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Pivotree

PVT.V
47
Information Technology Services · Technology
Price
C$1.50
+0.05 (+3.45%)
Market Cap
C$39.3M
Exchange
Toronto Stock Exchange Ventures
Winston Score
47
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 9, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+15.0% over 4y

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

Diluted shares outstanding: 24.9M (2021) → 28.6M (2025)

Pivotree is a Canadian technology services company that helps retailers and brands manage complex digital commerce operations. Its core services include building and running e-commerce platforms, managing product data (so online stores show accurate descriptions and images), and handling supply chain software. Its main customers are mid-to-large retailers and consumer goods companies that sell products online.

Pivotree makes money by charging clients ongoing fees for managed services — meaning it runs and maintains their digital systems rather than just building them once. The company operates primarily in North America with some international clients, and it generates roughly tens of millions of dollars in annual revenue. Its competitive edge comes from specializing deeply in commerce and data management rather than trying to do everything, but it faces pressure from larger IT firms and platform vendors who offer similar services in-house. The key growth driver is the continued shift of retail spending online, though winning and keeping large enterprise clients in a competitive market remains the central challenge.

Winston Score History

Score breakdown

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Quality

Gross Margin
43.7%
Healthy — 43.7% gross margin
Operating Margin
2.2%
Thin — 2.2% operating margin
ROCE
0.6%
Weak — 0.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
-19.6%
Shrinking sales (-19.6% YoY)
EPS YoY
N/A
Data not available
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion
134%
Turns 134% of profit into real cash
FCF Margin
8.8%
Modest free cash flow (8.8%)

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

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Stability

Debt / Equity
N/A
Data not available
Interest Cover
29.24x
Comfortably covers interest (29.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
8.6x
Attractive valuation — P/E 8.6

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward
-63.9
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.
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