IPH Limited

IPHLF

Specialty Business Services · Industrials

Price

$2.68

+0.00 (+0.00%)

Market Cap

$686.9M

Exchange

Other OTC

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+23.7% over 4y

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

Diluted shares outstanding: 216.7M (2021) → 267.9M (2025)

IPH Limited is a holding company that owns a network of intellectual property (IP) firms. These firms help businesses, universities, and inventors apply for and protect patents, trademarks, and other IP rights. IPH operates mainly in Australia, New Zealand, Singapore, Canada, and parts of Asia, making it one of the largest IP services groups in the Asia-Pacific region.

IPH makes money by charging professional fees for filing, prosecuting, and managing IP applications on behalf of clients. Its revenue is relatively steady because IP portfolios require ongoing maintenance and renewal work, which creates recurring income. The company has grown largely through acquiring smaller IP firms, and its scale gives it a cost and brand advantage over independent practices. The main risk is that growth depends heavily on finding and successfully integrating new acquisitions, while organic growth is tied to the volume of innovation activity and patent filings across its key markets.

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

+9.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-25.0% 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

9.7%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$59M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

IPH 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

0.0%

Thin — 0.0% gross margin

Operating Margin

18.7%

Healthy — 18.7% operating margin

ROCE

6.1%

Weak — 6.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+8.1%

Steady sales growth (8.1% YoY)

EPS YoY

-6.7%

Earnings shrinking (-6.7% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

198%

Turns 198% of profit into real cash

FCF Margin

19.3%

Converts sales into free cash efficiently (19.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.64

Moderate — manageable debt (0.64)

Interest Cover

3.02x

Tight — interest eats into profit (3.0x)

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

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Valuation

P/E Ratio (TTM)

9.6x

Attractive valuation — P/E 9.6

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

P/E vs Forward

+1.8

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

9.38%

Healthy income — 9.38% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

+14.8%

Dividend growing fast (14.8% YoY)

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