The company has issued more shares over this period, which dilutes each existing shareholder’s stake.
Diluted shares outstanding: 867.0M (2021) → 1.01B (2025)
Fletcher Building Limited, a leading entity with its various subsidiaries, specializes in the production and supply of diverse building materials across New Zealand, Australia, and global markets. The company's operations are divided into six core divisions: Building Products, Distribution, Concrete, Residential and Development, Construction, and Australia. The Building Products segment focuses on the creation, promotion, and delivery of construction components such as insulation, plasterboard, decorative laminates, and plastic and concrete piping, catering to residential, commercial, and infrastructure projects. The Distribution segment is responsible for supplying a range of building, plumbing, and pipeline products, notably under the PlaceMakers, Mico, and Forman Building Systems brand names. In the Concrete segment, the company manages the extraction of aggregates and the subsequent manufacturing of cement and concrete. Its Residential and Development arm undertakes the construction of homes and apartment complexes, alongside the development and sale of residential and commercial land. The Construction division builds and maintains various public and commercial structures, transportation networks, and utility infrastructure, while also engaging in the design, construction, and upkeep of roads and broader civil engineering works. Finally, the Australia segment specifically handles the manufacturing and distribution of building supplies within Australia, including insulation, plasterboard, laminate surfaces, steel roofing, and plastic and concrete pipes, serving a wide array of Australian industries. Established in 1909, Fletcher Building Limited maintains its corporate headquarters in Auckland, New Zealand.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
-20.0% YoY
YoY Growth Rate
Revenue declining
+92.7% YoY
YoY Growth Rate
EPS growth accelerating
$0/ year
↓ Declining (-100% vs prior year)
0.0% of revenue
Below sector average (3%)
R&D spend declining — could signal cost-cutting or efficiency
Cash flow positive
$395M cash & investments
Quarterly Free Cash Flow
↓ Burn rate worsening
Company generates more cash than it spends — no dilution risk from fundraising
Fletcher Building 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.
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ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.
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FCF margin between 0% and 10%. Some cash from sales, but not a lot.
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Interest coverage between 3 and 8. Profits cover interest several times over.
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