Orla Mining

OLA.TO

Gold · Basic Materials

Price

C$13.46

+0.92 (+7.34%)

Market Cap

C$5.05B

Exchange

Toronto Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

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

How the score breaks down

Quality

Exceptional

Growth

Exceptional

Cash Flow

Exceptional

Stability

Strong

Valuation

Strong

Dividends

Weak

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Share count rising — dilution

+45.8% over 4y

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

Diluted shares outstanding: 241.4M (2021) → 351.9M (2025)

Winston Score History

The full picture

Orla Mining was acquired by Equinox Gold (EQX) on July 31, 2026. ORLA shares are being delisted from the NYSE American and TSX, and former Orla shareholders received 1.00 Equinox Gold share per Orla share held. The combined company expects to produce roughly 1.1 million ounces of gold a year from mines in Canada, Mexico, the United States and Nicaragua. If you owned Orla, your shares are now Equinox Gold shares.

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

+164.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+200.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

28.1%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

$428M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Orla Mining grew revenue 164% 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

57.0%

Premium pricing power — 57.0% gross margin

Profit after running costs

Operating Margin

52.8%

Excellent — 52.8% operating margin

Return on the money invested

ROCE

58.1%

Exceptional — 58.1% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+188.3%

Fast-growing sales (+188.3% YoY)

Profit growth

EPS YoY

>+1,000%

Earnings growing fast (>+1,000% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

197%

Turns 197% of profit into real cash

Spare cash per sale

FCF Margin

26.5%

Converts sales into free cash efficiently (26.5%)

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

0.40

Conservative — low debt load (0.40)

Covers its interest

Interest Cover

13.44x

Comfortably covers interest (13.4x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

17.9x

Fair value — P/E 17.9

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

+14.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (17.9 → 3.4)

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Dividends

Dividend

Dividend Yield

0.31%

Small dividend — 0.31% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

N/A

—

Data not available

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