Chicago Atlantic BDC

LIEN

Asset Management · Financial Services

Price

$9.73

-0.12 (-1.22%)

Market Cap

$222.7M

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+2500.8% over 3y

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

Diluted shares outstanding: 877K (2022) → 22.8M (2025)

Silver Spike Investment Corp., is a a business development company. It is a specialty finance company, focuses on investing across the cannabis ecosystem through investments in the form of direct loans to, and equity ownership of, privately held cannabis companies. It intends to partner with private equity firms, entrepreneurs, business owners, and management teams to provide credit and equity financing alternatives to support buyouts, recapitalizations, growth initiatives, refinancings, and acq

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

+91.6% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

-40.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

13.2%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$3M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Strong grower

Chicago Atlantic BDC is growing revenue at 92% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

75.3%

Premium pricing power — 75.3% gross margin

Operating Margin

57.2%

Excellent — 57.2% operating margin

ROCE

2.9%

Weak — 2.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+105.5%

Fast-growing sales (105.5% YoY)

EPS YoY

-16.6%

Earnings shrinking (-16.6% YoY)

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

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

37%

Weak — only 37% of profit becomes cash

FCF Margin

26.2%

Converts sales into free cash efficiently (26.2%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.08

Conservative — low debt load (0.08)

Interest Cover

23.40x

Comfortably covers interest (23.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

6.2x

Attractive valuation — P/E 6.2

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+0.1

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

13.63%

Healthy income — 13.63% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

+7.1%

Dividend growing modestly (7.1% YoY)

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