Winpak Stock price
Compare with Peer Group
📊 Peer Group
📈 What is it?
The peer group consists of the companies with the most similar business model. They serve as a benchmark for putting a stock into context.
🧮 How is it selected?
Based on similarity of business model, meaning companies from the same industry with comparable products and a similar customer base. That's the only way to compare apples to apples.
🏛️ Why does it matter?
Whether a stock is cheap or expensive is best judged by comparison. A P/E of 18 or an EV/FCF of 20 can look cheap or expensive depending on the yardstick. The peer group gives you the most accurate one: companies with a similar business model that operate under the same conditions.
🎯 What does it mean for investors?
When a metric sits below the peer average, the stock is valued more cheaply relative to its competitors, and above the average more expensively. A discount to the peer group can be an opportunity, but it can also have a reason (for example lower growth). The comparison is a starting point, not a verdict.
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Key metrics
📘 Market Capitalization
📈 What is it?
Market capitalization shows how much a company is currently worth on the stock market.
🧮 How is it calculated?
🏛️ Why is it important?
It helps classify companies by size (Large, Mid, Small Cap) and indicates their market presence and relative stability.
🧮 Calculation
🎯 What does this mean for investors?
- Large-cap companies tend to be more stable, often pay dividends, but may grow more slowly.
- Smaller firms may offer higher growth potential but come with more volatility.
- Market capitalization is a useful indicator of company size — but not a measure of whether a stock is undervalued or overvalued.
📘 Enterprise Value (EV)
📈 What is it?
Enterprise Value represents the total cost to acquire a company — including its debt and excluding its cash reserves.
🧮 How is it calculated?
(= Market Cap + Net Debt)
🏛️ Why is it important?
EV gives a more complete picture of a company's value than market cap alone and is used in key valuation ratios like EV/FCF or EV/Sales.
🧮 Calculation
🎯 What does this mean for investors?
- Enterprise Value shows the true cost of buying a company, including all financial obligations.
- It is more accurate than just looking at market cap, especially when comparing companies with different levels of debt or cash.
- Professional investors prefer EV-based multiples because they better reflect the company’s full financial footprint.
📘 Net Debt
📈 What is it?
Net Debt shows how much debt remains after subtracting a company’s available cash reserves.
🧮 How is it calculated?
🏛️ Why is it important?
It indicates how dependent a company is on borrowed money and how easily it can service its debt in the short term.
🧮 Calculation
🎯 What does this mean for investors?
- Low or negative net debt signals financial strength and flexibility.
- Companies with strong cash positions are better positioned in crises.
- High net debt increases financial risk — especially in environments with rising interest rates or economic downturns.
📘 Cash
📈 What is it?
Cash represents all liquid assets a company can access immediately — including cash, bank deposits, and short-term investments.
🧮 How is it calculated?
🏛️ Why is it important?
It reflects a company’s financial flexibility and resilience — enabling investments, buybacks, or buffer in downturns.
🧮 Calculation
🎯 What does this mean for investors?
- A strong cash position means greater room for maneuver and crisis resistance.
- Cash-rich companies can invest, pay down debt, or repurchase shares.
- But excess idle cash might indicate a lack of growth opportunities.
📘 Shares Outstanding
📈 What is it?
Shares outstanding represent the total number of a company’s shares currently held by investors — excluding treasury stock.
🧮 How is it calculated?
🏛️ Why is it important?
It’s the basis for key metrics like Earnings Per Share (EPS), Market Capitalization, or the Price/Earnings ratio (P/E).
🧮 Calculation
🎯 What does this mean for investors?
- Fewer shares in circulation typically increase earnings per share — making each share more valuable.
- Share buybacks reduce the number of shares and boost per-share metrics.
- Issuing new shares does the opposite — diluting shareholder value and lowering per-share figures.
📘 Price-to-Earnings Ratio (P/E)
📈 What is it?
The P/E ratio shows how many times a company's earnings per share are reflected in its current share price — in other words, how "expensive" the stock appears relative to its profits.
🧮 How is it calculated?
🏛️ Why is it important?
The P/E ratio is one of the most widely used valuation metrics. It helps investors assess whether a stock appears cheap or expensive compared to its earnings power.
🧮 Calculation
📊 P/E (TTM) = Based on earnings from the last 12 months (Trailing Twelve Months):🎯 What does this mean for investors?
- A low P/E may indicate undervaluation — or signal underlying issues.
- A high P/E may reflect strong growth expectations — or an overvalued stock.
📘 Price-to-Sales Ratio (P/S)
📈 What is it?
The P/S ratio shows how much investors are paying for $1 of the company’s revenue – regardless of profitability.
🧮 How is it calculated?
🏛️ Why is it important?
P/S is especially useful for evaluating growth companies or businesses not yet profitable. It reflects how the market values the company’s sales.
🧮 Calculation
Market Cap = C$2.57b | Revenue (TTM) = C$1.62b
Market Cap = C$2.57b | Estimated Revenue = C$1.74b
🎯 What does this mean for investors?
- A low P/S may indicate undervaluation — or low profitability.
- A high P/S can reflect strong growth expectations — or excessive optimism.
- Especially helpful when evaluating companies where profits are low, volatile, or negative.
📘 Enterprise Value to Sales (EV/Sales)
📈 What is it?
EV/Sales shows how much investors are paying for $1 of revenue — considering not just equity, but also debt and cash. It’s the capital structure–adjusted version of the P/S ratio.
🧮 How is it calculated?
🏛️ Why is it important?
It’s ideal for comparing companies with different levels of debt. It reflects a company's true cost relative to its revenue.
🧮 Calculation
Enterprise Value = C$2.08b | Revenue (TTM) = C$1.62b
Enterprise Value = C$2.08b | Forward Revenue = C$1.74b
🎯 What does this mean for investors?
- EV/Sales allows for capital structure–neutral company comparisons.
- A lower ratio may indicate undervaluation; a higher one may signal strong growth expectations or overvaluation.
- Especially helpful when evaluating high-growth companies with low or negative earnings.
📘 Enterprise Value to Free Cash Flow (EV/FCF)
📈 What is it?
