Mercer International (MERC) Stock Analysis & Winston Score

Mercer International Inc., together with its subsidiaries, manufactures and sells northern bleached softwood kraft (NBSK) pulp in Europe, the United States, Asia, and internationally. The company operates through two segments, Pulp and Wood Products. It also generates and sells green energy produced from biomass cogeneration power plant to third party utilities. In addition, the company manufactures, distributes, and sells lumber and other wood residuals. Further, it produces NBSK pulp primarily

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

-3.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-136.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

42.4%ownership

Insiders own a meaningful stake in the company

Cash Runway

~3 months

$85M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

Mercer International has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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.

Share count broadly stable

+1.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 66.3M (2021) → 66.9M (2025)

Score breakdown

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Quality

Gross Margin

-0.9%

Thin — -0.9% gross margin

Operating Margin

-6.7%

Losing money on operations — -6.7%

ROCE

-2.0%

Weak — -2.0% return on capital

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

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Growth

Sales YoY

-7.3%

Shrinking sales (-7.3% 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

-8.4%

Burning cash (-8.4%)

Free cash flow is negative. They are burning cash, not generating it.

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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

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

8.73%

Healthy income — 8.73% yield

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

Dividend Growth

+0.0%

Dividend flat

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