Atrium Mortgage Investment Corporation

AI.TO

Financial - Mortgages · Financial Services

Exchange

Toronto Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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

How the score breaks down

Quality

Strong

Growth

Weak

Cash Flow

Exceptional

Stability

Good

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

Atrium Mortgage Investment Corporation is a Canadian company that lends money to real estate borrowers who cannot get loans from traditional banks. It focuses on residential and commercial mortgages, mostly in major Canadian cities like Toronto, Vancouver, and Calgary. Atrium is structured as a Mortgage Investment Corporation (MIC), a special Canadian legal structure that allows it to pool investor money and deploy it into private mortgage loans.

Atrium earns money by charging interest on the mortgages it issues, then passing most of that income to shareholders as dividends. It operates exclusively in Canada and has a market cap of roughly $600 million, making it a mid-sized player in the private lending space. Its main competitive edge is its focus on lower-risk, urban properties with conservative loan-to-value ratios, but its biggest risk is a prolonged downturn in Canadian real estate prices, which could increase borrower defaults and reduce the value of the collateral backing its loans.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

89.0%

Premium pricing power — 89.0% gross margin

Profit after running costs

Operating Margin

84.4%

Excellent — 84.4% operating margin

Return on the money invested

ROCE

8.0%

Below par — 8.0% 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%

Shrinking sales (-1.4% YoY)

Profit growth

EPS YoY

-10.8%

Earnings shrinking (-10.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

122%

Turns 122% of profit into real cash

Spare cash per sale

FCF Margin

72.5%

Converts sales into free cash efficiently (72.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.56

Conservative — low debt load (0.56)

Covers its interest

Interest Cover

3.57x

Tight — interest eats into profit (3.6x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

11.8x

no trend

Attractive valuation — P/E 11.8

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

+0.1

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

8.14%

no trend

Healthy income — 8.14% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+0.0%

no trend

Dividend flat

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