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

This company holds roughly $61M 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.

Pullup Entertainment S.A.

ALPUL.PA

Electronic Gaming & Multimedia · Technology

Price

€8.19

-0.23 (-2.73%)

Market Cap

€64.6M

Exchange

Euronext Paris

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Based on the IPO prospectus (annual filing). This score will refine automatically once the company reports its first quarters.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Share count rising — dilution

+25.6% over 4y

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

Diluted shares outstanding: 6.3M (2022) → 8.0M (2026)

Winston Score History

The full picture

Pullup Entertainment is a French video game company that publishes and develops games for consoles, PC, and mobile platforms. Its portfolio includes titles across several genres, with known franchises such as GreedFall and Space Marine 2 (published under its Focus Entertainment label). The company sells games to everyday consumers and works with independent game studios to bring their projects to market.

Pullup makes money primarily by selling games as one-time purchases through digital storefronts and physical retail, with some additional revenue from downloadable content. It operates mainly in Europe but distributes games globally. The company is small, with a market cap around $100 million, and competes against much larger publishers with bigger budgets and stronger brand recognition. Its thin operating margin of 0.3% highlights how dependent the business is on individual game releases performing well, meaning one underperforming title can significantly hurt annual results.

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

-4.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-422.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€69M/ year

↓ Declining (-12% vs prior year)

24.3% of revenue

1.6x the sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

55.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~5 months

€52M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Pullup Entertainment S.A. has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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

15.9%

Thin — 15.9% gross margin

Profit after running costs

Operating Margin

-4.2%

Losing money on operations — -4.2%

Return on the money invested

ROCE

-4.1%

Weak — -4.1% 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

-28.3%

Shrinking sales (-28.3% YoY)

Profit growth

EPS YoY

-164.5%

Earnings shrinking (-164.5% YoY)

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

How steady the profit is

EPS Consistency

N/A

Data not available

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

2.3%

Thin free cash flow (2.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

1.11

Elevated debt (1.11)

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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