Pineapple Financial (PAPL)
Market Price (9/27/2026): $1.04 | Market Cap: $26.6 MilSector: Financials | Industry: Commercial & Residential Mortgage Finance
Pineapple Financial (PAPL)
Market Price (9/27/2026): $1.04Market Cap: $26.6 MilSector: FinancialsIndustry: Commercial & Residential Mortgage Finance
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Artificial Intelligence, Fintech & Digital Payments, and AI in Financial Services. Themes include AI Software Platforms, Show more. | Weak multi-year price returns2Y Excs Rtn is -11%, 3Y Excs Rtn is -131% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -19 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -114% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 66% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -44%, Rev Chg QQuarterly Revenue Change % is -24% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -123% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 63% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -14% High stock price volatilityVol 12M is 146% Key risksPAPL key risks include [1] persistent profitability and cash flow challenges, Show more. |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, Fintech & Digital Payments, and AI in Financial Services. Themes include AI Software Platforms, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -11%, 3Y Excs Rtn is -131% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -19 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -114% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 66% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -44%, Rev Chg QQuarterly Revenue Change % is -24% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -123% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 63% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -14% |
| High stock price volatilityVol 12M is 146% |
| Key risksPAPL key risks include [1] persistent profitability and cash flow challenges, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Pineapple Financial (PAPL) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Fiscal Q3 2026 Earnings Highlighted Revenue Decline Amidst Non-Cash Gains.
Pineapple Financial's fiscal Q3 2026, which ended on May 31, 2026, reported a net income of approximately $25.3 million or $0.99 per basic and diluted share when results were released on July 20, 2026. However, this significant net income was primarily driven by a non-cash fair value gain of $25.8 million on digital assets. Simultaneously, the company experienced a year-over-year decline in sales, with figures dropping to $622,502 from $746,903. This indicates that despite the positive headline net income, the core operational revenue was decreasing, potentially leading to investor skepticism regarding the sustainability of earnings.
2. Increased Reliance on Volatile Digital Asset Treasury.
As of May 31, 2026, Pineapple Financial held approximately $49.4 million in digital assets, which substantially supported its total assets of $75.9 million. While staking activities from these digital assets generated approximately $399,000 during fiscal Q3 2026, the primary contribution to net income was a non-cash fair value gain of $25.8 million. The heavy reliance on digital assets, which are inherently volatile, introduces a higher degree of risk and unpredictability into the company's financial performance, potentially making investors cautious about its long-term stability.
Show more
Pineapple Financial (PAPL) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Fiscal Q3 2026 Earnings Highlighted Revenue Decline Amidst Non-Cash Gains.
Pineapple Financial's fiscal Q3 2026, which ended on May 31, 2026, reported a net income of approximately $25.3 million or $0.99 per basic and diluted share when results were released on July 20, 2026. However, this significant net income was primarily driven by a non-cash fair value gain of $25.8 million on digital assets. Simultaneously, the company experienced a year-over-year decline in sales, with figures dropping to $622,502 from $746,903. This indicates that despite the positive headline net income, the core operational revenue was decreasing, potentially leading to investor skepticism regarding the sustainability of earnings.
2. Increased Reliance on Volatile Digital Asset Treasury.
As of May 31, 2026, Pineapple Financial held approximately $49.4 million in digital assets, which substantially supported its total assets of $75.9 million. While staking activities from these digital assets generated approximately $399,000 during fiscal Q3 2026, the primary contribution to net income was a non-cash fair value gain of $25.8 million. The heavy reliance on digital assets, which are inherently volatile, introduces a higher degree of risk and unpredictability into the company's financial performance, potentially making investors cautious about its long-term stability.
3. Significant Share Dilution Over the Past Year.
Shareholders have experienced substantial dilution, with the total shares outstanding growing by 1777.6% over the past year (ending approximately in August 2026). While Pineapple Financial announced an expanded share repurchase program in April 2026, with approximately 554,581 shares repurchased and retired by May 20, 2026, the scale of the prior dilution may continue to weigh on investor sentiment, impacting the stock's performance.
