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Fab-Form Industries

FBF.V
36
Construction Materials · Basic Materials
Price
C$0.94
-0.03 (-3.09%)
Market Cap
C$8.6M
Exchange
Toronto Stock Exchange Ventures
Winston Score
36
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Aug 23, 2026 · filings through Mar 31, 2026
How the score breaks down
Quality
Weak
Growth
Weak
Cash Flow
Mixed
Stability
Exceptional
Valuation
Mixed

Share count rising — dilution

+3.5% over 4y

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

Diluted shares outstanding: 8.9M (2021) → 9.2M (2025)

Winston Score History

The full picture

Fab-Form Industries Ltd. is a small Canadian company that makes specialized forming products used in concrete construction. Its main products include Fastfoot, a fabric footing form, and Fasttube, a fabric column form — both designed to replace traditional cardboard or wood forms when pouring concrete foundations and columns. Its customers are primarily residential and commercial builders, contractors, and construction crews across Canada and the United States.

The company sells its products directly and through distributors, generating revenue from product sales rather than subscriptions or licensing. Fab-Form operates mainly in North America and, with a market cap well under $100 million, is a very small player in the broader construction materials industry. Its competitive edge comes from patented fabric-based forming technology that can reduce material waste and labor costs compared to conventional methods. The key growth driver is continued adoption of its products as builders look for faster, cheaper ways to pour concrete foundations, though its small size and limited distribution reach remain ongoing risks.

Growth Profile

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

Revenue Growth

+1.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-272.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

C$5,797/ year

0.1% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

44.9%ownership

Insiders own a meaningful stake in the company

Cash Runway

~2 months

C$2M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Cash watch

Fab-Form Industries has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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.

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Quality

Profit per sale
Gross Margin
26.1%
Modest — 26.1% gross margin
Profit after running costs
Operating Margin
-15.3%
Losing money on operations — -15.3%
Return on the money invested
ROCE
6.4%
Weak — 6.4% 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
+0.2%
Nearly flat sales (+0.2% YoY)
Profit growth
EPS YoY
-52.5%
Earnings shrinking (-52.5% YoY)

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

How steady the profit is
EPS Consistency
1/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
61%
Modest — 61% of profit becomes cash
Spare cash per sale
FCF Margin
-57.1%
Burning cash (-57.1%)

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
0.01
Conservative — low debt load (0.01)
Covers its interest
Interest Cover
135.71x
Comfortably covers interest (135.7x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
27.6x
Growth-priced — P/E 27.6

P/E above the market average. People are paying up for expected growth.

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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