Pollard Banknote Limited

PBL.TO

Gambling, Resorts & Casinos · Consumer Cyclical

Also trades as: PBKOF

Exchange

Toronto Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Strong

Stability

Mixed

Valuation

Strong

Dividends

Weak

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Winston Score History

The full picture

Pollard Banknote is a Canadian company that prints instant lottery tickets — the scratch-off cards you buy at convenience stores and gas stations. Its main customers are government-run lottery organizations across North America and beyond. The company also makes digital lottery games and charitable gaming products like bingo paper and pull-tabs.

Pollard earns money by selling printed tickets and related services to lottery agencies under long-term contracts, which provides fairly steady revenue. It operates primarily in Canada and the United States, with some international business, and generates roughly $0.4 billion in market value. Its long-standing relationships with government lottery clients and the specialized nature of secure ticket printing create a modest barrier to entry, though the company faces competition from larger rivals like Scientific Games. Thin margins and heavy reliance on a small number of large lottery contracts mean that losing even one major client could meaningfully hurt results.

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

+8.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+6.7% YoY

YoY Growth Rate

Slow EPS growth

Insider Activity

64.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 years

C$90M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

C$90M cash & investments at current burn rate

Growth context

Pollard Banknote Limited 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

18.1%

Thin — 18.1% gross margin

Profit after running costs

Operating Margin

1.3%

Thin — 1.3% operating margin

Return on the money invested

ROCE

-1.3%

Weak — -1.3% 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

+3.6%

Slow sales growth (+3.6% YoY)

Profit growth

EPS YoY

-25.1%

Earnings shrinking (-25.1% YoY)

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

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

305%

Turns 305% of profit into real cash

Spare cash per sale

FCF Margin

7.6%

Modest free cash flow (7.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.47

Conservative — low debt load (0.47)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

18.3x

no trend

Fair value — P/E 18.3

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

+7.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (18.3 → 11.2)

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Dividends

Dividend

Dividend Yield

1.16%

no trend

Small dividend — 1.16% yield

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

Dividend record

Dividend Growth

+0.0%

no trend

Dividend flat

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