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Arrow Exploration

AXL.V
80
Oil & Gas Exploration & Production · Energy
Price
C$0.68
-0.02 (-2.86%)
Market Cap
C$194.4M
Exchange
Toronto Stock Exchange Ventures
Winston Score
80
Winston is happy
A high-quality business with solid fundamentals.
Data as of Sep 15, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Exceptional
Growth
Good
Cash Flow
Exceptional
Stability
Exceptional
Valuation
Exceptional
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Share count rising — dilution

+203.1% over 4y

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

Diluted shares outstanding: 96.2M (2021) → 291.8M (2025)

§Winston Score History

The full picture

Arrow Exploration is a small oil and gas company that drills for and produces crude oil and natural gas. It operates primarily in Colombia and the Canadian province of Alberta. The company focuses on conventional and unconventional reservoirs, targeting light and medium-grade crude oil.

Arrow makes money by selling the oil and gas it produces to local buyers and refiners. It is a junior producer with a market cap around $200 million, listed on the TSX Venture Exchange and London's AIM market. The company's Colombian assets give it access to relatively low-cost production in an underexplored region, which helps support healthy margins. Key growth depends on successfully expanding production from its Colombian drilling program, though commodity price swings and political risk in Colombia remain important factors for the business.

Growth Profile

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

Revenue Growth

+117.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

24.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$29M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Arrow Exploration grew revenue 118% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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
52.0%
Healthy — 52.0% gross margin
Profit after running costs
Operating Margin
42.5%
Excellent — 42.5% operating margin
Return on the money invested
ROCE
42.5%
Exceptional — 42.5% 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
+21.5%
Fast-growing sales (+21.5% YoY)
Profit growth
EPS YoY
+51.7%
Earnings growing fast (+51.7% YoY)

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

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
275%
Turns 275% of profit into real cash
Spare cash per sale
FCF Margin
15.8%
Converts sales into free cash efficiently (15.8%)

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
0.00
Conservative — low debt load (0.00)
Covers its interest
Interest Cover
1110.60x
Comfortably covers interest (1110.6x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
12.4x
Attractive valuation — P/E 12.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+6.7
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (12.4 → 5.7)

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Dividends

Not applicable for this business.
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