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Stock

5N Plus

FPLSF
65
Chemicals - Specialty · Basic Materials
Price
$19.39
+1.95 (+11.18%)
Market Cap
$1.74B
Exchange
Other OTC
Winston Score
65
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Sep 4, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
Growth
Exceptional
Cash Flow
Weak
Stability
Strong
Valuation
Good

Share count rising — dilution

+8.7% over 4y

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

Diluted shares outstanding: 82.8M (2021) → 90.0M (2025)

§Winston Score History

The full picture

5N Plus is a Canadian company that produces ultra-high-purity metals and specialty semiconductors. Its key products include bismuth, selenium, tellurium, and compound semiconductor materials like cadmium telluride and gallium antimonide. These materials go into solar panels, medical imaging devices, space satellites, and other advanced electronics.

The company earns revenue by mining, refining, and recycling rare metals, then selling them or turning them into engineered semiconductor substrates for manufacturers. It operates facilities in Canada, Europe, and Asia, serving customers worldwide. 5N Plus holds a strong niche position as one of very few companies globally that can produce these materials at the extreme purity levels required by the renewable energy and healthcare industries. Growth is tied to expanding demand for thin-film solar energy and next-generation medical imaging, but the business faces risks from volatile commodity prices and its dependence on a small number of large customers.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+25.1% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+23.5% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$8M/ year

Rising (+29% vs prior year)

1.9% of revenue

Below sector average (3%)

R&D investment increasing — building for the future

Insider Activity

3.4%ownership

Relatively low insider ownership

Cash Runway

~22 months

$55M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Strong grower

5N Plus is growing revenue at 25% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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

Profit per sale
Gross Margin
26.6%
Modest — 26.6% gross margin
Profit after running costs
Operating Margin
22.5%
Excellent — 22.5% operating margin
Return on the money invested
ROCE
28.9%
Exceptional — 28.9% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+32.6%
Fast-growing sales (+32.6% YoY)
Profit growth
EPS YoY
+91.9%
Earnings growing fast (+91.9% YoY)

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

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
38%
Weak — only 38% of profit becomes cash
Spare cash per sale
FCF Margin
-1.1%
Burning cash (-1.1%)

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

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Stability

What it owes vs what it owns
Debt / Equity
0.34
Conservative — low debt load (0.34)
Covers its interest
Interest Cover
10.63x
Comfortably covers interest (10.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
27.8x
Growth-priced — P/E 27.8

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

Cheaper or dearer next year
P/E vs Forward
+5.7
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (27.8 → 22.1)

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Dividends

Not applicable for this business.
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