InterCure

INCR

Drug Manufacturers - Specialty & Generic · Healthcare

Price

$0.85

-0.02 (-2.01%)

Market Cap

$50.4M

Exchange

NASDAQ Global Market

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

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Share count rising — dilution

+39.1% over 4y

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

Diluted shares outstanding: 40.8M (2021) → 56.8M (2025)

Winston Score History

The full picture

InterCure Ltd. is an Israeli cannabis company that grows, processes, and sells medical cannabis products. Its main customers are patients who need cannabis for medical treatment, such as people dealing with chronic pain, anxiety, or sleep problems. InterCure operates under the Canndoc brand, which is one of the largest medical cannabis brands in Israel.

The company makes money by selling medical cannabis products directly to patients and through pharmacies in Israel. It also exports cannabis to countries in Europe where medical cannabis is legal. InterCure is a relatively small company with a market cap around $100 million, and its competitive position relies on being an early, established player in Israel's regulated medical cannabis market. The main risk the business faces is its thin gross margin of around 15% combined with operating losses, meaning it spends more than it earns from operations — a challenge that will require either significant revenue growth or cost cuts to overcome.

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

+23.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+57.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

390,000 ILS/ year

↓ Declining (-6% vs prior year)

0.1% of revenue

Below sector average (18%)

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

Insider Activity

33.4%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

48M ILS cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

InterCure is a rare growth stock that's already generating positive cash flow while growing at 24%. 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

0.3%

Thin — 0.3% gross margin

Profit after running costs

Operating Margin

-23.5%

Losing money on operations — -23.5%

Return on the money invested

ROCE

-4.9%

Weak — -4.9% 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

+13.1%

Fast-growing sales (+13.1% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

9.0%

Modest free cash flow (9.0%)

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

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Stability

What it owes vs what it owns

Debt / Equity

0.40

Conservative — low debt load (0.40)

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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