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Vision Marine Technologies Inc. (VMAR) 10-Year Financial Performance & Capital Metrics

VMAR • • Industrial / General
Consumer CyclicalRecreational VehiclesElectric Mobility & ComponentsElectric Vehicle & Powertrain Developers
AboutVision Marine Technologies Inc. designs, develops, and manufactures electric outboard powertrain systems and electric boats in Canada, the United States, and internationally. It operates in two segments, Sale of Electric Boats and Rental of Electric Boats. The company offers outboard motors, boat parts, and related maintenance services. It also operates an electric boat rental center with a fleet of approximately 20 ships located in Newport beach, California. The company provides its products through its retail e-commerce website, as well as rental boating companies, distributors, and dealers. It serves original equipment manufacturers and end-consumers. The company was formerly known as The Canadian Electric Boat Company. The company was founded in 1995 and is headquartered in Boisbriand, Canada. Vision Marine Technologies Inc. operates as a subsidiary of West Island Brands Inc.Show more
  • Revenue $14M +395.9%
  • EBITDA -$10M -6.4%
  • Net Income -$22M -108.5%
  • EPS (Diluted) -0.61 -2025.4%
  • Gross Margin 34.46% -12.7%
  • EBITDA Margin -69.04% +78.5%
  • Operating Margin -74.56% +78.6%
  • Net Margin -156.53% +57.9%
  • ROE -377.51% -165.1%
  • ROIC -112.56% -15.5%
  • Debt/Equity 1.07 +349.5%
  • Interest Coverage -12.72 +76.0%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong 5Y sales CAGR of 41.7%
  • ✓Share count reduced 85.6% through buybacks

✗Weaknesses

  • ✗Weak Piotroski F-Score: 3/9
  • ✗Negative free cash flow
  • ✗Weak momentum: RS Rating 0 (bottom 0%)
  • ✗Low quality earnings: Net income not backed by cash flow
  • ✗Trading more than 30% below 52-week high
  • ✗Low asset turnover indicates capital-intensive operations

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y41.75%
3Y23.46%
TTM636.7%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM-56.36%

EPS CAGR

10Y-
5Y-
3Y-
TTM-4387%

ROCE

10Y Avg-31.17%
5Y Avg-66.64%
3Y Avg-74.67%
Latest-79.6%

Peer Comparison

Electric Vehicle & Powertrain Developers
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
EMPDEmpery Digital Inc.162.92M4.82-0.0023.8%-17.58%-10.54%19.89
EZGOEZGO Technologies Ltd.42.4M2.03-0.0332.75%-27.07%-18.15%0.24
REEREE Automotive Ltd.21.66M0.76-0.11-88.62%-483.57%-278.44%2.19
VMARVision Marine Technologies Inc.4.69M5.07-8.31395.85%-73.24%-438.83%1.07

