Queen's Road Capital Investment

QRC.TO

Asset Management · Financial Services

Price

C$14.00

+0.09 (+0.65%)

Market Cap

C$755.5M

Exchange

Toronto Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Mixed

Stability

Exceptional

Valuation

Good

Dividends

Weak

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Share count rising — dilution

+79.8% over 4y

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

Diluted shares outstanding: 28.8M (2021) → 51.8M (2025)

Winston Score History

The full picture

Queen's Road Capital Investment Ltd. is a Canadian investment company that lends money and takes ownership stakes in mining and natural resource businesses. Instead of digging for metals itself, it acts like a bank for smaller mining companies that need cash to develop their projects. Its customers are junior and mid-tier resource companies, mostly in metals like gold, silver, and copper.

The company makes money through interest payments on loans, royalties tied to future production, and gains when its equity investments rise in value. It operates primarily in Canada and other mining-friendly regions, and its small size — around $0.7 billion in market cap — lets it move quickly into deals that larger funds might overlook. Its high returns on invested capital suggest strong deal selection so far, but the main risk is that falling commodity prices or project failures at its borrowers could hurt the value of its portfolio significantly.

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

-100.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-248.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

58.2%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

$573M cash & investments

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

Revenue declining

Queen's Road Capital Investment'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.

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

N/A

Data not available

Profit after running costs

Operating Margin

N/A

Data not available

Return on the money invested

ROCE

40.2%

Exceptional — 40.2% 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

+9.2%

Steady sales growth (+9.2% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

Weak — only 4% of profit becomes cash

Spare cash per sale

FCF Margin

28.5%

Converts sales into free cash efficiently (28.5%)

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

0.06

Conservative — low debt load (0.06)

Covers its interest

Interest Cover

129.78x

Comfortably covers interest (129.8x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

3.0x

Attractive valuation — P/E 3.0

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

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

0.89%

Small dividend — 0.89% 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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