Show less
Stock Movement Drivers
Fundamental Drivers
The -6.5% change in PAPL stock from 5/31/2026 to 9/26/2026 was primarily driven by a -6.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312026 | 9262026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.07 | 1.00 | -6.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 18 | 17 | -6.5% |
| P/S Multiple | 1.6 | 1.5 | -2.2% |
| Shares Outstanding (Mil) | 26 | 26 | 2.2% |
| Cumulative Contribution | -6.5% |
Market Drivers
5/31/2026 to 9/26/2026| Return | Correlation | |
|---|---|---|
| PAPL | -6.5% | |
| Market (SPY) | 2.2% | 11.7% |
| Sector (XLF) | 6.7% | 3.8% |
Fundamental Drivers
The 43.6% change in PAPL stock from 2/28/2026 to 9/26/2026 was primarily driven by a 2928.6% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9262026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.70 | 1.00 | 43.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 18 | 17 | -9.9% |
| P/S Multiple | 0.1 | 1.5 | 2928.6% |
| Shares Outstanding (Mil) | 1 | 26 | -94.7% |
| Cumulative Contribution | 43.6% |
Market Drivers
2/28/2026 to 9/26/2026| Return | Correlation | |
|---|---|---|
| PAPL | 43.6% | |
| Market (SPY) | 13.0% | 3.5% |
| Sector (XLF) | 7.6% | 0.5% |
Fundamental Drivers
The -75.1% change in PAPL stock from 8/31/2025 to 9/26/2026 was primarily driven by a -97.5% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 8312025 | 9262026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.02 | 1.00 | -75.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 30 | 17 | -44.2% |
| P/S Multiple | 0.1 | 1.5 | 1689.9% |
| Shares Outstanding (Mil) | 1 | 26 | -97.5% |
| Cumulative Contribution | -75.1% |
Market Drivers
8/31/2025 to 9/26/2026| Return | Correlation | |
|---|---|---|
| PAPL | -75.1% | |
| Market (SPY) | 20.9% | 9.9% |
| Sector (XLF) | 3.2% | 4.2% |
Fundamental Drivers
nullnull
Market Drivers
8/31/2023 to 9/26/2026| Return | Correlation | |
|---|---|---|
| PAPL | ||
| Market (SPY) | 77.8% | 0.1% |
| Sector (XLF) | 67.3% | 1.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PAPL Return | - | - | -20% | -75% | 212% | -28% | -55% |
| Peers Return | -53% | -50% | 117% | -26% | 21% | -59% | -81% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| PAPL Win Rate | - | - | 50% | 8% | 25% | 33% | |
| Peers Win Rate | 37% | 36% | 53% | 42% | 47% | 26% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| PAPL Max Drawdown | - | - | - | -76% | -85% | -74% | |
| Peers Max Drawdown | -62% | -60% | -43% | -48% | -41% | -69% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: RKT, UWMC, LDI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/25/2026 (YTD)
How Low Can It Go
| Event | PAPL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -81.4% | -18.8% |
| % Gain to Breakeven | 436.8% | 23.1% |
| Time to Breakeven | 71 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -36.0% | -9.5% |
| % Gain to Breakeven | 56.3% | 10.5% |
| Time to Breakeven | 7 days | 24 days |
In The Past
Pineapple Financial's stock fell -81.4% during the 2025 US Tariff Shock. Such a loss loss requires a 436.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | PAPL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -81.4% | -18.8% |
| % Gain to Breakeven | 436.8% | 23.1% |
| Time to Breakeven | 71 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -36.0% | -9.5% |
| % Gain to Breakeven | 56.3% | 10.5% |
| Time to Breakeven | 7 days | 24 days |
In The Past
Pineapple Financial's stock fell -81.4% during the 2025 US Tariff Shock. Such a loss loss requires a 436.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Pineapple Financial (PAPL)
Pineapple Financial Inc. (PAPL) is a Canadian mortgage technology and brokerage company that provides innovative solutions to the Canadian mortgage industry. The company operates by offering comprehensive mortgage brokerage services combined with advanced technological tools to Canadian mortgage agents, brokers, sub-brokers, and brokerages. Exclusively serving the Canadian market across a growing number of provinces and territories, PAPL supports both residential and commercial mortgage opportunities, aiming to provide a significant competitive advantage over traditional, more manual brokerage arrangements.
