CSL Limited

CMXHF

Biotechnology · Healthcare

Price

$98.03

+1.83 (+1.90%)

Market Cap

$46.95B

Exchange

Other OTC

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 13, 2026 · filings through Dec 31, 2025

Share count rising — dilution

+6.7% over 4y

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

Diluted shares outstanding: 456.2M (2021) → 486.5M (2025)

CSL Limited is a large Australian biotechnology company that collects human blood plasma and turns it into life-saving medicines. These medicines treat rare and serious conditions like immune deficiencies, bleeding disorders such as hemophilia, and neurological diseases. CSL also makes influenza vaccines through its Seqirus division, which is one of the largest flu vaccine businesses in the world.

CSL earns most of its revenue by selling plasma-derived therapies and vaccines to hospitals, clinics, and healthcare systems across more than 100 countries. The company operates its own network of plasma collection centers, mostly in the United States, which gives it a significant cost and supply advantage over smaller rivals. Its main growth driver is rising global demand for immunoglobulin therapies, but the business faces ongoing pressure from high plasma collection costs and competition from other large plasma companies like Grifols and Takeda's Baxalta unit.

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

+7.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+39.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$1.4B/ year

↓ Declining (-7% vs prior year)

8.8% of revenue

Below sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

0.0%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$2.5B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

CSL Limited is growing revenue at 8% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

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Quality

Gross Margin

50.7%

Healthy — 50.7% gross margin

Operating Margin

31.3%

Excellent — 31.3% operating margin

ROCE

8.9%

Below par — 8.9% 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 YoY

+4.9%

Slow sales growth (+4.9% YoY)

EPS YoY

-47.7%

Earnings shrinking (-47.7% YoY)

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

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

261%

Turns 261% of profit into real cash

FCF Margin

20.3%

Converts sales into free cash efficiently (20.3%)

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

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Stability

Debt / Equity

0.60

Conservative — low debt load (0.60)

Interest Cover

9.33x

Comfortably covers interest (9.3x)

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

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Valuation

P/E Ratio (TTM)

33.0x

Pricey — P/E 33.0

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+17.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (33.0 → 15.1)

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Dividends

Dividend Yield

3.08%

Moderate income — 3.08% yield

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

Dividend Growth

+19.9%

Dividend growing fast (19.9% YoY)

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