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BluMetric Environmental

BLM.V
23
Environmental Services · Industrials
Exchange
Toronto Stock Exchange Ventures
Winston Score
23
Winston is worried
Weak fundamentals across most pillars.
Data as of Aug 9, 2026 · filings through Mar 31, 2026

BluMetric Environmental Inc. is a Canadian environmental services company that helps clients deal with water treatment, environmental consulting, and site cleanup. Its main customers include government agencies, military organizations, and industrial clients who need help managing contaminated land, wastewater, and other environmental problems. The company designs and builds custom water treatment systems and provides technical consulting services.

BluMetric earns money by charging fees for consulting projects and by selling or leasing water treatment equipment and systems. It operates primarily in Canada and has done work for clients in the United States and internationally, including defense-related contracts. The company is small, with a market cap under $50 million, and competes against much larger environmental firms, which limits its pricing power. Its main growth opportunity lies in expanding government and military water treatment contracts, but its negative operating margin signals that costs currently exceed revenues, making consistent profitability the key challenge it needs to overcome.

Winston Score History

Growth Profile

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

Revenue Growth

+14.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

Insider Activity

10.5%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$3M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Growth + cash flow

BluMetric Environmental is a rare growth stock that's already generating positive cash flow while growing at 15%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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
26.1%
Modest — 26.1% gross margin
Operating Margin
-9.6%
Losing money on operations — -9.6%
ROCE
-5.2%
Weak — -5.2% return on capital

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

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Growth

Sales YoY
+45.2%
Fast-growing sales (+45.2% 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
2.2%
Thin free cash flow (2.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
N/A
Data not available
Interest Cover
N/A
Data not available

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Valuation

P/E Ratio (TTM)
N/M
no trend
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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