The Westaim Corporation

WED.V

Asset Management · Financial Services

Price

C$19.80

+0.18 (+0.92%)

Market Cap

C$657.1M

Exchange

Toronto Stock Exchange Ventures

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 24, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Mixed

Stability

Data not available

Valuation

Data not available

Dividends

Weak

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Share count rising — dilution

+25.0% over 4y

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

Diluted shares outstanding: 24.4M (2021) → 30.5M (2025)

Winston Score History

The full picture

The Westaim Corporation is an investment company that provides long-term capital to businesses primarily in the global financial services industry. The company operates through two main businesses: Ceres Life, an annuity insurance company, and Arena, a global institutional asset manager focused on credit and asset-oriented investments.

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

-59.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Cash Position

Cash flow positive

$999M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

The Westaim Corporation'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.

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Quality

Profit per sale

Gross Margin

69.0%

Premium pricing power — 69.0% gross margin

Profit after running costs

Operating Margin

-580.3%

Losing money on operations — -580.3%

Return on the money invested

ROCE

-27.0%

Weak — -27.0% 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

+73.1%

Fast-growing sales (+73.1% 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

440.8%

Converts sales into free cash efficiently (440.8%)

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

N/A

Data not available

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

Dividend

Dividend Yield

0.64%

Small dividend — 0.64% 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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