Coveo Solutions

CVO.TO

Software - Infrastructure · Technology

Price

C$4.51

+0.10 (+2.27%)

Market Cap

C$425.8M

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

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

Track this stock — start free trial

Share count falling — buybacks

−5.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 100.4M (2022) → 95.3M (2026)

Winston Score History

The full picture

Coveo Solutions is a Canadian software company that helps businesses make their websites and apps smarter using artificial intelligence. Its main product is an AI-powered search and recommendations engine that sits inside other companies' websites, customer service portals, and e-commerce stores. Large enterprises — including retailers, tech companies, and financial firms — use Coveo to help their customers find the right products, answers, or content faster.

Coveo makes money by charging companies a recurring subscription fee based on usage, which gives it predictable revenue. It operates primarily in North America and Europe and generates around $130 million in annual revenue. Its competitive position comes from deep integrations with platforms like Salesforce and SAP, which makes it harder for customers to switch. However, the company is not yet profitable, and its main risk is competition from larger tech players — including Microsoft and Google — that are rapidly building similar AI search capabilities directly into their own platforms.

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

+5.6% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+61.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$40M/ year

↑ Rising (+11% vs prior year)

26.8% of revenue

1.8x the sector average (15%)

Investing heavily in future products and technology

Insider Activity

3.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$107M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Heavy R&D investment

Coveo Solutions is putting 27% of revenue into R&D and that number is rising. That's 1.8x the sector average. And they're generating enough cash to self-fund it.

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

74.3%

Premium pricing power — 74.3% gross margin

Profit after running costs

Operating Margin

-17.9%

Losing money on operations — -17.9%

Return on the money invested

ROCE

-26.8%

Weak — -26.8% return on capital

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

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

+9.7%

Steady sales growth (+9.7% YoY)

Profit growth

EPS YoY

N/A

Data not available

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

N/A

Data not available

Spare cash per sale

FCF Margin

7.5%

Modest free cash flow (7.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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

0.02

Conservative — low debt load (0.02)

Covers its interest

Interest Cover

N/A

—

Data not available

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)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

Full breakdown available with your free trial

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

Try free

Dividends

Not applicable for this business.

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

Start free trial