Ping An Insurance (Group) Company of China

PNGAY

Insurance - Diversified · Financial Services

Price

$13.98

+0.07 (+0.50%)

Market Cap

$126.57B

Exchange

Other OTC

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+1.9% over 4y

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

Diluted shares outstanding: 8.89B (2021) → 9.05B (2025)

Ping An Insurance is one of the largest financial services companies in China. It sells life insurance, health insurance, and property insurance to hundreds of millions of individual and business customers across China. Beyond insurance, it also offers banking, investment, and wealth management services through subsidiaries like Ping An Bank.

The company makes money through insurance premiums, interest income from its banking arm, and fees from its financial and technology services. It operates almost entirely within China, making it one of the biggest insurers in the world by market value. Ping An has also built technology platforms in healthcare and smart city services, which it uses to attract and retain customers — a growing competitive advantage. The key risk is China's slowing economy and tighter government regulation of the financial sector, both of which could pressure premium growth and investment returns in the years ahead.

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

-13.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-7.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

16.4%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$1.1T cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

Ping An Insurance (Group) Company of China's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

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Quality

Gross Margin

98.6%

Premium pricing power — 98.6% gross margin

Operating Margin

18.8%

Healthy — 18.8% operating margin

ROCE

1.5%

Weak — 1.5% 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

+2.9%

Nearly flat sales (2.9% YoY)

EPS YoY

+13.8%

Earnings growing (13.8% YoY)

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

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

261%

Turns 261% of profit into real cash

FCF Margin

34.8%

Converts sales into free cash efficiently (34.8%)

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

1.31

Elevated debt (1.31)

Interest Cover

16.95x

Comfortably covers interest (16.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

0.9x

Attractive valuation — P/E 0.9

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

P/E vs Forward

+0.1

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

5.33%

Healthy income — 5.33% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+7.8%

Dividend growing modestly (7.8% YoY)

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