EV/FCF shows how many years it would take for a company to "pay back" its enterprise value using its free cash flow.
🧮 How is it calculated?
🏛️ Why is it important?
It focuses on real cash generation, ignoring accounting noise — ideal for assessing profitability and value based on liquidity, not earnings.
🧮 Calculation
🎯 What does this mean for investors?
- A low EV/FCF may signal undervaluation and strong cash generation.
- A high EV/FCF might reflect weak recent cash flow or aggressive growth expectations.
- Best suited for stable, mature businesses with predictable free cash flows.
📘 Price-to-Book Ratio (P/B)
📈 What is it?
The P/B ratio compares a company’s market value to its book value — showing how much investors are paying for each dollar of net assets.
🧮 How is it calculated?
🏛️ Why is it important?
P/B is commonly used for asset-heavy industries like banks or industrials. It helps assess whether a stock is trading above or below its net asset value.
🧮 Calculation
🎯 What does this mean for investors?
- A P/B below 1 may signal undervaluation — or weak profitability.
- A P/B above 1 implies the market expects future value creation (e.g., brand, IP, growth).
- Best used for companies with tangible assets and strong balance sheets.
📘 Dividend per Share (DPS)
📈 What is it?
Dividend per Share shows how much cash a company pays out to shareholders for each share they own – usually on an annual or quarterly basis.
🧮 How is it calculated?
🏛️ Why is it important?
DPS is the absolute value of the payout per share – crucial for income-focused investors and dividend strategies.
🧮 Calculation
🎯 What does this mean for investors?
- A stable or growing DPS often signals a strong, shareholder-friendly business.
- DPS alone doesn’t tell you how attractive the payout is – the stock price also matters (→ see Dividend Yield).
- Long-term dividend growth is often a hallmark of high-quality companies – like the dividend aristocrats.
📘 Dividend Yield
📈 What is it?
Dividend yield shows how large a company’s dividend is in relation to its current share price.
🧮 How is it calculated?
🏛️ Why is it important?
It allows investors to compare dividend payouts across stocks, regardless of price or payout size.
🧮 Calculation
🎯 What does this mean for investors?
- A stable yield can reflect reliable distributions.
- Comparing 1Y and 5Y yield shows whether dividend growth keeps pace with stock price appreciation.
- A low yield isn’t always negative – it can signal strong past performance or growth focus.
📘 Dividend Growth
📈 What is it?
Dividend growth shows how much a company has increased its dividend per share over time.
🧮 How is it calculated?
5Y: Compound Annual Growth Rate (CAGR)
🏛️ Why is it important?
Consistently rising dividends are often a sign of financial strength and shareholder orientation – especially relevant for long-term investors.
🧮 Calculation
🎯 What does this mean for investors?
- Stable dividend growth is a sign of sustainable earning power.
- High dividend growth can significantly boost your total return:
- If a company pays $1 in dividends and increases it by 15% annually over 5 years, you’ll receive $2 per share in year 5 – twice as much as at the start!
📘 Payout Ratio
📈 What is it?
The payout ratio shows what percentage of a company’s earnings (per share) is distributed to shareholders as dividends.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess whether the dividend is sustainable – especially in relation to the company’s profitability.
🧮 Calculation
🎯 What does this mean for investors?
- A low payout ratio means the company retains more earnings for reinvestment – typical for growth companies.
- A moderate payout (e.g. 25–50%) indicates a healthy balance between returns and reinvestment.
- High payout ratios may seem attractive but can carry risk if earnings decline.
📘 Consecutive Dividend Increases
📈 What is it?
This metric shows how many consecutive years a company has raised its dividend per share – without any cuts or pauses.
🧮 How is it calculated?
(Special dividends are not considered.)
🏛️ Why is it important?
A long track record of increases reflects financial strength, consistency, and shareholder commitment.
🎯 What does this mean for investors?
- A long dividend increase streak builds confidence – especially in volatile markets.
- Such companies are seen as reliable and income-friendly investments.
- The longer the streak, the stronger the company’s dividend discipline.
📘 Revenue
📈 What is it?
Revenue shows how much a company earns in total from selling its products and services – the gross income before any costs are deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Revenue is one of the key figures to assess a company’s size, market position, and growth potential.
🧮 Calculation
🎯 What does this mean for investors?
- Growing revenue indicates rising demand and can be an early signal of future earnings growth.
- Comparing actual and expected revenue reveals trends in the market environment and analyst sentiment.
- Note: Strong revenue alone isn’t enough – margins and profitability matter just as much.
📘 EBITDA
📈 What is it?
EBITDA stands for “Earnings Before Interest, Taxes, Depreciation, and Amortization.” It reflects a company’s operating profit before the effects of financing, taxes, and accounting depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
EBITDA is widely used to evaluate a company’s operating performance – especially across capital-intensive sectors or international comparisons.
🧮 Calculation
🎯 What does this mean for investors?
- A high or growing EBITDA indicates strong operational profitability – independent of taxes, interest, or accounting methods.
- It’s especially useful for comparing companies across sectors or geographies.
- Important: EBITDA is not a net income figure – it excludes key costs like depreciation and interest.
📘 EBIT
📈 What is it?
EBIT stands for “Earnings Before Interest and Taxes.” It reflects a company’s operating profit after depreciation, but before interest and tax expenses.
🧮 How is it calculated?
🏛️ Why is it important?
EBIT is a core profitability metric that shows how well the company performs in its main business operations – independent of capital structure and tax environment.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT indicates strong profitability from the company’s core business – before financial and tax effects.
- It allows better comparison between companies with different debt levels or tax structures.
- Compared to EBITDA, EBIT already accounts for depreciation and reflects capital intensity more clearly.
📘 Net Income
📈 What is it?
Net income is the company’s total profit – the amount left after all expenses, taxes, interest, and depreciation have been deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Net income is the most comprehensive measure of a company’s profitability – showing how much actual profit remains after all business and financing costs.
🧮 Calculation
🎯 What does this mean for investors?
- Growing net income indicates that the company is managing all of its costs efficiently.
- It directly influences valuation metrics like P/E ratio and the company’s dividend capacity.
- Over time, net income trends reveal how resilient and profitable the business model really is.
📘 Free Cash Flow (FCF)
📈 What is it?
Free Cash Flow shows how much actual cash remains after a company covers its operating expenses and capital expenditures.
🧮 How is it calculated?
🏛️ Why is it important?
FCF reflects a company’s real financial strength – regardless of accounting profits. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction.
🧮 Calculation
🎯 What does this mean for investors?
- High free cash flow means the company generates real, usable cash – independent of reported net income.
- It’s often the most reliable base for sustainable dividends and buybacks.
- Declining FCF can be an early warning sign – even when profits appear stable.
📘 Revenue Growth
📈 What is it?
Revenue growth shows how much a company’s sales have changed compared to the previous year – both on a trailing basis (TTM) and based on forward projections.
🧮 How is it calculated?
Forward = (Expected revenue ÷ Revenue in prior year − 1) × 100
Forward growth is based on analyst estimates for the current fiscal year.
🏛️ Why is it important?
Rising revenue signals growing demand, business expansion, and market share gains – especially important for growth-oriented companies.
🧮 Calculation
🎯 What does this mean for investors?
- Growth is the engine of long-term value creation – especially in tech and growth sectors.
- What matters is not just current growth, but its sustainability.
- Forward projections reflect whether analysts expect continued momentum – or a slowdown.
📘 EBITDA Growth
📈 What is it?
EBITDA growth shows how much a company’s operating profit (before interest, taxes, depreciation, and amortization) has increased or decreased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBITDA ÷ EBITDA from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
Growing EBITDA indicates improving operational profitability – regardless of financing or accounting effects.
🧮 Calculation
🎯 What does this mean for investors?
- Strong EBITDA growth signals operational efficiency and scalability – especially during growth phases.
- EBITDA growth can be an early indicator of margin and earnings expansion – but should be assessed alongside revenue and EBIT.
📘 EBIT Growth
📈 What is it?
EBIT growth shows how much a company’s operating profit (after depreciation, but before interest and taxes) has increased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBIT ÷ EBIT from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
EBIT growth is a direct indicator of a company’s business performance – taking into account capital intensity through depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- Rising EBIT signals improving operating profitability – even after accounting for depreciation.
- It’s especially important for evaluating companies with significant capital expenditures.
- Combined with revenue and EBITDA growth, EBIT growth provides a well-rounded view of operational progress.
📘 Net Income Growth
📈 What is it?
Net income growth shows how much a company’s bottom-line profit has increased or decreased compared to the previous year – both on a trailing basis (TTM) and based on analyst projections.
🧮 How is it calculated?
Forward = (Expected net income ÷ Net income from prior year − 1) × 100
The forward estimate reflects analysts’ expectations for the current fiscal year.
🏛️ Why is it important?
Net income is the ultimate measure of profitability. Growing net income signals stronger efficiency, cost control, and sustainable earnings power.
🧮 Calculation
🎯 What does this mean for investors?
- Stronger net income boosts valuation, dividend potential, and investor confidence.
- If profits stall while revenue grows, it may signal margin pressure.
📘 Free Cash Flow Growth
📈 What is it?
Free cash flow (FCF) growth shows how a company’s available cash – after covering operating expenses and capital expenditures – has changed compared to the previous year.
🧮 How is it calculated?
🏛️ Why is it important?
Free cash flow reflects real financial strength. Growing FCF indicates more flexibility for dividends, share buybacks, and reinvestment.
🧮 Calculation
🎯 What does this mean for investors?
- Declining FCF may point to rising investments, increasing costs, or weaker operating performance.
- Especially for dividend investors, FCF growth is critical – since dividends are paid from actual available cash.
- A negative trend isn't always bad, but it deserves closer attention.
📘 Gross Margin
📈 What is it?
Gross margin shows how much of a company’s revenue remains after deducting the direct costs of goods sold (like materials and production). It represents the company’s “raw profit” before fixed costs, taxes, and interest.
🧮 How is it calculated?
Or simply: Gross Margin = Gross Profit ÷ Revenue × 100
🏛️ Why is it important?
Gross margin indicates how efficiently a company can produce or procure what it sells. It is a key measure of product-level profitability and pricing power.
🧮 Calculation
🎯 What does this mean for investors?
- A high gross margin suggests strong pricing power and efficient production.
- Falling margins may signal rising input costs or competitive pressure.
- Compared to peers, gross margin offers insights into the quality of a business model.
📘 EBITDA Margin
📈 What is it?
The EBITDA margin shows how much of a company’s revenue remains as operating profit before interest, taxes, depreciation, and amortization.It reflects operating efficiency without being distorted by financing or accounting factors.
🧮 How is it calculated?
🏛️ Why is it important?
The EBITDA margin reveals how much operating income a company generates per dollar of revenue – independent of capital structure and tax effects.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBITDA margin reflects strong core profitability – before accounting distortions.
- It allows for effective comparisons across companies and sectors.
- A stable or growing margin signals efficient cost control and business scalability.
📘 EBIT Margin
📈 What is it?
The EBIT margin shows what percentage of revenue remains as operating profit after depreciation but before interest and taxes.
🧮 How is it calculated?
🏛️ Why is it important?
The EBIT margin reflects a company’s core profitability while accounting for capital intensity (e.g. machinery, infrastructure). It’s especially useful for comparing businesses with different levels of depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT margin shows that the company remains efficient even after factoring in depreciation.
- It’s especially relevant for capital-intensive industries.
- Stable or rising EBIT margins over time are a strong indicator of pricing power and business quality.
📘 Net margin
📈 What is it?
Net margin shows how much of a company’s revenue remains as bottom-line profit after deducting all costs, interest, taxes, and depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
Net margin reflects a company’s overall efficiency – across operations, financing, and taxation. It shows how much actual profit is generated from each dollar of revenue.
🧮 Calculation
🎯 What does this mean for investors?
- A high net margin means the company is not only strong operationally but also manages financing and taxes efficiently.
- Peer comparisons reveal business quality and competitiveness.
- Declining margins despite revenue growth can be a red flag for rising costs or inefficiencies.
📘 Free cash flow margin
📈 What is it?
The free cash flow (FCF) margin shows how much of a company’s revenue remains as actual free cash after covering all operating expenses and capital expenditures.
🧮 How is it calculated?
🏛️ Why is it important?
This margin reflects the true liquidity generated by the business – independent of accounting rules or depreciation. It’s especially relevant for dividends, buybacks, and reinvestment decisions.
🧮 Calculation
🎯 What does this mean for investors?
- A high FCF margin means a company consistently generates strong cash flow.
- It’s a positive signal for financial stability and shareholder returns.
- The long-term trend is key – a declining margin may indicate rising investments or weakening operating efficiency.
📘 Equity Ratio
📈 What is it?
The equity ratio indicates what portion of a company’s total assets is financed by shareholders’ equity – in other words, how much it relies on its own capital.
🧮 How is it calculated?
🏛️ Why is it important?
A high equity ratio reflects financial strength and stability, especially during downturns. It’s a key indicator of a company’s solvency and long-term risk profile.
🧮 Calculation
🎯 What does this mean for investors?
- Companies with high equity ratios are generally more resilient and less dependent on external debt.
- Low equity ratios can signal higher risk or aggressive financial strategies.
- Important: Always assess the equity ratio in combination with the return on equity (ROE). This shows not just how stable the company is – but also how efficiently it uses shareholder capital.
📘 Return on Equity (ROE)
📈 What is it?
Return on equity (ROE) shows how efficiently a company uses its shareholders’ equity to generate profit. In other words: how much net income is earned per dollar of equity.
🧮 How is it calculated?
🏛️ Why is it important?
ROE is a core profitability metric. It helps investors understand whether a company delivers attractive returns on the capital provided by its shareholders.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROE indicates that the company is using its capital efficiently and profitably.
- It’s especially meaningful for capital-intensive businesses or firms with high equity bases.
- Important: A very high ROE can also result from high debt levels – always interpret it alongside the equity ratio to assess financial health.
📘 Return on Capital Employed (ROCE)
📈 What is it?
ROCE measures how efficiently a company generates profits from its total capital – including both equity and interest-bearing debt.
🧮 How is it calculated?
It evaluates the return on all capital employed, regardless of how it’s financed.
🏛️ Why is it important?
ROCE is ideal for comparing companies with different financing structures. It shows how well management uses capital to create value for both shareholders and creditors.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROCE means the company uses its capital efficiently – regardless of whether it's funded by debt or equity.
- The higher the ROCE compared to peers, the more value the company creates with its invested capital.
- Especially relevant for capital-intensive sectors like industrials, energy, or infrastructure.
📘 Return on Invested Capital (ROIC)
📈 What is it?
ROIC measures how efficiently a company generates returns from the capital invested in its core operations – regardless of whether the capital comes from equity or debt.
🧮 How is it calculated?
- NOPAT = Net Operating Profit After Taxes
- Invested Capital = Operating assets minus non-interest-bearing liabilities
🏛️ Why is it important?
ROIC is one of the most accurate indicators of capital efficiency. Unlike return on equity, it is not distorted by leverage and shows how much value is created for all capital providers.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROIC shows how effectively a company uses the capital that is truly invested in its core operations.
- Unlike ROCE, ROIC focuses only on the capital that is actively used to run the business – and that requires a return (i.e. interest-bearing).
- Especially useful when comparing companies with large amounts of excess cash or non-interest-bearing liabilities – giving a more realistic picture of capital efficiency.
📘 Leverage Ratio (Debt-to-Equity)
📈 What is it?
The leverage ratio indicates how much a company relies on interest-bearing debt (such as loans and bonds) relative to its shareholders’ equity.
🧮 How is it calculated?
🏛️ Why is it important?
This ratio helps assess a company’s financial structure and risk profile. High leverage can enhance returns – but also increases exposure to interest rate changes and financial stress.
🧮 Calculation
🎯 What does this mean for investors?
- A low leverage ratio signals financial strength and independence.
- A higher ratio can improve returns in good times but increases risk during downturns or rising interest rate periods.
- 👉 Always interpret in the context of industry, capital intensity, and interest rate environment.
📘 Earnings per share (EPS)
📈 What is it?
Earnings per Share (EPS) shows how much profit is attributable to a single share – and is one of the most important metrics for evaluating a company's performance.
🧮 How is it calculated?
The diluted share count reflects potential new shares that could be issued through options, convertible bonds, or other rights.
🏛️ Why is it important?
EPS is the basis for many key valuation metrics like P/E ratio, PEG ratio, or payout ratio. It enables comparisons of profitability across companies, regardless of their size.
🧮 Calculation
🎯 What does this mean for investors?
- EPS captures per-share profitability and is especially useful for comparisons over time or with analyst estimates.
- Rising EPS may signal consistent growth or share buybacks.
- Important: Always use diluted EPS for more realistic valuations – especially in companies with stock-based compensation.
📘 Free cash flow per share (FCF per share)
📈 What is it?
Free Cash Flow per Share shows how much free cash flow a company generates per outstanding share – after investments, but before dividends or debt repayments.
🧮 How is it calculated?
Free cash flow is calculated as operating cash flow minus capital expenditures (CapEx).
🏛️ Why is it important?
FCF per Share reveals how much real cash is available per share – useful for dividends, buybacks, or reducing debt. Unlike net income, free cash flow is harder to manipulate and often seen as a more reliable metric.
🧮 Calculation
🎯 What does this mean for investors?
- High FCF per share signals strong financial flexibility.
- It shows how much capital the company can effectively reinvest or return to shareholders.
- Particularly relevant for dividend payers and capital-efficient businesses.
📘 Short interest
📈 What is it?
Short interest indicates how many shares of a company are currently sold short – that is, borrowed and sold by investors who expect the price to decline.
🧮 How is it calculated?
It reflects the percentage of a company’s shares that are being shorted relative to the total shares available.
🏛️ Why is it important?
Short interest serves as a sentiment indicator: A high value may signal skepticism or bearish expectations – but also increases the potential for a short squeeze if prices rise unexpectedly.
