Chicago Atlantic BDC

LIEN

Asset Management · Financial Services

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Strong

Growth

Good

Cash Flow

Weak

Stability

Exceptional

Valuation

Strong

Dividends

Strong

Track this stock — start free trial

Winston Score History

The full picture

Chicago Atlantic BDC is a business development company (BDC) that lends money to cannabis businesses across the United States. Because cannabis is still federally illegal, these companies cannot borrow from traditional banks, so they turn to specialty lenders like Chicago Atlantic BDC instead. This makes the company one of a small group of lenders filling a critical financing gap in the legal cannabis industry.

The company makes money by charging interest on the loans it provides, typically secured loans backed by the borrower's assets. It operates exclusively in the U.S. cannabis market and is relatively small, with a market cap around $200 million. Its competitive edge comes from deep industry expertise and relationships in a market where most mainstream financial institutions still refuse to participate. The biggest risk the company faces is federal cannabis policy — if banking access expands for cannabis companies through legislation like the SAFE Banking Act, competition could increase and compress the interest rates Chicago Atlantic BDC can charge.

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

+91.6% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

-50.0% YoY

YoY Growth Rate

Earnings declining

Insider Activity

13.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~0 months

$3M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Strong grower

Chicago Atlantic BDC is growing revenue at 92% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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

75.3%

Premium pricing power — 75.3% gross margin

Profit after running costs

Operating Margin

57.2%

Excellent — 57.2% operating margin

Return on the money invested

ROCE

9.8%

Below par — 9.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

+105.5%

Fast-growing sales (+105.5% YoY)

Profit growth

EPS YoY

-20.4%

Earnings shrinking (-20.4% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

-40%

Weak — only -40% of profit becomes cash

Spare cash per sale

FCF Margin

-28.3%

Burning cash (-28.3%)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

0.18

Conservative — low debt load (0.18)

Covers its interest

Interest Cover

23.40x

Comfortably covers interest (23.4x)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

7.2x

no trend

Attractive valuation — P/E 7.2

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

Cheaper or dearer next year

P/E vs Forward

+1.5

GROWING

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend

Dividend Yield

14.50%

no trend

Healthy income — 14.50% yield

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

Dividend record

Dividend Growth

+7.1%

no trend

Dividend growing modestly (7.1% YoY)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial