Thinkific Labs Inc THNC

Information TechnologySoftware & IT ServicesCanada

Last close 2.20 CAD on Nov 1, 2026, +8.8% year to date

Quant rating

Quant rating B Rank 9 of 26 in Information Technology

Growth A 1 of 26
Valuation D 22 of 26
Quality B 5 of 26
Revisions D 20 of 26
Momentum A 3 of 26

Wall Street consensus Hold (2.75)Average target 2.42 CAD +9.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 142M
Enterprise value: 73M
52-week range: 1.11 – 2.40
3-year range: 1.11 – 4.35
Dividend yield: –
Beta (5 years): 1.42
Shares outstanding: 67.4M
Next earnings: Nov 3, 2026

About the company

Thinkific Labs Inc. is a Canada-based company that offers a software platform that enables entrepreneurs to create, market, sell, and deliver their own online courses. The Company operates primarily in one segment, which being the development, marketing and support management of the Company’s cloud-based platform. Its platform gives businesses everything they need to build, market, and sell digital learning products from courses to communities, and to run their business seamlessly under their own brand, on their own site. Its platform provides its customers with a learning commerce platform that enables them to grow and diversify their businesses by creating, marketing, and selling learning products comprised of customized courses, communities, membership sites, digital products and other experiences using its platform.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	100	96.3	78.2	69.7	48.2	–
Revenue growth	4.3%	23.1%	12.1%	44.8%	79.5%	30.2%
EPS (basic, normalized)	0.03	0.00	−0.16	−0.62	−0.52	–
EPS growth	–	–	–	–	–	–
Gross margin	73.1%	75.2%	75.5%	76.0%	76.6%	75.3%
Net margin	1.8%	−0.4%	−16.6%	−70.8%	−69.2%	−31.0%
ROE	3.0%	−0.4%	−11.5%	−34.8%	−41.6%	−17.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	72.4
Current ratio	3.01x
Long-term debt (mil)	1.3
Net debt (mil)	−70.5
Total equity (mil)	58.9
Net debt / equity	−1.20x
Net debt / EBITDA	−12.68x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	100	+4.3%	0.7x	5.6	+74.4%	13.1x	0.03	–	80.5x
2026	106	+5.6%	0.7x	6.5	+17.3%	11.1x	−0.03	−203.4%	−77.8x
2027	106	0.0%	0.7x	23.0	+252.6%	3.2x	0.25	+1,000.0%	8.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	106	0.0%	+0.7%	−1.2%	−0.03	0.0%	+76.5%	+64.7%
2027	106	0.0%	−5.1%	−7.8%	0.25	0.0%	+550.0%	–
2028	–	–	–	–	–	–	–	–

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	16.0	16.2	17.2	17.6	17.8	18.1	18.6	18.7	18.7	18.6
Sales mean (mil)	15.9	16.3	17.0	17.8	17.6	17.9	18.2	18.6	18.6	18.4
Surprise	+0.3%	−0.4%	+1.2%	−1.1%	+1.1%	+1.4%	+1.9%	+0.2%	+0.5%	+0.8%
EPS reported	−0.01	0.01	0.01	−0.01	0.01	0.01	0.00	0.01	−0.02	−0.01
EPS mean	−0.01	−0.02	−0.02	−0.01	−0.01	−0.01	−0.01	−0.01	−0.02	−0.03
Surprise	0.0%	−150.0%	−150.0%	0.0%	−200.0%	−200.0%	+100.0%	−200.0%	0.0%	+83.3%

Peer comparison Software & IT Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
THNC Thinkific Labs Inc	142M	−12.68x	1.8%	2.45x	−77.8x	8.6x	11.1x	3.2x
SHOP Shopify Inc.	283.4B	−2.48x	10.7%	16.01x	83.1x	64.3x	70.8x	53.4x
GIBa CGI Inc	20.5B	1.15x	10.4%	2.30x	12.5x	11.5x	7.2x	7.1x
DSG The Descartes Systems Group Inc.	10.8B	−1.39x	22.5%	4.71x	38.3x	32.9x	19.4x	17.1x
LSPD Lightspeed Commerce Inc.	2.0B	−5.00x	−11.8%	1.01x	17.0x	11.1x	12.6x	8.3x
RDVT Red Violet Inc	1.8B	−1.61x	14.6%	10.12x	48.2x	45.5x	30.7x	27.1x
Mean		−3.67x	8.0%	6.10x	20.2x	29.0x	25.3x	19.3x
Median		−2.05x	10.5%	3.58x	27.7x	22.2x	16.0x	12.7x

