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Champion Iron Limited

CIAFF
46
Steel · Basic Materials
Price
$2.31
+0.09 (+4.05%)
Market Cap
$1.29B
Exchange
Other OTC
Winston Score
46
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Sep 21, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
Growth
Good
Cash Flow
Strong
Stability
Good
Valuation
Strong
Dividends
Weak
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Share count rising — dilution

+1.7% over 4y

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

Diluted shares outstanding: 524.1M (2022) → 533.2M (2026)

§Winston Score History

The full picture

Champion Iron is a Canadian mining company that digs up iron ore and processes it into high-purity iron ore concentrate. Its main operation is the Bloom Lake mine in northern Quebec, Canada. The company sells its product primarily to steelmakers around the world who need high-grade iron ore to produce steel more efficiently and with lower carbon emissions.

Champion Iron generates revenue by selling iron ore concentrate on global commodity markets, with key customers in Europe, Asia, and the Middle East. The company's competitive advantage lies in producing premium-grade iron ore (66%+ iron content), which commands higher prices than standard grades and is increasingly sought after as steelmakers try to reduce emissions. A major growth opportunity is its Phase II expansion at Bloom Lake and development of direct reduction-grade products for green steel production, though the business remains exposed to iron ore price swings and the capital-intensive nature of mining operations.

Growth Profile

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

Revenue Growth

-8.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-267.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

C$10M/ year

↑ Rising (+22% vs prior year)

0.6% of revenue

Below sector average (3%)

R&D investment increasing — building for the future

Insider Activity

31.9%ownership

Insiders own a meaningful stake in the company

Cash Runway

~17 months

C$286M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Revenue declining

Champion Iron Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
5.9%
Thin — 5.9% gross margin
Profit after running costs
Operating Margin
-0.1%
Losing money on operations — -0.1%
Return on the money invested
ROCE
10.0%
Below par — 10.0% 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
+14.3%
Fast-growing sales (+14.3% YoY)
Profit growth
EPS YoY
+23.0%
Earnings growing fast (+23.0% YoY)

Healthy double-digit earnings growth — what compounders look like.

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
390%
Turns 390% of profit into real cash
Spare cash per sale
FCF Margin
0.8%
Thin free cash flow (0.8%)

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
0.88
Moderate — manageable debt (0.88)
Covers its interest
Interest Cover
4.95x
Adequate interest coverage (4.9x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
11.6x
Attractive valuation — P/E 11.6

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
+4.7
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (11.6 → 6.9)

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Dividends

Dividend
Dividend Yield
1.24%
Small dividend — 1.24% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
-21.7%
Dividend cut (-21.7% YoY) — warning sign

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