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

This company holds roughly $76M 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.

Kaanapali Land

KANP

Real Estate - Development · Real Estate

Price

$32.00

+0.00 (+0.00%)

Market Cap

$57.4M

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Exceptional

Stability

Good

Valuation

Good

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Winston Score History

The full picture

Kaanapali Land, LLC is a real estate development company that owns and develops land on the island of Maui, Hawaii. Its core asset is a large tract of land in the Kaanapali and West Maui region, one of Hawaii's most recognized resort and residential areas. The company sells parcels of land and develops property for residential, commercial, and resort use.

The company makes money primarily through land sales and real estate development transactions, which means revenue can be lumpy and unpredictable from year to year. It operates entirely in Hawaii, making it a very geographically concentrated business with a small market cap of around $100 million. Its main competitive advantage is simply owning scarce, well-located land in a high-demand Hawaiian resort market, but that same concentration is also its biggest risk — the business is heavily exposed to Hawaii's tourism economy, interest rate cycles, and the limited, irregular timing of large land deals.

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

+64.9% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

-66.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

81.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$93M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

Kaanapali Land is growing revenue at 65% 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.

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: 1.8M (2021) → 1.8M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

-65.5%

Thin — -65.5% gross margin

Profit after running costs

Operating Margin

-229.7%

Losing money on operations — -229.7%

Return on the money invested

ROCE

5.2%

Weak — 5.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

>+1,000%

Fast-growing sales (>+1,000% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

158%

Turns 158% of profit into real cash

Spare cash per sale

FCF Margin

73.3%

Converts sales into free cash efficiently (73.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

5.6x

Attractive valuation — P/E 5.6

P/E under 10. The price tag is small relative to last year's profit.

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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