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Via Transportation

VIA
29
Software - Application · Technology
Price
$26.99
+0.42 (+1.58%)
Market Cap
$2.09B
Winston Score
29
Winston is worried
Below-average fundamentals — multiple weak pillars.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Weak
Growth
Good
Cash Flow
Weak
Stability
Data not available
Valuation
Data not available

Share count rising — dilution

+11.4% over 2y

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

Diluted shares outstanding: 72.1M (2023) → 80.3M (2025)

Winston Score History

The full picture

Via Transportation builds software that helps cities and transit agencies run shared transportation services. Its platform powers on-demand buses, paratransit, school buses, and ride-pooling programs for government clients and public transit operators around the world. Via does not own or operate vehicles itself — it sells the technology that other organizations use to manage their fleets and routes.

The company earns revenue by licensing its software to transit agencies, municipalities, and private operators, typically through multi-year contracts. Via operates across North America, Europe, Australia, and other regions, and has built a large base of government clients that are difficult for competitors to displace once the software is embedded in daily operations. However, the company is not yet profitable, and its main challenge is scaling revenue fast enough to cover its ongoing operating losses before it needs to raise additional capital.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+26.7% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+11.1% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$92M/ year

Flat (+4% vs prior year)

21.3% of revenue

In line with sector average (15%)

Steady R&D investment year-over-year

Insider Activity

87.5%ownership

Flat

Insider ownership roughly steady over the past year

Cash Runway

~6 years

$336M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$336M cash & investments at current burn rate

Strong grower

Via Transportation is growing revenue at 27% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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
41.0%
Healthy — 41.0% gross margin
Profit after running costs
Operating Margin
-16.0%
Losing money on operations — -16.0%
Return on the money invested
ROCE
-14.3%
Weak — -14.3% 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
+27.7%
Fast-growing sales (+27.7% YoY)
Profit growth
EPS YoY
N/A
Data not available
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
N/A
Data not available
Spare cash per sale
FCF Margin
-10.6%
Burning cash (-10.6%)

Free cash flow is negative. They are burning cash, not generating it.

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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

Not applicable for this business.
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