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Chemtrade Logistics Income Fund

CHE-UN.TO
48
Chemicals · Basic Materials
Price
C$14.49
-0.31 (-2.09%)
Market Cap
C$1.62B
Exchange
Toronto Stock Exchange
Winston Score
48
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Sep 10, 2026 · filings through Jun 30, 2026

§How the score breaks down

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

+12.3% over 4y

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

Diluted shares outstanding: 101.7M (2021) → 114.3M (2025)

§Winston Score History

The full picture

Chemtrade Logistics is a Canadian company that makes and sells industrial chemicals used in water treatment, pulp and paper manufacturing, and other industrial processes. Its key products include sulphuric acid, sodium chlorate, and various water treatment chemicals. It is one of North America's largest suppliers of sulphuric acid and a leading producer of sodium chlorate.

Chemtrade earns revenue by selling chemicals under long-term supply contracts and on the open market, with operations across Canada and the United States. Structured as an income fund (trust), it distributes a significant portion of cash flow to unitholders, which attracts income-focused investors. Growth depends on demand from municipal water systems and industrial customers, but the business faces risks from commodity chemical price swings and the cyclical nature of end markets like mining and pulp and paper.

Growth Profile

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

+345.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

C$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

0.6%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

C$51M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Chemtrade Logistics Income Fund is a rare growth stock that's already generating positive cash flow while growing at 17%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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
18.1%
Thin — 18.1% gross margin
Profit after running costs
Operating Margin
10.9%
Modest — 10.9% operating margin
Return on the money invested
ROCE
15.8%
Strong — 15.8% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+12.4%
Fast-growing sales (+12.4% YoY)
Profit growth
EPS YoY
+15.1%
Earnings growing fast (+15.1% YoY)

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

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
265%
Turns 265% of profit into real cash
Spare cash per sale
FCF Margin
10.3%
Modest free cash flow (10.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
1.36
Elevated debt (1.36)
Covers its interest
Interest Cover
2.75x
Tight — interest eats into profit (2.7x)

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)
10.9x
Attractive valuation — P/E 10.9

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
+2.2
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
4.94%
Healthy income — 4.94% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+0.0%
Dividend flat

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