Deep Value: cash covers about 91% of the stock price

This company holds roughly $9M in cash and investments — about 91% of 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.

Exceed World

EXDW

Education & Training Services · Consumer Defensive

Price

$0.29

+0.00 (+0.00%)

Market Cap

$9.6M

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Sep 30, 2025

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Winston Score History

The full picture

Exceed World, Inc. is a small education and training company based in Japan. It provides learning services, likely including tutoring, test preparation, or skills training, aimed at students and individuals looking to improve their academic or professional abilities. The company operates in the education services industry, which in Japan is highly competitive and driven by strong cultural demand for academic achievement.

Exceed World earns revenue by charging fees for its educational programs and services. The company is very small, with a market cap near zero, and its financials show significant losses relative to its revenue, meaning it spends far more than it brings in. The main risk facing the business is its deeply negative operating margin of -77%, which raises serious questions about whether the company can reach profitability and sustain itself long-term without additional funding or a major shift in its cost structure.

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

-77.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-730.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$3M/ year

↑ Rising (+27% vs prior year)

32.0% of revenue

16.0x the sector average (2%)

Investing heavily in future products and technology

Insider Activity

92.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~13 months

$9M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Adequate runway but may need to raise capital within 2 years

Heavy R&D investment

Exceed World is putting 32% of revenue into R&D and that number is rising. That's 16.0x the sector average.

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.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 32.7M (2021) → 32.7M (2025)

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

18.5%

Thin — 18.5% gross margin

Profit after running costs

Operating Margin

-224.3%

Losing money on operations — -224.3%

Return on the money invested

ROCE

-53.5%

Weak — -53.5% 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

-64.6%

Shrinking sales (-64.6% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-114.1%

Burning cash (-114.1%)

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

0.13

Conservative — low debt load (0.13)

Covers its interest

Interest Cover

N/A

Data not available

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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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