Thinkific Labs

THNC.TO

Software - Application · Technology

Price

C$1.51

+0.07 (+4.86%)

Market Cap

C$101.8M

Exchange

Toronto Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+5.8% over 4y

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

Diluted shares outstanding: 65.1M (2021) → 68.9M (2025)

Winston Score History

The full picture

Thinkific is a Canadian software company that helps people build and sell online courses, memberships, and digital products. Its customers are mostly individual creators, coaches, and small businesses who want to teach something online without needing to know how to code. The platform competes in the creator economy space alongside companies like Teachable and Kajabi.

Thinkific makes money by charging monthly or annual subscription fees, with higher-tier plans unlocking more features and lower transaction fees. The company is headquartered in Vancouver, Canada, and serves customers primarily in North America, though its platform is used globally. Its gross margin of roughly 72% reflects the efficiency of a software subscription model, but the company is still operating at a loss, meaning it spends more than it earns. The main challenge Thinkific faces is standing out in a crowded market where larger platforms and even free tools compete for the same creators.

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

+0.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-189.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$22M/ year

↑ Rising (+15% vs prior year)

29.5% of revenue

2.0x the sector average (15%)

Investing heavily in future products and technology

Insider Activity

56.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$52M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Heavy R&D investment

Thinkific Labs is putting 30% of revenue into R&D and that number is rising. That's 2.0x the sector average. And they're generating enough cash to self-fund it.

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

70.8%

Premium pricing power — 70.8% gross margin

Profit after running costs

Operating Margin

-4.4%

Losing money on operations — -4.4%

Return on the money invested

ROCE

-7.1%

Weak — -7.1% 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

+4.7%

Slow sales growth (+4.7% YoY)

Profit growth

EPS YoY

-233.0%

Earnings shrinking (-233.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 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

2.0%

Thin free cash flow (2.0%)

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

0.01

Conservative — low debt load (0.01)

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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