Washington H. Soul Pattinson and Company Limited

SOL.AX

Conglomerates · Financial Services

Also trades as: WSOUF

Price

A$44.38

+0.03 (+0.07%)

Market Cap

A$16.84B

Exchange

Australian Securities Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jan 31, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Good

Dividends

Strong

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Share count rising — dilution

+36.0% over 4y

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

Diluted shares outstanding: 240.9M (2021) → 327.7M (2025)

Winston Score History

The full picture

Washington H. Soul Pattinson (WHSP) is one of Australia's oldest investment companies, founded in 1872 as a pharmacy chain. Today it acts like a holding company, owning large stakes in a diverse range of businesses across telecommunications, resources, financial services, agriculture, and property. Its biggest investments include TPG Telecom, Brickworks, and New Hope Corporation, making it one of Australia's most established listed investment houses.

WHSP makes money primarily through dividends, distributions, and capital gains from its portfolio of investments rather than selling a single product or service. It operates almost entirely within Australia and has a market capitalisation of around $14 billion, giving it significant scale among ASX-listed conglomerates. The company has paid uninterrupted dividends for over 80 years, which reflects the stability of its diversified portfolio, though its low ROIC of 0.8% suggests the portfolio's overall capital efficiency is a key area to watch as it continues deploying capital into new sectors like private credit and healthcare.

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

-23.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+533.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

A$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

32.7%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

~5 years

A$12.4B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

A$12.4B cash & investments at current burn rate

Revenue declining

Washington H. Soul Pattinson and Company 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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

31.9%

Modest — 31.9% gross margin

Profit after running costs

Operating Margin

-13.1%

Losing money on operations — -13.1%

Return on the money invested

ROCE

0.8%

Weak — 0.8% 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

-9.0%

Shrinking sales (-9.0% YoY)

Profit growth

EPS YoY

+301.9%

Earnings growing fast (+301.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

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

-21%

Weak — only -21% of profit becomes cash

Spare cash per sale

FCF Margin

-48.4%

Burning cash (-48.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.06

Conservative — low debt load (0.06)

Covers its interest

Interest Cover

1.62x

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)

6.9x

Attractive valuation — P/E 6.9

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-21.0

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

2.35%

Moderate income — 2.35% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+11.4%

Dividend growing fast (11.4% YoY)

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