PT Wintermar Offshore Marine Tbk

WINS.JK

Marine Shipping · Industrials

Price

510.00 IDR

+5.00 (+0.99%)

Market Cap

2.28T IDR

Exchange

Indonesia Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Jul 26, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+1.4% over 4y

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

Diluted shares outstanding: 4.37B (2021) → 4.44B (2025)

PT Wintermar Offshore Marine Tbk is an Indonesian company that provides ships and marine support services to the oil and gas industry. It owns and operates a fleet of offshore support vessels — including anchor handling tugs, platform supply vessels, and crew boats — that help oil companies move equipment, supplies, and workers to and from offshore drilling platforms. The company mainly serves energy companies operating in Indonesian and Southeast Asian waters.

Wintermar earns money by chartering out its vessels under contracts, meaning customers pay a daily or monthly rate to use the ships. The company is based in Jakarta and operates primarily across Indonesian waters, with some regional exposure in Southeast Asia. Its competitive position comes from its established local presence, relationships with major oil and gas operators, and its Indonesian-flagged fleet, which benefits from cabotage rules that limit foreign vessel competition. The main risk is that demand for its services closely follows oil and gas exploration activity, making revenue vulnerable to swings in energy prices.

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

+47.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+175.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

49.4%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$77M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

PT Wintermar Offshore Marine Tbk grew revenue 48% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

53.6%

Healthy — 53.6% gross margin

Operating Margin

42.3%

Excellent — 42.3% operating margin

ROCE

4.8%

Weak — 4.8% 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

+10.3%

Steady sales growth (10.3% YoY)

EPS YoY

+6.0%

Modest earnings growth (6.0% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

159%

Turns 159% of profit into real cash

FCF Margin

2.0%

Thin free cash flow (2.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.23

Conservative — low debt load (0.23)

Interest Cover

0.00x

Dangerous — barely covers interest (0.0x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

5.4x

Attractive valuation — P/E 5.4

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

1.36%

Small dividend — 1.36% yield

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

Dividend Growth

N/A

Data not available

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