Vision Marine Technologies Inc. (VMAR)

Nasdaq: VMAR · Ship & Boat Building & Repairing · filing with the SEC since 2020

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Grade5.1

◀ Past 4.9● Present 5.0▶ Future 5.3

3 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of Vision Marine Technologies Inc.

Nine metrics read from its own filings, by tense

Headline grade

5.1/10

◀ Past4.930% of the headline

● Present5.040% of the headline

▶ Future5.330% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 6 read as filed from the record and 3 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

4.9/1030% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

7.0/10

Has it survived what it has been through?

No warning events in its filings since 2020.

weight 33% of this tense · 70th percentile among 30 sector filers · read for itself

From the record

Vision Marine Technologies Inc.'s filings since 2020 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

5.3/10

What has it actually done, year after year?

+34.8% a year over 6 filed years; profitable in 1 of 6.

weight 45% of this tense · 53rd percentile among 29 sector filers · read for its customers

From the record

Vision Marine Technologies Inc.'s 6 filed years say what it did: revenue went from CAD 1 million in fiscal 2018 to CAD 6 million in fiscal 2023, up 34.8% a year; it rose in 3 of 5 years; the deepest fall was 23% from fiscal 2022 to fiscal 2023; net income was positive in 1 of 6 of those years (its annual reports).

What it rests on

revenue growth over the filed span34.8%top 12% of its family
the share of years revenue rosebottom 43% of its family
the share of filed years with a profitbottom 21% of its family
the deepest fall from a revenue peak23.1%top 40% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

1.2/10

How has it treated the people who own it?

SI estimate 1.2/10, confidence 35 of 100 (one part).

weight 22% of this tense · 12th percentile among 30 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the bottom 12% of 30 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 30 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Vision Marine Technologies Inc.'s shareholder treatment is put at 1.2 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 12% of 30 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

5.0/1040% of the headline grade · 1 of 3 filed, 2 estimated

Financial health

SI estimate

5.0/10

Is it financially healthy right now?

SI estimate 5.0/10, confidence 20 of 100 (family median).

weight 45% of this tense · 50th percentile among 30 sector filers · read for itself

SI estimate Inferred, not read as filed

Why it is an estimate: The newest annual statements on file are more than two years old, so the desk assumes the typical reading of its industry family, the median of 30 members with one.
What the record cannot read: The newest annual statements on file are more than two years old.
How it was reasoned: family median, 30 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Vision Marine Technologies Inc.'s financial health is put at 5.0 of 10 with a confidence of 20 of 100, because the newest annual statements on file are more than two years old, so the desk assumes the typical reading of its industry family, the median of 30 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

Industry position

as filed

4.8/10

How strong is its position in its industry?

bottom 48% of 30 in its family; net margin -369.4%.

weight 33% of this tense · 48th percentile among 30 sector filers · read for its customers

From the record

Vision Marine Technologies Inc.'s standing among 30 graded names in its industry family: revenue of CAD 6 million in fiscal 2023 is not ranked by size, since the family reports in another currency; a net margin of -369.4% ranks in the bottom 8%; revenue growth of 32.8% a year over the last 3 filed years ranks in the top 12% (its annual reports).

What it rests on

net margin-369.4%bottom 8% of its family
three-year revenue growth32.8%top 12% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

5.3/10

What are the people in charge doing?

SI estimate 5.3/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 21 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-09-01 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 2 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 21 members with one.
What the record cannot read: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-09-01 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 2 months and cannot see past it; a floor under five years is not read as years in charge.
How it was reasoned: family median, 21 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Vision Marine Technologies Inc.'s leadership is put at 5.3 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-09-01 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 2 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 21 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

5.3/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed

6.5/10

How much room does it have to grow?

top 35% of 30 in its family for room to expand.

weight 45% of this tense · 65th percentile among 30 sector filers · read for itself

From the record

Vision Marine Technologies Inc.'s room to grow, from the newest filed statements (fiscal 2023): cash of CAD 3 million against debt of CAD 305 thousand leaves 12.7% of its assets as net cash, top 15% of its family; cash from operations less capital spending is -264.5% of revenue (bottom 8%); a gross margin of 27.2% (top 20%); research spending of 100.9% of revenue (top 12%) (its annual report).

What it rests on

cash less debt against assets12.7%top 15% of its family
cash from operations less capital spending against revenue-264.5%bottom 8% of its family
gross margin27.2%top 20% of its family
research spending against revenue100.9%top 12% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

6.6/10

What could actually drive growth from here?

top 34% of 29 in its family for growth drivers.

weight 33% of this tense · 66th percentile among 29 sector filers · read for its customers

From the record

Vision Marine Technologies Inc.'s growth drivers, from the filed years to fiscal 2023: revenue grew 32.8% a year over the last three filed years against 34.8% over all 6, slowing (top 37% of its family); the newest year grew -23.1% (bottom 16%); research spending grew 95.8% a year (top 10%); capital spending grew 129.3% a year (top 5%) (its annual reports). Vision Marine Technologies Inc. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

three-year growth against the whole span-2.0 points a yeartop 37% of its family
the newest year's revenue growth-23.1%bottom 16% of its family
three-year growth of research spending95.8%top 10% of its family
three-year growth of capital spending129.3%top 5% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

0.7/10

Did its newest year beat what its own record pointed to?

bottom 7% of 28 in its family for expectations against reality.

weight 22% of this tense · 7th percentile among 28 sector filers · read for its shareholders

From the record

Vision Marine Technologies Inc.'s newest year against its own record: revenue of CAD 6 million in fiscal 2023 came in 55.9% below the CAD 13 million its prior three years' pace pointed to (bottom 2% of its family); net income of CAD 21 million against a prior three-year average of CAD 10 million (bottom 16%); a net margin of a loss larger than its revenue against losses larger than its revenue before (bottom 2%) (its annual reports).

What it rests on

revenue against the prior three years' pace-55.9%bottom 2% of its family
net income against the prior three years' average-105%bottom 16% of its family
net margin against its prior averagedown more than 100 pointsbottom 2% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton VMAR · research, not advice