Thinkific Labs Inc (THNC) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Thinkific Labs Inc C$1.01, price C$1.20, upside -15.8%, quality 73 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range C$1.13 – C$18.76 · fair‑value band C$0.7100 – C$1.31 · the C$1.20 price screens above the C$1.01 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Thinkific Labs Inc. engages in the development, marketing, and support management of cloud-based platform in Canada, the United States, and internationally. It provides a learning commerce platform that provides courses, communities, AI and commerce. The company was incorporated in 2012 and is headquartered in Vancouver, Canada.
Stock analysis
Thinkific Labs Inc (THNC) currently trades at C$1.20, while our model-based Fair Value estimate is C$1.01, implying the stock looks roughly 18.8% overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of C$1.81 per share, and 8 of the 21 models we run sit above the C$1.20 price.
Bear case: the Multiples group reads lowest at C$0.3300, and 13 of the 21 models stay below the price. Evidence for this calculation is low.
Scenario range: C$0.7100 (bear) to C$1.31 (bull), the price of C$1.20 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 73/100 (solid quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Thinkific Labs Inc reported revenue of $74.5M in FY2025 versus $38.1M in FY2021, a compound +18.2%/yr. Reported net income was $1.3M in FY2025.
Key figures
Market cap C$82.6M (≈ $58.4M) · P/S ratio 1.06 · EPS (TTM) C$−0.0100 · Net margin 1.8% · Return on equity −0.5% · Return on assets (EBIT) −13.7% · Operating margin −10.1% · Revenue (TTM) $74.0M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 49% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −14% fair-value upside, at −16%, THNC screens richer than that median.
Fair Value models
Bear C$0.7100Fair Value C$1.01Bull C$1.31
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+11.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+28.7%
Start year 2020 (pandemic)
Revenue growth 7 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+43.3%
’18
’19
’20
’21
’22
’23
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’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+37.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+37.4%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−7% → −2%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−36.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −37.8% a year for the price and +1.9% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Software - Application · 721 stocks
Beats the industry median on 3/9 measures
Overall it trails its industry peers.
Valuation
Quality Score73 · Top 25%
Fair Value upside−16% · Below median
Profitability
Return on assets−3% · Below median
Net margin (TTM)0% · Below median
Operating margin (TTM)−10% · Bottom 25%
Growth and dividend
Revenue growth5% · Below median
Valuation Multiplesvs Software - Application median · lower = cheaper
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Is Thinkific Labs Inc (THNC) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of C$1.01 versus a price of C$1.20, about −16% upside (overvalued).
What is the fair value of THNC?
Our model-based fair value for Thinkific Labs Inc is C$1.01 (as of Sep 23, 2026), built from audited fundamentals. The current price: C$1.20.
What is the quality score of THNC?
Thinkific Labs Inc has a Quality Score of 73/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Thinkific Labs Inc (THNC)?
Our model-based price target is the fair value of C$1.01 (as of Sep 23, 2026) from 21 valuation models. Cautious scenario C$0.7100, optimistic scenario C$1.31. It is a calculation from audited fundamentals, not an analyst target.
What is the Thinkific Labs Inc stock forecast for 2026?
Our models put fair value at C$1.01, about −16% upside versus a price of C$1.20 (overvalued). Cautious scenario C$0.7100, optimistic scenario C$1.31. The calculation is refreshed regularly with new filings.
What is the revenue of Thinkific Labs Inc (THNC)?
Thinkific Labs Inc reported trailing-twelve-month revenue of about $74.0M (latest available figure, as of Sep 23, 2026).
What growth is priced into Thinkific Labs Inc (THNC)?
For today's price to be fair in a discounted-cash-flow model, Thinkific Labs Inc would have to grow free cash flow by -36.3 % per year for five years (discount rate 13.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +28.7 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of THNC use?
Our models discount Thinkific Labs Inc at 13.5 %: a base by market capitalisation (micro), damped by beta 1.32, country premium for Canada. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Thinkific Labs Inc that is -36.3 % per year a year over ten years, using the same discount rate (13.5 %) and the same formula as our fair value.
