AbCellera Biologics

ABCL

Biotechnology · Healthcare

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Winston Score History

The full picture

AbCellera is a Canadian biotechnology company that helps other drug companies find and develop antibody-based medicines. It uses advanced technology — including AI, robotics, and large databases of immune cells — to rapidly search through millions of antibodies and identify the best candidates for treating diseases. Its main customers are large pharmaceutical and biotech companies that pay AbCellera to help them discover new drugs faster than they could on their own.

AbCellera makes money primarily through research fees, milestone payments, and royalties on drugs that its partners successfully develop and sell. It operates mainly in North America and has a partnership with Eli Lilly that generated significant royalty revenue from the COVID-19 antibody treatment bamlanivimab. The company's moat comes from its proprietary technology platform and deep antibody database, but with COVID-related royalties fading and heavy investment in its own drug pipeline, AbCellera is currently spending far more than it earns — making its path to profitability the central challenge ahead.

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

-76.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-50.0% YoY

YoY Growth Rate

Earnings declining

Insider Activity

32.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~4 years

$605M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$605M cash & investments at current burn rate

Revenue declining

AbCellera Biologics's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

-1550.0%

Losing money on operations — -1550.0%

Return on the money invested

ROCE

-25.1%

Weak — -25.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+101.3%

Fast-growing sales (+101.3% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-271.2%

Burning cash (-271.2%)

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

N/A

Data not available

Covers its interest

Interest Cover

N/A

—

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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