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Pulse Seismic

PLSDF
43
Oil & Gas Equipment & Services · Energy
Price
$2.17
+0.04 (+1.93%)
Market Cap
$109.8M
Exchange
Other OTC
Winston Score
43
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Sep 10, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
Growth
Weak
Cash Flow
Weak
Stability
Good
Valuation
Data not available
Dividends
Weak
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Share count falling — buybacks

−5.6% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 53.8M (2021) → 50.8M (2025)

§Winston Score History

The full picture

Pulse Seismic owns one of the largest libraries of seismic data in Canada. Seismic data is like an underground map that shows oil and gas companies what lies beneath the surface before they drill. Energy producers license this data to help them find oil and natural gas more efficiently and reduce exploration risk.

The company makes money primarily by licensing its existing seismic data library, either through individual sales or multi-year licensing agreements. Because the data is already collected, each additional sale carries high margins since there is little extra cost to deliver it. Pulse operates almost entirely in western Canada and is a small company with a market cap around $100 million. Its large proprietary data library acts as a competitive advantage since replicating it would be extremely expensive. However, revenue depends heavily on oil and gas exploration activity in Canada, meaning downturns in energy prices or reduced drilling activity can significantly impact demand for its data.

Growth Profile

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

Revenue Growth

-80.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-84.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

C$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

24.3%ownership

Insiders own a meaningful stake in the company

Cash Runway

~7 months

C$8M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Pulse Seismic has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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
99.1%
Premium pricing power — 99.1% gross margin
Profit after running costs
Operating Margin
55.0%
Excellent — 55.0% operating margin
Return on the money invested
ROCE
11.0%
Below par — 11.0% 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
-68.7%
Shrinking sales (-68.7% YoY)
Profit growth
EPS YoY
-99.2%
Earnings shrinking (-99.2% 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
N/A
Data not available
Spare cash per sale
FCF Margin
10.3%
Modest free cash flow (10.3%)

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
N/A
Data not available
Covers its interest
Interest Cover
105.61x
Comfortably covers interest (105.6x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
N/A
Data not available
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
1.25%
Small dividend — 1.25% yield

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

Dividend record
Dividend Growth
-62.1%
Dividend cut (-62.1% YoY) — warning sign

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