cash

Spare cash per sale

FCF Margin

4.2%

Thin free cash flow (4.2%)

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

2.11

Heavy debt load (2.11)

Covers its interest

Interest Cover

1.56x

Dangerous — barely covers interest (1.6x)

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)

57.6x

no trend

Expensive — P/E 57.6

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

Cheaper or dearer next year

P/E vs Forward

+39.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (57.6 → 17.7)

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Dividends

Dividend

Dividend Yield

1.15%

no trend

Small dividend — 1.15% yield

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

Dividend record

Dividend Growth

-82.0%

no trend

Dividend cut (-82.0% YoY) — warning sign

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