Profit & Loss

Aug 2018Aug 2019Aug 2020Aug 2021Aug 2022Aug 2023Aug 2024Aug 2025
Sales/Revenue+1.27M2.87M2.42M3.51M7.35M4.2M2.79M13.83M
Revenue Growth %-1.26%-0.16%0.45%1.09%-0.43%-0.34%3.96%
Cost of Goods Sold+769.84K1.58M1.81M1.91M4.07M3.06M1.69M9.07M
COGS % of Revenue0.61%0.55%0.75%0.54%0.55%0.73%0.61%0.66%
Gross Profit+501.73K1.29M604.39K1.6M3.29M1.14M1.1M4.77M
Gross Margin %0.39%0.45%0.25%0.46%0.45%0.27%0.39%0.34%
Gross Profit Growth %-1.56%-0.53%1.65%1.05%-0.65%-0.03%3.33%
Operating Expenses+501.73K1.29M604.39K14.51M16.06M16.18M10.83M15.08M
OpEx % of Revenue0.39%0.45%0.25%4.13%2.18%3.85%3.88%1.09%
Selling, General & Admin507.35K946.42K2.73M12.84M13.55M11.5M8.21M13.18M
SG&A % of Revenue0.4%0.33%1.13%3.65%1.84%2.74%2.94%0.95%
Research & Development0001.49M2.24M4.24M2.01M1.18M
R&D % of Revenue---0.42%0.31%1.01%0.72%0.09%
Other Operating Expenses-5.62K338.94K-2.13M184.85K268.59K437.39K610.94K713.53K
Operating Income+-6.12K337.43K0-12.91M-12.77M-15.04M-9.73M-10.31M
Operating Margin %-0%0.12%--3.67%-1.74%-3.58%-3.49%-0.75%
Operating Income Growth %-56.11%-1%-0.01%-0.18%0.35%-0.06%
EBITDA+24.25K372.54K-1.98M-12.49M-11.82M-14.26M-8.98M-9.55M
EBITDA Margin %0.02%0.13%-0.82%-3.55%-1.61%-3.39%-3.22%-0.69%
EBITDA Growth %-14.36%-6.31%-5.32%0.05%-0.21%0.37%-0.06%
D&A (Non-Cash Add-back)30.37K35.11K170.18K417.05K955.51K781.68K756.06K763.97K
EBIT5.84K331.91K-2.15M-14.89M-12.67M-15.61M-10.38M-20.83M
Net Interest Income+-39.95K-34.46K-107.11K-123.1K194.39K-21.09K-136.46K-654.05K
Interest Income0000379.29K84.45K47.14K156.66K
Interest Expense39.95K34.46K107.11K123.1K184.9K105.54K183.6K810.71K
Other Income/Expense-27.99K-39.98K-2.25M-2.1M-79.74K-674.72K-831.03K-11.33M
Pretax Income+-34.12K297.45K-2.25M-15.01M-12.85M-15.71M-10.56M-21.64M
Pretax Margin %-0.03%0.1%-0.93%-4.27%-1.75%-3.74%-3.79%-1.56%
Income Tax+151.73K64.39K21.31K105.59K258.34K-207.58K-179.03K7.88K
Effective Tax Rate %5.45%0.78%1.01%1.01%1.02%0.99%0.98%1%
Net Income+-185.85K233.07K-2.28M-15.11M-13.11M-15.5M-10.38M-21.65M
Net Margin %-0.15%0.08%-0.94%-4.3%-1.78%-3.69%-3.72%-1.57%
Net Income Growth %-2.25%-10.76%-5.64%0.13%-0.18%0.33%-1.09%
Net Income (Continuing)-185.85K233.07K-2.28M-15.11M-13.11M-15.5M-10.38M-21.65M
Discontinued Operations00000000
Minority Interest00000000
EPS (Diluted)+-0.000.00-0.01-0.05-0.04-0.06-0.03-0.61
EPS Growth %----0.13%-0.42%0.49%-20.22%
EPS (Basic)-0.000.00-0.01-0.05-0.04-0.06-0.03-0.61
Diluted Shares Outstanding15.88M15.88M15.88M16.65M16.64M18.54M24.48M3.53M
Basic Shares Outstanding15.16M15.88M15.88M16.65M16.64M18.54M24.48M3.53M
Dividend Payout Ratio--------

