Carnegie Clean Energy Limited

CCE.AX

Renewable Utilities · Utilities

Price

A$0.35

+0.07 (+22.81%)

Market Cap

A$144.7M

Exchange

Australian Securities Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Jul 25, 2026 · filings through Dec 31, 2025

Share count rising — dilution

+48.5% over 4y

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

Diluted shares outstanding: 246.6M (2021) → 366.2M (2025)

Carnegie Clean Energy Limited, based in North Fremantle, Australia, focuses on pioneering and deploying its innovative CETO wave energy technology. This system is engineered to harness the immense power of ocean waves, transforming it into clean, zero-emission electricity for global markets. The company, founded in 1987, operated as Carnegie Wave Energy Limited until it rebranded to its current name in December 2016.

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

+72.3% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

-15.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$1M/ year

↑ Rising (+1003% vs prior year)

352.6% of revenue

352.6x the sector average (1%)

Investing heavily in future products and technology

Cash Runway

~3 months

$4M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Strong grower

Carnegie Clean Energy Limited is growing revenue at 72% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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

Gross Margin

-270.5%

Thin — -270.5% gross margin

Operating Margin

-533.0%

Losing money on operations — -533.0%

ROCE

-5.8%

Weak — -5.8% return on capital

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales YoY

+17.0%

Fast-growing sales (17.0% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

318.5%

Converts sales into free cash efficiently (318.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

Debt / Equity

0.12

Conservative — low debt load (0.12)

Interest Cover

N/A

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Not applicable for this business.

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial