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Qube Holdings Limited
Industrials · Integrated Freight & Logistics
Updated 1 hour ago
$4.95
MARKET CAP
$8.76B
P/E RATIO
169.5
DIV. YIELD
2.3%
FRANKING
100%
Qube Holdings Limited, together with its subsidiaries, provides import and export logistics services in Australia, New Zealand, and Southeast Asia. It operates through two segments, Operating Division and Patrick.
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.
$1.26
For 6% dividend yield
Business quality and balance-sheet durability.
Short-term assets vs. short-term debts
Current ratio of 1.43 is below ideal 1.5. Adequate but limited cushion for unexpected expenses.
Current Snapshot
Current Ratio
1.43x
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 1.43x — it has $1.43 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
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
$-113M
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 $-113M 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
Consistency of profits over time
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
+223.1%
Debt Change
+359.7%
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 +223.1% across the displayed period, while debt changed by +359.7%.
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
1.53% yield is well below the 6% target. Not suitable for Barsi's income strategy.
Current Snapshot
6Y Avg Yield
1.5%
6% Requirement
6.0%
Gross Yield
2.2%
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 $0.08 and a share price of $4.95, the Barsi yield is 1.5%. The minimum requirement is 6%. Including franking credits, the gross yield is 2.2%.
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 |
|---|---|---|---|---|---|
| 3 Mar 2026Interim | 9 Apr 2026 | $0.08 | 100% | $0.05 | $0.02 |
| ~4 Sept 2026Est | ~14 Oct 2026 | ~$0.06 | 100% | ~$0.04 | $0.02 |
Highest price to lock in 6% yield
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
Integrated Freight & Logistics
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 Integrated Freight & Logistics (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
Sources
How much of a company's earnings are paid out as dividends
A 79% 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
78.8%
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
$0.10 dividend / $0.03 EPS equals 337.9% 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 79% 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
Qube Holdings Limited, together with its subsidiaries, provides import and export logistics services in Australia, New Zealand, and Southeast Asia. It operates through two segments, Operating Division and Patrick. The company offers logistics and infrastructure solutions, including containerised cargo and grain trading, as well as outsourced industrial logistics across the heavy transport, mobile crane, and renewable energy industries. It also provides import/export supply chain services, such as road and rail transport of containers to and from ports, operation of container parks, customs and quarantine services, warehousing, international freight forwarding, lifting services or equipment, bulk rail and containerised haulage storage, and handling of rural commodities, as well as operation of automotive and break-bulk, grain, intermodal, and regional rail terminals.
In addition, the company offers port logistics, such as processing and delivery of energy and forestry products, project, and general cargo; bulk logistics comprising mine-to-ship transport, stockpile management, and storage facilities; container sale, hire, modification, and stevedoring services. Further, it operates Australian Amalgamated terminals. The company was formerly known as Qube Logistics Holdings Limited and changed its name to Qube Holdings Limited in November 2012. Qube Holdings Limited was incorporated in 2011 and is headquartered in Sydney, Australia.
Who owns the company's shares and how much leadership has at stake
Management's wealth moves with yours
Professional fund managers have done their homework and chosen to own this
Shares freely traded on the ASX by individual investors like you
A healthy mix — insiders hold 7.3% (they have skin in the game) and professional fund managers hold 59.5% (they’ve done their homework and like the business). This balance is a good sign for long-term investors.
Current Snapshot
Insider %
7.3%
Institutional %
59.5%
Float %
33.2%
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 7.3% and institutions own 59.5%, public float is 33.2%.
How to Interpret
Higher insider ownership can improve alignment of incentives, while dominant institutional concentration can amplify short-term price moves.
A healthy mix — insiders hold 7.3% (they have skin in the game) and professional fund managers hold 59.5% (they’ve done their homework and like the business). This balance is a good sign for long-term investors.
Sources
| Date | Insider | Type | Shares | Value |
|---|---|---|---|---|
| 20 Nov 2025 | Davies (Allan James) Former | Unknown | 4.0M | — |
| 29 Aug 2025 | Mccormack (Michael) Director (Non-Executive) | Purchase at price 2.72 per share. | 5K | $14K |
| 28 Aug 2025 | Mccormack (Michael) Director (Non-Executive) | Purchase at price 2.72 per share. | 20K | $54K |
| 27 Aug 2025 | Bevan (John Andrew) Director (Non-Executive) | Purchase at price 2.72 per share. | 24K | $65K |
| 27 Aug 2025 | Mccormack (Michael) Director (Non-Executive) | Purchase at price 2.73 per share. | 25K | $68K |
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 →
5.0% average is below the 6% threshold. This suggests the business may lack a durable competitive advantage.
Current Snapshot
10Y Avg
5.0%
Threshold
6.0%
Worst Year
1.7%
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 5.0%, meaning each $1 of shareholder equity generates $0.05 in annual profit. The threshold is 6%, and the worst single year was 1.7%.
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 5.0%, 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 7.5% 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
7.5%
Spread
-6.9pp
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 $0.03 and a share price of $4.95, earnings yield is 0.6%. 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.
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
10/10 positive EPS years demonstrates highly predictable earnings through multiple economic cycles.
Current Snapshot
Positive Years
10/10
Allowed Losses
1
EPS CAGR
-9.4%
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 10 of the last 10 years. The allowed loss tolerance for this industry is 1 year. EPS growth rate (CAGR) is -9.4%.
How to Interpret
Fewer loss years and stronger EPS continuity generally improve confidence in future dividend and valuation assumptions.
A perfect track record through multiple economic cycles means this company generates profits in good times and bad. Your dividend has a solid foundation.
Sources
How much earnings are consumed by capital expenditure
CapEx consumes 317% of cumulative earnings — above the 100% threshold. Expected for this capital-intensive sector.
Current Snapshot
10Y CapEx Intensity
317%
Threshold
100%
Buffer
-217%
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, 317% of this company's cumulative earnings were consumed by capital expenditure. The infrastructure & transport threshold is 100%, leaving a buffer of -217% (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 maintaining the business rather than rewarding shareholders. This is typical for this sector but limits dividend growth potential.
Sources
Percentage of revenue that becomes profit after all expenses
1.3% net margin is below the 15% threshold. May reflect this sector's structural characteristics.
Current Snapshot
Current Margin
1.3%
Threshold
15.0%
Relative Position
-13.7%
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 1.3% — it keeps 1 cents of every revenue dollar as profit after all expenses. The infrastructure & transport threshold is 15%, putting it 13.7% 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
| Ex-Date | Pay Date | Gross | Franking | Net | Credit |
|---|---|---|---|---|---|
| 15 Sept 2025Final | 14 Oct 2025 | $0.08 | 100% | $0.06 | $0.02 |
| 4 Mar 2025Interim | 10 Apr 2025 | $0.06 | 100% | $0.04 | $0.02 |
| 16 Sept 2024Final | 21 Oct 2024 | $0.07 | 100% | $0.05 | $0.02 |
| 5 Mar 2024Interim | 11 Apr 2024 | $0.06 | 100% | $0.04 | $0.02 |
| 18 Sept 2023Final | 17 Oct 2023 | $0.06 | 100% | $0.04 | $0.02 |
| 7 Mar 2023Interim | 13 Apr 2023 | $0.05 | 100% | $0.04 | $0.02 |
| 19 Sept 2022Final | 18 Oct 2022 | $0.06 | 100% | $0.04 | $0.02 |
| 8 Mar 2022Interim | 8 Apr 2022 | $0.04 | 100% | $0.03 | $0.01 |
| 21 Sept 2021Final | 22 Oct 2021 | $0.05 | 100% | $0.04 | $0.01 |
| 9 Mar 2021Interim | 8 Apr 2021 | $0.04 | 100% | $0.03 | $0.01 |
Excellent track record. 11 years of consistent dividends through multiple market cycles.
Current Snapshot
History
11yr
Predictability
Moderate
Payout Health
One-off event
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 11 years of dividend history (2016–2026). No suspensions detected — 11 consecutive years of payments. Predictability: Moderate. Payout health: One-off event. The minimum requirement is 6 years.
How to Interpret
Longer uninterrupted records generally signal stronger income reliability than high yield alone.
A 11-year track record through multiple economic cycles gives confidence your income will continue. This company has proven it prioritises shareholder returns.
Sources
Current price ($4.95) is 293% above the ceiling. Wait for a drop to lock in 6% yield.
Current Snapshot
Current Price
$4.95
Max Buy Price
$1.26
Delta
-292.9%
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 $4.95 and a ceiling of $1.26, the entry is 292.9% 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
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.
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