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

This company holds roughly $12M 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.

CBL International Limited

BANL

Oil & Gas Midstream · Energy

Price

$3.75

-0.21 (-5.30%)

Market Cap

$7.9M

Exchange

NASDAQ Capital Market

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 9, 2026 · filings through Dec 31, 2025

Share count rising — dilution

+11.9% over 4y

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

Diluted shares outstanding: 1.9M (2021) → 2.1M (2025)

CBL International Limited is a marine fuel logistics company based in Singapore. It supplies bunker fuel — the heavy oil used to power large cargo ships and tankers — to vessel operators across major shipping routes in Asia and beyond. The company acts as a middleman, or physical supplier, connecting fuel producers with shipping companies that need to refuel their fleets at port.

CBL makes money by buying marine fuel in bulk and reselling it to ship operators, earning a small margin on each transaction. It operates primarily across Asian ports, including Singapore, Malaysia, and other regional hubs, with Singapore serving as one of the world's busiest bunkering centers. The company's gross margin of around 1% reflects how thin the margins are in fuel trading, which is a volume-driven, commodity business with little pricing power. The main risk is that fuel price volatility, competition from larger traders, and the shipping industry's gradual shift toward cleaner fuels like LNG and methanol could pressure both volumes and margins going forward.

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

-79.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+75.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

84.8%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$12M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

CBL International Limited'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

Gross Margin

0.7%

Thin — 0.7% gross margin

Operating Margin

-0.6%

Losing money on operations — -0.6%

ROCE

-1.7%

Weak — -1.7% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-44.2%

Shrinking sales (-44.2% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

0.3%

Thin free cash flow (0.3%)

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

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Stability

Debt / Equity

0.10

Conservative — low debt load (0.10)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

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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