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

This company holds roughly $209M 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.

Seer

SEER

Biotechnology · Healthcare

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Winston Score History

The full picture

Seer, Inc. is a biotechnology company that makes tools for studying proteins in the human body. Its main product is the Proteograph Product Suite, a platform that helps scientists and researchers analyze large numbers of proteins quickly and at scale. The company sells to research labs, pharmaceutical companies, and academic institutions working on drug discovery and disease research.

Seer makes money by selling its instruments and consumable supplies that labs need to run experiments repeatedly. The company is based in Redwood City, California, and operates primarily in the United States, though it targets global research markets. With a market cap of roughly $100 million and a deeply negative operating margin, Seer is still in an early commercial stage and burns significant cash. The key growth driver is broader adoption of proteomics — the large-scale study of proteins — as a complement to genomics, but the main risk is whether the company can grow revenue fast enough to reach financial sustainability before needing additional funding.

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

-21.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+6.1% YoY

YoY Growth Rate

Slow EPS growth

Insider Activity

27.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~6 years

$209M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$209M cash & investments at current burn rate

Revenue declining

Seer's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

48.5%

Healthy — 48.5% gross margin

Profit after running costs

Operating Margin

-542.9%

Losing money on operations — -542.9%

Return on the money invested

ROCE

-31.4%

Weak — -31.4% 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

-13.3%

Shrinking sales (-13.3% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-319.4%

Burning cash (-319.4%)

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

N/A

—

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

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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