DeFi Development

DFDV

Software - Infrastructure · Technology

Price

$3.94

+0.17 (+4.51%)

Market Cap

$118.7M

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

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Share count rising — dilution

+111.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 8.7M (2021) → 18.5M (2025)

Winston Score History

The full picture

DeFi Development Corp. is a small technology company that holds and manages cryptocurrency, specifically Solana (SOL) tokens, as its core business strategy. It also has some software infrastructure operations, but its main focus is accumulating Solana on its balance sheet — similar to how MicroStrategy built a large Bitcoin reserve. The company is publicly traded in the U.S. and operates in the fast-growing but highly volatile world of decentralized finance.

The company generates revenue through its software and crypto-related activities, with an unusually high gross margin suggesting minimal direct costs. It is a very small company with a market cap around $100 million, and its competitive position is tied almost entirely to the price of Solana rather than a traditional business moat. The biggest risk the company faces is that its financial performance is directly linked to cryptocurrency prices, which can drop sharply and unpredictably, making its results highly volatile from one period to the next.

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

+66.9% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

-191.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$1M/ year

↑ Rising (+74% vs prior year)

10.0% of revenue

Below sector average (15%)

Investing heavily in future products and technology

Insider Activity

53.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~4 months

$6M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Strong grower

DeFi Development is growing revenue at 67% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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

99.4%

Premium pricing power — 99.4% gross margin

Profit after running costs

Operating Margin

-689.2%

Losing money on operations — -689.2%

Return on the money invested

ROCE

-21.0%

Weak — -21.0% 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

+328.6%

Fast-growing sales (+328.6% YoY)

Profit growth

EPS YoY

<−1,000%

Earnings shrinking (<−1,000% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-223.6%

Burning cash (-223.6%)

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

N/A

Data not available

Covers its interest

Interest Cover

4.66x

Adequate interest coverage (4.7x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

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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