Bioceres Crop Solutions

BIOX

Agricultural Inputs · Basic Materials

Price

$0.35

+0.00 (+0.40%)

Market Cap

$22.1M

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+61.1% over 4y

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

Diluted shares outstanding: 39.2M (2021) → 63.2M (2025)

Bioceres Crop Solutions is an agricultural technology company that helps farmers grow more crops using biology instead of chemicals. Its main products include HB4, a drought-tolerant seed trait for wheat and soybeans, along with biostimulants, biofertilizers, and crop protection products. The company sells to farmers and agricultural businesses primarily in Latin America, with a strong base in Argentina.

Bioceres earns revenue by selling its seed treatments, biological inputs, and licensing its HB4 technology to seed companies in exchange for royalty fees. It operates mainly across South America, with growing efforts to expand HB4 licensing into North America and other markets. The company's main competitive edge is its proprietary drought-tolerance technology, which is one of the few commercially approved traits of its kind for wheat globally. The key growth driver is broader regulatory approval and adoption of HB4 wheat, but the business currently runs at a small operating loss, which means execution risk remains meaningful.

Winston Score History

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

-35.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-576.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$15M/ year

↓ Declining (-13% vs prior year)

4.5% of revenue

In line with sector average (3%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

29.9%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

$14M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

Bioceres Crop Solutions's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

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Quality

Gross Margin

30.1%

Modest — 30.1% gross margin

Operating Margin

-17.0%

Losing money on operations — -17.0%

ROCE

-2.2%

Weak — -2.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-36.1%

Shrinking sales (-36.1% YoY)

EPS YoY

-59476.2%

Earnings shrinking (-59476.2% YoY)

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

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

18.0%

Converts sales into free cash efficiently (18.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

3.42

Heavy debt load (3.42)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

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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