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Fitzroy River Corporation Limited
Energy · Oil & Gas E&P
Updated 18 hours ago
$0.30
MARKET CAP
$32.39M
P/E RATIO
—
DIV. YIELD
—
FRANKING
100%
Fitzroy River Corporation Limited, an oil and gas mineral investment holding company, manages resources-based royalties and equity investments in Australia, New Zealand, and the Gulf of Mexico.
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.
Business quality and balance-sheet durability.
Real cash left after running the business
Positive cash generation. Company produces real cash after capital expenditures - can fund dividends, buybacks, or growth.
Current Snapshot
Current FCF
$198,552
Pass Rule
> $0
Status
Positive
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 $198,552 in free cash flow — cash left after operating costs and capital expenditure. Positive FCF means dividends are funded by real cash generation.
How to Interpret
Persistently negative free cash flow can force reliance on borrowing or equity issuance to maintain payouts.
Positive cash flow means dividends are funded by actual money, not accounting profits. As Buffett says, "Cash is fact, profit is opinion." Your income is backed by real cash generation.
Sources
Short-term assets vs. short-term debts
Profit generated per $1 of shareholder investment
Price versus estimated intrinsic value and required return thresholds.
What percentage of the stock price comes back as earnings each year
Consistency of profits over time
Is the business growing, flat, or declining over time?
Revenue has grown 1162% over 10 years — a sign of expanding market share or effective pricing power. Growing revenue supports dividend sustainability.
Current Snapshot
Revenue Change
+1161.6%
Debt Change
N/A
Trend State
Improving
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 +1161.6% across the displayed period.
How to Interpret
Rising revenue with stable or falling debt is typically stronger than rising revenue funded by rapidly rising leverage.
Revenue has grown 1162% over 10 years — a sign of expanding market share or effective pricing power. Growing revenue supports dividend sustainability.
Sources
Annual dividends as percentage of stock price
Fitzroy River Corporation Limited, an oil and gas mineral investment holding company, manages resources-based royalties and equity investments in Australia, New Zealand, and the Gulf of Mexico. Its royalty portfolio includes oil and gas, gold, and silver properties. The company was formerly known as European Gas Limited and changed its name to Fitzroy River Corporation Limited in December 2012. Fitzroy River Corporation Limited was incorporated in 1996 and is based in Gwelup, 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 (52.3%). 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 %
52.3%
Institutional %
24.4%
Float %
23.3%
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 52.3% and institutions own 24.4%, public float is 23.3%.
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 (52.3%). 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
Both value and dividend analyses 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 →
Current ratio of 1.08 is below ideal 1.5. Adequate but limited cushion for unexpected expenses.
Current Snapshot
Current Ratio
1.08x
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 1.08x — it has $1.08 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
-5.4% average is below the 12% threshold. This suggests the business may lack a durable competitive advantage.
Current Snapshot
10Y Avg
-5.4%
Threshold
12.0%
Worst Year
-46.9%
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 -5.4%, meaning each $1 of shareholder equity generates $-0.05 in annual profit. The threshold is 12%, and the worst single year was -46.9%.
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 -5.4%, this business needs more capital to generate the same returns as competitors. Consider whether other strengths (yield, stability) compensate for weaker profitability.
Sources
-0.6% earnings yield is below the 8.5% threshold. You'd earn nearly as much from safer government bonds, which means the extra risk of owning shares isn't being compensated.
Current Snapshot
Current Yield
-0.6%
Required Yield
8.5%
Spread
-9.1pp
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 $-0.00 and a share price of $0.30, earnings yield is -0.6%. The required yield for this industry is 8.5% (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.
Returns don't justify the added risk compared to safe bonds. Consider whether the dividend yield alone compensates, or wait for a better price.
Sources
Cyclical business - earnings naturally fluctuate with commodity prices. Focus on dividend consistency instead.