Balance Sheet

Aug 2018Aug 2019Aug 2020Aug 2021Aug 2022Aug 2023Aug 2024Aug 2025
Total Current Assets+1.58M1.37M2.44M21.32M11.6M8.49M8.61M58.97M
Cash & Short-Term Investments68.37K-8.22K1.3M18.15M5.82M3.36M63.13K7.42M
Cash Only-68.37K-8.22K1.3M18.15M5.82M3.36M63.13K7.42M
Short-Term Investments68.37K0000000
Accounts Receivable6.1K73.6K6.78K652.65K1.21M708.71K184.31K10.91M
Days Sales Outstanding1.759.361.0267.7960.0961.5724.12287.9
Inventory931.71K818.81K491.53K1.98M2.09M2.45M6.21M36.87M
Days Inventory Outstanding441.75188.6898.97377.71187.99291.371.34K1.48K
Other Current Assets0465.77K474.55K625.26K1.1M000
Total Non-Current Assets+414.91K547.79K1.19M17.48M17.5M15.56M2.81M10.94M
Property, Plant & Equipment355.31K507.48K1.19M4.32M4.48M4.73M1.84M10.38M
Fixed Asset Turnover3.58x5.65x2.03x0.81x1.64x0.89x1.52x1.33x
Goodwill0009.03M9.35M9.68M00
Intangible Assets0001.23M1.11M966.72K868.54K481.2K
Long-Term Investments00033.28K118.88K114.75K5.93K81.65K
Other Non-Current Assets38.71K40.31K-1.19M2.85M2.44M000
Total Assets+1.99M1.91M3.63M38.8M29.1M24.05M11.42M69.91M
Asset Turnover0.64x1.50x0.67x0.09x0.25x0.17x0.24x0.20x
Asset Growth %--0.04%0.9%9.68%-0.25%-0.17%-0.53%5.12%
Total Current Liabilities+1.89M1.46M1.91M2.69M2.87M4.85M5.72M49.7M
Accounts Payable469.23K346.68K590.5K560.87K737.95K1.11M3.88M8.05M
Days Payables Outstanding222.4779.89118.89107.266.26131.93839.58324.12
Short-Term Debt741.77K301.44K227.25K10.18K72.09K426.55K101.4K33.17M
Deferred Revenue (Current)676.07K180.07K20.44K898.71K1000K0827.64K1000K
Other Current Liabilities676.07K626.96K918.93K1.27M1.21M2.67M176.28K583K
Current Ratio0.83x0.94x1.28x7.91x4.04x1.75x1.50x1.19x
Quick Ratio0.34x0.38x1.02x7.18x3.31x1.25x0.42x0.44x
Cash Conversion Cycle221.02118.15-18.9338.3181.82221.01527.11.45K
Total Non-Current Liabilities+505.71K587.33K932.88K2.58M2.2M7.63M2.68M11.77M
Long-Term Debt505.71K129.7K354.49K53.94K155.26K33.78K357.24K1.37M
Capital Lease Obligations03.84K552.17K2.4M1.85M1.99M137.72K5.34M
Deferred Tax Liabilities04.91K26.22K122.66K188.04K005.89K
Other Non-Current Liabilities0453.79K26.22K005.6M2.18M5.05M
Total Liabilities2.4M2.05M2.84M5.28M5.07M12.48M8.4M61.46M
Total Debt+201.47K435.52K1.25M3.03M2.64M3.1M718.43K9.04M
Net Debt269.83K443.74K-42.03K-15.12M-3.18M-257.13K655.31K1.62M
Debt / Equity--1.58x0.09x0.11x0.27x0.24x1.07x
Debt / EBITDA8.31x1.17x------
Net Debt / EBITDA11.13x1.19x------
Interest Coverage-0.15x9.79x--104.84x-69.09x-142.48x-53.00x-12.72x
Total Equity+-402.79K-132.3K791.91K33.53M24.03M11.56M3.02M8.45M
Equity Growth %-0.67%6.99%41.33%-0.28%-0.52%-0.74%1.8%
Book Value per Share-0.03-0.010.052.011.440.620.122.39
Total Shareholders' Equity-402.79K-132.3K791.91K33.53M24.03M11.56M3.02M8.45M
Common Stock6005252.5M42.83M43.44M50.4M55.38M67.14M
Retained Earnings-403.39K-170.33K-2.45M-17.56M-30.67M-51.55M-65.61M-71.58M
Treasury Stock00000000
Accumulated OCI-160.23K37.5K0388.57K697.67K1.03M1.13M1.1M
Minority Interest00000000

