Thermal Energy International

TMG.V

Industrial - Pollution & Treatment Controls · Industrials

Price

C$0.17

+0.01 (+3.03%)

Market Cap

C$29.1M

Exchange

Toronto Stock Exchange Ventures

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 26, 2026 · filings through Feb 28, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Good

Stability

Exceptional

Valuation

Mixed

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Share count rising — dilution

+6.2% over 4y

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

Diluted shares outstanding: 165.8M (2021) → 176.1M (2025)

Winston Score History

The full picture

Thermal Energy International Inc. engages in the development, engineering, and supply of pollution control, heat recovery systems, and condensate return solutions in North America, Europe, and internationally. The company offers GEM steam traps; FLUACE-ACE heat recovery, a direct contact condensing heat recovery system that recycles the heat lost through the boiler flue gas exhaust; and DRY-REX biomass dryer, a low temperature biomass dryer. It also provides boiler feedwater economizer, vent condenser, boiler blowdown heat recovery, heat recovery steam generator, indirect contact condensing heat recovery, and air to air heat exchange. The company serves its products to food and beverage, pulp and paper, hospital, pharmaceutical, chemicals and petrochemicals, and other industry sectors. Thermal Energy International Inc. was incorporated in 1991 and is headquartered in Ottawa, Canada.

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

+62.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+179.2% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

C$552,284/ year

↑ Rising (+104% vs prior year)

1.9% of revenue

Below sector average (4%)

R&D investment increasing — building for the future

Cash Position

Cash flow positive

C$4M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Revenue accelerating

Thermal Energy International grew revenue 62% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

35.5%

Modest — 35.5% gross margin

Profit after running costs

Operating Margin

6.3%

Modest — 6.3% operating margin

Return on the money invested

ROCE

30.0%

Exceptional — 30.0% 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

+411.8%

Earnings growing fast (+411.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

104%

Turns 104% of profit into real cash

Spare cash per sale

FCF Margin

2.7%

Thin free cash flow (2.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

10.99x

Comfortably covers interest (11.0x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

19.5x

Fair value — P/E 19.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly 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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