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

This company holds roughly $60M 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.

WM Technology

MAPS

Software - Application · Technology

Exchange

NASDAQ

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

Good

Stability

Exceptional

Valuation

Strong

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Winston Score History

The full picture

WM Technology runs Weedmaps, an online marketplace and software platform for the legal cannabis industry. It connects cannabis consumers with licensed dispensaries, delivery services, and brands — similar to how Yelp connects people with restaurants. The company is one of the largest technology platforms focused specifically on the legal marijuana market in the United States and Canada.

WM Technology makes money in two main ways: charging cannabis businesses monthly subscription fees to list on Weedmaps, and selling software tools that help dispensaries manage menus, orders, and compliance. Nearly all of its revenue comes from North America. Its moat comes from being an established brand in a niche industry where regulations make it hard for mainstream tech companies to compete directly. The biggest risk the company faces is that cannabis remains federally illegal in the United States, which limits how fast the legal market can grow and creates ongoing uncertainty for businesses that serve it.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

94.1%

Premium pricing power — 94.1% gross margin

Profit after running costs

Operating Margin

5.5%

Thin — 5.5% operating margin

Return on the money invested

ROCE

7.4%

Weak — 7.4% 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

-6.8%

Shrinking sales (-6.8% YoY)

Profit growth

EPS YoY

-77.1%

Earnings shrinking (-77.1% YoY)

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

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

393%

Turns 393% of profit into real cash

Spare cash per sale

FCF Margin

-0.3%

Burning cash (-0.3%)

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

0.39

Conservative — low debt load (0.39)

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)

21.9x

no trend

Growth-priced — P/E 21.9

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

Cheaper or dearer next year

P/E vs Forward

+16.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (21.9 → 5.8)

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Dividends

Not applicable for this business.

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