Cash Flow

Aug 2018Aug 2019Aug 2020Aug 2021Aug 2022Aug 2023Aug 2024Aug 2025
Cash from Operations+125.04K-112.37K-434.66K-8.25M-11M-14.01M-11.64M-8.93M
Operating CF Margin %0.1%-0.04%-0.18%-2.35%-1.5%-3.33%-4.17%-0.65%
Operating CF Growth %--1.9%-2.87%-17.98%-0.33%-0.27%0.17%0.23%
Net Income-185.85K233.07K-2.28M-15.11M-13.11M-20.88M-14.06M-21.65M
Depreciation & Amortization30.37K35.11K170.18K417.05K955.51K1.06M1.02M763.97K
Stock-Based Compensation001.31M7.12M2.7M1.14M395.99K0
Deferred Taxes86.71K25.8K21.31K105.59K258.34K-280.88K-255.46K7.88K
Other Non-Cash Items9.31K5.14K47.91K729.09K807.43K2.66M2M11.33M
Working Capital Changes184.5K-411.49K289.4K-1.51M-2.61M2.29M-744.4K624.61K
Change in Receivables-23.41K-42.54K22.76K-232.72K-152.81K-78.29K253.23K107.54K
Change in Inventory-507.09K112.89K327.28K-1.47M-117.69K-351.78K-3.78M2.95M
Change in Payables114.44K14.15K98.99K-202.4K01.84M0-1.31M
Cash from Investing+-108.38K-109.18K-37.66K-9.47M-964.5K-537.02K615.61K1.54M
Capital Expenditures-1.75K-175.95K-77.97K-1.07M-1.21M-938.8K-536.95K-326.75K
CapEx % of Revenue0%0.06%0.03%0.31%0.16%0.22%0.19%0.02%
Acquisitions--------
Investments--------
Other Investing-106.62K66.77K40.31K-3.37M243.63K401.78K63.25K0
Cash from Financing+-16.66K259.05K1.73M34.57M-361.78K12.08M7.73M14.76M
Debt Issued (Net)--------
Equity Issued (Net)--------
Dividends Paid00000000
Share Repurchases--------
Other Financing72.46K41.55K-189.07K-170K176.77K12.44M1.88M-9.97M
Net Change in Cash--------
Free Cash Flow+123.28K-288.32K-512.62K-9.32M-12.2M-14.95M-12.24M-9.16M
FCF Margin %0.1%-0.1%-0.21%-2.65%-1.66%-3.56%-4.39%-0.66%
FCF Growth %--3.34%-0.78%-17.19%-0.31%-0.22%0.18%0.25%
FCF per Share0.01-0.02-0.03-0.56-0.73-0.81-0.50-2.59
FCF Conversion (FCF/Net Income)-0.67x-0.48x0.19x0.55x0.84x0.90x1.12x0.41x
Interest Paid00000000
Taxes Paid00000000

Key Ratios

Metric20182019202020212022202320242025
Return on Equity (ROE)---689.96%-88.08%-45.56%-87.12%-142.39%-377.51%
Return on Invested Capital (ROIC)-283.6%--101.05%-48.81%-70.15%-97.42%-112.56%
Gross Margin39.46%44.8%25%45.65%44.7%27.09%39.49%34.46%
Net Margin-14.62%8.12%-94.14%-430.13%-178.37%-369.01%-372.2%-156.53%
Debt / Equity--1.58x0.09x0.11x0.27x0.24x1.07x
Interest Coverage-0.15x9.79x--104.84x-69.09x-142.48x-53.00x-12.72x
FCF Conversion-0.67x-0.48x0.19x0.55x0.84x0.90x1.12x0.41x
Revenue Growth-125.66%-15.76%45.37%109.2%-42.84%-33.61%395.85%

Revenue by Segment

202120222023
Boat rental and boat club membership revenue-4.79M4.04M
Boat rental and boat club membership revenue Growth---15.75%
Sales Of Boats2.08M--
Sales Of Boats Growth---
Boat Rental And Boat Club Membership Revenue1.36M--
Boat Rental And Boat Club Membership Revenue Growth---
Sales Of Parts And Boat Maintenance75.2K--
Sales Of Parts And Boat Maintenance Growth---
Ifrs Product And Service Other2.92K--
Ifrs Product And Service Other Growth---

Frequently Asked Questions

Growth & Financials

Vision Marine Technologies Inc. (VMAR) reported $35.6M in revenue for fiscal year 2025. This represents a 2701% increase from $1.3M in 2018.

Vision Marine Technologies Inc. (VMAR) grew revenue by 395.9% over the past year. This is strong growth.

Vision Marine Technologies Inc. (VMAR) reported a net loss of $26.1M for fiscal year 2025.

Dividend & Returns

Vision Marine Technologies Inc. (VMAR) has a return on equity (ROE) of -377.5%. Negative ROE indicates the company is unprofitable.

Vision Marine Technologies Inc. (VMAR) had negative free cash flow of $5.7M in fiscal year 2025, likely due to heavy capital investments.

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