Westpac Banking Corporation

WBC.NZ

Banks - Diversified · Financial Services

Exchange

New Zealand Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

Westpac Banking Corporation is one of Australia's four major banks, offering everyday banking services like savings accounts, home loans, credit cards, and business loans. It serves millions of individual customers, small businesses, and large corporations across Australia and New Zealand. Founded in 1817, it is one of the oldest banks in the Southern Hemisphere and operates well-known brands including St.George, Bank of Melbourne, and BankSA.

Westpac makes money primarily by charging interest on loans at a higher rate than it pays on deposits — a model called net interest income — plus fees for banking services and wealth management products. It operates mainly in Australia and New Zealand, with a market cap above $155 billion making it one of the largest financial institutions in the region. Its main competitive advantage is its scale and established customer relationships, though rising competition from digital-only banks and ongoing pressure on interest margins remain key risks to earnings growth.

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

+419.3% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+110.6% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

0.1%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$1.1T cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue accelerating

Westpac Banking Corporation grew revenue 419% 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

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Bank Quality

Not applicable for this business.

Growth

Sales YoY

+247.9%

Fast-growing sales (+247.9% YoY)

EPS YoY

+35.4%

Earnings growing fast (+35.4% YoY)

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

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Capital Strength

Not applicable for this business.

Asset Quality

Not applicable for this business.

Valuation

P/E Ratio (TTM)

22.9x

no trend

Growth-priced — P/E 22.9

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+2.9

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

4.06%

no trend

Healthy income — 4.06% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+12.7%

no trend

Dividend growing fast (12.7% YoY)

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