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

This company holds roughly $15M 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.

SeaChange International

SEAC

Software - Application · Technology

Price

$3.35

+0.00 (+0.00%)

Market Cap

$8.7M

Exchange

Other OTC

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Apr 30, 2023

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+39.4% over 4y

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

Diluted shares outstanding: 1.8M (2019) → 2.5M (2023)

Winston Score History

The full picture

SeaChange International makes software for video streaming and content delivery. Its tools help cable companies, broadcasters, and streaming services manage and deliver video to viewers. The company sits in the crowded video technology space, providing platforms that handle things like ad insertion, subscriber management, and content monetization.

SeaChange earns money through software licenses, subscriptions, and professional services. It operates globally, serving customers in North America, Europe, and other regions, though it is a small company with a market cap near zero. Its competitive position is weak — it faces much larger rivals like Akamai and Kaltura, and its deeply negative operating margin shows it spends far more than it earns. The biggest risk is whether SeaChange can win enough new contracts to survive, as the company has struggled with shrinking revenue for years and must find a way to stabilize its business before cash runs out.

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

+4.0% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+76.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$8M/ year

↓ Declining (-10% vs prior year)

24.6% of revenue

1.6x the sector average (15%)

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

Insider Activity

14.4%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$15M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

SeaChange International is growing revenue at 4% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

59.4%

Premium pricing power — 59.4% gross margin

Profit after running costs

Operating Margin

-11.5%

Losing money on operations — -11.5%

Return on the money invested

ROCE

32.8%

Exceptional — 32.8% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+13.0%

Fast-growing sales (+13.0% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-2.6%

Burning cash (-2.6%)

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

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)

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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