Central to Pineapple Financial's offering is its proprietary MyPineapple technology platform. This cloud-based system integrates real-time data management, lead generation, customer relationship management (CRM), and direct underwriting support into a single, automated workflow. MyPineapple is designed to simplify the mortgage process for users, reducing reliance on labor-intensive administrative tasks, improving operational efficiencies, and enabling seamless network management. By leveraging integrations with industry tools and providing robust reporting and analytics, MyPineapple helps mortgage professionals lower costs, enhance profit margins, and scale their businesses effectively, while also offering educational resources.
AI Analysis | Feedback
Here are 1-2 brief analogies for Pineapple Financial (PAPL):
Shopify for mortgage brokers: PAPL provides a comprehensive technology platform and services (MyPineapple) that enables mortgage brokers and brokerages to efficiently manage their operations, leads, customer relationships, and transactions, much like Shopify empowers e-commerce businesses to build and scale their online stores.
Toast for mortgage brokers: Similar to how Toast offers an all-in-one operating system for restaurants, PAPL's MyPineapple provides an integrated suite of technology and back-office support tailored specifically for the Canadian mortgage brokerage industry, streamlining processes and enhancing efficiency for its users.
AI Analysis | Feedback
Here are the major products and services provided by Pineapple Financial (PAPL):
- Mortgage Brokerage Services: The company provides direct mortgage brokerage services to consumers for both residential and commercial opportunities.
- Brokerage Support Services: Pineapple Financial offers back-office and pre-underwriting support to other Canadian mortgage brokerages.
- Affiliate Brokerage Program: This service involves forming affiliation agreements with licensed mortgage brokers, allowing them to jointly market and "white-label" mortgage services under their own brand.
- MyPineapple Technology Platform: A proprietary cloud-based technology platform that offers real-time data management, lead generation, CRM, underwriting support, workflow automation, and educational resources for mortgage professionals.
AI Analysis | Feedback
Pineapple Financial Inc. (PAPL) primarily sells its mortgage technology and brokerage services to various entities and professionals within the Canadian mortgage industry. The company does not list specific customer companies by name. Instead, it serves the following categories of customers:
- Canadian Mortgage Brokerages: These are companies that utilize Pineapple Financial's comprehensive Brokerage Services, which include back-office support, pre-underwriting services, and access to the proprietary MyPineapple technology platform.
- Affiliate Brokers: These are licensed mortgage brokers (who may operate as individuals or small firms) that enter into white-label affiliation agreements with Pineapple Financial. This allows them to jointly market mortgage brokerage and other financial services under their own brand, leveraging Pineapple Financial's technology and infrastructure.
- Mortgage Agents, Brokers, and Sub-brokers (including Field Agents): These are individual licensed mortgage professionals who directly use the MyPineapple platform. MyPineapple provides them with advanced tools for real-time data management, lead generation, customer relationship management (CRM), and direct underwriting support, aiming to streamline their operations and enhance efficiency.
AI Analysis | Feedback
Salesforce.com, Inc. (CRM)
Equifax (EFX)
OneSpan (OSPN)
Alphabet Inc. (GOOGL)
Filogix
AI Analysis | Feedback
Shubha Dasgupta - Chief Executive Officer, Co-Founder & Director
Shubha Dasgupta is the Co-Founder and Chief Executive Officer of Pineapple Financial Inc., a position he has held since October 2015. He entered the mortgage industry in 2008 and is credited with leading the development of Pineapple's proprietary technology platform, MyPineapple/Pineapple+. An entrepreneur, Mr. Dasgupta launched his first business at the age of 20 and has successfully built and exited multiple companies. He previously served as the President of the Canadian Mortgage Brokers Association (CMBA) Ontario board in 2021. Mr. Dasgupta has been recognized on the Canadian Mortgage Professional Hot List and Mortgage Global 100. He is also a co-founder of CMI Cancer Fighters and currently serves as a Director at the Melanoma Network of Canada.
Sarfraz Habib - Chief Financial Officer
Sarfraz Habib was appointed as the Chief Financial Officer of Pineapple Financial Inc. in June 2023. He brings over 25 years of experience in finance and accounting, having worked with both public and private organizations. Prior to joining Pineapple Financial, Mr. Habib was the Controller of Keystroke Group Inc., where he significantly reduced finance costs and streamlined the company's accounting and finance processes.