How much growth has Thinkific Labs Inc (THNC) delivered so far?
Over the past 5 years revenue at Thinkific Labs Inc grew +28.7 % a year. The price currently implies -36.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Thinkific Labs Inc (THNC) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into Thinkific Labs Inc (-36.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Thinkific Labs Inc (THNC)?
The free-cash-flow yield on the price is 9.29 %: that much free cash flow Thinkific Labs Inc produces per unit of market value. When it exceeds the discount rate of our models (13.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Thinkific Labs Inc (THNC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Thinkific Labs Inc it is C$1.01 per share (as of Sep 23, 2026), against a price of C$1.20. It is the blended result of 21 valuation models (cash flow, earnings, asset, dividend).
Is Thinkific Labs Inc stock overvalued or undervalued in 2026?
As of Sep 23, 2026, THNC trades above its calculated fair value: price C$1.20, fair value C$1.01, a gap of about −16% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of THNC?
No. The price is what the market pays today (C$1.20); the fair value is what the company's own numbers justify (C$1.01). For Thinkific Labs Inc the two are C$0.1900 per share apart. That gap is exactly why we show both numbers side by side.
How much is Thinkific Labs Inc worth?
The market values Thinkific Labs Inc at about C$82.6M (market capitalisation, as of Sep 23, 2026). Per share that is C$1.20; our models calculate a fair value of C$1.01 per share.
What do the bullish and bearish scenarios say about THNC?
Our models span a range for Thinkific Labs Inc: cautious scenario C$0.7100, base C$1.01, optimistic C$1.31 per share (as of Sep 23, 2026, price C$1.20). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Thinkific Labs Inc (THNC)?
Balance-sheet figures for Thinkific Labs Inc (as of Sep 23, 2026): return on equity −0.5%. They feed the Quality Score of 73/100, which measures business quality independently of the share price.
How far is THNC from its 52-week high?
Thinkific Labs Inc trades at C$1.20, about 49% below its 52-week high of C$2.36 and 6% above the low of C$1.13 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of C$1.01 is for.
Which stocks are comparable to Thinkific Labs Inc?
From the same area (Technology) we also value SAP SE, Shopify Inc, Uber Technologies, Inc, Salesforce, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Thinkific Labs Inc stock attractive at the current price?
The data as of Sep 23, 2026: price C$1.20, calculated fair value C$1.01 (−16%), Quality Score 73/100, from 21 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of THNC calculated?
We run Thinkific Labs Inc through 21 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of C$1.01, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0 % above its aggregate fair value. Thinkific Labs Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Thinkific Labs Inc (THNC)?
The closing price on Sep 23, 2026 was C$1.20. Our model-based fair value is C$1.01, about −16% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Thinkific Labs Inc right now?
A high-quality business (quality 73/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. A fairly wide model range (C$0.7100 to C$1.31) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of Thinkific Labs Inc
How large is the market capitalisation of Thinkific Labs Inc (THNC)?
The market capitalisation of Thinkific Labs Inc is C$82.6M (≈ $58.4M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Thinkific Labs Inc (THNC)?
The price-to-sales ratio of Thinkific Labs Inc is 1.06 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Thinkific Labs Inc (THNC)?
Earnings per share at Thinkific Labs Inc are C$−0.0100. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Thinkific Labs Inc (THNC)?
The net margin of Thinkific Labs Inc is 1.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Thinkific Labs Inc (THNC)?
The return on equity (ROE) of Thinkific Labs Inc is −0.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Thinkific Labs Inc (THNC)?
On an EBIT basis the return on assets of Thinkific Labs Inc is −13.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Thinkific Labs Inc (THNC)?
The operating margin of Thinkific Labs Inc is −10.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Thinkific Labs Inc (THNC)?
Revenue at Thinkific Labs Inc is growing +4.7% versus a year earlier (3y avg +13.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Thinkific Labs Inc (THNC)?
Earnings per share at Thinkific Labs Inc are growing −70.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Thinkific Labs Inc (THNC) hold?
Thinkific Labs Inc holds more cash than debt, $6.4M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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