Stella X Public Company Limited

STELLA.BK

Real Estate - Development · Real Estate

Price

0.26 THB

-0.01 (-3.70%)

Market Cap

5.66B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Jul 25, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+87.4% over 4y

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

Diluted shares outstanding: 7.85B (2021) → 14.71B (2025)

Stella X Public Company Limited is a Thai real estate developer listed on the Stock Exchange of Thailand. The company focuses on residential and mixed-use property development, targeting homebuyers and investors in Thailand's domestic property market. It operates within Thailand's broader real estate sector, which includes housing projects, condominiums, and related development activities.

The company generates revenue primarily through property sales, meaning it builds and sells homes or units to buyers rather than collecting ongoing rent or subscriptions. Based on its current financials, Stella X is operating at a significant loss, with negative gross and operating margins, suggesting it is spending more than it earns from its projects. The main risk facing the company is its weak financial performance — negative returns on capital and deep operating losses indicate it must either improve project profitability or secure additional funding to remain viable in Thailand's competitive and interest-rate-sensitive property market.

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

-25.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+56.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

79.4%ownership

Insiders own a meaningful stake in the company

Cash Runway

~4 years

$7.1B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$7.1B cash & investments at current burn rate

Revenue declining

Stella X Public Company Limited'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

Every number that matters to educated investors.

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Quality

Gross Margin

9.9%

Thin — 9.9% gross margin

Operating Margin

-69.6%

Losing money on operations — -69.6%

ROCE

-0.9%

Weak — -0.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+6.6%

Slow sales growth (6.6% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-114.6%

Burning cash (-114.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.81

Moderate — manageable debt (0.81)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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