🧮 Calculation
🎯 What does this mean for investors?
- Low short interest usually indicates market confidence in the company.
- High short interest can be a warning sign – or an opportunity if sentiment shifts.
- Especially relevant in volatile markets or ahead of key earnings releases.
📘 Employees
📈 What is it?
The employee count shows how many people a company employs worldwide – offering insights into its size, structure, and business model.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess operational scale, labor intensity, and cost structure. Combined with revenue and profit, it enables key metrics like revenue per employee or productivity.
🧮 Calculation
🎯 What does this mean for investors?
- A high headcount can signal operational complexity – but also significant growth capacity.
- Revenue per employee is a key indicator of efficiency.
- Especially useful for comparing tech, industrial, or service-heavy companies.
📘 Turnover per employee
📈 What is it?
Revenue per employee indicates how much revenue a company generates on average per employee – a key measure of efficiency and productivity.
🧮 How is it calculated?
The employee count is typically taken from the most recent annual report.
🏛️ Why is it important?
This metric helps compare business models – especially between labor-intensive and technology-driven companies. A high value suggests automation, operational efficiency, or strong value creation per head.
🧮 Calculation
🎯 What does this mean for investors?
- A high revenue per employee indicates a scalable and margin-strong business model.
- A low figure may reflect labor-intensive operations or lower value-add.
- Especially helpful when comparing tech companies to industrial or service sectors.
Winpak Stock Analysis
Analyst Opinions
9 Analysts have issued a Winpak forecast:
Analyst Opinions
9 Analysts have issued a Winpak forecast:
Winpak Events
Past Events
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APR
30
Shareholder/Analyst Call - Winpak Ltd.
5 months ago
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StocksGuide Free
Winpak — Shareholder/Analyst Call - Winpak Ltd.
1. Management Discussion
Okay. All right. Good afternoon, everybody. Welcome to Winpak's Annual Meeting of Shareholders. I'm Scott Taylor, the Vice President
[Audio Gap]
introduce the honorable Jamie Moses, Minister of Business, Mining, Trade and Job Creation, who will deliver the opening remarks for today's meeting.
Thank you very much, Scott, for the introduction. I'm pleased to be here. I am also [ honored ] for the invitation to speak and bring greetings on behalf of the province of Manitoba. That's right. My name is Jamie Moses. I'm the Minister of Business, Mining, Trade for Manitoba, responsible for stewarding the economic development and growth and success.
[Audio Gap]
another successful year. We know Winpak has a long-standing tradition of success here over 50 years. And we know that your presence in Manitoba is really important, really important for driving the economic success of local businesses to large enterprises, for developing and helping to help so many other companies thrive in the work they do each and every day. And we know that's even more important now than it's been ever before. When we look at supply chains being interrupted, global conflicts putting strain on the relationships between customers and their clients. And seemingly, these events seem to change
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post by social media posts, these events are, in many ways, making our global landscape for trade in a more uncertain place. And our provincial government is taking steps to make sure that Manitoba and Canada as a whole becomes and remains to be a more friendly place to make investments. This is a home where you have a trusted partner, a reliable and stable government that continue to work to build friendly and positive relationships with partners around the country and around the world that both go to break down barriers for trade and investments, at the same time, building positive relationships and on top of
[Audio Gap]
drive and meet the needs in an ever-changing global environment that is getting more competitive each and every day. And so our government is certainly rolling out more of these initiatives, more of these initiatives. And as we continue to do that through the launch of our economic development strategy a few months ago, our budget that we just released last month, you see our government take more and more focus on improving trade, improving exports and improving business relationships to help your business, your customers' businesses thrive.
Now I just want to also conclude and say that we know the challenges that we're facing are real. We know that they impact businesses, and they know that they are significant. And you feel them every day, even more than we do. We know the best way also as government to overcome challenges is when we work together. It is when we align ourselves as community, as society to work together. When you strengthen and sharpen your pencils working harder with your customer, we understand what that takes. We do that work collaboratively.
And now the story I like to tell in many ways is that, that collaborative spirit is ingrained in us as Manitobans. We know how to work together. You can't spend time and live in Manitoba, in the Manitoba winter without spending time to get up early to shovel your driveway, maybe stop to help a neighbor who got stuck in a rut, all while getting to work on time and working a full day's work, right? Those challenges that we face each and every day that are ingrained in our spirit as Manitobans, the obstacles we have to overcome, are something I think put us in a well position to overcome the challenges and the hurdles we're facing globally and nationally today.
And so as Manitoba continues to be a leader, I encourage your businesses, your business partners to work with us and help us all meet the moment, find success into the future and make sure that at the end of the challenges we're facing right now, we all become stronger by working together. So thank you very much, and I wish you all a wonderful meeting. Have a great day.
Thank you so much. Thank you. Thank you so much, Minister Moses. Next, I'd like to introduce Martti, Martti Aarnio-Wihuri, the Chairman of Winpak Limited, to initiate the formal part of our meeting today. Martii?
Thank you, Scott. Good afternoon, distinguished guests, ladies and gentlemen. I'm pleased to welcome you to Winpak's Annual Meeting of Shareholders. My name is Martti Aarnio-Wihuri. I'm the Chairman of the Board of Directors and your Chairman for today's meeting.
I'd also like to thank the Honorable Jamie Moses for joining us this afternoon and delivering the opening remarks.
Today, we will begin by introducing the head table, David Johns, Interim President and CEO; Scott Taylor, Vice President and Chief Financial Officer; and Mandy Meyer, Board Secretary.
As this meeting is being held in person and via a live webcast, we think it's necessary to set out a few rules for the orderly conduct of the meeting. Questions in respect of a motion may be asked by any registered shareholder or duly appointed proxy holder in the room by raising your hand or online by using the Q&A icon located on the right of your screen. Please note that there may be a slight delay in the publication of communications received online. Questions will appear shortly after they have been submitted. General questions will only be addressed during the question-and-answer period at the end of the meeting. Questions regarding procedural matters or directly related to motions received before the meeting will be addressed during the meeting.
