# George Weston (WN.TO)

Canonical: https://gigainvestors.com/s/WN.TO

Analysis as of: 2026-10-16T07:34:23.963Z. Financial observations: FY1996–FY2025.

Listing currency: CAD. Reporting currency: CAD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CAD 109.15 per share; close as of 2026-10-15.

Estimated value: low CAD 31.72 per share, central CAD 36.09 per share, high CAD 41.91 per share. Buy at or below the central value CAD 36.09 per share. Valuation as of 2026-10-16T07:34:23.963Z; scenarios are not confidence intervals.

Expected annual return: 5.3% at the stated quote. About 5.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CA 10-year bond 3.8% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.21×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.05×

- FY2018: 0.05×

- FY2019: 0.06×

- FY2020: 0.05×

- FY2021: 0.07×

- FY2022: 0.08×

- FY2023: 0.07×

- FY2024: 0.07×

- FY2025: 0.09×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 14.9%

- ROIC, second-lowest year: 9.1%

- Typical minus recent gross margin: -0.1 pp

- Typical gross margin (annual median): 31.9%

- Recent gross margin (lower of latest and 3-year median): 32.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.5%

- ROIC including acquisitions, ten-year median: 3.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 11.3%

- FY2017: 14.4%

- FY2018: 9.1%

- FY2019: 8.8%

- FY2020: 10.7%

- FY2021: 16.3%

- FY2022: 17.7%

- FY2023: 16.3%

- FY2024: 15.4%

- FY2025: 20.9%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.65×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CAD 4.1B

- Net income, five-year total: CAD 6.3B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -2.4 pp

- Working capital / revenue, final three-year average: 5.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: -0.34×

- FY2022: 0.96×

- FY2023: 0.81×

- FY2024: 0.75×

- FY2025: 0.16×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 11.3% vs 16.3%

- Per-share earnings: 1.43 to 3.46 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.0%

- Ordinary dilution, 5-year annual growth: -3.4%

- Market cap gain: CAD 22B

- Cumulative retained earnings: CAD -1.6B

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: -3.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 11.7%

- Per-share value change: CAD 2.03

- Per-share value, starting three-year median: CAD 1.43

- Per-share value, ending three-year median: CAD 3.46

- Buybacks concentrated in cheaper years (correlation): 0.36

- Average buyback yield: 7.1%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: CAD 582M

- Cumulative net income, 10 years: CAD 9.4B

- ROIC, first three-year median: 11.3%

- ROIC, last three-year median: 16.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: CAD 1.43

- FY2017: CAD 1.99

- FY2018: CAD 1.25

- FY2019: CAD 0.52

- FY2020: CAD 2.11

- FY2021: CAD 0.98

- FY2022: CAD 4.28

- FY2023: CAD 3.76

- FY2024: CAD 3.46

- FY2025: CAD 2.97

### accounting: pass

- Sloan accruals: -7.9%

- Receivables to sales index (DSRI): 0.25×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.63×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.92×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.0%

- FY2017: -5.5%

- FY2018: -2.6%

- FY2019: -6.7%

- FY2020: -7.7%

- FY2021: -8.1%

- FY2022: -4.6%

- FY2023: -6.8%

- FY2024: -7.3%

- FY2025: -7.9%

## Holders

## Price story

Price needs cash profits to grow 14.9% a year for ten years · sales +4.7%

Story as of 2026-10-16T10:00:00.421Z; price observation 2026-10-15.

Price needs cash profits to grow 14.9% a year for ten years

- 2025-11-14: George Weston Q3 Adjusted Earnings Beat Estimates ([finance.yahoo.com](https://finance.yahoo.com/news/george-weston-q3-adjusted-earnings-123153044.html))

### Sales · FY2024–2025

sales +4.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CAD 48B 

- FY2017: CAD 48B 

- FY2018: CAD 49B 

- FY2019: CAD 50B 

- FY2020: CAD 53B 

- FY2021: CAD 54B 

- FY2022: CAD 57B 

- FY2023: CAD 60B 

- FY2024: CAD 62B 

- FY2025: CAD 65B 

### Gross margin · FY2025

gross margin 32%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 28.9% 

- FY2017: 29.9% 

- FY2018: 31.4% 

- FY2019: 31.8% 

- FY2020: 31.1% 

- FY2021: 32.2% 

- FY2022: 32.5% 

- FY2023: 32.6% 

- FY2024: 33.0% 

- FY2025: 32.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in grocery stores; annual sales are CAD 64.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.963Z); FY2025: revenue 64511000000; grossProfit 20640000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WN.TO: George Weston Limited provides food and drug retailing, and financial services in Canada. The company operates in two segments, Loblaw Companies Limited (Loblaw) and Choice Properties Real Estate Investment Trust (Choice Properties). The Loblaw segment provides grocery, corporate and franchise-owned retail food, and associate-owned drug stores, including in-store pharmacies, health care services, health and beauty products, apparel, and other general merchandise. This segment offers credit card and banking services, guaranteed investment certificates, loyalty program, insurance brokerage services, and telecommunication services. The Choice Properties segment owns, develops, and manages commercial and residential properties, which are leased to necessity-based tenants and logistics providers. The company markets its products under the Shoppers Drug Mart, Joe Fresh, President's Choice Bank, PC Financial, no name, Farmer's Market, T&T, Life Brand, and PC Optimum brands. The company was founded in 1882 and is based in Toronto, Canada. George Weston Limited is a subsidiary of Wittington Investments, Limited.

