The company has reduced its share count over this period, returning value to shareholders through buybacks.
Diluted shares outstanding: 59.0M (2021) → 51.6M (2025)
illumin Holdings Inc., a technology company, provides digital media solutions in Canada, the United States, Europe, Latin America, and internationally. The company offers a programmatic marketing platform that enables advertisers to connect with their audiences across video, mobile, out-of-home, social, CTV and online display advertising campaigns. Its platform also allows advertisers to manage their purchasing of online display advertising in real-time using programmatic ad buying. In addition, the company offers illumin platform, an advertising automation technology that provides planning, media buying, and omnichannel intelligence, as well as allows advertisers to map their consumer journey playbooks across screens and execute in real-time using programmatic technology. It serves Fortune 500 enterprises and small to mid-sized businesses. The company was formerly known as AcuityAds Holdings Inc. and changed its name to illumin Holdings Inc. in June 2023. illumin Holdings Inc. was founded in 2009 and is headquartered in Toronto, Canada.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
+20.4% YoY
YoY Growth Rate
Steady revenue growth
-71.7% YoY
YoY Growth Rate
Earnings declining
$19M/ year
↓ Declining (-9% vs prior year)
12.9% of revenue
In line with sector average (12%)
R&D spend declining — could signal cost-cutting or efficiency
~2 years
$37M cash & investments
Quarterly Free Cash Flow
→ Burn rate stable
$37M cash & investments at current burn rate
illumin Holdings is growing revenue at 20% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.
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.
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Negative ROIC means the business is losing money on every dollar invested in it.
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Earnings per share down more than 10%. Either a bad year, or a real decline.
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Free cash flow is negative. They are burning cash, not generating it.
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