Tidewater Renewables

LCFS.TO

Chemicals - Specialty · Basic Materials

Price

C$19.61

-0.39 (-1.95%)

Market Cap

C$716.2M

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 Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Strong

Stability

Mixed

Valuation

Data not available

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Share count rising — dilution

+86.4% over 4y

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

Diluted shares outstanding: 19.9M (2021) → 37.1M (2025)

Winston Score History

The full picture

Tidewater Renewables is a Canadian company that turns waste materials into cleaner fuels. It produces renewable diesel and hydrogen, mainly by processing waste fats, oils, and greases at its facility in Prince George, British Columbia. The company is a subsidiary of Tidewater Midstream and Infrastructure, and it sells its fuels primarily to transportation customers in Western Canada.

The company earns money by selling renewable fuels and by collecting credits under Canada's Clean Fuel Regulations, which pay producers for making low-carbon alternatives to gasoline and diesel. It operates almost entirely in Canada, making it a relatively small, regionally focused business with a market cap around $400 million. Its main competitive advantage is its early position in Canada's regulated clean fuel credit market, but its biggest risk is that the value of those government credits can fluctuate, which makes revenue harder to predict and squeezes already thin 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

+118.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-61.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

C$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

65.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

C$53M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Tidewater Renewables grew revenue 118% 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.

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

32.6%

Modest — 32.6% gross margin

Profit after running costs

Operating Margin

31.7%

Excellent — 31.7% operating margin

Return on the money invested

ROCE

20.3%

Exceptional — 20.3% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+23.9%

Fast-growing sales (+23.9% YoY)

Profit growth

EPS YoY

N/A

Data not available

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

6719%

Turns 6719% of profit into real cash

Spare cash per sale

FCF Margin

3.1%

Thin free cash flow (3.1%)

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

1.09

Elevated debt (1.09)

Covers its interest

Interest Cover

3.13x

Tight — interest eats into profit (3.1x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/A

Data not available

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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