For the meeting today, voting on all matters will be conducted by paper ballot in the room and electronic ballot via the webcast. Registered shareholders and duly appointed proxy holders who have not yet voted will be asked to vote on each business item after it has been presented. For shareholders in the room, please complete your paper ballots. And for those online, register your votes by selecting the for or against buttons next to the name of each proposed director, for or withhold next to the resolution concerning the appointment of KPMG LLP as the company's auditor and for or against for the resolution to accept the company's approach to executive compensation.
For shareholders in the room, please raise your hand once your paper ballot is complete, and today's scrutineer will be by to collect them.
Once the electronic balloting closes, the voting page will disappear and your votes will automatically be submitted. The polls will be open until all motions for matters to be considered today at the meeting have been made and seconded.
We will now proceed with the formal portion of today's meeting. To expedite the formal part of the meeting, I will move and second all motions brought forward.
Shareholders of the company come to order -- of the company come to order. I appoint Mandy Meyer as Secretary of the meeting; and Matthew Wilms as the online moderator of the webcast. For today's meeting, I appoint Elissa Rojo, Computershare Investor Services through its representatives, as scrutineer to compute the votes of any polls taken at this meeting and to report thereon to the Chairman.
I will now ask that the balloting be opened online to registered shareholders and duly appointed proxy holders. The online polls are now open. At this point, all registered shareholders and duly appointed proxy holders who have properly logged in with their control numbers and wish to vote will be able to see on the screen all motions being brought forth at this meeting.
The purposes of today's meeting are set out in the Notice of Annual Meeting of Shareholders of the company dated February 5, 2026. The notice of meeting, the management proxy circular and the form of proxy were mailed to shareholders on March 26, 2026. The audited consolidated financial statements of the company for the fiscal period ended December 28, 2025, and related management discussion and analysis to shareholders of the company who requested such statements and related management discussion and analysis were mailed on March 2. A copy of the confirmation of the mailing is being filed with the minutes of this meeting. Copies of the management proxy circular and other meeting materials are available on the company's profile on the SEDAR+ website as well as on the Winpak website.
I've been advised by Elissa Rojo, today's scrutineer, that there are voting shares representing more than 51% of all outstanding voting shares of the company present. Therefore, a quorum of shareholders of the company is present, and the meeting is properly called and duly constituted for the transaction of business. I received the scrutineers' report, and I direct that the formal report be annexed to the minutes of this meeting as a schedule. I would ask that the scrutineer compile the report regarding the results of today's voting on all business matters.
As the first item of business on the agenda for today's meeting, I will now present to the meeting the audited financial statements of the company for the fiscal period that ended December 28, 2025, together with the auditor's report to the shareholders. Copies of such documents were mailed to the shareholders who requested such statements, and it is not proposed to read them at this meeting.
The next order of business is the election of directors. The bylaws of the company provide that at each annual meeting, the shareholders shall elect directors to hold office until the next annual meeting or until their successors are elected or appointed. At this meeting, there are 7 directors to be elected: Martti H. Aarnio-Wihuri -- Martti H. Aarnio-Wihuri; Rakel J. Aarnio-Wihuri; Bruce J. Berry; Kenneth P. Kuchma; Larry A. Warelis; and Minna Yrjönmäki have been nominated as directors for the ensuing year or until their successors are elected or appointed. Each of the nominated individuals has confirmed that they are prepared to serve as director.
At this time, I ask if there are any questions or discussions on this motion in the room? Ms. Secretary, have any questions been received on this motion through the online webcast?
Mr. Chairman, no questions have been received.
Thank you, Mandy. If there are no questions, I move and second a motion that the nominations be closed and the directors elected for the ensuing year or until their successors are elected or appointed.
The next item of business is the appointment of the company's auditor for the ensuing year. The Board of Directors approve the appointment of KPMG LLP, subject to shareholder approval. I move and second the appointment of KPMG LLP as the auditor of the company until the next Annual Meeting of Shareholders. You have heard the motion. Is there any discussion on this matter?
The last item of business is to consider and approve an advisory resolution to accept the company's approach to executive compensation. Before I bring forward the motion on the resolution, I would like to say a few words.
Winpak continues to be committed to enhancing its corporate governance practices. One of the many ways to satisfy that objective is to seek input from our shareholders on important issues. One of those issues is executive compensation, and we are asking you today whether you are satisfied with our current approach. Although the resolution, if passed, is advisory only, it will provide the Board with valuable feedback in terms of moving forward with this particularly important subject.
If there are no concerns with the company's approach to executive compensation, I move and second the advisory resolution to accept the company's approach to executive compensation. Are there any questions on this motion in the room? Ms. Secretary, have any questions been received on this through the webcast?
No questions have been received.
Thank you. As all motions for matters to be considered during the meeting have been made and seconded, we will now give registered shareholders and duly appointed proxy holders approximately 15 seconds to complete their electronic ballots.
[Voting]
The voting page will disappear, and your votes will automatically be submitted. Anyone in the room with ballots that have not yet been collected, please raise your hand and Elissa will be by to collect them.
Based on the early voting results, all resolutions have passed. A report with the results will be posted on our website and SEDAR+ under the company profile in due course.
The formal items of business as set out in the notice of the meeting have now been dealt with. I would now like to call on our Vice President and Chief Financial Officer, Scott Taylor, to provide us with a company update and comment on the year just completed. Please, Mr. Taylor.
Thank you, Martti.
Thank you.
All right. Well, it's very exciting to see so many familiar faces past and present today throughout basically my 27 years, thus far, at Winpak. I remember the first time I came to the AGM, I thought the notion of this meeting was fantastic until I found out later on that there was a script. So today, I'm going to try and go off script. For 15 years, I helped Bruce prepare the presentation, and he always wanted me to jazz up the slides, make them pop. For the last 7 first quarters, our EPS kept on going up and up and up. So I've got some big shoes to fill. I'm going to tell you about the Winpak story, where we've been, where we're going. Just some housekeeping here, disclaimer about forward-looking statements, our disclosure policy.
