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Scully Royalty

SRL
26
Financial - Capital Markets · Financial Services
Price
$5.93
+0.07 (+1.19%)
Market Cap
$90.3M
Winston Score
26
Winston is worried
Below-average fundamentals — multiple weak pillars.
Data as of Aug 23, 2026 · filings through Jun 30, 2025
How the score breaks down
Quality
Mixed
Growth
Weak
Cash Flow
Weak
Stability
Good
Valuation
Data not available

Share count rising — dilution

+18.1% over 4y

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

Diluted shares outstanding: 12.6M (2020) → 14.8M (2024)

Winston Score History

The full picture

Scully Royalty Ltd. is a small Canadian holding company that owns and manages a mix of industrial and resource-related businesses. Its operations have included interests in areas like fertilizers, chemicals, and other industrial products, selling to commercial and industrial customers. The company is not a pure royalty business despite its name, and it operates across a relatively diverse set of assets.

Scully Royalty generates revenue through its operating subsidiaries rather than a single clean business model, which makes it harder to categorize than most financial or royalty companies. It is a micro-cap firm with a market value around $100 million, and its negative operating margin signals that costs currently exceed operating income. The main risk facing the company is its lack of a clear, focused business model — with a negative return on invested capital and thin gross margins, it must improve operational efficiency or find higher-quality assets to generate consistent returns for shareholders.

Growth Profile

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

Revenue Growth

+5.0% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+90.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

C$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

26.7%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

C$106M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Growth context

Scully Royalty is growing revenue at 5% 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

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Quality

Profit per sale
Gross Margin
43.5%
Healthy — 43.5% gross margin
Profit after running costs
Operating Margin
4.3%
Thin — 4.3% 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
-19.6%
Shrinking sales (-19.6% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
2/8 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
-32.9%
Burning cash (-32.9%)

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
0.13
Conservative — low debt load (0.13)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

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

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Dividends

Not applicable for this business.
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