Kendall Marin - President & Chief Operating Officer, Co-Founder & Director
Kendall Marin is a Co-Founder and serves as the President and Chief Operating Officer of Pineapple Financial Inc. He also holds a position as a Director on the company's board.
Alma Aquino - SVP Service & Operations
Alma Aquino holds the title of Senior Vice President of Service & Operations at Pineapple Financial Inc.
Alex Shang - Vice President of Technology
Alex Shang is the Vice President of Technology at Pineapple Financial Inc.
AI Analysis | Feedback
The key risks to Pineapple Financial's business operations include:
- Financial Health and Liquidity: Pineapple Financial is quickly burning through cash and faces potential liquidity challenges, indicated by a concerning current ratio of 0.54. The company has negative shareholder equity, a more serious situation than high debt levels, and has expressed a need for additional capital to support growth and operations.
- Exposure to the Canadian Mortgage Market: Operating exclusively in Canada, Pineapple Financial's business is highly susceptible to fluctuations, regulatory changes, and economic conditions within the Canadian housing and mortgage industry, including rising interest rates and affordability pressures that can impact mortgage origination volumes.
- Digital Asset Investment Volatility: The company has incurred significant non-cash losses, particularly a net loss of $6.44 million in Q3 fiscal 2025, primarily driven by changes in the fair value of its Injective digital asset holdings. This indicates substantial exposure to the highly volatile cryptocurrency market.
AI Analysis | Feedback
AI Analysis | Feedback
Pineapple Financial Inc. (PAPL) operates in two primary addressable markets within Canada: the mortgage brokerage services market and the digital lending platform market.
Canadian Mortgage Brokerage Services Market
The addressable market for Pineapple Financial's mortgage brokerage services in Canada was valued at approximately USD 778.56 million in 2025. This market is projected to grow to USD 989.65 million by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 4.92% from 2025 to 2030. Residential mortgages constituted 74.5% of the Canada mortgage/loan brokers market share in 2024.
Canadian Digital Lending Platform Market
For its technology solutions, including the MyPineapple platform, Pineapple Financial's addressable market within the Canadian digital lending platform sector generated a revenue of USD 698.0 million in 2024. This market is expected to significantly expand, reaching USD 3,019.9 million by 2030, with a robust CAGR of 28.2% from 2025 to 2030.
AI Analysis | Feedback
Pineapple Financial (PAPL) anticipates several key drivers for future revenue growth over the next 2-3 years, stemming from strategic technological integrations, expanded service offerings, and its innovative financial strategies.
- AI-Powered Agent Network Expansion and Sales Growth: The company is implementing an AI-Empowered Sales Expansion strategy and has launched an AI-Powered Agent Growth Platform. This initiative aims to proactively connect with over 40,000 agents across Canada, significantly expanding Pineapple Financial's national footprint and driving scalable revenue growth through an AI-driven search and sales agent onboarding program. Furthermore, Pineapple Financial expects its national agent network to expand to between 700-1000 gross agents during fiscal year 2026, supported by targeted recruitment and enhanced onboarding processes.
- Expansion into New Product Offerings (Insurance and Renewals+ Platform): Pineapple Financial plans to grow its revenue through new, high-margin service areas. In May 2025, the company announced a partnership to expand its insurance offering, which it believes will unlock a multi-billion dollar opportunity in life, creditor, and disability insurance for mortgage clients. Additionally, the Renewals+ Platform, unveiled in November 2024, is designed to optimize mortgage renewals and enhance customer retention. This platform is expected to generate new, high-margin revenue streams by capitalizing on Canada's substantial mortgage renewal market.
- Digital Asset Treasury (DAT) Strategy and Staking Yield: A significant new strategic direction for Pineapple Financial is its $100 million Injective Digital Asset Treasury (DAT) strategy, launched in late 2025. This initiative aims to bridge traditional finance with the on-chain economy, positioning Pineapple Financial as the world's largest publicly traded holder of INJ tokens. The DAT strategy is designed to generate sustainable yield and enhance the company's long-term revenue profile through staking income and compounding treasury earnings.
