InterCure

INCR

Drug Manufacturers - Specialty & Generic · Healthcare

Price

$0.97

+0.01 (+1.36%)

Market Cap

$55.2M

Exchange

NASDAQ Global Market

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Jul 25, 2026 · filings through Dec 31, 2025

Share count rising — dilution

+39.1% over 4y

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

Diluted shares outstanding: 40.8M (2021) → 56.8M (2025)

InterCure Ltd. is an Israeli cannabis company that grows, processes, and sells medical cannabis products. Its main customers are patients who need cannabis for medical treatment, such as people dealing with chronic pain, anxiety, or sleep problems. InterCure operates under the Canndoc brand, which is one of the largest medical cannabis brands in Israel.

The company makes money by selling medical cannabis products directly to patients and through pharmacies in Israel. It also exports cannabis to countries in Europe where medical cannabis is legal. InterCure is a relatively small company with a market cap around $100 million, and its competitive position relies on being an early, established player in Israel's regulated medical cannabis market. The main risk the business faces is its thin gross margin of around 15% combined with operating losses, meaning it spends more than it earns from operations — a challenge that will require either significant revenue growth or cost cuts to overcome.

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

+23.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+57.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$390,000/ year

↓ Declining (-6% vs prior year)

0.1% of revenue

Below sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

33.4%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$48M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

InterCure is a rare growth stock that's already generating positive cash flow while growing at 24%. 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

0.3%

Thin — 0.3% gross margin

Operating Margin

-23.5%

Losing money on operations — -23.5%

ROCE

-3.0%

Weak — -3.0% return on capital

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

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Growth

Sales YoY

+13.1%

Fast-growing sales (13.1% 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

4.9%

Thin free cash flow (4.9%)

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

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Stability

Debt / Equity

0.40

Conservative — low debt load (0.40)

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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