### Why customers stay

Margins ranged from 32% to 33% during 2023–25; it earns 14.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.963Z); FY2023: grossProfit / revenue = 32.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.963Z); FY2024: grossProfit / revenue = 33%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.963Z); FY2025: grossProfit / revenue = 32%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.963Z); 10-year return on capital observations [[2016,0.11314783401270982],[2017,0.14438002607010544],[2018,0.09126833242802825],[2019,0.08848784941107914],[2020,0.10671573847762074],[2021,0.16340109620339996],[2022,0.17725583240289122],[2023,0.1634071905370324],[2024,0.153895628503073],[2025,0.20891974134651958]]; median 0.14913782728658923. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 32% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.963Z); Gross margin observations: [[2021,0.3221143112301853],[2022,0.3246389005749544],[2023,0.32617590313352407]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back CAD 2.3 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.963Z); FY2016: growth capex 0; upkeep 1129000000; owner earnings 832000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.963Z); FY2017: growth capex 0; upkeep 1177000000; owner earnings 1017000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.963Z); FY2018: growth capex 0; upkeep 1250000000; owner earnings 792000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.963Z); FY2020: growth capex 0; upkeep 1235000000; owner earnings 242000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.963Z); FY2022: growth capex 0; upkeep 1474000000; owner earnings 1752255749.3770025. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.963Z); FY2023: growth capex 0; upkeep 1935000000; owner earnings 1250421333.3333333. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.963Z); FY2024: growth capex 0; upkeep 2018000000; owner earnings 1025565865.3846154. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.963Z); FY2025: growth capex 0; upkeep 2061000000; owner earnings 184000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.963Z); Dividend observations: [[2016,265000000],[2017,273000000],[2018,285000000],[2019,363000000],[2020,372000000],[2021,386000000],[2022,411000000],[2023,425000000],[2024,443000000],[2025,486000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.963Z); FY2025: cash repurchases 2318000000 CAD.

### Are managers owners

Insiders own 60.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WN.TO SharesStats.PercentInsiders = 60.202 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 14.9% yearly over ten years; actual decline was 12.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.963Z); Ten-year compound average after fade. Initial solved rate 0.20253525371985892. Price 109.15; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.8134580410496233 → FY2025 0.4782671756399813. Closing-price date 2026-10-15.