Technical analysis

1M+12.2%
3M+85.1%
1Y−2.3%
3Y−4.1%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Thinkific Labs Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	100	96.3	78.2	69.7	48.2	26.8
Cost of revenue	27.0	23.9	19.2	16.7	11.2	5.7
Gross profit	73.5	72.3	59.0	53.0	36.9	21.2
Selling, general & administrative expenses	44.2	47.9	45.5	56.1	42.3	14.3
Research & development	29.6	27.4	25.8	37.2	24.6	9.2
Depreciation/amortization	0.5	0.6	1.2	1.3	0.8	0.6
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	0	3.9	3.1	–	–
Other operating expenses	1.0	0	0.5	0.3	0	−1.1
Operating income	−1.8	−3.5	−17.9	−45.0	−30.7	−1.9
Net interest income (expense)	3.6	3.2	5.2	−4.3	−2.6	0.2
Gain (loss) on sale of assets	–	0	−0.2	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	1.8	−0.3	−13.0	−49.3	−33.3	−1.6
Provision for taxes	–	–	–	–	–	–
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1.8	−0.3	−13.0	−49.3	−33.3	−1.6
Extraordinary items	–	–	–	–	–	–
Net income	1.8	−0.3	−13.0	−49.3	−33.3	−1.6
EBIT, normalized	−1.8	−3.5	−14.0	−41.9	−30.7	−1.9
EBITDA, normalized	−1.0	−2.4	−12.8	−40.3	−29.8	−1.3
Basic EPS, normalized	0.03	0.00	−0.16	−0.62	−0.52	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Thinkific Labs Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	69.6	71.2	115	127	159	11.5
Receivables	7.1	6.6	5.6	3.7	1.8	2.2
Total inventory	–	–	–	–	–	–
Prepaid expenses	4.2	4.7	4.2	2.4	3.5	0.7
Other current assets	1.0	0.9	1.5	0.4	0.2	0
Total current assets	81.8	83.4	126	134	165	14.5
Property, plant & equipment	2.6	3.3	2.2	4.8	1.9	2.0
Goodwill	–	–	–	–	–	–
Intangibles	0.2	0.2	0.1	0.2	0.1	–
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	0	–	–	–
Other long-term assets	1.4	1.3	1.2	0.9	0.5	0
Total assets	86.2	88.2	130	140	167	16.5
Liabilities
Accounts payable	2.5	2.7	0.6	0.5	1.7	0.9
Payable/accrued	–	–	–	–	–	–
Accrued expenses	7.6	8.2	6.4	6.1	2.5	1.0
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	0.5	0.5	0.7	0.6	0.7	0.6
Other current liabilities	14.7	15.0	12.6	11.2	8.4	6.1
Total current liabilities	25.2	26.4	20.4	18.4	13.2	8.6
Long-term debt	1.5	2.0	0.6	2.0	0.5	1.1
Minority interest	–	–	–	–	–	–
Other liabilities	0	0	0	0	0	0
Total liabilities	26.8	28.4	21.0	20.5	13.6	9.7
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	150	157	196	198	184	8.5
Additional paid-in capital	10.7	11.4	11.5	9.4	6.1	1.4
Retained earnings (accumulated deficit)	−101	−108	−99.3	−88.4	−36.4	−3.1
Treasury stock	–	–	–	–	–	–
Other equity	0	−0.8	0.7	−0.1	0	0
Total equity	59.4	59.8	109	119	154	6.8
Total liabilities & shareholders' equity	86.2	88.2	130	140	167	16.5

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Thinkific Labs Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1.8	−0.3	−13.0	−49.3	−33.3	−1.6
Depreciation, depletion & amortization	1.8	2.0	1.8	1.6	0.9	0.6
Deferred taxes	–	–	–	0	1.2	−0.4
Non-cash items	1.5	2.6	2.6	10.2	8.2	1.0
Changes in working capital	2.6	5.8	1.4	2.5	0	3.8
Cash from operations	7.7	10.1	−7.2	−35.0	−23.1	3.4
Investing activities
Capital expenditures	−0.4	−0.3	0	−1.7	−0.8	−0.4
Other investing cash flows	−58.2	0.1	0.1	0	0	0
Cash from investing	−58.5	−0.2	0.1	−1.7	−0.8	−0.4
Financing activities
Financing cash flow items	−1.8	−4.6	−1.7	0	−12.5	−0.1
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−4.7	−56.7	−1.5	−0.3	187	4.1
Cash from financing	−6.5	−61.3	−3.2	−0.3	175	4.0
Foreign exchange effects	0.2	−1.9	0.7	−6.6	−3.0	−0.1
Net change in cash	−57.2	−53.4	−9.6	−43.6	148	6.8
Free cash flow	7.3	9.7	−7.2	−36.7	−23.9	3.0

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.