Loading page content, please wait.
Acrow Limited
Industrials · Engineering & Construction
Updated just now
$0.87
ACF has red flags on value, has red flags on dividends — see the full breakdown
This is your last free analysis. Sign in for 10 free analyses a day — no credit card required.
Acrow Limited provides smart integrated construction systems across formwork, industrial services, and commercial scaffolding in Australia. The company offers formwork, including slim-lite and slim-max soldiers, acrowall-60, acrowall-80, and single sided A-frames; falsework and shoring products comprising decks, flex decks, props, GASS, Powershore 30, Powershore 150, and v-shore; and specialized systems, such as screens, jumpform, universal soldier systems, bridge brackets, adjustable loading platforms, and modular hanging stairs.
View full descriptionThe Warsi Rating combines two proven approaches: value investing principles and dividend strategy. A stock must score 70+ on both to be rated Solid or higher.
MARKET CAP
$271.06M
P/E RATIO
11.7
DIV. YIELD
5.8%
FRANKING
100%
$0.60
For 6% dividend yield
Business quality and balance-sheet durability.
Profit after production costs, before overhead
Is the business growing — and is debt being managed responsibly?
Revenue and debt both growing — check whether debt is funding productive growth or covering shortfalls. Sustainable dividends require revenue to outpace debt over time.
Current Snapshot
Revenue Change
+71.6%
Debt Change
+168.0%
Trend State
Mixed
Why It Matters
Revenue trend shows whether the business is expanding or contracting. Debt trend adds context on whether growth is being funded conservatively.
Formula
Revenue Change (%) = (Latest Revenue - Earliest Revenue) / |Earliest Revenue| x 100; Debt Change (%) = (Latest Debt - Earliest Debt) / |Earliest Debt| x 100Method
Map annual revenue history and, where relevant, annual debt history. For financial companies, debt is excluded because deposits and reserves distort this signal.
Worked Example
Revenue changed by +71.6% across the displayed period, while debt changed by +168.0%.
How to Interpret
Rising revenue with stable or falling debt is typically stronger than rising revenue funded by rapidly rising leverage.
Revenue and debt both growing — check whether debt is funding productive growth or covering shortfalls. Sustainable dividends require revenue to outpace debt over time.
Sources
Annual dividends as percentage of stock price
Acrow Limited provides smart integrated construction systems across formwork, industrial services, and commercial scaffolding in Australia. The company offers formwork, including slim-lite and slim-max soldiers, acrowall-60, acrowall-80, and single sided A-frames; falsework and shoring products comprising decks, flex decks, props, GASS, Powershore 30, Powershore 150, and v-shore; and specialized systems, such as screens, jumpform, universal soldier systems, bridge brackets, adjustable loading platforms, and modular hanging stairs. It also provides scaffolding, Quickstage, SuperCuplok, Uni-ring, and Ringlock; timbers and plies, props, and containments; and accessories and other products. In addition, the company offers equipment hire, labor, and cartage services.
It serves the construction industry in the residential, commercial, civil, and industrial sectors. The company was formerly known as Acrow Formwork and Construction Services Limited and changed its name to Acrow Limited in November 2023. Acrow Limited was founded in 1936 and is based in Revesby, Australia.
Who owns the company's shares and how much leadership has at stake
When leaders own 20%+, they win when you win and lose when you lose
A handful of professional investors are watching
Shares freely traded on the ASX by individual investors like you
The people running this company own a large chunk of it (22.3%). When leadership has their own money on the line, they tend to make decisions that benefit all shareholders — not just their salary. Professional fund managers also hold shares, which is a vote of confidence in the business.
Current Snapshot
Insider %
22.3%
Institutional %
20.0%
Float %
57.7%
Why It Matters
Ownership mix affects governance incentives, liquidity, and share-price behaviour under large portfolio rebalancing flows.
Formula
Public Float (%) = 100 - Insider Ownership (%) - Institutional Ownership (%)Method
Use reported ownership percentages, convert to percentage terms, and compute remaining public float as the residual.
Worked Example
If insiders own 22.3% and institutions own 20.0%, public float is 57.7%.
How to Interpret
Higher insider ownership can improve alignment of incentives, while dominant institutional concentration can amplify short-term price moves.
The people running this company own a large chunk of it (22.3%). When leadership has their own money on the line, they tend to make decisions that benefit all shareholders — not just their salary. Professional fund managers also hold shares, which is a vote of confidence in the business.
