Green Resources Public Company Limited (GREEN.BK) Stock Analysis & Winston Score

Green Resources Public Company Limited is a Thai utility company focused on renewable energy. It develops, owns, and operates power plants that generate electricity from clean sources such as solar, wind, and biomass. Its main customers are electricity buyers in Thailand, including the national grid and industrial users.

The company earns revenue by selling electricity under long-term power purchase agreements, which provide relatively stable and predictable income. It operates primarily in Thailand, with a market capitalization of around $0.6 billion, making it a mid-sized player in the country's growing renewable energy sector. Its long-term contracts offer some protection against short-term price swings, but the low return on invested capital of 0.7% signals that heavy upfront costs for building power plants are weighing on profitability — and managing that capital intensity while expanding capacity remains the central challenge for the business going forward.

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

+10.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+135.0% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

50.5%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$346M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth + cash flow

Green Resources Public Company Limited is a rare growth stock that's already generating positive cash flow while growing at 11%. 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

31.1%

Modest — 31.1% gross margin

Operating Margin

-1.5%

Losing money on operations — -1.5%

ROCE

-0.1%

Weak — -0.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+4.2%

Slow sales growth (+4.2% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

37.5%

Converts sales into free cash efficiently (37.5%)

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

0.17

Conservative — low debt load (0.17)

Interest Cover

0.70x

Dangerous — barely covers interest (0.7x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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