Aimia

AIM.TO

Financial - Diversified · Financial Services

Also trades as: 0UGP.L

Price

C$2.73

+0.01 (+0.55%)

Market Cap

C$241.8M

Exchange

Toronto Stock Exchange

Winston Score

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

Weak

Growth

Mixed

Cash Flow

Strong

Stability

Mixed

Valuation

Good

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Share count rising — dilution

+1.7% over 4y

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

Diluted shares outstanding: 90.9M (2021) → 92.4M (2025)

Winston Score History

The full picture

Aimia is a Canadian holding company that invests in other businesses. It used to run the Aeroplan loyalty rewards program, but sold that to Air Canada in 2019. Today it owns stakes in a small group of companies across different industries, acting more like an investment firm than a traditional operating business.

Aimia makes money through dividends, management fees, and the eventual sale of its investments. It is based in Montreal and is a small company with a market cap of around $200 million. Its portfolio approach gives it some diversification, but its competitive position depends heavily on the quality and performance of the businesses it chooses to invest in. The main challenge Aimia faces is deploying its capital into investments that generate strong enough returns to justify its holding company structure, which often trades at a discount to the value of its underlying assets.

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

-71.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+235.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

C$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

43.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~9 years

C$323M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

C$323M cash & investments at current burn rate

Revenue declining

Aimia'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

23.9%

Thin — 23.9% gross margin

Profit after running costs

Operating Margin

-5.8%

Losing money on operations — -5.8%

Return on the money invested

ROCE

2.8%

Weak — 2.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-40.2%

Shrinking sales (-40.2% YoY)

Profit growth

EPS YoY

N/A

Data not available

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

465%

Turns 465% of profit into real cash

Spare cash per sale

FCF Margin

2.1%

Thin free cash flow (2.1%)

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

0.38

Conservative — low debt load (0.38)

Covers its interest

Interest Cover

0.51x

Dangerous — barely covers interest (0.5x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

128.4x

Expensive — P/E 128.4

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+100.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (128.4 → 28.0)

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Dividends

Not applicable for this business.

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