Sources
| Date | Insider | Type | Shares | Value |
|---|---|---|---|---|
| 17 Mar 2026 | Lancken (Peter) Non Executive Chairman | Purchase at price 0.62 per share. | 100K | $62K |
| 20 Nov 2025 | Heale (Rod) Director (Non-Executive) | Unknown | 95K | — |
| 20 Nov 2025 | Lancken (Peter) Non Executive Chairman | Unknown | 64K | — |
| 19 Nov 2025 | Boland (Steven) Chief Executive Officer | Purchase at price 0.67 per share. | 37K | $25K |
| 20 Oct 2025 | Boland (Steven) Chief Executive Officer | Unknown | 321K | — |
Company insiders have been net buyers of shares over the past 12 months. This may indicate management confidence in future prospects.
Value analysis may be affected by missing data.
Market data sourced from third-party financial data providers. Analysis generated using Warsi Criteria — proprietary scoring algorithms for value investing and dividend income analysis. Not financial advice. Learn how we analyse stocks →
Exceptional 82.1% margins indicate strong pricing power and brand value.
Current Snapshot
10Y Avg
82.1%
Threshold
40%
Worst Year
77.5%
Why It Matters
Gross margin indicates how much room a business has to absorb costs and still generate profit.
Formula
(Revenue - Cost of Goods Sold) / Revenue x 100Method
Assess both the long-term average and the weakest year. The framework checks for both level and consistency.
Worked Example
This company's 4-year average gross margin is 82.1% — it keeps 82 cents of every revenue dollar after production costs. The threshold is 40%, and the weakest year was 77.5%.
How to Interpret
Sustained high margins usually support durability. Sharp margin swings can signal weaker control or cyclical pressure.
Exceptional margins mean the company has strong pricing power - customers pay premium prices even when cheaper alternatives exist. This buffer protects profits (and dividends) even if costs rise.
Sources
Short-term assets vs. short-term debts
Current ratio of 1.07 is below ideal 1.5. Adequate but limited cushion for unexpected expenses.
Current Snapshot
Current Ratio
1.07x
Warning Floor
1.00x
Target
1.50x
Why It Matters
Liquidity supports operational stability. Companies with weak liquidity can face pressure even when long-term fundamentals are sound.
Formula
Current Assets / Current LiabilitiesMethod
Compare the current ratio to the warning floor and target level used in the framework.
Worked Example
This company's current ratio is 1.07x — it has $1.07 in short-term assets for every $1 of short-term liabilities. The target is 1.5x, with a warning floor at 1.0x.
How to Interpret
Ratios above the target suggest healthier short-term resilience; ratios below 1.0x can indicate immediate funding risk.
Limited liquidity increases the risk of dividend cuts if cash flow becomes stressed during a downturn. There's less buffer to absorb surprises.
Sources
Profit generated per $1 of shareholder investment
-7.7% average is below the 15% threshold. This suggests the business may lack a durable competitive advantage.
Current Snapshot
10Y Avg
-7.7%
Threshold
15.0%
Worst Year
-131.5%
Why It Matters
ROE shows how effectively management turns shareholder capital into profit. High and stable ROE can signal pricing power, cost discipline, or both.
Formula
Net Income / Shareholders' Equity x 100Method
Use the 10-year average ROE and review the weakest year to check whether returns stayed resilient across cycles.
Worked Example
This company's 10-year average ROE is -7.7%, meaning each $1 of shareholder equity generates $-0.08 in annual profit. The threshold is 15%, and the worst single year was -131.5%.
How to Interpret
Higher and steadier ROE generally supports stronger long-term compounding. Large drawdowns in weak years can point to fragility.
Lower ROE means your investment compounds more slowly. At -7.7%, this business needs more capital to generate the same returns as competitors. Consider whether other strengths (yield, stability) compensate for weaker profitability.
Sources
How much the company owes vs. what it owns
Debt-to-equity of 1.15 is 1.2x over Buffett's limit. High leverage increases risk during downturns.
Current Snapshot
Current D/E
1.15x
Industry Limit
1.00x
Headroom
-0.15x
Why It Matters
Debt-to-equity shows balance-sheet risk. Lower leverage usually means more flexibility when earnings soften.
Formula
Total Debt / Shareholders' EquityMethod
Compare current D/E against the industry threshold used in the scoring framework, then assess remaining headroom.
Worked Example
This company's D/E is 1.15, meaning it carries 115 cents of debt for every $1 of equity. The industrials & services limit is 1.00, leaving it 0.15 over the limit.
