Genesis Energy Limited

GNE.NZ

Independent Power Producers · Utilities

Price

NZ$2.60

-0.01 (-0.38%)

Market Cap

NZ$2.86B

Exchange

New Zealand Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 10, 2026 · filings through Dec 31, 2025

Share count rising — dilution

+4.8% over 4y

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

Diluted shares outstanding: 1.04B (2021) → 1.09B (2025)

Genesis Energy Limited is a New Zealand energy company that generates and sells electricity and natural gas to homes and businesses across the country. It operates a mix of power plants, including the large Huntly coal and gas station — one of New Zealand's biggest thermal power stations — as well as hydro and geothermal assets. It also sells fuel through its Kiwi brand of service stations, making it one of New Zealand's more diversified energy retailers.

Genesis makes money by generating electricity, retailing it directly to customers, and selling natural gas and fuel products. It operates entirely within New Zealand and serves hundreds of thousands of residential and business customers, giving it a stable but competitive position in a market that also includes Contact Energy and Mercury. The main risk is New Zealand's push toward 100% renewable electricity, which could reduce the long-term value of Genesis's thermal generation assets at Huntly as the country phases out fossil fuels.

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

+16.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+5.7% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

43.4%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$247M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth + cash flow

Genesis Energy Limited is a rare growth stock that's already generating positive cash flow while growing at 17%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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.

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Quality

Gross Margin

19.9%

Thin — 19.9% gross margin

Operating Margin

11.5%

Modest — 11.5% operating margin

ROCE

3.8%

Weak — 3.8% 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

+1.8%

Nearly flat sales (+1.8% YoY)

EPS YoY

+17.8%

Earnings growing fast (+17.8% YoY)

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

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

196%

Turns 196% of profit into real cash

FCF Margin

5.7%

Thin free cash flow (5.7%)

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

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Stability

Debt / Equity

0.48

Conservative — low debt load (0.48)

Interest Cover

4.32x

Adequate interest coverage (4.3x)

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

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Valuation

P/E Ratio (TTM)

14.7x

Attractive valuation — P/E 14.7

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

P/E vs Forward

-3.2

SLOWING

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

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Dividends

Dividend Yield

5.98%

Healthy income — 5.98% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

-17.2%

Dividend cut (-17.2% YoY) — warning sign

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