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Pinetree Capital
(TSX:PNP)
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Rating:55Neutral
Price Target:
C$9.00
▼(-20.35% Downside)
Action:Reiterated
Date:06/03/26
The score is primarily held back by weak and inconsistent cash flow plus high cyclicality in results despite a very strong, low-leverage balance sheet. Technicals are mixed (below longer-term averages with slightly negative MACD), and valuation is difficult to support with a negative P/E and no dividend yield data.
Positive Factors
Conservative balance sheet
Very low leverage and materially grown equity provide durable financial flexibility. With debt near zero historically the company can better withstand market drawdowns, avoid forced asset sales, and deploy capital opportunistically over multi-month periods without refinancing pressure.
Negative Factors
Highly market-sensitive earnings
Earnings and revenue are structurally tied to market cycles, reducing predictability of profits and distributable cash. Sharp year-to-year swings (e.g., large revenue drop in 2025 after 2024) constrain multi-quarter planning and make performance dependent on market timing rather than steady operating growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low leverage and materially grown equity provide durable financial flexibility. With debt near zero historically the company can better withstand market drawdowns, avoid forced asset sales, and deploy capital opportunistically over multi-month periods without refinancing pressure.
Read all positive factors
Pinetree Capital (PNP) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$84.58M
Dividend YieldN/A
Average Volume (3M)7.14K
Price to Earnings (P/E)―
Beta (1Y)0.51
Revenue Growth-37.96%
EPS Growth-162.06%
CountryCA
Employees3
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-2.11
Shares Outstanding9,387,000
10 Day Avg. Volume9,256
30 Day Avg. Volume7,143
Financial Highlights & Ratios
PEG Ratio-0.15
Price to Book (P/B)1.18
Price to Sales (P/S)5.93
P/FCF Ratio-26.77
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Pinetree Capital Business Overview & Revenue Model
Company Description
Pinetree Capital Ltd. is a private equity and venture capital firm dedicated to funding businesses across various growth phases. They support companies ranging from nascent, emerging ventures and early-stage development to more established middle-...
How the Company Makes Money
Pinetree Capital primarily makes money through investment returns generated by its securities portfolio. This includes (1) realized gains when it sells investments for more than their purchase price, (2) unrealized gains reflected in changes in th...
Pinetree Capital Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
88
Very Positive
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.57M | 17.48M | 33.30M | 6.64M | 2.10M | 2.30M |
| Gross Profit | 5.51M | 17.41M | 33.29M | 6.62M | 2.08M | 2.28M |
| EBITDA | -19.16M | 10.52M | 32.36M | 5.77M | 1.15M | 1.47M |
| Net Income | -19.79M | 9.89M | 32.33M | 5.75M | 1.18M | 1.46M |
Balance Sheet | ||||||
| Total Assets | 70.51M | 89.39M | 78.27M | 45.75M | 40.06M | 38.85M |
| Cash, Cash Equivalents and Short-Term Investments | 2.83M | 5.56M | 5.13M | 2.17M | 6.04M | 9.94M |
| Total Debt | 181.00K | 181.00K | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 1.93M | 1.81M | 571.00K | 377.00K | 443.00K | 412.00K |
| Stockholders Equity | 68.58M | 87.59M | 77.70M | 45.37M | 39.62M | 38.44M |
Cash Flow | ||||||
| Free Cash Flow | -3.54M | -3.88M | 2.96M | -3.88M | -3.89M | -10.91M |
| Operating Cash Flow | -3.54M | -3.88M | 2.96M | -3.88M | -3.89M | -10.91M |
| Investing Cash Flow | 2.18M | 4.31M | 0.00 | 0.00 | 0.00 | -10.34M |
| Financing Cash Flow | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 17.88M |
Pinetree Capital Technical Analysis
Neutral
11.30
Price Trends
8.98
Positive
9.17
Negative
10.32
Negative
Market Momentum
0.02
Negative
51.11
Neutral
66.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:PNP, the sentiment is Neutral. The current price of 11.3 is above the 20-day moving average (MA) of 8.97, above the 50-day MA of 8.98, and above the 200-day MA of 10.32, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 51.11 is Neutral, neither overbought nor oversold. The STOCH value of 66.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:PNP.
Pinetree Capital Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | C$189.14M | 2.98 | 22.78% | ― | 120.30% | 351.23% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
55 Neutral | C$84.58M | -4.30 | -23.88% | ― | -37.96% | -162.06% | |
55 Neutral | C$86.46M | 5.24 | 31.97% | ― | -27.75% | 52.58% | |
53 Neutral | C$124.14M | -13.15 | -9.23% | ― | 7.99% | 55.86% | |
44 Neutral | C$63.78M | -0.37 | -160.22% | ― | -170.04% | -2433.50% | |
41 Neutral | C$78.25M | -22.51 | -5.30% | ― | -34.67% | -203.85% |
* Financial Sector Average
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Pinetree Capital
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Pinetree Capital Corporate Events
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Pinetree Capital Boosts Book Value, Adds Veteran Investor to Board
Neutral
Mar 4, 2026
Pinetree Capital reported a rise in total assets to $89.4 million and an increase in book value per share to $9.33 as of December 31, 2025, up 13% from a year earlier, despite a 1% decline versus the prior quarter amid ongoing headwinds in the sof...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.