Alurion Resources

ALU.AX

Software - Application · Technology

Price

A$0.76

+0.09 (+12.69%)

Exchange

Australian Securities Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 10, 2026 · filings through Dec 30, 2023

Altium is an Australian software company that makes tools engineers use to design printed circuit boards (PCBs) — the flat boards packed with chips and wires found inside almost every electronic device. Its main product is Altium Designer, and it also runs Altium 365, a cloud platform where engineering teams can collaborate on designs. Customers include electronics manufacturers, defense contractors, and product developers across industries like consumer electronics, automotive, and aerospace.

Altium earns money through software subscriptions and licenses, with a growing push toward its cloud-based platform. The company operates globally, with strong customer bases in the Americas, Europe, and Asia, and generates roughly $300–350 million in annual revenue. Its moat comes from the fact that engineers learn Altium's tools early in their careers and rarely switch, creating sticky, long-term customers. The key growth driver is the continued migration of users to Altium 365 and deeper integration with Renesas Electronics, which acquired Altium in 2024.

Winston Score History

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

+21.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+16.7% YoY

YoY Growth Rate

Steady EPS growth

Cash Position

Cash flow positive

$204M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth + cash flow

Alurion Resources is a rare growth stock that's already generating positive cash flow while growing at 21%. 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

Gross Margin

49.9%

Healthy — 49.9% gross margin

Operating Margin

29.3%

Excellent — 29.3% operating margin

ROCE

18.5%

Strong — 18.5% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales YoY

+80.2%

Fast-growing sales (+80.2% YoY)

EPS YoY

+66.7%

Earnings growing fast (+66.7% YoY)

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

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

51%

Weak — only 51% of profit becomes cash

FCF Margin

11.1%

Modest free cash flow (11.1%)

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

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Stability

Debt / Equity

0.02

Conservative — low debt load (0.02)

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

1.5x

no trend

Attractive valuation — P/E 1.5

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

P/E vs Forward

+1.0

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Not applicable for this business.

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