DeFi Development

DFDV

Software - Infrastructure · Technology

Price

$2.81

-0.08 (-2.60%)

Market Cap

$84.8M

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+111.0% over 4y

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

Diluted shares outstanding: 8.7M (2021) → 18.5M (2025)

DeFi Development Corp. is a small technology company that holds and manages cryptocurrency, specifically Solana (SOL) tokens, as its core business strategy. It also has some software infrastructure operations, but its main focus is accumulating Solana on its balance sheet — similar to how MicroStrategy built a large Bitcoin reserve. The company is publicly traded in the U.S. and operates in the fast-growing but highly volatile world of decentralized finance.

The company generates revenue through its software and crypto-related activities, with an unusually high gross margin suggesting minimal direct costs. It is a very small company with a market cap around $100 million, and its competitive position is tied almost entirely to the price of Solana rather than a traditional business moat. The biggest risk the company faces is that its financial performance is directly linked to cryptocurrency prices, which can drop sharply and unpredictably, making its results highly volatile from one period to the next.

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

+613.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$1M/ year

↑ Rising (+74% vs prior year)

10.0% of revenue

Below sector average (15%)

Investing heavily in future products and technology

Insider Activity

53.8%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~2 months

$6M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Revenue accelerating

DeFi Development grew revenue 614% 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.

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

Gross Margin

97.2%

Premium pricing power — 97.2% gross margin

Operating Margin

-52.4%

Losing money on operations — -52.4%

ROCE

-1.0%

Weak — -1.0% return on capital

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales YoY

+442.3%

Fast-growing sales (442.3% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-157.8%

Burning cash (-157.8%)

Free cash flow is negative. They are burning cash, not generating it.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

Debt / Equity

1.28

Elevated debt (1.28)

Interest Cover

9.63x

Comfortably covers interest (9.6x)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Not applicable for this business.

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial