Westaim (TSE:WED)
:WED
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Westaim
(WED)
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Rating:49Neutral
Price Target:
C$23.00
▼(-5.12% Downside)
Action:Reiterated
Date:05/16/26
The score is held back primarily by current losses and unstable profitability despite strong TTM revenue growth, while improving TTM cash generation and a very low-leverage balance sheet provide partial support. Technically, the stock shows weak momentum (below key moving averages with negative MACD), and valuation is difficult to justify on a P/E basis due to negative earnings.
Positive Factors
Balance sheet strength
Extremely low leverage and a strong equity base give Westaim durable financial flexibility. This buffer supports follow-on investments, cushions fair-value swings common to investment firms, preserves access to capital, and lowers default risk—benefits that matter over multiple quarters.
Negative Factors
Weak profitability
Deep negative margins indicate the company is not converting revenues or investment returns into positive operating profits. Sustained operating losses erode retained capital and make it harder to compound shareholder value without a demonstrable and durable recovery in core investment performance.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
Extremely low leverage and a strong equity base give Westaim durable financial flexibility. This buffer supports follow-on investments, cushions fair-value swings common to investment firms, preserves access to capital, and lowers default risk—benefits that matter over multiple quarters.
Read all positive factors
Westaim (WED) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$783.30M
Dividend YieldN/A
Average Volume (3M)15.40K
Price to Earnings (P/E)―
Beta (1Y)0.38
Revenue Growth396.46%
EPS Growth12.55%
CountryCA
Employees7
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)-1.91
Shares Outstanding33,331,703
10 Day Avg. Volume22,069
30 Day Avg. Volume15,400
Financial Highlights & Ratios
PEG Ratio-0.21
Price to Book (P/B)0.87
Price to Sales (P/S)7.03
P/FCF Ratio-43.72
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)-0.95
Revenue Forecast (FY)N/A
Westaim Business Overview & Revenue Model
Company Description
The Westaim Corporation is a private equity firm specializing in direct and indirect investments through acquisitions, joint ventures, secondary investments both direct and indirect, fund of fund investments, and other arrangements. For direct inv...
How the Company Makes Money
Westaim makes money primarily through investment returns rather than operating revenue from selling products or services. Its earnings are driven by (1) changes in the fair value of its investment holdings (unrealized gains/losses recorded through...
Westaim Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
78
Positive
Cash Flow
54
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 93.83M | 80.58M | 39.23M | 212.28M | 27.57M | 33.69M |
| Gross Profit | 85.01M | 70.48M | 39.23M | 211.27M | 25.67M | 31.70M |
| EBITDA | -60.53M | -39.02M | -19.36M | 186.42M | 17.75M | 28.58M |
| Net Income | -63.67M | -38.67M | -16.18M | 183.98M | 17.96M | 28.21M |
Balance Sheet | ||||||
| Total Assets | 856.39M | 818.89M | 523.22M | 551.82M | 413.29M | 401.66M |
| Cash, Cash Equivalents and Short-Term Investments | 257.90M | 296.62M | 301.91M | 135.03M | 3.43M | 6.56M |
| Total Debt | 7.74M | 7.24M | 0.00 | 128.00K | 261.00K | 413.00K |
| Total Liabilities | 237.29M | 162.23M | 25.80M | 33.48M | 50.22M | 53.98M |
| Stockholders Equity | 619.10M | 651.96M | 497.41M | 518.35M | 363.07M | 347.68M |
Cash Flow | ||||||
| Free Cash Flow | 29.87M | -12.95M | -46.57M | -3.09M | -2.46M | -5.13M |
| Operating Cash Flow | 40.58M | -4.91M | -46.57M | -3.09M | -2.46M | -5.12M |
| Investing Cash Flow | -238.22M | -218.21M | 223.11M | 198.89M | 1.90M | 3.99M |
| Financing Cash Flow | 189.15M | 194.12M | -9.67M | -64.20M | -2.56M | -1.05M |
Westaim Technical Analysis
Neutral
24.24
Price Trends
23.94
Negative
24.33
Negative
25.55
Negative
Market Momentum
-0.18
Negative
48.71
Neutral
47.73
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:WED, the sentiment is Neutral. The current price of 24.24 is above the 20-day moving average (MA) of 23.46, above the 50-day MA of 23.94, and below the 200-day MA of 25.55, indicating a neutral trend. The MACD of -0.18 indicates Negative momentum. The RSI at 48.71 is Neutral, neither overbought nor oversold. The STOCH value of 47.73 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:WED.
Westaim Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | C$740.36M | 1.29 | 78.23% | 2.20% | 89.66% | ― | |
76 Outperform | C$924.83M | -4.11 | 21.69% | ― | -3.24% | ― | |
71 Outperform | C$1.03B | 2.39 | 5.72% | 0.14% | -57.36% | -41.04% | |
69 Neutral | C$1.10B | 18.29 | 9.72% | 3.01% | 4.44% | 18.34% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
60 Neutral | C$585.36M | 50.26 | 7.80% | 8.78% | -8.34% | -48.32% | |
49 Neutral | C$783.30M | -4.30 | -9.69% | ― | 396.46% | 12.55% |
* Financial Sector Average
TSE:WED
Westaim
23.50
-8.09
-25.61%
TSE:AGF.B
AGF Management B NV
17.05
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TSE:QRC
Queen's Road Capital Investment
14.51
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141.51%
TSE:CVG
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TSE:FSZ
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TSE:SEC
Senvest Capital
382.00
66.00
20.89%
Westaim Corporate Events
Business Operations and StrategyFinancial Disclosures
Westaim Widens 2025 Loss but Sees Momentum in Annuities and Asset Management
Neutral
Mar 26, 2026
The Westaim Corporation reported a wider full-year 2025 net loss of $38.0 million, despite narrowing its quarterly loss in Q4, as it continues to invest heavily in building out its asset management and insurance platforms. The company ended the ye...
Business Operations and StrategyExecutive/Board Changes
Westaim Reshapes Arena Leadership to Support Growth in Global Credit Platform
Positive
Mar 12, 2026
Westaim, an integrated insurance and alternative asset management group with operations in cloud-native annuity provider Ceres Life and global credit-focused manager Arena, is sharpening its leadership structure at the asset management arm. The co...
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.