Victory Square Technologies

VST.CN

Electronic Gaming & Multimedia · Technology

Exchange

Canadian Securities Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Strong

Cash Flow

Weak

Stability

Strong

Valuation

Good

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Winston Score History

The full picture

Victory Square Technologies is a Canadian technology company that builds and invests in early-stage startups. It focuses on areas like artificial intelligence, gaming, health technology, and financial technology. Think of it as a startup factory — it creates new companies, helps them grow, and sometimes sells them for a profit.

The company makes money in a few ways: revenue from its portfolio companies, gains when it sells stakes in those companies, and licensing or service fees. Victory Square is based in Vancouver, Canada, and trades on the Canadian Securities Exchange. Its portfolio spans North America and beyond, though most operations are small and early-stage. The main competitive advantage is its ability to spot and develop promising startups before they become well known. The biggest risk is that early-stage companies often fail, so the value of Victory Square's portfolio can be unpredictable and hard to measure.

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

+449.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+340.0% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

0.6%ownership

Relatively low insider ownership

Cash Runway

~23 months

C$43M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Revenue accelerating

Victory Square Technologies grew revenue 449% 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

16.6%

Thin — 16.6% gross margin

Profit after running costs

Operating Margin

10.6%

Modest — 10.6% operating margin

Return on the money invested

ROCE

6.5%

Weak — 6.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+215.1%

Fast-growing sales (+215.1% YoY)

Profit growth

EPS YoY

+441.3%

Earnings growing fast (+441.3% YoY)

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

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

-174%

Weak — only -174% of profit becomes cash

Spare cash per sale

FCF Margin

-17.3%

Burning cash (-17.3%)

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

0.20

Conservative — low debt load (0.20)

Covers its interest

Interest Cover

3.05x

Tight — interest eats into profit (3.0x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

12.0x

no trend

Attractive valuation — P/E 12.0

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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