Victory Square Technologies

VST.CN

Electronic Gaming & Multimedia · Technology

Price

C$0.67

+0.01 (+1.52%)

Market Cap

C$69.9M

Exchange

Canadian Securities Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 10, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+7.6% over 4y

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

Diluted shares outstanding: 94.2M (2021) → 101.4M (2025)

Victory Square Technologies is a Canadian technology company that builds and invests in early-stage startups. It focuses on areas like artificial intelligence, gaming, health technology, and financial technology. Think of it as a startup factory — it creates new companies, helps them grow, and sometimes sells them for a profit.

The company makes money in a few ways: revenue from its portfolio companies, gains when it sells stakes in those companies, and licensing or service fees. Victory Square is based in Vancouver, Canada, and trades on the Canadian Securities Exchange. Its portfolio spans North America and beyond, though most operations are small and early-stage. The main competitive advantage is its ability to spot and develop promising startups before they become well known. The biggest risk is that early-stage companies often fail, so the value of Victory Square's portfolio can be unpredictable and hard to measure.

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

+449.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+340.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$101,470/ year

↓ Declining (-40% vs prior year)

0.3% of revenue

Below sector average (15%)

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

Insider Activity

0.6%ownership

Relatively low insider ownership

Cash Runway

~23 months

$43M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Revenue accelerating

Victory Square Technologies grew revenue 449% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

16.6%

Thin — 16.6% gross margin

Operating Margin

10.6%

Modest — 10.6% operating margin

ROCE

4.9%

Weak — 4.9% 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

+215.1%

Fast-growing sales (+215.1% YoY)

EPS YoY

+441.3%

Earnings growing fast (+441.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Cash Conversion

-174%

Weak — only -174% of profit becomes cash

FCF Margin

-17.3%

Burning cash (-17.3%)

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

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Stability

Debt / Equity

0.20

Conservative — low debt load (0.20)

Interest Cover

3.05x

Tight — interest eats into profit (3.0x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

13.5x

Attractive valuation — P/E 13.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

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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