How to Interpret
Lower values generally imply lower refinancing pressure and lower dividend stress in downturns.
High debt means interest payments come before dividends. During recessions, heavily indebted companies often cut dividends first to preserve cash. This adds risk to your income stream.
Sources
Real cash left after running the business
Negative free cash flow means the company is consuming cash. May need to raise debt or equity to fund operations.
Current Snapshot
Current FCF
$-18M
Pass Rule
> $0
Status
Negative
Why It Matters
Free cash flow is the cash available after core operating and capital needs. It is central to dividend capacity.
Formula
Operating Cash Flow - Capital ExpendituresMethod
Review whether free cash flow is consistently positive and whether it is sufficient relative to dividends and debt needs.
Worked Example
This company generated $-18M in free cash flow — cash left after operating costs and capital expenditure. Negative FCF means the company is consuming more cash than it generates.
How to Interpret
Persistently negative free cash flow can force reliance on borrowing or equity issuance to maintain payouts.
Negative cash flow means dividends may require borrowing - an unsustainable situation. The company is spending more cash than it generates, which can't continue indefinitely.
Sources
Price versus estimated intrinsic value and required return thresholds.
What percentage of the stock price comes back as earnings each year
8.5% earnings yield exceeds the 7.5% threshold, meaning you're well compensated for owning shares instead of bonds.
Current Snapshot
Current Yield
8.5%
Required Yield
7.5%
Spread
+1.0pp
Why It Matters
Earnings yield reframes valuation as return on price paid. It helps compare equity earnings power against lower-risk alternatives.
Formula
(Earnings per Share / Stock Price) x 100Method
Calculate current earnings yield, then compare it to the required yield for the stock's industry setting.
Worked Example
With EPS of $0.07 and a share price of $0.87, earnings yield is 8.5%. The required yield for this industry is 7.5% (based on 4.5% government bond rate plus a risk premium).
How to Interpret
A yield above the required level suggests better valuation support; below it indicates thinner compensation for equity risk.
You're getting a fair return for the risk of owning shares instead of safe bonds. The earnings power justifies the price you're paying.
Sources
Years of earnings needed to retire all long-term debt
Could pay off long-term debt in 3.8 years — within the 5-year threshold but approaching the limit.
Current Snapshot
Payoff Years
3.8yr
Target Years
5yr
Gap
+1.2yr
Why It Matters
Debt payoff years converts leverage into an intuitive time measure, making debt burden easier to compare across stocks.
Formula
Long-Term Debt / Average Net Income (3yr)Method
Use current long-term debt and the 3-year average net income to smooth one-off profit noise.
Worked Example
With $91M in long-term debt and $24M in average annual earnings (3yr), it would take 3.8 years of earnings to pay off all debt. The industrials & services threshold is 5 years.
How to Interpret
Lower values generally indicate stronger debt capacity. Very high values can constrain dividend resilience.
Debt is serviceable from earnings, but with limited headroom. An earnings dip could push this metric above the threshold — monitor debt levels and profitability trends.
Sources
Percentage of revenue that becomes profit after all expenses
How efficiently the company turns money into profit
Consistency of profits over time
How much earnings are consumed by capital expenditure
4.16% yield is well below the 6% target. Not suitable for Barsi's income strategy.
Current Snapshot
6Y Avg Yield
4.2%
6% Requirement
6.0%
Gross Yield
5.9%
Why It Matters
Yield translates dividend income into a percentage of the price paid, which is central to income-first screening.
Formula
Annual Dividends per Share / Stock Price x 100Method
Use the 6-year average annual dividend for consistency and compare the result with the 6% framework requirement.
Worked Example
With a 6-year average annual dividend of $0.04 and a share price of $0.87, the Barsi yield is 4.2%. The minimum requirement is 6%. Including franking credits, the gross yield is 5.9%.
How to Interpret
Higher sustainable yield improves upfront income, but unusually high yields may reflect elevated risk or weak coverage.
Low yield means you need significant capital to generate meaningful income. Barsi's strategy focuses on stocks that provide substantial cash flow from day one.