- Recovery in the Canadian Mortgage Market: Pineapple Financial is positioned to benefit from a gradual recovery in mortgage activity. Management anticipates increased mortgage application volumes and lead-generation activity as interest-rate conditions stabilize and borrower confidence improves heading into fiscal year 2026. The company's investments in technology, customer experience, and operational efficiencies are expected to drive revenue growth and increased customer retention as the Canadian mortgage market recovers.
AI Analysis | Feedback
Share Repurchases
- Pineapple Financial's Board of Directors authorized a share repurchase program for up to US$3,000,000 of its common shares, with repurchases intended to commence in the first half of 2026.
- The timing, price, and quantity of repurchases will depend on various factors including market conditions, stock price, regulatory limits, and corporate liquidity.
Share Issuance
- Pineapple Financial went public on the NYSE American exchange on November 1, 2023.
- In May 2025, Pineapple Financial announced the pricing of a public offering of 10,000,000 units, each consisting of one common share and one warrant, at $0.15 per unit.
- Between July 25, 2025, and August 1, 2025, investors exercised warrants to purchase 302,967 common shares, resulting in aggregate gross proceeds of $908,901 for the company.
Inbound Investments
- On September 5, 2025, Pineapple Financial completed a $100 million private placement, which was used to establish its Injective Digital Asset Treasury Strategy.
Outbound Investments
- As part of its digital asset treasury strategy, Pineapple Financial initiated a strategic investment program in Injective digital assets, investing approximately $11.8 million with plans to invest up to $100 million.
- On February 19, 2026, the company completed a $2.0 million open-market purchase of 560,647 Injective (INJ) tokens.
- As of February 19, 2026, Pineapple Financial maintained $20.79 million in capital reserves designated for future purchases of INJ tokens.
Capital Expenditures
- Pineapple Financial invested $2,000 in capital expenditures in Q1 2026, directed towards funding long-term assets and infrastructure.
- In early 2026, the company undertook a comprehensive operational restructuring involving AI deployment and workforce realignment to materially lower its fixed cost base, which implies investments in technology and operational efficiency.
Peer Outperformance in Commercial & Residential Mortgage Finance
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 7 | 23.0% | 66.3% | 109.3% | SPNT 171% · RGA 145% · RNR 142% |
| Diversified Banks | 13 | 32.6% | 133.8% | 107.8% | CM 147% · RY 139% · JPM 133% |
| Investment Banking & Brokerage | 13 | -4.2% | 106.7% | 106.1% | IBKR 458% · SNEX 235% · HOOD 167% |
| Life & Health Insurance | 20 | 4.5% | 51.6% | 91.2% | JXN 515% · UNM 323% · FG 194% |
| Multi-Sector Holdings | 4 | 3.7% | 50.7% | 76.9% | JONE 362% · BRK-B 81% · VOYA 73% |
| Property & Casualty Insurance | 42 | 5.9% | 66.6% | 61.2% | ASIC 2714900% · HRTG 389% · UVE 296% |
