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BioRem

BRM.V
61
Industrial - Pollution & Treatment Controls · Industrials
Price
C$3.50
-0.02 (-0.57%)
Market Cap
C$56.8M
Exchange
Toronto Stock Exchange Ventures
Winston Score
61
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Sep 13, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
Growth
Strong
Cash Flow
Weak
Stability
Exceptional
Valuation
Good

Share count falling — buybacks

50.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 37.4M (2021) → 18.6M (2025)

§Winston Score History

The full picture

BioRem designs and builds biological air treatment systems that remove odors and harmful gases from industrial emissions. Its core products use living microorganisms to break down pollutants like hydrogen sulfide and volatile organic compounds. Customers include wastewater treatment plants, food processing facilities, and oil and gas operations, primarily in North America.

The company earns revenue by selling engineered equipment and providing ongoing maintenance and parts services. BioRem is a small-cap company based in Guelph, Ontario, Canada, with a market cap around $100 million. Its niche expertise in biological treatment gives it a competitive edge over traditional chemical scrubbing alternatives, as its systems tend to have lower operating costs. Growth depends on tightening air quality regulations and expanding into new industries and geographies, though the company's small size makes it sensitive to project timing and order flow variability.

Growth Profile

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

Revenue Growth

+66.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+158.1% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

C$48,161/ year

Rising (+10% vs prior year)

0.1% of revenue

Below sector average (4%)

R&D investment increasing — building for the future

Insider Activity

2.1%ownership

Relatively low insider ownership

Cash Runway

~8 months

C$7M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

BioRem grew revenue 66% 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
31.3%
Modest — 31.3% gross margin
Profit after running costs
Operating Margin
17.2%
Healthy — 17.2% operating margin
Return on the money invested
ROCE
43.6%
Exceptional — 43.6% 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
+32.2%
Fast-growing sales (+32.2% YoY)
Profit growth
EPS YoY
+93.7%
Earnings growing fast (+93.7% YoY)

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

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
5%
Weak — only 5% of profit becomes cash
Spare cash per sale
FCF Margin
0.0%
Thin free cash flow (0.0%)

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
0.09
Conservative — low debt load (0.09)
Covers its interest
Interest Cover
56.46x
Comfortably covers interest (56.5x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
9.1x
Attractive valuation — P/E 9.1

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

Cheaper or dearer next year
P/E vs Forward
-1.2
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.
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