Sources
Track record of consistent dividend payments
| Ex-Date | Pay Date | Gross | Franking | Net | Credit |
|---|---|---|---|---|---|
| ~1 May 2026Est | ~27 May 2026 | ~$0.02 | 0% | ~$0.02 | $0.00 |
| ~2 Nov 2026Est | ~27 Nov 2026 | ~$0.02 | 0% | ~$0.02 | $0.00 |
| Ex-Date | Pay Date | Gross | Franking | Net | Credit |
|---|---|---|---|---|---|
| 30 Oct 2025Final | 27 Nov 2025 | $0.03 | 0% | $0.03 | $0.00 |
| 29 Apr 2025Interim | 27 May 2025 | $0.03 | 0% | $0.03 | $0.00 |
| 30 Oct 2024Final | 27 Nov 2024 | $0.03 | 0% | $0.03 | $0.00 |
| 29 Apr 2024Interim | 27 May 2024 | $0.03 | 0% | $0.03 | $0.00 |
| 26 Oct 2023Final | 23 Nov 2023 | $0.03 | 0% | $0.03 | $0.00 |
| 27 Apr 2023Interim | 25 May 2023 | $0.02 | 0% | $0.02 | $0.00 |
| 27 Oct 2022Final | 24 Nov 2022 | $0.01 | 0% | $0.01 | $0.00 |
| 28 Apr 2022Interim | 26 May 2022 | $0.01 | 0% | $0.01 | $0.00 |
| 3 Nov 2021Final | 1 Dec 2021 | $0.01 | 0% | $0.01 | $0.00 |
| 22 Apr 2021Interim | 20 May 2021 | $0.01 | 0% | $0.01 | $0.00 |
8 years of consistent dividends meets Barsi's 6-year minimum requirement.
Current Snapshot
History
8yr
Predictability
Variable
Payout Health
Elevated
Why It Matters
Payment consistency is a direct test of dividend reliability. Large cuts or skips often appear before confidence recovers.
Formula
Consecutive Years = count of years with dividend payments and no disqualifying skip/cut eventsMethod
Require at least 6 years of history, then check for skipped years and large cuts, allowing approved systemic-event exceptions.
Worked Example
This company has 8 years of dividend history (2018–2025). No suspensions detected — 8 consecutive years of payments. Predictability: Variable. Payout health: Elevated. The minimum requirement is 6 years.
How to Interpret
Longer uninterrupted records generally signal stronger income reliability than high yield alone.
A consistent track record through recent years gives confidence your income will continue. This company has shown commitment to shareholder returns.
Sources
Highest price to lock in 6% yield
Current price ($0.87) is 45% above the ceiling. Wait for a drop to lock in 6% yield.
Current Snapshot
Current Price
$0.87
Max Buy Price
$0.60
Delta
-45.0%
Why It Matters
The price ceiling links valuation discipline to income targets by defining the price that aligns with a 6% yield target.
Formula
6-Year Average Annual Dividend / 0.06Method
Use the 6-year average dividend (not one year) and divide by 0.06 to estimate the maximum entry price for target yield.
Worked Example
With a current price of $0.87 and a ceiling of $0.60, the entry is 45.0% above the ceiling.
How to Interpret
Prices below the ceiling imply a historical yield above 6%; prices above it imply a lower historical yield at entry.
At this price, you won't achieve Barsi's target 6% yield. Consider waiting for a pullback — market volatility often creates more favourable valuations for patient investors.
Sources
Industry category of the business
Industrials is not a BESST sector. Non-BESST stocks receive a lower base score but can still qualify with exceptional dividend metrics.
Current Snapshot
Industry
Engineering & Construction
BESST Match
No
Score Impact
No bonus
Why It Matters
Sector classification helps contextualise risk and demand durability, which can materially affect dividend stability.
Formula
BESST Match = Sector in {Banks, Energy, Sanitation, Insurance, Telecom}Method
Match company sector or industry against BESST categories. A match adds scoring support but does not replace core dividend checks.
Worked Example
This company operates in Engineering & Construction (Industrials sector). It does not match a BESST sector, so it receives the standard base score. Non-BESST stocks can still qualify with strong dividend metrics.
How to Interpret
BESST alignment is a positive context signal. Non-BESST stocks can still qualify with strong yield and dividend consistency.
Non-essential businesses face demand drops during recessions — discretionary spending is first to be cut. This increases cyclical risk for dividends, but companies with decades of consistent payments can still demonstrate durability.
Sources
How much of a company's earnings are paid out as dividends
A 90% payout means the company distributes most of its earnings as dividends — more income per share now, but less room for growth. Around 67% is often considered “normal” for established companies. This level feeds directly into the price ceiling calculation.
Current Snapshot
Latest Ratio
90.0%
Healthy Range
30%-75%
Zone
Elevated
Why It Matters
Payout ratio links dividends to earnings capacity and helps evaluate whether current distributions are likely to remain supportable.