| Regional Banks | 265 | 24.2% | 93.3% | 57.3% | ESQ 358% · BLX 340% · GCBC 298% |
| Multi-line Insurance | 9 | 4.1% | 67.9% | 53.9% | GNW 142% · L 98% · SLF 92% |
| Financial Exchanges & Data | 15 | -1.1% | 19.8% | 33.2% | VIRT 161% · CBOE 123% · CME 64% |
| Diversified Financial Services | 4 | -4.8% | 23.3% | 23.0% | FRHC 168% · EQH 100% · TMS -54% |
| Consumer Finance | 30 | -0.5% | 86.5% | 16.0% | ENVA 392% · EZPW 291% · FCFS 159% |
| Insurance Brokers | 16 | -21.2% | -9.6% | 12.7% | LIFE 246% · ARX 88% · AJG 60% |
| Commercial & Residential Mortgage Finance ← | 13 | -51.8% | 22.0% | 7.6% | FNMA 428% · FMCC 394% · ACT 170% |
| Asset Management & Custody Banks | 86 | -8.6% | 17.8% | 5.5% | WT 330% · SII 276% · VCTR 273% |
| Specialized Finance | 3 | 21.2% | 44.7% | -7.6% | EFC 23% · CACC -8% · HASI -20% |
| Mortgage REITs | 33 | -14.2% | 10.0% | -26.0% | NREF 54% · RITM 35% · DX 25% |
| Transaction & Payment Processing Services | 17 | 1.1% | -5.6% | -44.4% | V 66% · MA 64% · CPAY 47% |
| Diversified Capital Markets | 24 | -30.6% | 6.5% | -58.8% | OPY 190% · CD 121% · LPLA 100% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 1.11 |
| Mkt Cap | 0.3 |
| Rev LTM | 1,105 |
| Op Inc LTM | -19 |
| FCF LTM | -859 |
| FCF 3Y Avg | -1,254 |
| CFO LTM | -443 |
| CFO 3Y Avg | -908 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.3% |
| Rev Chg 3Y Avg | 26.1% |
| Rev Chg Q | -0.6% |
| QoQ Delta Rev Chg LTM | -0.6% |
| Op Inc Chg LTM | -531.1% |
| Op Inc Chg 3Y Avg | -179.6% |
| Op Mgn LTM | -113.9% |
| Op Mgn 3Y Avg | -45.6% |
| QoQ Delta Op Mgn LTM | -6.1% |
| CFO/Rev LTM | -28.5% |
| CFO/Rev 3Y Avg | -41.8% |
| FCF/Rev LTM | -76.2% |
| FCF/Rev 3Y Avg | -52.7% |
Price Behavior
| Market Price | $1.00 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 11/01/2023 | |
| Distance from 52W High | -83.4% | |
| 50 Days | 200 Days | |
| DMA Price | $1.26 | $1.24 |
| DMA Trend | down | indeterminate |
| Distance from DMA | -20.7% | -19.2% |
| 3M | 1YR | |
| Volatility | 93.5% | 146.6% |
| Downside Capture | -31.24 | 157.08 |
| Upside Capture | 33.30 | -73.08 |
| Correlation (SPY) | 7.1% | 11.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.74 | -0.47 | 0.75 | 0.25 | 1.25 | 0.63 |
| Up Beta | 3.65 | 1.26 | 2.58 | 0.08 | 2.39 | 7.78 |
| Down Beta | -7.18 | -2.16 | 0.69 | 1.74 | 3.16 | -0.03 |
| Up Capture | 32% | -56% | -0% | 26% | -34% | 26% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 6 | 16 | 24 | 57 | 101 | 259 |
| Down Capture | 387% | -65% | 37% | -76% | 109% | 102% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 14 | 25 | 35 | 64 | 140 | 378 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PAPL | |
|---|---|---|---|---|
| PAPL | -83.9% | 146.1% | -0.62 | - |
| Sector ETF (XLF) | 3.6% | 14.7% | 0.02 | 9.2% |
| Equity (SPY) | 17.7% | 13.0% | 0.98 | 11.3% |
| Gold (GLD) | 14.7% | 29.3% | 0.46 | 3.6% |
| Commodities (DBC) | 44.3% | 20.7% | 1.66 | 8.9% |
| Real Estate (VNQ) | 4.5% | 13.6% | 0.07 | 1.5% |
| Bitcoin (BTCUSD) | -25.9% | 44.8% | -0.54 | 12.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PAPL | |
