Deep Value: cash covers more than 100% of the stock price

This company holds roughly $14M in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Cadogan Petroleum

CAD.L

Oil & Gas Exploration & Production · Energy

Exchange

London Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Winston Score History

The full picture

Cadogan Petroleum is a small oil and gas company focused on exploring for and producing energy resources in Ukraine. It holds licenses to drill for oil and natural gas in the Carpathian region of western Ukraine, selling energy to local industrial and commercial customers in that market.

The company earns revenue by extracting and selling hydrocarbons, though its operations remain limited in scale and it has struggled to generate consistent profits, as shown by its negative operating margin. Cadogan is a very small company listed on the London Stock Exchange, with minimal production compared to major energy firms and no clear scale advantage over larger competitors. The single biggest risk the business faces is the ongoing conflict in Ukraine, which has severely disrupted operations, raised costs, and made it extremely difficult to attract the investment needed to develop its assets further.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+1.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+37.9% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

81.9%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

~9 months

£14M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Cadogan Petroleum has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

21.0%

Thin — 21.0% gross margin

Profit after running costs

Operating Margin

-67.8%

Losing money on operations — -67.8%

Return on the money invested

ROCE

-7.7%

Weak — -7.7% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-36.7%

Shrinking sales (-36.7% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-137.7%

Burning cash (-137.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.21

Conservative — low debt load (0.21)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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