Pro Medicus Limited (PMCUF) Stock Analysis & Winston Score

Pro Medicus is an Australian healthcare technology company that makes software for reading and sharing medical images like X-rays, CT scans, and MRIs. Its main product, Visage 7, is used by radiologists and doctors at large hospitals and health systems, primarily in the United States, Australia, and Europe. The company is one of the leading providers of radiology imaging software in the world.

Pro Medicus makes money by charging hospitals long-term subscription contracts, typically priced per scan processed through its platform. It operates mainly in the US, which drives the majority of its revenue, and has a strong competitive position because switching imaging software is expensive and disruptive for hospitals. The company's key growth driver is continued contract wins at large US academic medical centers and health systems, though its high valuation means any slowdown in new contract signings could put significant pressure on the stock.

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

+32.5% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+38.6% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$6M/ year

↓ Declining (-19% vs prior year)

2.9% of revenue

Below sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

49.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$217M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Strong grower

Pro Medicus Limited is growing revenue at 32% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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

+0.1% over 4y

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

Diluted shares outstanding: 104.6M (2021) → 104.6M (2025)

Score breakdown

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Quality

Gross Margin

79.8%

Premium pricing power — 79.8% gross margin

Operating Margin

75.8%

Excellent — 75.8% operating margin

ROCE

34.2%

Exceptional — 34.2% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales YoY

+71.3%

Fast-growing sales (71.3% YoY)

EPS YoY

+174.1%

Earnings growing fast (174.1% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

71%

Modest — 71% of profit becomes cash

FCF Margin

55.7%

Converts sales into free cash efficiently (55.7%)

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

N/A

Data not available

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

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

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Valuation

P/E Ratio (TTM)

41.2x

Pricey — P/E 41.2

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

-23.8

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

0.30%

Small dividend — 0.30% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+84.4%

Dividend growing fast (84.4% YoY)

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