Pineapple Financial Inc. (PAPL) AI Stock Analysis

Pineapple Financial Inc. is a Canadian mortgage technology and brokerage firm that provides mortgage brokerage services and technology solutions to agents, brokers, sub-brokers, brokerages, and individual consumers. Its operations center on the MyPineapple cloud-based platform, offering automated onboarding, loan packaging, digital document collection, payroll, regulatory reporting, and compliance oversight. It also delivers pre-underwriting support services including credit reviews, data validation, fraud analysis, and appraisal ordering. Furthermore, the company offers insurance products such as life, accident, disability, and critical illness coverage.

Annual revenue declined from $16.1M in FY2021 to $3.6M in FY2022 and $2.5M in FY2023, before rising 7.5% to $2.7M in FY2024 and 11.1% to $3.0M in FY2025. Gross margin expanded to 44.9% in FY2025 from 9.4% in FY2024 and 6.9% in FY2023. However, profitability remains negative, with an operating margin of -98.7% and net income of -$3.6M in FY2025. Over the five years from FY2020 to FY2025, revenue posted a compound annual growth rate of -3.8%. For the trailing twelve months ended May 31, 2026, revenue was $2.8M with quarterly revenue growth falling 16.7% year-over-year.

As of May 31, 2026, Pineapple Financial held $5.1M in cash and short-term investments against total debt of $22.0M, resulting in net debt of $17.0M. Shareholders' equity was $51.6M, with total assets of $75.9M, a current ratio of 1.00, and a debt-to-equity ratio of 0.43. Operating cash flow in FY2025 was -$946,820 and free cash flow was -$1.9M. In FY2025, the company allocated $944,187 to capital expenditures and $487,313 to share buybacks.

Pineapple Financial carries a market capitalization of $22.5M and an enterprise value of $40.2M. The stock trades at a price-to-sales multiple of 8.1x, which is above the 3.2x median of its US-listed Financial Services peers. Its price-to-book ratio is 0.4x, and enterprise value-to-revenue is 2.4x. Over the past year, PAPL shares declined 82.2%, lagging the S&P 500 (SPY) return of 16.8%. Year to date, the stock is down 36.9%.

Pineapple Financial has 1 Strong Buy rating, 0 Buy ratings, 0 Hold ratings, 0 Sell ratings, and 0 Strong Sell ratings. The mean price target is $5.00, representing 461.8% upside compared to the last close of $0.89 on October 16, 2026. For the fiscal year ending August 31, 2026, EPS is estimated at -$0.31. For the next fiscal year, 1 analyst projects revenue of $7.0M and EPS of $0.04. The next earnings date is December 2, 2026.

This page is an AI-written research summary of Pineapple Financial Inc. (PAPL). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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