Canlan Ice Sports

ICE.TO

Leisure · Consumer Cyclical

Price

C$4.25

-0.23 (-5.13%)

Market Cap

C$56.7M

Exchange

Toronto Stock Exchange

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

Mixed

Cash Flow

Strong

Stability

Mixed

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

Canlan Ice Sports Corp. owns and operates ice sports facilities across Canada and the United States. Its venues offer recreational ice hockey leagues, figure skating, public skating, and arena rentals to everyday consumers, youth programs, and amateur sports organizations. The company is one of the largest private operators of multi-sheet ice arenas in North America.

Canlan makes money by charging admission fees, running adult recreational hockey leagues, renting ice time to teams and clubs, and operating food and beverage services inside its facilities. Most of its roughly 20 facilities are concentrated in Canada, with some U.S. locations, giving it a small but focused geographic footprint. The company's owned real estate and established local leagues create some customer stickiness, but its main risk is that participation in ice sports is expensive and can decline when household budgets tighten, making revenue sensitive to broader economic conditions.

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

+6.0% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-105.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

C$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

1.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~7 years

C$13M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

C$13M cash & investments at current burn rate

Growth context

Canlan Ice Sports is growing revenue at 6% 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.

Share count broadly stable

−0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 13.3M (2021) → 13.3M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

10.9%

Thin — 10.9% gross margin

Profit after running costs

Operating Margin

-0.1%

Losing money on operations — -0.1%

Return on the money invested

ROCE

9.3%

Below par — 9.3% 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

+5.5%

Slow sales growth (+5.5% YoY)

Profit growth

EPS YoY

+2.1%

Flat earnings

Single-digit earnings growth — steady but not exciting.

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

328%

Turns 328% of profit into real cash

Spare cash per sale

FCF Margin

7.8%

Modest free cash flow (7.8%)

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

1.06

Elevated debt (1.06)

Covers its interest

Interest Cover

2.57x

Tight — interest eats into profit (2.6x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

14.5x

Attractive valuation — P/E 14.5

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

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

25.93%

Healthy income — 25.93% yield

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

Dividend record

Dividend Growth

-0.0%

Dividend cut (-0.0% YoY) — warning sign

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