Starcore International Mines

SAM.TO

Industrial Materials · Basic Materials

Exchange

Toronto Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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

How the score breaks down

Quality

Mixed

Growth

Exceptional

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

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Winston Score History

The full picture

Starcore International Mines Ltd. is a small Canadian mining company that digs gold and silver out of the ground. Its main operation is the San Martin mine in Mexico, where it extracts precious metals and sells them to refiners and metal buyers. The company operates in the basic materials sector, focused on low-cost underground mining of gold-silver ore.

Starcore makes money by selling the gold and silver it produces, so its revenue rises and falls with metal prices and how much ore it can pull from the ground. It is a micro-cap company listed on the Toronto Stock Exchange, with operations concentrated in Mexico rather than spread across multiple countries. The negative return on invested capital signals the business is currently struggling to generate profits above its costs, and the main risk is that low gold output or falling metal prices could quickly erase its thin operating margins.

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

+22.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+156.3% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

14.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

C$13M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Starcore International Mines is a rare growth stock that's already generating positive cash flow while growing at 22%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

27.0%

Modest — 27.0% gross margin

Profit after running costs

Operating Margin

16.5%

Healthy — 16.5% operating margin

Return on the money invested

ROCE

6.2%

Weak — 6.2% 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

+37.7%

Fast-growing sales (+37.7% 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

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

145%

Turns 145% of profit into real cash

Spare cash per sale

FCF Margin

13.0%

Converts sales into free cash efficiently (13.0%)

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

0.01

Conservative — low debt load (0.01)

Covers its interest

Interest Cover

33.29x

Comfortably covers interest (33.3x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

6.9x

no trend

Attractive valuation — P/E 6.9

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

Not applicable for this business.

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