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

This company holds roughly $6M 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.

DeFi Development

DFDVW

Software - Infrastructure · Technology

Price

$0.36

+0.00 (+0.00%)

Market Cap

$5.2M

Exchange

NASDAQ Capital Market

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 technology company that focuses on decentralized finance, commonly called "DeFi." The company builds software infrastructure that allows people to use financial services — like lending, trading, and earning interest — without going through traditional banks. It operates in the fast-growing but highly volatile world of blockchain-based financial applications.

The company generates revenue primarily through its DeFi platform activities, including holding and staking Solana (SOL) tokens as a core part of its treasury strategy — similar to how MicroStrategy holds Bitcoin. It operates mainly in the United States but targets a global crypto user base. Its high gross margin reflects the low cost of running software and digital asset operations. The main risk the company faces is heavy exposure to cryptocurrency price swings, meaning its financial results can change dramatically based on the value of Solana and broader crypto market conditions rather than traditional business fundamentals.

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

15.9%ownership

Insiders own a meaningful stake in the company

Cash Runway

~3 months

$4M 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

N/A

Data not available

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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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