EVZ Limited

EVZ.AX

Engineering & Construction · Industrials

Price

A$0.56

-0.05 (-8.20%)

Market Cap

A$68.0M

Exchange

Australian Securities Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+31.5% over 4y

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

Diluted shares outstanding: 96.1M (2021) → 126.4M (2025)

EVZ Limited is an Australian engineering and construction company that provides infrastructure services, mainly focused on water and wastewater systems. Its core work includes building, maintaining, and rehabilitating underground pipes and related infrastructure. The main customers are local councils, water utilities, and government agencies across Australia.

The company earns money by winning contracts to deliver these engineering projects, so revenue depends heavily on securing new work from public sector clients. EVZ operates primarily in Australia and is a small-cap business with a market capitalization around $100 million. Its competitive position relies on specialist technical skills in pipeline rehabilitation and long-standing relationships with government clients, but the business faces real risk from contract concentration — losing a few large contracts could meaningfully hurt revenue. The key growth driver is increased government spending on aging water infrastructure across Australian cities and regions.

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

-9.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-29.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

0.7%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$12M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

EVZ 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

Gross Margin

17.1%

Thin — 17.1% gross margin

Operating Margin

2.8%

Thin — 2.8% operating margin

ROCE

4.1%

Weak — 4.1% 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 YoY

+10.2%

Steady sales growth (10.2% YoY)

EPS YoY

+16.5%

Earnings growing fast (16.5% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

356%

Turns 356% of profit into real cash

FCF Margin

4.9%

Thin free cash flow (4.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.05

Conservative — low debt load (0.05)

Interest Cover

3.77x

Tight — interest eats into profit (3.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

17.2x

Fair value — P/E 17.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

-13.0

SLOWING

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

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Dividends

Dividend Yield

0.79%

Small dividend — 0.79% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

N/A

no trend

Data not available

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