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

This company holds roughly $10M 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.

Raytech Holding Limited

RAY

Furnishings, Fixtures & Appliances · Consumer Cyclical

Price

$2.76

-0.06 (-2.13%)

Market Cap

$6.4M

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Weak

Stability

Exceptional

Valuation

Good

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Share count falling — buybacks

−17.1% over 4y

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

Diluted shares outstanding: 2.8M (2022) → 2.3M (2026)

Winston Score History

The full picture

Raytech Holding Limited is a manufacturer of household appliances and consumer products based in China. The company makes items like electric fans, heaters, and other home appliances that are sold to everyday consumers. It operates in the broader home appliance industry, competing alongside many other Chinese manufacturers in a crowded market.

Raytech earns money primarily through product sales, selling its appliances through retail channels and potentially to wholesale distributors. The company is relatively small, with most of its operations concentrated in China, though it may also export to other markets. Its gross margin of around 25% is modest, reflecting the competitive and cost-sensitive nature of the consumer appliance space. The main risk the company faces is intense price competition from larger, better-known appliance brands, which can squeeze margins and make it difficult to grow market share without significant investment in product development or brand recognition.

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

+197.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+251.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

HK$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

49.1%ownership

Insiders own a meaningful stake in the company

Cash Runway

~14 months

HK$78M cash & investments

Quarterly Free Cash Flow

Adequate runway but may need to raise capital within 2 years

Revenue accelerating

Raytech Holding Limited grew revenue 198% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

28.1%

Modest — 28.1% gross margin

Profit after running costs

Operating Margin

12.7%

Healthy — 12.7% operating margin

Return on the money invested

ROCE

12.6%

Good — 12.6% 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

+81.7%

Fast-growing sales (+81.7% YoY)

Profit growth

EPS YoY

+102.3%

Earnings growing fast (+102.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

2/6 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

-87%

Weak — only -87% of profit becomes cash

Spare cash per sale

FCF Margin

-10.2%

Burning cash (-10.2%)

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

0.11

Conservative — low debt load (0.11)

Covers its interest

Interest Cover

73.89x

Comfortably covers interest (73.9x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

3.6x

Attractive valuation — P/E 3.6

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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