## Monthly share-price history (CAD per share)

- 2016-10: CAD 36.43 per share

- 2016-11: CAD 37.24 per share

- 2016-12: CAD 37.86 per share

- 2017-01: CAD 36.99 per share

- 2017-02: CAD 37.10 per share

- 2017-03: CAD 38.68 per share

- 2017-04: CAD 40.86 per share

- 2017-05: CAD 40.70 per share

- 2017-06: CAD 39.13 per share

- 2017-07: CAD 36.30 per share

- 2017-08: CAD 36.18 per share

- 2017-09: CAD 36.22 per share

- 2017-10: CAD 36.11 per share

- 2017-11: CAD 36.64 per share

- 2017-12: CAD 36.39 per share

- 2018-01: CAD 35.91 per share

- 2018-02: CAD 34.97 per share

- 2018-03: CAD 34.57 per share

- 2018-04: CAD 35.06 per share

- 2018-05: CAD 35.08 per share

- 2018-06: CAD 35.75 per share

- 2018-07: CAD 36.07 per share

- 2018-08: CAD 33.88 per share

- 2018-09: CAD 32.59 per share

- 2018-10: CAD 31.92 per share

- 2018-11: CAD 32.02 per share

- 2018-12: CAD 30.02 per share

- 2019-01: CAD 31.81 per share

- 2019-02: CAD 31.27 per share

- 2019-03: CAD 32.03 per share

- 2019-04: CAD 33.34 per share

- 2019-05: CAD 33.66 per share

- 2019-06: CAD 33.12 per share

- 2019-07: CAD 34.79 per share

- 2019-08: CAD 36.06 per share

- 2019-09: CAD 37.15 per share

- 2019-10: CAD 35.15 per share

- 2019-11: CAD 36.01 per share

- 2019-12: CAD 34.34 per share

- 2020-01: CAD 35.55 per share

- 2020-02: CAD 33.68 per share

- 2020-03: CAD 33.54 per share

- 2020-04: CAD 32.91 per share

- 2020-05: CAD 33.15 per share

- 2020-06: CAD 33.15 per share

- 2020-07: CAD 33.72 per share

- 2020-08: CAD 31.41 per share

- 2020-09: CAD 32.64 per share

- 2020-10: CAD 31.14 per share

- 2020-11: CAD 32.04 per share

- 2020-12: CAD 31.69 per share

- 2021-01: CAD 30.85 per share

- 2021-02: CAD 31.16 per share

- 2021-03: CAD 37.09 per share

- 2021-04: CAD 36.18 per share

- 2021-05: CAD 39.25 per share

- 2021-06: CAD 39.38 per share

- 2021-07: CAD 43.13 per share

- 2021-08: CAD 45.33 per share

- 2021-09: CAD 45.54 per share

- 2021-10: CAD 44.57 per share

- 2021-11: CAD 44.94 per share

- 2021-12: CAD 48.89 per share

- 2022-01: CAD 46.21 per share

- 2022-02: CAD 45.81 per share

- 2022-03: CAD 51.32 per share

- 2022-04: CAD 53.27 per share

- 2022-05: CAD 51.75 per share

- 2022-06: CAD 50.12 per share

- 2022-07: CAD 50.95 per share

- 2022-08: CAD 50.05 per share

- 2022-09: CAD 48.21 per share

- 2022-10: CAD 49.98 per share

- 2022-11: CAD 56.15 per share

- 2022-12: CAD 56.00 per share

- 2023-01: CAD 57.06 per share

- 2023-02: CAD 56.98 per share

- 2023-03: CAD 59.70 per share

- 2023-04: CAD 60.64 per share

- 2023-05: CAD 53.23 per share

- 2023-06: CAD 52.21 per share

- 2023-07: CAD 50.62 per share

- 2023-08: CAD 49.95 per share

- 2023-09: CAD 50.21 per share

- 2023-10: CAD 50.14 per share

- 2023-11: CAD 53.05 per share

- 2023-12: CAD 54.83 per share

- 2024-01: CAD 57.10 per share

- 2024-02: CAD 59.25 per share

- 2024-03: CAD 61.00 per share

- 2024-04: CAD 60.39 per share

- 2024-05: CAD 64.55 per share

- 2024-06: CAD 65.60 per share

- 2024-07: CAD 71.27 per share

- 2024-08: CAD 73.06 per share

- 2024-09: CAD 75.67 per share

- 2024-10: CAD 73.62 per share

- 2024-11: CAD 75.02 per share

- 2024-12: CAD 74.51 per share

- 2025-01: CAD 74.88 per share

- 2025-02: CAD 77.14 per share

- 2025-03: CAD 81.78 per share

- 2025-04: CAD 89.53 per share

- 2025-05: CAD 92.10 per share

- 2025-06: CAD 91.04 per share

- 2025-07: CAD 87.76 per share

- 2025-08: CAD 88.44 per share

- 2025-09: CAD 84.89 per share

- 2025-10: CAD 85.28 per share

- 2025-11: CAD 95.83 per share

- 2025-12: CAD 94.69 per share

- 2026-01: CAD 94.97 per share

- 2026-02: CAD 100.12 per share

- 2026-03: CAD 98.28 per share

- 2026-04: CAD 98.03 per share

- 2026-05: CAD 96.58 per share

- 2026-06: CAD 101.80 per share

- 2026-07: CAD 104.77 per share

- 2026-08: CAD 97.24 per share

- 2026-09: CAD 101.21 per share

- 2026-10: CAD 103.03 per share

## Annual estimated value (CAD per share)

- FY2016: low CAD 25.44 per share, central CAD 29.57 per share, high CAD 33.74 per share

- FY2017: low CAD 30.61 per share, central CAD 35.46 per share, high CAD 40.35 per share

- FY2018: low CAD 20.59 per share, central CAD 23.18 per share, high CAD 26.63 per share

- FY2019: low CAD 22.54 per share, central CAD 26.44 per share, high CAD 30.41 per share

- FY2020: low CAD 26.56 per share, central CAD 31.07 per share, high CAD 35.44 per share

- FY2021: low CAD 12.71 per share, central CAD 14.05 per share, high CAD 15.33 per share

- FY2022: low CAD 9.74 per share, central CAD 11.38 per share, high CAD 12.85 per share

- FY2023: low CAD 9.74 per share, central CAD 10.75 per share, high CAD 12.08 per share

- FY2024: low CAD 30.55 per share, central CAD 34.48 per share, high CAD 39.72 per share

- FY2025: low CAD 30.73 per share, central CAD 34.94 per share, high CAD 40.54 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:12.290Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.