iPower

IPW

Specialty Retail · Consumer Cyclical

Price

$2.76

-0.22 (-7.38%)

Market Cap

$44,557

Exchange

NASDAQ Capital Market

Winston Score

Winston is worried

Weak fundamentals across most 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

Good

Valuation

Data not available

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Share count rising — dilution

+18.9% over 4y

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

Diluted shares outstanding: 12K (2021) → 15K (2025)

Winston Score History

The full picture

iPower Inc. is a specialty retailer that sells gardening and home products, with a focus on indoor growing equipment. Its core products include grow lights, fans, ventilation systems, and other supplies used by hobbyist and commercial indoor gardeners. The company sells primarily through major e-commerce platforms like Amazon, making it heavily dependent on online retail channels.

iPower earns revenue by selling physical products directly to consumers, mostly in the United States. It is a small company with a market cap near zero, meaning it has very limited financial resources compared to larger competitors in the gardening and home goods space. The company has been losing money — its operating margin is deeply negative — and its main challenge is reaching profitability while competing against both large retailers and other online sellers who can undercut prices. Improving cost efficiency and reducing reliance on a single sales channel are the key hurdles iPower must clear to survive long term.

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

-78.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-989.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

57.8%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$726,949 cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

iPower'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

21.6%

Thin — 21.6% gross margin

Profit after running costs

Operating Margin

-32.7%

Losing money on operations — -32.7%

Return on the money invested

ROCE

-40.7%

Weak — -40.7% 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

-53.9%

Shrinking sales (-53.9% 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

1260612.4%

Converts sales into free cash efficiently (1260612.4%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.26

Conservative — low debt load (0.26)

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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