NTG Clarity Networks

NCI.V

Software - Application · Technology

Price

C$0.80

+0.00 (+0.00%)

Market Cap

C$38.4M

Exchange

Toronto Stock Exchange Ventures

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Weak

Stability

Exceptional

Valuation

Exceptional

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Share count rising — dilution

+29.7% over 4y

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

Diluted shares outstanding: 42.2M (2021) → 54.7M (2025)

Winston Score History

The full picture

NTG Clarity Networks Inc. is a Canadian technology company that builds software and provides IT consulting services, mainly for large telecommunications companies and government agencies. Its core offerings include network management systems, billing software, and IT staffing solutions. The company is small but has carved out a niche serving telecom clients in the Middle East, particularly in Egypt and other parts of North Africa.

NTG Clarity earns money through a mix of software licenses, long-term service contracts, and consulting fees, which gives it some recurring revenue. It operates primarily in Canada and the Middle East, and its long-standing relationships with major telecom clients like Telecom Egypt provide a degree of customer stickiness. However, being a micro-cap company heavily dependent on a small number of large clients in a single region is a meaningful risk — losing even one key contract could significantly hurt its revenue.

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

+8.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-58.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

C$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (15%)

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

Insider Activity

36.1%ownership

Insiders own a meaningful stake in the company

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

C$8M cash & investments at current burn rate

Growth context

NTG Clarity Networks is growing revenue at 8% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

32.1%

Modest — 32.1% gross margin

Profit after running costs

Operating Margin

1.8%

Thin — 1.8% operating margin

Return on the money invested

ROCE

20.8%

Exceptional — 20.8% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+32.6%

Fast-growing sales (+32.6% YoY)

Profit growth

EPS YoY

-61.3%

Earnings shrinking (-61.3% YoY)

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

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

-78%

Weak — only -78% of profit becomes cash

Spare cash per sale

FCF Margin

-5.2%

Burning cash (-5.2%)

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

0.18

Conservative — low debt load (0.18)

Covers its interest

Interest Cover

23.13x

Comfortably covers interest (23.1x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

8.8x

Attractive valuation — P/E 8.8

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

+4.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (8.8 → 4.3)

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Dividends

Not applicable for this business.

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