Deep Value: cash covers about 92% of the stock price

This company holds roughly $177M in cash and investments — about 92% 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.

Perfect

PERF

Software - Application · Technology

Price

$1.87

+0.01 (+0.54%)

Market Cap

$190.5M

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

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Share count falling — buybacks

−21.5% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 118.3M (2021) → 92.9M (2025)

Winston Score History

The full picture

Perfect Corp. is a technology company that makes software for trying on makeup, skincare, and fashion items virtually — using a phone camera or computer screen. Its tools let shoppers see how a lipstick shade or pair of glasses would look on their face before buying anything. The company sells its technology mainly to beauty brands, retailers, and eyewear companies, and its best-known product is called YouCam.

Perfect Corp. earns money by charging brands and retailers a subscription or licensing fee to use its virtual try-on tools inside their apps and websites. It operates globally, with a strong presence in Asia and growing reach in North America and Europe. The company's main advantage is its large library of beauty and fashion data trained into its AI models, which is hard for newcomers to replicate quickly. Its key risk is dependence on the beauty and retail industries, which can cut technology spending during economic downturns.

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

-0.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+519.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$15M/ year

↑ Rising (+28% vs prior year)

22.3% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Insider Activity

68.9%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

$177M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Heavy R&D investment

Perfect is putting 22% of revenue into R&D and that number is rising. And they're generating enough cash to self-fund it.

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.

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Quality

Profit per sale

Gross Margin

80.9%

Premium pricing power — 80.9% gross margin

Profit after running costs

Operating Margin

-0.7%

Losing money on operations — -0.7%

Return on the money invested

ROCE

2.0%

Weak — 2.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+10.4%

Steady sales growth (+10.4% YoY)

Profit growth

EPS YoY

-5.2%

Earnings shrinking (-5.2% YoY)

Slight earnings drop. Typical near a cyclical low.

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

183%

Turns 183% of profit into real cash

Spare cash per sale

FCF Margin

14.4%

Converts sales into free cash efficiently (14.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

169.84x

Comfortably covers interest (169.8x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

32.8x

Pricey — P/E 32.8

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+8.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (32.8 → 24.4)

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Dividends

Not applicable for this business.

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