WAM Research Limited

WAX.AX

Asset Management · Financial Services

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

Good

Growth

Weak

Cash Flow

Data not available

Stability

Data not available

Valuation

Data not available

Dividends

Good

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Winston Score History

The full picture

WAM Research Limited is an Australian listed investment company (LIC) managed by Wilson Asset Management. It invests in shares of small and mid-sized companies listed on the Australian Securities Exchange (ASX), aiming to grow investors' money over time. The fund focuses on finding undervalued or overlooked stocks through its own research process.

The company makes money by charging management fees on the assets it oversees, and it earns returns from dividends and capital gains on its share portfolio. It operates entirely within Australia and has a market capitalisation of around $0.2 billion, making it a smaller player in the local funds management industry. Wilson Asset Management runs several similar LICs, which gives the group shared research resources, but WAM Research faces ongoing pressure to outperform its benchmark — if returns disappoint, investors may sell shares at a discount to the underlying portfolio value, which is a common and persistent risk for listed investment companies.

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

-87.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-87.9% YoY

YoY Growth Rate

Earnings declining

Insider Activity

5.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

A$235M cash & investments

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

Revenue declining

WAM Research 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

144.5%

Premium pricing power — 144.5% gross margin

Profit after running costs

Operating Margin

154.5%

Excellent — 154.5% operating margin

Return on the money invested

ROCE

-1.8%

Weak — -1.8% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-102.4%

Shrinking sales (-102.4% YoY)

Profit growth

EPS YoY

-102.4%

Earnings shrinking (-102.4% 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

N/A

Data not available

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

—

Data not available

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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

9.52%

no trend

Healthy income — 9.52% yield

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

Dividend record

Dividend Growth

+0.0%

no trend

Dividend flat

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