Mene (MENE) AI Stock Analysis

Mene

(TSXV:MENE)

Select Model

Rating:76Outperform

Price Target:CAD 0.20▲(12.78% Upside)

Action:upgraded

Date:10/08/26

The score is driven primarily by improved financial performance—profitability has turned positive, cash conversion is solid, and the balance sheet is very low leverage. Technicals add support with positive momentum and price above key short- and mid-term averages, though the stock remains just below the 200-day average. Valuation is reasonable on a mid-range P/E, but limited by the absence of dividend yield data.

Positive Factors

Profitability turnaroundThe shift from operating losses to positive gross and net margins indicates a meaningful earnings inflection. If maintained, improved profitability can strengthen internal funding, support reinvestment in the direct-to-consumer platform, and increase resilience across the next several quarters.

Negative Factors

Cash-flow variabilityThe recent decline and history of negative cash flow show that Mene’s cash generation has not yet been consistently durable. Variability could constrain internally funded investment or working-capital flexibility if operating conditions weaken during the next business cycle.

Mene (MENE) vs. iShares MSCI Canada ETF (EWC)

Market Cap: CAD 35.79M
Dividend Yield: ―
Average Volume (3M): 32.16K
Price to Earnings (P/E): 14.3
Beta (1Y): 0.12
Revenue Growth: 6.91%
EPS Growth: ―
Country: Canada
Employees: 25
Sector: Consumer Cyclical
Sector Strength: 61
Industry: Luxury Goods

Mene Business Overview & Revenue Model

Company Description

Based in Toronto, Canada, Mene Inc. is dedicated to the design, manufacturing, and worldwide distribution of exquisite 24-karat gold and platinum jewelry. The company's reach spans key markets including the United States, Canada, and Europe. Through...

How the Company Makes Money

Mene makes money primarily by selling 24-karat gold and platinum jewelry to consumers via its direct-to-consumer online channel. Its revenue is generated from the difference between (a) the customer’s purchase price, which is typically based on the v...

Mene Financial Statement Overview

Summary

Financials reflect a meaningful turnaround: TTM revenue grew 6.63% and profitability improved to ~34% gross margin and ~9% net margin after prior-year losses. Balance sheet strength is a major positive with very low leverage (debt-to-equity ~0.03) and improved ROE (~16.6% TTM). Cash flow quality is solid (FCF-to-net income ~1.0; operating cash flow coverage ~2.33), but FCF declined ~9.9% vs the prior period and multi-year volatility (including negative OCF/FCF in 2023–2024) keeps the score below the top tier.

Income Statement

74Positive

Balance Sheet

90Very Positive

Cash Flow

78Positive

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	29.37M	28.60M	25.80M	23.29M	26.91M	26.77M
Gross Profit	10.31M	8.58M	7.47M	5.83M	6.64M	6.52M
EBITDA	3.65M	1.36M	-382.00K	-1.40M	-769.00K	332.79K
Net Income	3.27M	1.05M	-994.00K	-1.99M	-1.46M	-32.64K
Balance Sheet
Total Assets	24.13M	22.20M	21.05M	18.22M	31.71M	29.69M
Cash, Cash Equivalents and Short-Term Investments	12.93M	10.53M	7.57M	8.26M	13.27M	8.91M
Total Debt	529.22K	573.87K	725.30K	768.24K	12.35M	10.42M
Total Liabilities	2.48M	3.14M	3.28M	2.24M	14.25M	12.07M
Stockholders Equity	21.65M	19.06M	17.77M	15.98M	17.47M	17.62M
Cash Flow
Free Cash Flow	5.62M	3.25M	-612.41K	-868.22K	3.97M	-1.05M
Operating Cash Flow	5.65M	3.30M	-491.58K	-854.62K	4.70M	-1.02M
Investing Cash Flow	-30.40K	-54.81K	-120.83K	11.70M	-11.51M	3.97M
Financing Cash Flow	-157.26K	-156.36K	-148.60K	-3.73M	13.98K	-4.69M

Mene Technical Analysis

Technical Analysis SentimentPositive

Last Price0.18

Price Trends

50DMA0.17Positive

100DMA0.17Positive

200DMA0.18Negative

Market Momentum

MACD0.00Negative

RSI60.96Neutral

STOCH50.00Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:MENE, the sentiment is Positive. The current price of 0.18 is above the 20-day moving average (MA) of 0.17, above the 50-day MA of 0.17, and below the 200-day MA of 0.18, indicating a neutral trend. The MACD of 0.00 indicates Negative momentum. The RSI at 60.96 is Neutral, neither overbought nor oversold. The STOCH value of 50.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:MENE.

Mene Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

TSE:MENE against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TSE:ATZ	76Outperform	CAD 17.61B	30.14	42.25%	―	40.28%	108.07%
TSE:MENE	76Outperform	CAD 46.94M	14.29	16.58%	―	6.91%	―
Sector *	61Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
TSE:GOOS	54Neutral	CAD 1.07B	18.98	10.37%	―	12.26%	20.96%
TSE:CKI	45Neutral	CAD 369.77M	4.08	25.36%	―	24.08%	162.91%

* Consumer Cyclical Sector Average

Performance Comparison

TSE:MENE and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TSE:MENE	Mene Class B	0.18	-0.04	-18.18%
TSE:CKI	Clarke Inc.	24.00	-1.00	-4.00%
TSE:GOOS	Canada Goose	11.20	-8.64	-43.55%
TSE:ATZ	Aritzia	155.50	55.19	55.02%
TSE:MNLX	Miniluxe Holding Corp.	0.39	0.07	21.88%
TSE:LULU	lululemon athletica inc. Shs Unsponsored Canadian Depoitary Receipt Hedged Reg S	4.61	-4.62	-50.05%

Mene Corporate Events

Business Operations and StrategyFinancial DisclosuresProduct-Related Announcements

Menē Posts Strong Q2 Profit and Launches Pure Silver Jewelry Line

Positive

Aug 26, 2026

Menē reported second-quarter 2026 IFRS revenue of $7.5 million, up 32% year over year, with gross profit rising to $2.4 million and net income reaching $0.5 million, marking a significant turnaround from prior losses.The quarter saw 32 kilograms...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 08, 2026

Mene AI Stock Analysis