|---|---|---|---|---|
| PAPL | -59.6% | 161.9% | -0.35 | - |
| Sector ETF (XLF) | 9.7% | 18.4% | 0.39 | 2.9% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 5.7% |
| Gold (GLD) | 19.2% | 18.8% | 0.83 | 3.8% |
| Commodities (DBC) | 10.8% | 19.6% | 0.43 | -0.6% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 0.4% |
| Bitcoin (BTCUSD) | 12.2% | 52.6% | 0.41 | 8.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PAPL | |
|---|---|---|---|---|
| PAPL | -36.4% | 161.9% | -0.35 | - |
| Sector ETF (XLF) | 13.0% | 22.1% | 0.53 | 2.9% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 5.7% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 3.8% |
| Commodities (DBC) | 8.5% | 18.1% | 0.38 | -0.6% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 0.4% |
| Bitcoin (BTCUSD) | 63.8% | 66.2% | 1.03 | 8.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 05/31/2026 | 07/20/2026 | 10-Q |
| 02/28/2026 | 04/13/2026 | 10-Q |
| 11/30/2025 | 01/21/2026 | 10-Q |
| 08/31/2025 | 12/03/2025 | 10-K |
| 05/31/2025 | 07/14/2025 | 10-Q |
| 02/28/2025 | 04/14/2025 | 10-Q |
| 11/30/2024 | 01/21/2025 | 10-Q |
| 08/31/2024 | 12/20/2024 | 10-K |
| 05/31/2024 | 07/15/2024 | 10-Q |
| 02/29/2024 | 04/15/2024 | 10-Q |
| 11/30/2023 | 01/16/2024 | 10-Q |
| 08/31/2023 | 12/14/2023 | 10-K |
| 05/31/2023 | 09/15/2023 | S-1/A |
| 02/28/2023 | 05/16/2023 | S-1/A |
| 08/31/2022 | 12/01/2022 | S-1 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 05/31/2026 | 07/20/2026 | 10-Q |
| 02/28/2026 | 04/13/2026 | 10-Q |
| 11/30/2025 | 01/21/2026 | 10-Q |
| 08/31/2025 | 12/03/2025 | 10-K |
| 05/31/2025 | 07/14/2025 | 10-Q |
| 02/28/2025 | 04/14/2025 | 10-Q |
| 11/30/2024 | 01/21/2025 | 10-Q |
| 08/31/2024 | 12/20/2024 | 10-K |
| 05/31/2024 | 07/15/2024 | 10-Q |
| 02/29/2024 | 04/15/2024 | 10-Q |
| 11/30/2023 | 01/16/2024 | 10-Q |
| 08/31/2023 | 12/14/2023 | 10-K |
| 05/31/2023 | 09/15/2023 | S-1/A |
| 02/28/2023 | 05/16/2023 | S-1/A |
| 08/31/2022 | 12/01/2022 | S-1 |
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Marin, Kendall Leo | COO | Direct | Buy | 7182025 | 2.48 | 1,175 | 2,908 | 5,896,453 | Form |
| 2 | Marin, Kendall Leo | COO | Direct | Buy | 7162025 | 0.09 | 81,000 | 7,628 | 224,218 | Form |
| 3 | Marin, Kendall Leo | COO | Direct | Buy | 7162025 | 0.09 | 7,000 | 650 | 213,564 | Form |
| 4 | Marin, Kendall Leo | COO | Direct | Buy | 7162025 | 0.10 | 1,000 | 100 | 229,292 | Form |
| 5 | Marin, Kendall Leo | COO | Direct | Buy | 7102025 | 0.09 | 5,100 | 477 | 214,362 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Marin, Kendall Leo | COO | Direct | Buy | 7182025 | 2.48 | 1,175 | 2,908 | 5,896,453 | Form |
| 2 | Marin, Kendall Leo | COO | Direct | Buy | 7162025 | 0.09 | 81,000 | 7,628 | 224,218 | Form |
| 3 | Marin, Kendall Leo | COO | Direct | Buy | 7162025 | 0.09 | 7,000 | 650 | 213,564 | Form |
| 4 | Marin, Kendall Leo | COO | Direct | Buy | 7162025 | 0.10 | 1,000 | 100 | 229,292 | Form |
| 5 | Marin, Kendall Leo | COO | Direct | Buy | 7102025 | 0.09 | 5,100 | 477 | 214,362 | Form |
| 6 | Marin, Kendall Leo | COO | Direct | Buy | 7102025 | 0.10 | 5,000 | 491 | 224,566 | Form |
