GWR Group Limited

GWR.AX

Steel · Basic Materials

Price

A$0.10

-0.00 (-4.00%)

Market Cap

A$31.2M

Exchange

Australian Securities Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+11.3% over 4y

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

Diluted shares outstanding: 296.7M (2021) → 330.4M (2025)

GWR Group Limited is a small Australian mining and resources company focused on iron ore exploration and development. Its main asset is the C4 Iron Ore Project in Western Australia, which holds deposits of iron ore — the key raw material used to make steel. The company is in an early stage, meaning it is still working to develop its projects rather than producing and selling iron ore at scale.

GWR makes very little revenue right now because it has not yet reached full commercial production. It operates entirely in Western Australia and is a micro-cap company, meaning it is quite small compared to major iron ore producers like BHP or Rio Tinto. The company has no clear competitive moat at this stage, and its deeply negative operating margins reflect the high costs of exploration and development with minimal income. The central risk is whether GWR can secure enough funding and successfully bring its iron ore deposits into production before its cash runs out.

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

+9.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+150.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

31.5%ownership

Insiders own a meaningful stake in the company

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

$47M cash & investments at current burn rate

Growth context

GWR Group Limited is growing revenue at 10% 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

Every number that matters to educated investors.

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Quality

Gross Margin

-0.7%

Thin — -0.7% gross margin

Operating Margin

-119.5%

Losing money on operations — -119.5%

ROCE

-2.5%

Weak — -2.5% return on capital

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

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Growth

Sales YoY

-92.6%

Shrinking sales (-92.6% YoY)

EPS YoY

-78.2%

Earnings shrinking (-78.2% YoY)

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

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

-455%

Weak — only -455% of profit becomes cash

FCF Margin

-65.6%

Burning cash (-65.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

4.1x

Attractive valuation — P/E 4.1

P/E under 10. The price tag is small relative to last year's profit.

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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