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CSL Limited

CSLLY
51
Biotechnology · Healthcare
Price
$23.52
+0.22 (+0.94%)
Market Cap
$91.08B
Exchange
Other OTC
Winston Score
51
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 9, 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: 3.65B (2021) → 3.89B (2025)

CSL Limited is a large Australian biotechnology company that collects human plasma and turns it into medicines that help people with rare and serious diseases. Its main products include treatments for immune deficiencies, bleeding disorders like hemophilia, and hereditary conditions — sold under brands like Privigen and Haegarda. CSL also owns Seqirus, one of the world's largest influenza vaccine makers, supplying governments and hospitals globally.

CSL makes most of its money by selling these plasma-derived therapies and vaccines to hospitals, clinics, and health systems, primarily in the United States, Europe, and Australia. The company's competitive edge comes from its massive plasma collection network and the complex, expensive manufacturing process required to make these products — both of which are very hard for competitors to replicate quickly. A key growth driver is expanding plasma collection capacity and growing its kidney disease drug Vifor, acquired in 2022, though rising collection costs and integration risks remain ongoing challenges.

Winston Score History

Growth Profile

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

-78.8% YoY

YoY Growth Rate

Earnings declining

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
8.7%
Below par — 8.7% 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
+4.0%
Slow sales growth (+4.0% YoY)
EPS YoY
-86.6%
Earnings shrinking (-86.6% YoY)

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

EPS Consistency
3/7 quarters
Earnings rarely grow — volatile business

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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
9.31x
Comfortably covers interest (9.3x)

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

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Valuation

P/E Ratio (TTM)
30.4x
Pricey — P/E 30.4

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

P/E vs Forward
+16.6
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (30.4 → 13.8)

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Dividends

Dividend Yield
3.31%
Moderate income — 3.31% yield

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

Dividend Growth
+5.9%
Dividend growing modestly (5.9% YoY)

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