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Mene

MENE.V
57
Luxury Goods · Consumer Cyclical
Price
C$0.14
-0.02 (-12.12%)
Market Cap
C$37.7M
Exchange
Toronto Stock Exchange Ventures
Winston Score
57
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Sep 5, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
Growth
Mixed
Cash Flow
Exceptional
Stability
Exceptional
Valuation
Good
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Share count rising — dilution

+3.9% over 4y

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

Diluted shares outstanding: 253.9M (2021) → 263.9M (2025)

§Winston Score History

The full picture

Mene is a jewelry company that sells pieces made from 24-karat gold and platinum, priced based on their actual metal weight plus a small markup. Unlike traditional jewelers that use lower-purity alloys and charge large markups for branding, Mene offers transparent pricing tied to daily gold and platinum spot prices. Customers buy mainly through the company's online platform.

Mene makes money by selling jewelry direct-to-consumer online, earning a design markup over the raw metal cost. The company is headquartered in Canada and serves customers primarily in North America. Its transparent, weight-based pricing model gives it a distinct niche in the jewelry market, appealing to buyers who view gold jewelry partly as a store of value. Growth depends on expanding brand awareness and attracting customers who want both wearable jewelry and exposure to precious metals, though the business faces risk from gold price volatility and its relatively small scale.

Growth Profile

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

Revenue Growth

+32.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+235.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

C$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

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

Insider Activity

63.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

C$13M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Revenue accelerating

Mene grew revenue 32% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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
31.7%
Modest — 31.7% gross margin
Profit after running costs
Operating Margin
5.6%
Thin — 5.6% operating margin
Return on the money invested
ROCE
13.9%
Good — 13.9% 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
+6.9%
Slow sales growth (+6.9% 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
173%
Turns 173% of profit into real cash
Spare cash per sale
FCF Margin
19.1%
Converts sales into free cash efficiently (19.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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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
90.48x
Comfortably covers interest (90.5x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
11.5x
Attractive valuation — P/E 11.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

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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