Antalpha Platform Holding Company (ANTA) Stock Analysis & Winston Score

Antalpha Platform Holding Company provides financing, technology, and risk management solutions to the crypto asset industry. It offers supply chain financing to enterprises secured by Bitcoin and Bitcoin mining machines; and mining machine and hashrate loans to pay for the acquisition of mining machines and mining operation expenditures. The company also assists customers to seek other financing solutions, including Bitcoin loans from its funding partner Northstar. In addition, it acts as an ag

Winston Score History

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

+114.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+809.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

89.5%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$650M cash & investments

Quarterly Free Cash Flow

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

Revenue accelerating

Antalpha Platform Holding Company grew revenue 115% 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.

Share count broadly stable

0.0% over 2y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 23.1M (2023) → 23.1M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

46.3%

Healthy — 46.3% gross margin

Operating Margin

32.0%

Excellent — 32.0% operating margin

ROCE

1.1%

Weak — 1.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+66.0%

Fast-growing sales (66.0% YoY)

EPS YoY

+221.2%

Earnings growing fast (221.2% YoY)

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

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

0%

Weak — only 0% of profit becomes cash

FCF Margin

0.0%

Thin free cash flow (0.0%)

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

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Stability

Debt / Equity

4.05

Heavy debt load (4.05)

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

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

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Valuation

P/E Ratio (TTM)

6.6x

Attractive valuation — P/E 6.6

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-50.1

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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