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SRX Global

SRXH
18
Packaged Foods · Consumer Defensive
Price
$2.33
-0.08 (-3.32%)
Market Cap
$22.9M
Exchange
New York Stock Exchange Arca
Winston Score
18
Winston is worried
Weak fundamentals across most pillars.

Share count rising — dilution

+4140.4% over 4y

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

Diluted shares outstanding: 8K (2021) → 352K (2025)

SRX Global Inc. is a small packaged foods company that makes and sells consumer food products. It operates in the consumer staples space, meaning it sells everyday goods that people buy regardless of economic conditions. The company serves retail customers and end consumers, likely through grocery and distribution channels.

The company generates revenue by selling packaged food products, with a gross margin near 27%, which is modest for the sector and suggests limited pricing power or higher input costs. With a market cap of roughly $100 million, SRX Global is a micro-cap business with a limited geographic footprint and a narrow competitive position compared to larger branded food companies. The negative return on invested capital at -2.8% is a concern, indicating the business is not yet generating returns above its cost of capital, and the key risk going forward is whether management can scale revenue and improve profitability before cash resources become strained.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-52.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

Declining (-100% vs prior year)

0.0% of revenue

Below sector average (2%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

51.3%ownership

Insiders own a meaningful stake in the company

Cash Runway

~22 months

$26M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Revenue declining

SRX Global'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

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Quality

Gross Margin
39.3%
Modest — 39.3% gross margin
Operating Margin
-52.9%
Losing money on operations — -52.9%
ROCE
-4.4%
Weak — -4.4% return on capital

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

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Growth

Sales YoY
-139.2%
Shrinking sales (-139.2% 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
N/A
Data not available

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Stability

Debt / Equity
1.24
Elevated debt (1.24)
Interest Cover
0.10x
Dangerous — barely covers interest (0.1x)

Interest coverage below 1. Their profits don't cover the interest bill.

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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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