| 7 | Marin, Kendall Leo | COO | Direct | Buy | 7082025 | 0.09 | 6,000 | 564 | 214,491 | Form |
| 8 | Marin, Kendall Leo | COO | Direct | Buy | 7082025 | 0.10 | 3,000 | 293 | 222,272 | Form |
| 9 | Marin, Kendall Leo | COO | Direct | Buy | 7032025 | 0.10 | 14,000 | 1,400 | 227,282 | Form |
| 10 | Marin, Kendall Leo | COO | Direct | Buy | 7032025 | 0.10 | 4,000 | 400 | 225,882 | Form |
| 11 | Marin, Kendall Leo | COO | Direct | Buy | 7032025 | 0.09 | 18,000 | 1,692 | 211,953 | Form |
| 12 | Marin, Kendall Leo | COO | Direct | Buy | 7032025 | 0.10 | 19,500 | 1,852 | 212,498 | Form |
| 13 | Marin, Kendall Leo | COO | Direct | Buy | 6272025 | 0.09 | 59,200 | 5,272 | 197,447 | Form |
| 14 | Marin, Kendall Leo | COO | Direct | Buy | 6272025 | 0.07 | 79,600 | 5,794 | 157,082 | Form |
| 15 | Marin, Kendall Leo | COO | Direct | Buy | 6252025 | 0.05 | 725 | 36 | 101,848 | Form |
| 16 | Marin, Kendall Leo | COO | Direct | Buy | 6252025 | 0.06 | 8,750 | 528 | 125,416 | Form |
| 17 | Marin, Kendall Leo | COO | Direct | Buy | 6172025 | 0.04 | 1,999 | 84 | 87,314 | Form |
| 18 | Marin, Kendall Leo | COO | Direct | Buy | 6102025 | 0.05 | 10,000 | 510 | 105,419 | Form |
| 19 | Giannoukakis, Tasis Anastasios | Direct | Buy | 6092025 | 0.06 | 725 | 44 | 48,000 | Form | |
| 20 | Giannoukakis, Tasis Anastasios | Direct | Buy | 6092025 | 0.06 | 9,099 | 546 | 47,956 | Form | |
| 21 | Marin, Kendall Leo | COO | Direct | Buy | 6092025 | 0.06 | 3,584 | 198 | 113,549 | Form |
| 22 | Giannoukakis, Tasis Anastasios | Direct | Buy | 6062025 | 0.06 | 199,920 | 11,995 | 47,411 | Form | |
| 23 | Marin, Kendall Leo | COO | Direct | Buy | 6062025 | 0.05 | 112,931 | 6,033 | 109,698 | Form |
| 24 | Marin, Kendall Leo | COO | Direct | Buy | 6042025 | 0.05 | 10,200 | 530 | 100,908 | Form |
| 25 | Marin, Kendall Leo | COO | Direct | Buy | 6022025 | 0.04 | 40,634 | 1,666 | 79,144 | Form |
| 26 | Marin, Kendall Leo | COO | Direct | Buy | 5302025 | 0.04 | 15,595 | 624 | 75,588 | Form |
| 27 | Marin, Kendall Leo | COO | Direct | Buy | 5282025 | 0.04 | 30,843 | 1,234 | 74,964 | Form |
| 28 | Giannoukakis, Tasis Anastasios | Direct | Buy | 5282025 | 0.06 | 300,000 | 17,970 | 35,332 | Form | |
| 29 | Marin, Kendall Leo | COO | Direct | Buy | 5272025 | 0.04 | 1,451 | 65 | 82,947 | Form |
| 30 | Marin, Kendall Leo | COO | Direct | Buy | 5232025 | 0.06 | 180,000 | 10,791 | 110,417 | Form |
| 31 | Giannoukakis, Tasis Anastasios | Direct | Buy | 5222025 | 0.06 | 152,000 | 9,120 | 17,391 | Form | |
| 32 | Dasgupta, Shubha-Jeet | CEO | Direct | Buy | 5222025 | 0.06 | 33,000 | 1,980 | 2,400 | Form |
| 33 | Giannoukakis, Tasis Anastasios | Direct | Buy | 5222025 | 0.03 | 25,012 | 725 | 3,998 | Form | |
| 34 | Marin, Kendall Leo | COO | Direct | Buy | 5202025 | 0.04 | 350,000 | 13,006 | 61,755 | Form |
| 35 | Marin, Kendall Leo | COO | Direct | Buy | 5202025 | 0.03 | 107,657 | 2,936 | 35,775 | Form |
| 36 | Marin, Kendall Leo | COO | Direct | Buy | 5202025 | 0.02 | 350,000 | 6,895 | 23,722 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.