Share count
32.2Bpeak FY2025
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PBK, PowerBank Corporation
PowerBank Corporation provides solar energy solutions by developing, permitting, designing and building BTM solar power generation and transmission or distribution electricity grid connected community solar gardens and utility scale solar farms.
Https://www.cer-rec.gc.ca/en/data-analysis/energy-markets/market-snapshots/2018/market-snapshot-which-cities-have-highest-solar-potential-in-canada.html 8 National Energy Board.
Solar Futures Study (2021) https://www.energy.gov/sites/default/files/2021-09/Solar%20Futures%20Study.pdf 30 Products and Services The Company recognizes revenue from project development service and EPC services.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
C$42M
−28.9% YoY
Vital signs · TTM, with 3-yr average
Revenue C$42M 3-yr avg C$39M
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is led by Epc Services (56%) and IPP Production (22%), with 2 more lines behind.
- Situation
- Unprofitable. No meaningful revenue yet; the record is the cash on hand against the burn. Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock.
- What moves the needle
- Operating margin has reached 18% at its best but run negative through the cycle (median −7.6%) on a 25% gross margin — so the question is which reading is truer: whether the median was pulled below zero by one-off charges, by the cycle, or by spending it is still growing into, and whether it settles back at a profit. The cash cycle has run negative through the cycle (a median of −73 days): the operation is paid before it pays, so working capital releases cash as the business grows rather than tying it up. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has rarely cleared the cost of capital (median −23%, above 15% in 0 of 3 years). By owner earnings: roughly 14% of revenue reaches owners as cash, though it swings, and customers and suppliers fund the business through negative working capital. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →Revenue spreads across 4 lines, the largest Epc Services at 56%.
Revenue by product line, FY2025
- Epc Services56%C$23M
- IPP Production22%C$9M
- Development Fees19%C$8M
- O And M Services3%C$1M
By geographyUnited States63%Canada37%
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2023–2025
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | TTMTTMJun 2025 | |
|---|---|---|---|---|
| Income statement | ||||
| C$18M | C$58M | C$42M | C$42M | RevenueRevenue |
| 25% | 20% | 25% | 25% | Gross marginGross mgn |
| C$3M | (C$4M) | (C$39M) | (C$39M) | Operating incomeOp. inc. |
| 18.0% | −7.6% | −94.1% | −94.1% | Operating marginOp. mgn |
| C$2M | (C$3M) | (C$31M) | (C$31M) | Net incomeNet inc. |
| Cash flow & returns | ||||
| C$2M | C$8M | (C$17M) | (C$17M) | Operating cash flowOp. cash |
| C$49K | C$410K | C$5M | C$5M | DepreciationDeprec. |
| C$100K | C$12M | C$9M | C$9M | Working capital & otherWC & other |
| C$48K | C$43K | — | C$43K | CapexCapex |
| 0.3% | 0.1% | — | 0.1% | Capex / revenueCapex/rev |
| C$2M | C$8M | — | (C$17M) | Owner earningsOwner earn. |
| 12.7% | 14.5% | — | −41.7% | Owner earnings marginOE mgn |
| C$2M | C$8M | — | (C$17M) | Free cash flowFCF |
| 12.7% | 14.5% | — | −41.7% | Free cash flow marginFCF mgn |
| 14% | -23% | -47% | -47% | ROICROIC |
| 14% | -21% | -161% | -161% | Return on equityROE |
| 14% | −21% | −161% | −161% | Retained to equityRetained/eq |
| Balance sheet | ||||
| C$7M | C$6M | C$9M | C$9M | Cash & investmentsCash+inv |
| C$2M | C$966K | C$9M | C$9M | ReceivablesReceiv. |
| C$449K | C$7M | C$9M | C$9M | InventoryInvent. |
| C$5M | C$5M | C$22M | C$22M | Accounts payablePayables |
| (C$2M) | C$3M | (C$4M) | (C$4M) | Operating working capitalOper. WC |
| C$22M | C$18M | C$41M | C$41M | Current assetsCur. assets |
| C$7M | C$13M | C$43M | C$43M | Current liabilitiesCur. liab. |
| 3.1× | 1.3× | 1.0× | 1.0× | Current ratioCurr. ratio |
| — | C$439K | C$3M | C$3M | GoodwillGoodwill |
| C$25M | C$39M | C$138M | C$138M | Total assetsAssets |
| C$759K | C$4M | C$54M | C$54M | Total debtDebt |
| (C$7M) | (C$2M) | C$45M | C$45M | Net debt / (cash)Net debt |
| 26.5× | -15.5× | -12.0× | -12.0× | Interest coverageInt. cov. |
| C$16M | C$16M | C$19M | C$19M | Shareholders’ equityEquity |
| Per share | ||||
| 19.6M | 27.0M | 32.20B | 35.4M | Shares out (diluted)Shares |
| C$0.94 | C$2.16 | C$0.00 | C$1.17 | Revenue / shareRev/sh |
| C$0.11 | C$-0.13 | C$-0.00 | C$-0.88 | EPS (diluted)EPS |
| C$0.12 | C$0.31 | — | C$-0.49 | Owner earnings / shareOE/sh |
| C$0.12 | C$0.31 | — | C$-0.49 | Free cash flow / shareFCF/sh |
| C$0.00 | C$0.00 | — | C$0.00 | Cap. spending / shareCapex/sh |
| C$0.84 | C$0.61 | C$0.00 | C$0.54 | Book value / shareBVPS |
The diluted share count moved ×1190.72 into 2025 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×1/908.66 into TTM — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked.
ROIC
−47%low FY2025
Gross margin
25%low FY2024
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2024 the business turned a C$3M loss into C$8M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2024 | FY2023 | |
|---|---|---|
| Reported net income | (C$3M) | C$2M |
| Depreciation & amortizationnon-cash charge added back | +C$410K | +C$49K |
| Working capital & othertiming of cash in and out, other non-cash items | +C$12M | +C$100K |
| Cash from operations | C$8M | C$2M |
| Capital expenditurecash put back in to keep running and to grow | −C$43K | −C$48K |
| Owner earnings | C$8M | C$2M |
| Owner-earnings marginowner earnings ÷ revenue | 14% | 13% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 40-F · source on SEC EDGAR →
Will it survive?
- Can it pay its interest? -12.0×Does not cover its interestOperating income (C$39M) ÷ interest expense C$3M
What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
- Net debt against an operating lossCash C$8M + ST investments C$1M − debt C$54M
What this means
Netting C$9M of cash and short-term investments against C$54M of debt leaves C$45M owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Negative, funded by othersDSO 75 + DIO 106 − DPO 256 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money.
Is it a good business?
- Below average through the cycle3-yr median, range -47%–14%; -47% latest = NOPAT (C$31M) ÷ invested capital C$65MIndustry peers: median 9%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 3 years (it ran -47% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Consumes cashOwner earnings (C$17M) = operating cash (C$17M) − maintenance capex C$43KIndustry peers: median 6%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -42% of revenue this year.
- Are earnings backed by cash? (C$17M)Loss, and burning cashNet income (C$31M) · cash from operations (C$17M)
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 0.01×HarvestingCapex C$43K ÷ depreciation C$5M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 0 of 2 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size —Revenue ≥ $2B (a dollar floor) · C$42M
What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
- Strong liquidity MissCurrent ratio ≥ 2× · 0.96×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt MissDebt ≤ working capital · C$54M vs (C$2M) WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are C$-0.00/share (latest year C$-0.00), the averaged base the calculator's gate runs on, and book value is C$0.00/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Framed as a capability
The filing positions AI as something the company uses, not something it fears.
“In July 2025, the Company announced a strategic alliance with Intellistake, a technology company bridging traditional capital markets with decentralized AI and blockchain infrastructure, to pioneer digital currencies, including Bitcoin treasury integration and RWA (real world ass…”
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Jun 30, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assetsC$41M
- Cash & short-term investmentsC$9M
- ReceivablesC$9M
- InventoryC$9M
- Other current assetsC$15M
Current liabilitiesC$43M
- Accounts payableC$22M
- Other current liabilitiesC$21M
Current ratio0.96×all current assets ÷ what's due · Graham looked for 2×
Quick ratio0.75×stricter: inventory excluded
Cash ratio0.20×strictest: cash alone against what's due
Working capital(C$2M)the cushion left after near-term bills
Cash runway0.5 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Deeper floors
Tangible book valueC$16Mequity stripped of goodwill & intangibles
Net current asset value(C$77M)Graham's net-net: current assets less all liabilities
Debt incl. operating leasesC$61MC$8M of it operating leases
From the company's latest filing.
Peers, Construction & Engineering
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| BLDTopBuild | $5.4B | 28% | 13.4% | 12% | 9% |
| LGNLegence Corp. | $2.6B | 21% | 2.4% | — | 1% |
| AMRCAmeresco Inc. | $1.8B | 19% | 6.1% | 8% | -10% |
| AGXArgan Inc. | $945M | 17% | 8.9% | 29% | 19% |
| MTRXMatrix Service Company | $769M | 6% | -3.7% | -14% | 2% |
| LMBLimbach Holdings Inc. | $647M | 18% | 2.9% | 10% | 6% |
| BBCPConcrete Pumping Holdings Inc. | $356M | 37% | 12.6% | 6% | 11% |
| PBKPowerBank Corporation | C$42M | 25% | -7.6% | -23% | -42% |
| Group median | — | 20% | 4.5% | 8% | 4% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. PowerBank Corporation's US listing is the ordinary share itself; figures in this tool are translated at CAD 1 = $0.712 (2026-07-17, reference rate); the dollar quote then reconciles exactly. The record tables elsewhere on this page remain as filed, in CAD.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what PowerBank Corporation has delivered.
PowerBank Corporation’s latest year shows negative owner earnings, below the record’s own through-cycle owner earnings. So the tool opens on the through-cycle base, the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.
$
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · since FY2023+260%/yr
Owner-earnings growth · since FY2023+260%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings ($12M) on 32197M shares outstanding (a weighted average, the only count this filer tags); net debt $32M. The base opens on the through-cycle figure (the latest year sits off the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "PowerBank Corporation (PBK), the owner's record," https://ownerscorecard.com/c/PBK, data as of 2026-07-09.
Manual order: ← PBA its page in the Manual PBR →
Industry order: ← ORN the Construction & Engineering chapter PHOE →