Formula
Payout Ratio (%) = (Annual Dividend per Share / Earnings per Share) x 100Method
Calculate year-by-year payout ratios where EPS is positive, classify each year by sustainability zone, and compare with the current TTM ratio.
Worked Example
$0.06 dividend / $0.07 EPS equals 78.8% payout ratio.
How to Interpret
Ratios in the middle range are usually more sustainable than very high ratios. Values above 100% indicate dividends exceeded earnings in that period.
A 90% payout means the company distributes most of its earnings as dividends — more income per share now, but less room for growth. Around 67% is often considered “normal” for established companies. This level feeds directly into the price ceiling calculation.
Sources
9.6% net margin meets the 8% threshold but with limited buffer. A small cost increase could push it below.
Current Snapshot
Current Margin
9.6%
Threshold
8.0%
Relative Position
+1.6%
Why It Matters
Net income margin shows how much profit the business keeps from each dollar of revenue after all costs.
Formula
Net Income / Total Revenue x 100Method
Compare current margin with the industry-specific threshold to avoid cross-sector distortions.
Worked Example
This company's net income margin is 9.6% — it keeps 10 cents of every revenue dollar as profit after all expenses. The industrials & services threshold is 8%, putting it 1.6% above the requirement.
How to Interpret
Margins that are both strong and stable can indicate competitive strength; persistent weakness may limit reinvestment and payout capacity.
Margins clear the threshold but are on the lower end. Monitor for consistency — if costs rise or revenue softens, profitability could dip below acceptable levels.
Sources
9.8% ROIC is below the 11.0% threshold. Company may not be earning enough to justify the money invested in it.
Current Snapshot
5Y Avg
9.8%
Threshold
11.0%
WACC Delta
+0.8pp
Why It Matters
ROIC measures capital efficiency. Businesses that repeatedly earn above their funding cost can compound value more effectively.
Formula
After-Tax Operating Profit / Invested Capital x 100Method
Use the 5-year average ROIC and compare it with industry WACC plus the required spread in this framework.
Worked Example
This company's 5-year average ROIC is 9.8%, with a cost of capital (WACC) of 9.0%. The +0.8pp spread above WACC suggests it creates value on each dollar invested.
How to Interpret
A healthy spread above WACC suggests value creation; a narrow or negative spread points to weaker capital efficiency.
Returns below the cost of borrowing mean the business destroys value over time. This can erode the foundation that supports dividends — proceed with caution.
Sources
1 loss year(s) found with only 4 years of data. Limited data requires 100% positive EPS - industry exemptions don't apply.
Current Snapshot
Positive Years
9/4
Allowed Losses
0 (limited)
EPS CAGR
-21.4%
Why It Matters
Consistency in EPS helps distinguish resilient earnings power from one-off performance spikes.
Formula
Positive EPS Years / Available EPS YearsMethod
For 8+ years of data, apply industry-specific loss tolerance. For limited data, every available year must be positive.
Worked Example
This company reported positive earnings in 9 of the last 4 years, with 1 loss year. With only 4 years of data, every year must be positive. EPS growth rate (CAGR) is -21.4%.
How to Interpret
Fewer loss years and stronger EPS continuity generally improve confidence in future dividend and valuation assumptions.
Loss years signal unpredictable earnings. During loss periods, companies often cut dividends to preserve cash. Your income could be at risk in the next downturn.
Sources
CapEx consumes 179% of cumulative earnings — above the 50% threshold. This business requires heavy reinvestment just to maintain operations.
Current Snapshot
10Y CapEx Intensity
179%
Threshold
50%
Buffer
-129%
Why It Matters
CapEx intensity estimates how much of earnings must be reinvested just to sustain operations.
Formula
Cumulative CapEx (10yr) / Cumulative Net Income (10yr) x 100Method
Aggregate 10-year CapEx and net income, then compare the ratio with the sector threshold in the framework.
Worked Example
Over 10 years, 179% of this company's cumulative earnings were consumed by capital expenditure. The industrials & services threshold is 50%, leaving a buffer of -129% (over threshold).
How to Interpret
Lower ratios usually indicate better cash conversion. Higher ratios can reduce room for dividends and buybacks.
High capital intensity means most earnings go back into equipment and infrastructure rather than dividends or growth. Buffett prefers businesses like See's Candies that generate cash without needing much reinvestment.
Sources
Fleetwood Limited
Civmec Limited
Saunders International Limited
Southern Cross Electrical Engineering Limited
Service Stream Limited
Scroll to see more