Mogo

MOGO

Software - Infrastructure · Technology

Price

$0.69

-0.01 (-1.01%)

Market Cap

$16.7M

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+14.7% over 4y

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

Diluted shares outstanding: 21.0M (2021) → 24.1M (2025)

Mogo Inc. is a Canadian financial technology company that offers digital financial tools to everyday consumers. Its main products include a free credit score monitoring app, a digital spending account with a prepaid Visa card, personal loans, and mortgage services. Mogo also holds a stake in Coinsquare, one of Canada's largest cryptocurrency exchanges, giving it exposure to the crypto market.

Mogo makes money through interest on loans, fees from its financial products, and revenue from its Coinsquare investment. It operates almost entirely in Canada and serves hundreds of thousands of members through its mobile app. With a 69.5% gross margin, the business has decent unit economics, but it is still losing money at the operating level, which is a key concern. The main challenge ahead is reaching profitability while competing against large Canadian banks and other fintech apps for the same pool of cost-conscious consumers.

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

-42.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+51.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$17M/ year

↑ Rising (+56% vs prior year)

40.9% of revenue

2.7x the sector average (15%)

Investing heavily in future products and technology

Insider Activity

17.9%ownership

Insiders own a meaningful stake in the company

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

$24M cash & investments at current burn rate

Heavy R&D investment

Mogo is putting 41% of revenue into R&D and that number is rising. That's 2.7x the sector average. With 10+ years of cash runway, they have time to let it pay off.

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

100.0%

Premium pricing power — 100.0% gross margin

Operating Margin

-7.3%

Losing money on operations — -7.3%

ROCE

-0.5%

Weak — -0.5% return on capital

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

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Growth

Sales YoY

-52.8%

Shrinking sales (-52.8% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

10.3%

Modest free cash flow (10.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

1.22

Elevated debt (1.22)

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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