EcoSynthetix

ECO.TO

Chemicals - Specialty · Basic Materials

Price

C$2.27

-0.09 (-3.81%)

Market Cap

C$133.6M

Exchange

Toronto Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Share count rising — dilution

+2.0% over 4y

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

Diluted shares outstanding: 57.4M (2021) → 58.6M (2025)

Winston Score History

The full picture

EcoSynthetix is a Canadian specialty chemicals company that makes bio-based materials used as alternatives to synthetic chemicals in everyday products. Its main product is a starch-based particle called DuraBind, which is sold to manufacturers of paper, paperboard, and wood composite panels as a replacement for petroleum-derived binders. The company positions itself as a greener option for industrial customers looking to reduce their use of fossil-fuel-based chemicals.

EcoSynthetix earns revenue by selling its bio-based binder products directly to industrial manufacturers, primarily in North America and Europe. The company is small, with a market cap around $200 million, and its competitive edge comes from its patented starch nanoparticle technology, which is difficult for competitors to replicate quickly. However, the company is currently unprofitable at the operating level, and its key challenge is scaling up customer adoption fast enough to reach profitability before its cash resources come under pressure.

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

-9.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-484.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$2M/ year

↓ Declining (-17% vs prior year)

7.8% of revenue

2.6x the sector average (3%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

27.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

$29M cash & investments at current burn rate

Revenue declining

EcoSynthetix'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

28.6%

Modest — 28.6% gross margin

Profit after running costs

Operating Margin

-15.5%

Losing money on operations — -15.5%

Return on the money invested

ROCE

-5.5%

Weak — -5.5% return on capital

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

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Growth

Sales growth

Sales YoY

+1.9%

Nearly flat sales (+1.9% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-1.1%

Burning cash (-1.1%)

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

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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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

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Dividends

Not applicable for this business.

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