So first, we're going to talk about last year, 2025. Overall, volumes were down about 1%. For the third year in a row, we really felt the impact of inflation, and now there's the impact of GLP-1 drugs where people are simply spending less on groceries. And then if we look at more recent events and how that might affect inflation in the coming months and years, it's another headwind. So we're not getting down on these events that we truly can't control. We're just -- we're trying to figure out how we're going to win and then execute that road map.
So naturally, with volumes going down, EBITDA was also down a touch. We also had some challenges with waste and quality last year. So we've really taken a renewed focus on lean manufacturing within the company, hiring a VP of Op Excellence 2-plus years ago. We also have a new Director of Operations here in Winnipeg, who's going to make a big impact. I'm confident of that. We should always be looking at squeezing cost out of the business. But when you have these different headwinds, whether it's the Middle East, whether it's USMCA, it really sharpens your focus, and we have to do it.
So naturally, with EBITDA going down, our earnings hit as well. We also had a reduction of net finance income from the previous year, mostly because we had a lower average cash balance.
All right. We just released our first quarter of 2026 yesterday to the market. So some similar patterns here from last year, which leads one to think: Is it just Groundhog Day? To which I will say no. The year did start off a little weak, but we did see acceleration in our order backlog and our shipments in the second half of the first quarter. April results have already come in. Those are indicating at the present time, again, more positive results to come. And as I mentioned, our order backlogs are significant.
So with the -- the other thing I want to point out is last year in Q1, we might remember the tariff risk that emerged in early February. And at the time, I think we underestimated how many customers were prebuying. And so when we look at the second quarter of '25, our sales actually went down by $12 million from Q1. So it's not to -- I don't like to normalize results and say, yes, but, but we really need to look at those 2 quarters in tandem. And we're looking at where we're going to be at the end of the first 6 months of this year, and I'm optimistic what we're going to tell you at the end of July.
So because of the drop in volumes, it had an impact on EBITDA, and our gross profit margins were also constricted. This flowed through to net earnings, the volume impact and also the gross profit drop.
One more slide looking back. How do we differentiate ourselves? How do we win? We invest. We invest about twice as much as our competition. And this has really always been our strategy to do it the Winpak way, to not take shortcuts. Our Board of Directors has been very supportive of capital over the years. So if we look at 2023, 2024 and '25, a lot of that is the investment right here in Winnipeg. We'll talk about that more in a minute. 214,000 square feet, about $100 million spent so far on capital with room for 2 more large lines in there. And by the time we're done, we'll have spent close to $200 million, again, making bets on ourselves.
Also my first exposure to [indiscernible]
So this is right outside my office. This is -- we keep talking about it, the North Building Expansion. This is really one of the crown jewels in our portfolio and very exciting. We were renovating our corporate office this year. So we worked out of one of our satellite offices. And we had a budget presentation. So I was at one of our subs, and I had to walk behind the building last October, and I was just, my jaw dropped when I've seen the scale and the scope of what we were doing there.
So inside the building, we have a few photos worth a thousand words, maybe 4,000. So this is the new cast extrusion line. And so to put it into meaningful terms, it's going to have output of about 17 million kgs per year. It's going to have a revenue footprint of about $100 million.
So we also have a lidding facility in Pekin, Illinois. And this is also AI at the back, very green, very nice. So what can we do there? We can expand, towards the top of the picture, about 350,000 square feet. And why are we going to do that? It all comes from servicing the growth that we're seeing in our markets.
So what are we going to house in this facility? Well, the no-brainer right now is die-cut automation, which reduces costs, more modern printing presses, which helps service our customers, cut costs. And then we have some other interesting capital projects to consider, namely extrusion lines to complement what we do in Winnipeg and Montreal. So this would be, in part, a trade play, but the trade is just the cherry on the sundae. It's not driving this investment. So this is something that we're looking at very intently this year. And this would be a multiyear project, probably 3 or 4 years.
A few years ago, well, going back to 2019, we bought Control Group, which is in the health care space. We were there a few years ago because they were running out of outside warehousing space, and it just so happened this building a mile away was on the market. So on a whim, we looked at it, fell in love with it, bought it, upgraded it, and now we're going to put 2 new printing presses in there, a slitter, a rewinder and other equipment. It's a very exciting development.
So what we call IML, so if you think of yogurt containers, you think of sour cream, et cetera, this is a new technology for us. It's in our Sauk Village, Illinois plant, but it's truly adjacent to our thermoforming container product line in that most of those same customers buy IML. And we have a lot of big opportunities that are on the horizon for us right now. We currently have 4 lines in that facility, and we're effectively sold out. So we're considering to what scale and what speed do we add capacity. We can, in the end, by the time we're said and done, have up to 20 lines. So very exciting. This is one of our major growth vectors for the next 5 years.
Sustainability. It's not just a buzzword. Everything we do in terms of product innovation or investment has a sustainability angle. Why? Because that's what our customers want. We need to listen to the customer, sometimes inform the customer, but we're also trying to see where the puck is going. There's been less of an emphasis on sustainability in the U.S. in recent months, years. But the thing that is driving our customers' conversations is what's called extended producer responsibility. The brand owner has to pay a surtax on the plastic that they put out into the world. We had one major customer informed us that in California, their surtax will be about $20 million per year. They are extremely eager to talk to us to see how they can minimize that. The most recent conversation we had with them, that was at least half the conversation. These are some of our products currently that support sustainability initiatives. A lot of that coming out of the Winnipeg plant here, and a lot of it will be produced on that new extrusion line in Winnipeg.
So looking forward, major challenges, USMCA, the Middle East crisis, not to mention some forgotten crises, whether it's Ukraine or Gaza. But people ask me, Scott, you must be wringing your hands with worry, and I say, no, I'm actually more excited than I've ever been about our company. So why is that?
So these are the pillars of our strategic objectives. Any time I talk to investors, they always want to know what are we seeing into the future and how are we going to get there? Our market isn't growing. It's actually shrinking. And if you think of the amount of the population that will be on GLP-1 drugs in 5, 10 years, it's actually pretty scary. So we, again, just need to, I would think, outperform our competition. And that's what we've always done for 50-plus years. So in addition to growing at that rate, we want to grow our profitability at an even greater rate. We talked about sustainability, and those are the core focuses that we're seeking to achieve those goals.
