Canaan

CAN

Computer Hardware · Technology

Price

$0.27

-0.01 (-2.14%)

Market Cap

$126.9M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+173.0% over 4y

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

Diluted shares outstanding: 171.7M (2021) → 468.8M (2025)

Canaan, Inc. is a holding company, which engages in developing and selling Bitcoin mining machines and related services. It focuses on the development of green mining. The company was founded by Jia Xuan Li, Xiang Fu Liu and Nan Geng Zhang on January 19, 2013 and is headquartered in Singapore.

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

+121.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+59.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$63M/ year

→ Flat (+3% vs prior year)

11.9% of revenue

Below sector average (15%)

Steady R&D investment year-over-year

Insider Activity

0.0%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$81M cash & investments

Quarterly Free Cash Flow

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

Revenue accelerating

Canaan grew revenue 121% 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

7.4%

Thin — 7.4% gross margin

Operating Margin

-12.0%

Losing money on operations — -12.0%

ROCE

-4.8%

Weak — -4.8% return on capital

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

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Growth

Sales YoY

+96.8%

Fast-growing sales (96.8% YoY)

EPS YoY

N/A

—

Data not available

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

0.0%

Thin free cash flow (0.0%)

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

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Stability

Debt / Equity

0.12

Conservative — low debt load (0.12)

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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