M 
182.09
+0.32%
Close of 9 Nov 2026, in CAD
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At a glance
Figures in CAD, from our data supplier.
Revenue
C$276.3m
FY2016FY2025
Net income
C$287.0m
FY2016FY2025
Free cash flow
C$85.4m
FY2016FY2025
Shareholders' equity
C$1.80bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | C$276.3m | C$249.8m | C$210.0m | C$180.6m | C$159.9m | C$149.8m | C$137.6m | C$115.7m | C$104.7m | C$100.3m |
| Gross profit | C$183.4m | C$160.4m | C$131.3m | C$109.7m | C$97.8m | C$93.0m | C$86.3m | C$72.2m | C$64.4m | C$64.0m |
| Research and development | — | — | C$1 | C$1 | C$2 | C$1 | C$0 | C$555,000 | C$1 | C$0 |
| Operating income | C$221.7m | C$141.3m | C$113.1m | C$94.7m | C$85.6m | C$80.6m | C$73.8m | C$60.8m | C$54.1m | C$54.4m |
| Net income | C$287.0m | C$199.9m | C$109.4m | C$120.5m | C$225.5m | C$68.5m | C$58.7m | C$72.7m | C$90.9m | C$17.2m |
| Diluted earnings per share | 30.85 | 21.45 | 11.74 | 12.93 | 24.13 | 7.33 | 6.28 | 7.61 | 9.53 | 1.93 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | C$4.08bn | C$3.49bn | C$3.16bn | C$2.89bn | C$2.67bn | C$2.24bn | C$2.06bn | C$1.88bn | C$1.67bn | C$1.48bn |
| Cash and short-term investments | C$321.4m | C$48.8m | C$81.8m | C$44.6m | C$19.2m | C$38.5m | C$70,000 | C$384,000 | C$24.8m | C$1.1m |
| Total liabilities | C$2.28bn | C$1.97bn | C$1.85bn | C$1.68bn | C$1.58bn | C$1.37bn | C$1.26bn | C$1.13bn | C$991.6m | C$888.8m |
| Debt | C$1.92bn | C$1.65bn | C$1.57bn | C$1.43bn | C$1.36bn | C$1.18bn | C$1.08bn | C$958.8m | C$840.0m | C$754.6m |
| Shareholders' equity | C$1.80bn | C$1.52bn | C$1.32bn | C$1.21bn | C$1.09bn | C$867.1m | C$800.3m | C$749.6m | C$677.0m | C$588.0m |
| Shares outstanding | 9m | 9m | 9m | 9m | 9m | 9m | 9m | 10m | 10m | 9m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | C$85.7m | C$92.4m | C$71.8m | C$52.9m | C$36.0m | C$35.4m | C$40.7m | C$33.0m | C$33.2m | C$25.5m |
| Capital spending | −C$317,000 | −C$300,000 | −C$188,000 | −C$566,000 | −C$702,000 | −C$693,000 | −C$1.7m | −C$445,000 | −C$827,000 | −C$467,000 |
| Free cash flow | C$85.4m | C$92.1m | C$71.7m | C$52.4m | C$35.3m | C$34.7m | C$39.1m | C$32.5m | C$32.3m | C$25.0m |
| Dividends paid | −C$1.4m | −C$768,000 | — | — | — | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | C$73.2m | C$72.2m | C$70.9m | C$70.5m | C$69.7m | C$68.6m | C$67.6m | C$66.9m |
| Gross profit | C$50.3m | C$46.2m | C$47.0m | C$49.9m | C$47.0m | C$42.7m | C$43.7m | C$45.7m |
| Operating income | C$45.2m | C$21.7m | C$57.0m | C$44.7m | C$42.3m | C$38.0m | C$39.1m | C$40.4m |
| Net income | C$33.7m | C$133,000 | C$48.3m | C$92.7m | C$46.6m | C$91.5m | C$56.2m | C$113.5m |
| Diluted earnings per share | 3.64 | 0.01 | 5.19 | 9.97 | 5.00 | 9.83 | 6.03 | 12.18 |
| Cash from operations | C$30.0m | C$24.0m | C$24.0m | C$29.0m | C$23.0m | C$11.0m | C$21.0m | C$28.0m |
| Total assets | C$4.04bn | C$4.02bn | C$4.02bn | C$4.08bn | C$3.87bn | C$3.81bn | C$3.64bn | C$3.49bn |
| Cash and short-term investments | C$142.5m | C$148.1m | C$154.6m | C$321.4m | C$216.0m | C$209.5m | C$125.4m | C$48.8m |
| Debt | C$1.80bn | C$1.80bn | C$1.81bn | C$1.92bn | C$1.82bn | C$1.81bn | C$1.73bn | C$1.65bn |
| Shareholders' equity | C$1.87bn | C$1.85bn | C$1.85bn | C$1.80bn | C$1.71bn | C$1.67bn | C$1.57bn | C$1.52bn |
Financial ratios
Data as of 1 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 66.4% | 64.2% | 62.5% | 60.7% | 61.2% | 62.1% | — | — |
| Operating margin | 143.7% | 56.6% | 53.8% | 52.0% | 53.0% | 53.2% | — | — |
| Net margin | 103.9% | 80.0% | 52.1% | 66.8% | 141.0% | 45.8% | — | — |
| Return on equity | 15.9% | 13.2% | 8.3% | 10.0% | 20.6% | 7.9% | — | — |
| Return on assets | 7.0% | 5.7% | 3.5% | 4.2% | 8.4% | 3.1% | — | — |
| Free cash flow yield | 5.3% | 5.7% | 4.5% | 3.3% | 2.3% | 2.2% | — | — |
| Revenue growth | 10.6% | 18.9% | 16.3% | 12.9% | 6.8% | 8.8% | — | — |
| Earnings growth | 43.6% | 82.7% | -9.2% | -46.6% | 229.0% | 16.8% | — | — |
| Current ratio | 1.13x | 0.41x | 0.64x | 0.52x | 0.52x | 0.41x | — | — |
| Debt to equity | 1.06x | 1.09x | 1.19x | 1.18x | 1.24x | 1.36x | — | — |
| Equity ratio | 44.2% | 43.5% | 41.7% | 41.8% | 40.8% | 38.7% | — | — |
| Interest coverage | 7.08x | 2.80x | 2.76x | 2.57x | 2.53x | 2.42x | — | — |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.5% |
| Buybacks as a share of market value | 0.2% | 0.0% | 0.1% | 0.2% | 0.0% | 0.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 15.2% | 13.0% | 10.7% |
| Operating income | 32.8% | 22.4% | 14.2% |
| Net income | 33.5% | 33.2% | 16.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 65.4% | 63.8% | 63.2% | 63.3% |
| Operating margin | 69.0% | 62.3% | 60.1% | 58.2% |
| Net margin | 92.5% | 78.2% | 82.4% | 73.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 5.9 | 9.4 | 12.4 | 9.1 | 5.0 | 10.8 | 12.6 | 5.5 | 4.6 | 17.1 |
| Price to sales | 6.2 | 7.5 | 6.5 | 6.1 | 7.0 | 4.9 | 5.4 | 3.4 | 4.0 | 2.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 2 years. Last went ex-dividend on 16 Oct 2026.
| FY2026 | FY2025 | FY2024 | |
|---|---|---|---|
| Paid in the year | 0.28 | 0.148 | 0.082 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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