The company has issued more shares over this period, which dilutes each existing shareholder’s stake.
Diluted shares outstanding: 825K (2022) → 8.2M (2025)
SmartKem, Inc. focuses on developing innovative materials and processes essential for organic thin-film transistor (OTFT) backplanes, which are crucial components in the production of flexible electronic devices. Their advanced transistor technology finds application in a diverse range of products. This includes bendable smartphone screens, curved displays for vehicles, e-paper, wearable gadgets, and specialized sensors like fingerprint and printed biosensors. The company was established in 2009 and is headquartered in Manchester, United Kingdom.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
-13.0% YoY
YoY Growth Rate
Revenue declining
-318.8% YoY
YoY Growth Rate
Earnings declining
$7M/ year
↑ Rising (+37% vs prior year)
44.9% of revenue
3.0x the sector average (15%)
Investing heavily in future products and technology
~14 months
$8M cash & investments
Quarterly Free Cash Flow
→ Burn rate stable
Adequate runway but may need to raise capital within 2 years
SmartKem is putting 45% of revenue into R&D and that number is rising. That's 3.0x the sector average.
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.
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Negative ROIC means the business is losing money on every dollar invested in it.
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Earnings per share down more than 10%. Either a bad year, or a real decline.
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Free cash flow is negative. They are burning cash, not generating it.
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Interest coverage between 3 and 8. Profits cover interest several times over.
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See every metric, trend, and what it means for this stock.