And investors, analysts always ask, how do you rank order how you spend money. We've always put CapEx internal at the top. That's what's driven our growth over 50-plus years. Now more than ever, though, we have an array of acquisition possibilities, not only in North America, but in Europe that will help us round out our product portfolio and our go-to-market strategy and working closely with our sister company in Europe and our Board of Directors.
So when 1 and 2 still leave money left in the piggy bank, we return capital to shareholders. So I think once we demonstrate the growth, the profitability and an acquisition or 2, that the multiple on our shares will accrete. So in the meantime, I'm more than happy to buy Winpak at 6.5x EBITDA every day.
So again, why am I excited? Or what are we doing? We can't control all the uncertainty. So it's that discipline, what we do, what we focus on every day. At first glance, these all -- all 3 of these sound like buzzwords. And so what do I mean by those? Commercial excellence, that's about delighting our customers, listening to them, delivering what they need. If we're wringing our hands every day, you know what they're doing. How are tariffs going to affect your selling prices? How is the price of polyethylene doubling going to affect my selling -- my purchase price from Winpak? Are you going to have enough material to make my product? So it's more than just managing our prices. They need to have confidence that we're not going to gouge them in the current market. And it's all about transparency.
Supply chain resilience. It's all about Randy and his team. At the present time, we're in a pretty good situation, but that is built on years of building our foundation with the breadth of our suppliers, but also how we treat them every day, partners, just like our customers.
And operating cost optimization. This was really fortified during the USMCA turmoil over the last year or so. If there's a 10% universal surcharge on southbound shipments, that's going to have a big effect on our bottom line. And so to counteract that, especially with our expansion in Winnipeg, we want to shed cost out of our business. Of course, every company wants to do that, but never let a good crisis go to waste. So where this helps focus people's attention.
That concludes my presentation. Thank you very much. Over to you, Mr. Chairman.
Thank you, Scott. I'll now open the meeting to questions from registered shareholders or duly appointed proxy holders. Please limit your questions to today's subject matter and keep your questions short and to the point. I ask that any attendees in the room who would like to ask a question, please raise their hands and a microphone will be brought to you. Those participating via the live webcast who would like to ask question, please use the instant messaging feature of the virtual interface to do so. We will answer as many questions as time permits.
When asking a question, please state your full name and the entity you represent, if any, and confirm you're a registered shareholder or duly appointed proxy holder. Are there any questions from the room? We'll now give attendees a moment to type in their questions on the web interface. For each question asked virtually that is answered, we'll summarize the question and read out the name of the person who asked the question and if applicable, the entity such person represents.
We'd also like to remind you that questions that have already been answered or are redundant or repetitive will not be published or answered. Ms. Secretary, do we have any questions from the participants on the webcast?
No questions have been received, Mr. Chairman.
All right. As there is no further business to come before the meeting, I move and second that the meeting be terminated. We now invite you to stay and join us for refreshments and to view the company's product display. Thank you all for coming.
Winpak — Shareholder/Analyst Call - Winpak Ltd.
Financial data from Winpak
Revenue
Revenue is the sum of all sales generated by a company, e.g. for its products or services.
Revenue (TTM) metric explainedDirect Costs
Direct costs are the costs incurred directly in connection with the manufacture of the product or service.
Gross Profit
Gross Profit indicates how much of the revenue remains in the company after deducting direct production costs. If the percentage share of sales is calculated, this is referred to as the gross margin.
Gross Profit metric explainedSelling and Administrative Expenses
Selling, general and administrative expenses (SG&A) include all expenses for marketing and sales as well as the general administration of the company.
Research and Development Expense
Research and development costs (R&D) provide information on how much the company invests in the research and development of its products. The costs are particularly interesting as a percentage of revenue and in comparison to direct competitors.
EBITDA
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is the company's earnings before interest, taxes, depreciation and amortization. The EBITDA margin is calculated as a percentage of sales.
Depreciation and Amortization
Depreciation represents reductions in the value of the company's assets (e.g. due to wear and tear on machinery).
EBIT (Operating Income)
EBIT (Earnings Before Interest and Taxes) is the company's profit before interest and taxes, also known as the operating income. The EBIT Margin is calculated as a percentage of sales at
.
Net Profit
Net Profit represents the profit or loss after deduction of all costs.
Net Profit metric explainedStocksGuide Premium
| Jun '26 |
+/-
%
|
||
| Revenue | 1,616 1,616 |
1%
1%
100%
|
|
| - Direct Costs | 1,126 1,126 |
3%
3%
70%
|
|
| Gross Profit | 490 490 |
2%
2%
30%
|
|
| - Selling and Administrative Expenses | 209 209 |
0%
0%
13%
|
|
| - Research and Development Expense | 31 31 |
0%
0%
2%
|
|
| EBITDA | 334 334 |
0%
0%
21%
|
|
| - Depreciation and Amortization | 82 82 |
4%
4%
5%
|
|
| EBIT (Operating Income) EBIT | 252 252 |
1%
1%
16%
|
|
| Net Profit | 194 194 |
2%
2%
12%
|
|
In millions CAD.
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Company Profile
Winpak Ltd. engages in the manufacture and distribution of packaging materials and related packaging machines. The company is headquartered in Winnipeg, Manitoba and currently employs 2,841 full-time employees. The firm's products are primarily used for the protection of perishable foods, beverages, pharmaceuticals, medical and personal care. The Company’s segments include flexible packaging, rigid packaging and flexible lidding and packaging machinery. The flexible packaging segment includes modified atmosphere packaging, specialty films and biaxially oriented nylon product groups. The rigid packaging and flexible lidding segment includes the rigid containers, lidding and specialized printed packaging product groups. Its rigid containers include portion control and single-serve containers, as well as plastic sheet, custom and retort trays. The Packaging machinery segment includes a full line of horizontal fill/seal machines for preformed containers and vertical form/fill/seal pouch machines for pumpable liquid and semi-liquid products and certain dry products.
StocksGuide Premium
| Head office | Canada |
| CEO | Mr. Muggli |
| Employees | 2,841 |
| Founded | 1975 |
| Website | www.winpak.com |


