Birchtech

BCHT

Industrial - Pollution & Treatment Controls · Industrials

Price

$1.60

-0.11 (-6.43%)

Market Cap

$42.1M

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+12.5% over 4y

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

Diluted shares outstanding: 17.2M (2021) → 19.3M (2025)

Birchtech Corp. is a small industrial company focused on pollution control and environmental treatment technologies. It develops systems and solutions designed to help businesses manage waste, reduce emissions, or treat contaminated water and air. Its customers are typically industrial operators, manufacturers, or municipalities that need to meet environmental regulations.

The company earns revenue by selling equipment, systems, or related services to its clients, though it is currently unprofitable at the operating level, spending more than it takes in. With a market cap near zero and negative returns on invested capital, Birchtech is a very early-stage or financially stressed business with limited scale. The main risk is straightforward: the company is burning through money, and without significant revenue growth or improved cost control, it may struggle to remain financially viable over the long term.

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

+31.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+29.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$2M/ year

9.2% of revenue

2.3x the sector average (4%)

Research and development spending

Insider Activity

44.1%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~20 months

$15M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Revenue accelerating

Birchtech grew revenue 32% 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

Gross Margin

31.3%

Modest — 31.3% gross margin

Operating Margin

-27.1%

Losing money on operations — -27.1%

ROCE

-10.1%

Weak — -10.1% return on capital

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

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Growth

Sales YoY

+9.2%

Steady sales growth (9.2% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-14.3%

Burning cash (-14.3%)

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

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Stability

Debt / Equity

0.02

Conservative — low debt load (0.02)

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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