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Apotex Health

APTX.TO
59
Drug Manufacturers - Specialty & Generic · Healthcare
Price
C$33.87
+0.48 (+1.44%)
Market Cap
C$7.74B
Exchange
Toronto Stock Exchange
Winston Score
59
Winston is curious
A decent business — some strong pillars, some weaker.
Based on the IPO prospectus (annual filing). This score will refine automatically once the company reports its first quarters.
Data as of Aug 23, 2026
How the score breaks down
Quality
Exceptional
Growth
Mixed
Cash Flow
Exceptional
Stability
Weak
Valuation
Mixed

Share count rising — dilution

+1.4% over 2y

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

Diluted shares outstanding: 228.5M (2024) → 231.7M (2026)

Winston Score History

The full picture

Apotex Health Corp. is a Canadian pharmaceutical company that makes generic medicines — copies of brand-name drugs that cost less for patients and hospitals. It sells thousands of different medications, including pills, capsules, and injectable drugs, to pharmacies, hospitals, and healthcare systems mainly across Canada and internationally. Apotex is one of the largest generic drug manufacturers in Canada and among the bigger generic producers in the world.

The company earns money by manufacturing and selling these generic drugs at scale, keeping costs low while charging less than brand-name competitors. It operates primarily in Canada but also distributes products to markets in the United States, Europe, and other regions. Its competitive advantage comes from its large manufacturing capacity, broad product portfolio, and established relationships with pharmacy chains and healthcare buyers. The main risk Apotex faces is pricing pressure, as the generic drug industry is highly competitive and governments frequently push to lower drug reimbursement rates, which can squeeze profit margins over time.

Growth Profile

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

R&D Spend

C$163M/ year

Declining (-25% vs prior year)

4.7% of revenue

Below sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

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
55.6%
no trend
Premium pricing power — 55.6% gross margin
Profit after running costs
Operating Margin
22.5%
no trend
Excellent — 22.5% operating margin
Return on the money invested
ROCE
33.0%
no trend
Exceptional — 33.0% 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
+4.2%
no trend
Slow sales growth (+4.2% YoY)
Profit growth
EPS YoY
+143.9%
no trend
Earnings growing fast (+143.9% YoY)

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

How steady the profit is
EPS Consistency
N/A
no trend
Data not available

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Cash Flow

Profit that turns into cash
Cash Conversion
171%
no trend
Turns 171% of profit into real cash
Spare cash per sale
FCF Margin
13.1%
no trend
Converts sales into free cash efficiently (13.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
no trend
Data not available
Covers its interest
Interest Cover
3.24x
no trend
Tight — interest eats into profit (3.2x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
21.0x
no trend
Growth-priced — P/E 21.0

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

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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