Rankings Construction & materials Aduro Clean Technologies
Aduro Clean Technologies
50
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Margin−12
- Absolute price level−7
- Quality of growth−6
Strengths
- Net cash+2
- Validation from partners+2
- Insider ownership+1
How the score is built
From 100 to 50, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 9.55 USD
- Median analyst target
- 27.60 USD
- Upside to median
- +189.0%
- Analysts
- 4
- Target range
- 22.15 – 33.28 USD
- 52-week change
- −33%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−24 of −30
- −12MarginOperating loss CAD 26.8m in FY2026 (to 31/5) on revenue of CAD 0.17m, including rising share-based compensation and a non-cash loss of CAD 10.0m on the derivative liability (warrants); cash operating spend CAD 9.9m. The loss is counted only here.
- −6Quality of growthRevenue fell to CAD 0.17m (0.23m a year earlier) and was zero in Q4; it is non-recurring payment for technical evaluations. The company itself writes that it has no commercial partnership agreements - only MoUs, LOIs and evaluation agreements.
- −3Capital allocationThree equity issues in a year (Dec 2025 about USD 20m, June 2026 USD 15.6m at USD 15.20 and a private placement of CAD 9.2m) and 18% more shares; the money goes to the pilot and FOAK plant, however, not to acquisitions.
- −3MoatThe HCT process runs at a lower temperature than pyrolysis and achieved approx. 86% liquid hydrocarbons in the NGP pilot plant, but is not proven at industrial scale; chemical recycling has many competitors (Mura Technology, Plastic Energy, Agilyx, Pyrowave).
Price
Today's multiples against the company's own history and its peers. · 2 findings−10 of −35
- −3Multiples vs own historyP/B 18.4 versus 26.6 (FY2026), 28.2 (FY2025), 14.6 (FY2024) and 8.2 (FY2023). Lower than the last two years, but above the level before 2025.
- −7Absolute price levelEV about USD 371m for a company with no commercial revenue and a FOAK plant that will be complete in early 2028 at the earliest (P/S about 3,300).
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−15 of −35
- −6Financing of the FOAK plantThe FOAK plant at Chemelot (Netherlands) is to be complete in early 2028, but the construction budget and financing plan are not disclosed; only Early Works is financed from cash. The company expects no positive operating cash flow for the foreseeable future and depends on new financing – probably further dilution.
- −4Execution and scale-upThe leap from pilot plant to a first industrial plant (FOAK) is historically the biggest risk in chemical recycling; Saipem has been selected only for Early Works and procurement, subject to final agreements (19 Aug 2026).
- −3Commercial validationNo binding customer or offtake agreements; the collaboration with TotalEnergies is in its final phase, and the Shell GameChanger programme ended (Dec 2025) without a commercial agreement.
- −2Short interest and liquidity3.28m shares sold short (9.2% of shares, 13.0% of free float, 8.3 days to cover); institutions own only 2.8%, and the stock is -29% over 3 months.
Plus
Only documented strengths. · 3 findings+5 of +15
- +2Net cash38.3m CAD in cash as of 31/5-2026 and almost no debt, plus approx. 23m USD gross from the June offerings - approx. 49m USD pro forma, enough for several years of operations at the current burn rate.
- +2Validation from partnersCompleted the Shell GameChanger programme, FOAK placement at the Chemelot industrial park, and Saipem selected for engineering and procurement support.
- +1Insider ownershipInsiders own 29% of the shares, so management's interests are closely tied to shareholders'.
Caveats
What the score does not capture, or where the data is weak.
Penny deep dive (the price is above DKK 3). Canadian company (London, Ontario) with hydrochemolytic technology (HCT) that converts plastic waste, heavy oil and fats into hydrocarbons; listed on Nasdaq (ADUR) and in Canada, so the group is set to USA after the Nasdaq listing. Fiscal year June-May in CAD; amounts in the penny object are converted to USD (1 CAD = 0.705 USD). A price of USD 11.11 (9/10-2026) and 35.70m shares at 31/8-2026 give a market cap of USD 397m (DKK 2,611m; Nordnet showed 2,755). Cash is a pro forma estimate: CAD 38.3m at 31/5-2026 plus the June offerings (about USD 23.3m gross) before costs and burn in June-August. The FOAK plant's total capex budget and financing plan have not been disclosed. Insider trades in 2026 have not been found. Industry is set to the closest (chemical recycling). The next report (Q1 FY2027) is expected 23/10-2026.
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