Novra Technologies

NVI.V

Communication Equipment · Technology

Exchange

Toronto Stock Exchange Ventures

Winston Score

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

Mixed

Cash Flow

Exceptional

Stability

Weak

Valuation

Mixed

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Winston Score History

The full picture

Novra Technologies is a Canadian company that makes specialized hardware and software for receiving and distributing satellite signals. Its core products are satellite receivers and decoders used by broadcasters, governments, and businesses that need to deliver video, data, or internet content over satellite networks. The company serves customers in industries like media, hospitality, and defense.

Novra earns revenue by selling its hardware equipment and related software, with some additional income from support and services contracts. It operates primarily in North America but sells into international markets as well. With a market cap near zero and an operating margin just under 2%, the company is very small and competes against much larger players in the satellite equipment space. The key risk is that the shift toward internet-based content delivery could reduce demand for traditional satellite receiver hardware over time.

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

-35.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-87.6% YoY

YoY Growth Rate

Earnings declining

Insider Activity

29.6%ownership

Insiders own a meaningful stake in the company

Cash Runway

5+ years

Quarterly Free Cash Flow

→ Burn rate stable

C$4M cash & investments at current burn rate

Revenue declining

Novra Technologies'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.

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Quality

Profit per sale

Gross Margin

36.6%

Modest — 36.6% gross margin

Profit after running costs

Operating Margin

-30.8%

Losing money on operations — -30.8%

Return on the money invested

ROCE

2.2%

Weak — 2.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+6.0%

Slow sales growth (+6.0% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

420%

Turns 420% of profit into real cash

Spare cash per sale

FCF Margin

19.3%

Converts sales into free cash efficiently (19.3%)

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

1.47

Elevated debt (1.47)

Covers its interest

Interest Cover

0.81x

Dangerous — barely covers interest (0.8x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

16.3x

no trend

Fair value — P/E 16.3

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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