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ADENTRA

ADEN.TO
46
Industrial - Distribution · Industrials
Price
C$36.95
+0.10 (+0.27%)
Market Cap
C$895.9M
Exchange
Toronto Stock Exchange
Winston Score
46
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Mixed
Cash Flow
Strong
Stability
Good
Valuation
Good
Dividends
Mixed
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Share count rising — dilution

+16.8% over 4y

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

Diluted shares outstanding: 21.6M (2021) → 25.2M (2025)

Winston Score History

The full picture

ADENTRA Inc. is a Canadian distributor of architectural building products, selling things like hardwood, doors, windows, mouldings, and panels. Its main customers are homebuilders, renovation contractors, and millwork shops across North America. The company has grown largely through acquisitions and is one of the larger specialty building products distributors in Canada and the United States.

ADENTRA makes money by buying building materials from manufacturers and reselling them at a markup to its trade customers, earning a spread on each transaction. It operates across dozens of distribution centers in Canada and the US, giving it broad geographic reach that smaller regional competitors struggle to match. The business is closely tied to residential construction and renovation activity, so a prolonged slowdown in housing starts or rising interest rates that cool the housing market represent the key risks to its revenue and margins.

Growth Profile

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

Revenue Growth

-1.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+6.7% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

4.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$27M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

ADENTRA'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
18.8%
Thin — 18.8% gross margin
Profit after running costs
Operating Margin
7.0%
Modest — 7.0% operating margin
Return on the money invested
ROCE
9.0%
Below par — 9.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+1.4%
Nearly flat sales (+1.4% YoY)
Profit growth
EPS YoY
+52.8%
Earnings growing fast (+52.8% YoY)

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

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
235%
Turns 235% of profit into real cash
Spare cash per sale
FCF Margin
6.5%
Modest free cash flow (6.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.60
Conservative — low debt load (0.60)
Covers its interest
Interest Cover
2.27x
Tight — interest eats into profit (2.3x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
9.6x
Attractive valuation — P/E 9.6

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
-0.8
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
1.73%
Small dividend — 1.73% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+6.7%
Dividend growing modestly (6.7% YoY)

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