Pineapple Financial

PAPL

Financial - Mortgages · Financial Services

Price

$1.10

-0.06 (-5.17%)

Market Cap

$27.8M

Exchange

New York Stock Exchange Arca

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 9, 2026 · filings through May 31, 2026

Share count falling — buybacks

−90.7% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 7.2M (2021) → 666K (2025)

Pineapple Financial Inc. is a Canadian mortgage technology company that helps people get home loans. It operates a platform that connects independent mortgage agents and brokers with lenders, making it easier for homebuyers to find and secure mortgages. The company serves mortgage professionals across Canada as its primary customers.

Pineapple Financial makes money by earning fees when mortgages are successfully arranged through its network of brokers. It operates mainly in Canada and is a very small company, with a market cap near zero and currently unprofitable — its operating losses are significantly larger than its revenue. The company's competitive position depends on growing its broker network and the technology tools it offers agents, but its deeply negative margins and thin revenue base mean it faces serious financial pressure, and its ability to survive long-term depends heavily on raising additional capital or dramatically growing transaction volume.

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

-16.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

<−1,000% 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

25.4%ownership

Insiders own a meaningful stake in the company

Cash Runway

~14 months

$5M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Revenue declining

Pineapple Financial's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

-338.6%

Thin — -338.6% gross margin

Operating Margin

-537.2%

Losing money on operations — -537.2%

ROCE

-4.6%

Weak — -4.6% return on capital

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

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Growth

Sales YoY

+217.8%

Fast-growing sales (+217.8% YoY)

EPS YoY

<−1,000%

Earnings shrinking (<−1,000% 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

N/A

—

Data not available

FCF Margin

-60.1%

Burning cash (-60.1%)

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

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Stability

Debt / Equity

0.42

Conservative — low debt load (0.42)

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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