Birchtech

BCHT

Industrial - Pollution & Treatment Controls · Industrials

Price

$1.35

-0.05 (-3.57%)

Market Cap

$35.5M

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Weak

Growth

Good

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+12.5% over 4y

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

Diluted shares outstanding: 17.2M (2021) → 19.3M (2025)

Winston Score History

The full picture

Birchtech Corp. is a small industrial company focused on pollution control and environmental treatment technologies. It develops systems and solutions designed to help businesses manage waste, reduce emissions, or treat contaminated water and air. Its customers are typically industrial operators, manufacturers, or municipalities that need to meet environmental regulations.

The company earns revenue by selling equipment, systems, or related services to its clients, though it is currently unprofitable at the operating level, spending more than it takes in. With a market cap near zero and negative returns on invested capital, Birchtech is a very early-stage or financially stressed business with limited scale. The main risk is straightforward: the company is burning through money, and without significant revenue growth or improved cost control, it may struggle to remain financially viable over the long term.

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

+16.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-37.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$2M/ year

9.2% of revenue

2.3x the sector average (4%)

Research and development spending

Insider Activity

44.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~12 months

$12M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Growth context

Birchtech is growing revenue at 16% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

25.7%

Modest — 25.7% gross margin

Profit after running costs

Operating Margin

-42.8%

Losing money on operations — -42.8%

Return on the money invested

ROCE

-39.3%

Weak — -39.3% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+13.1%

Fast-growing sales (+13.1% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-20.1%

Burning cash (-20.1%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.01

Conservative — low debt load (0.01)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

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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