Ocean Park High Income ETF (DUKH) Stock Analysis & Winston Score

DUKH invests in unaffiliated high-yield fixed income ETFs using a proprietary trend-following strategy. The underlying ETFs, which could be passively or actively managed, may invest in government and corporate high-yield bonds of any maturity from around the world. The fund expects to allocate nearly all its assets to these ETFs. In selecting investments, the fund adviser determines buy and sell signals by calculating the upper and lower bands of the short-term exponential moving averages. A buy

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

+11.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+11.9% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

100.0%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$2.5B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Ocean Park High Income ETF 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.

Share count broadly stable

+0.6% over 1y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 772.0M (2024) → 777.0M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

94.3%

Premium pricing power — 94.3% gross margin

Operating Margin

29.7%

Excellent — 29.7% operating margin

ROCE

4.2%

Weak — 4.2% 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

+7.2%

Steady sales growth (7.2% YoY)

EPS YoY

+5.8%

Modest earnings growth (5.8% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

262%

Turns 262% of profit into real cash

FCF Margin

36.9%

Converts sales into free cash efficiently (36.9%)

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

0.20

Conservative — low debt load (0.20)

Interest Cover

2.43x

Tight — interest eats into profit (2.4x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

3.6x

Attractive valuation — P/E 3.6

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

Dividend Yield

5.63%

Healthy income — 5.63% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

-28.8%

Dividend cut (-28.8% YoY) — warning sign

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