Current Snapshot
Positive Years
4/11
Allowed Losses
0
EPS CAGR
-36.6%
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 4 of the last 11 years, with 5 loss years. The allowed loss tolerance for this industry is 0 years. EPS growth rate (CAGR) is -36.6%.
How to Interpret
Fewer loss years and stronger EPS continuity generally improve confidence in future dividend and valuation assumptions.
Cyclical businesses have volatile earnings tied to commodity prices. For these companies, dividend track record is more telling than earnings consistency.
Sources
Percentage of revenue that becomes profit after all expenses
-33.9% net margin is below the 10% threshold. May reflect this sector's structural characteristics.
Current Snapshot
Current Margin
-33.9%
Threshold
10.0%
Relative Position
-43.9%
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 -33.9% — it keeps -34 cents of every revenue dollar as profit after all expenses. The energy (oil & gas) threshold is 10%, putting it 43.9% below the requirement.
How to Interpret
Margins that are both strong and stable can indicate competitive strength; persistent weakness may limit reinvestment and payout capacity.
Lower margins in this sector are common, but they leave less cushion if costs rise or revenue drops. Monitor whether margins are stable over time — consistency matters more than the absolute level.
Sources
Insufficient dividend history. Barsi methodology requires 6 years of data to calculate average yield.
Current Snapshot
6Y Avg Yield
N/A
6% Requirement
6.0%
Gross Yield
N/A
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
If annual dividends are $0.60 and the share price is $10, dividend yield is 6.0%.
How to Interpret
Higher sustainable yield improves upfront income, but unusually high yields may reflect elevated risk or weak coverage.
Without 6 years of dividend history, we can't assess whether the yield is sustainable or a one-time spike. More data is needed to evaluate income potential.
Sources
Track record of consistent dividend payments
| Ex-Date | Pay Date | Gross | Franking | Net | Credit |
|---|---|---|---|---|---|
| 15 Oct 2026Final | 21 Oct 2026 | $0.07 | 100% | $0.05 | $0.02 |
| Ex-Date | Pay Date | Gross | Franking | Net | Credit |
|---|---|---|---|---|---|
| 5 May 2025Final | 2 June 2025 | $0.02 | 0% | $0.02 | $0.00 |
| 14 Dec 2022Interim | 23 Dec 2022 | $0.01 | 100% | $0.01 | $0.00 |
Only 3 years of dividend history available. Barsi methodology requires 6+ years to evaluate consistency.
Current Snapshot
History
3yr
Predictability
N/A
Payout Health
N/A
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 3 years of dividend history (2022–2026). No suspensions detected — 3 consecutive years of payments. Predictability: N/A. Payout health: N/A. The minimum requirement is 6 years.
How to Interpret
Longer uninterrupted records generally signal stronger income reliability than high yield alone.
Without 6 years of history, we can't verify this company maintained dividends through economic cycles. Longer track records provide confidence your income will continue.
Sources
Industry category of the business
Energy is an essential service sector with stable, predictable cash flows - ideal for dividend investing.
Current Snapshot
Industry
Oil & Gas E&P
BESST Match
Yes
Score Impact
+3 points
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 Oil & Gas E&P (Energy sector). It matches the Energy category — an essential service sector with stable demand, earning a +3 point scoring advantage.
How to Interpret
BESST alignment is a positive context signal. Non-BESST stocks can still qualify with strong yield and dividend consistency.
Essential services maintain demand regardless of economic conditions - people always need electricity, banking, and telecommunications. Your income is protected by inelastic demand.
Sources
How much of a company's earnings are paid out as dividends
Payout ratio data is limited. Without this metric, it’s harder to assess whether dividends are sustainable relative to earnings.
Current Snapshot
Latest Ratio
N/A
Healthy Range
30%-75%
Zone
N/A
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
$0.01 dividend / $0.01 EPS equals 63.3% 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.
Payout ratio data is limited. Without this metric, it’s harder to assess whether dividends are sustainable relative to earnings.
Sources
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