DSS

Packaging & Containers · Consumer Cyclical

Price

$0.60

+0.02 (+3.08%)

Market Cap

$5.1M

Exchange

New York Stock Exchange American

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+249.0% over 4y

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

Diluted shares outstanding: 2.6M (2021) → 9.0M (2025)

DSS, Inc. is a holding company that operates across several very different businesses, including document security printing, healthcare services, real estate, and financial services. Its original business involved making tamper-proof and counterfeit-resistant documents and packaging for industries like pharmaceuticals and government. Over time, the company has expanded into areas like direct-to-consumer health products and investment holdings in Asia.

DSS makes money through a mix of product sales, service fees, and investment income across its various subsidiaries. The company operates in the United States and has significant business interests in Asia, particularly through affiliated entities in Singapore and Hong Kong. With a market cap near zero and deeply negative operating margins, DSS faces serious financial pressure — its biggest challenge is proving that its scattered mix of businesses can generate consistent profits rather than continuing to burn through cash.

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

-12.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-9.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$340,000/ year

↑ Rising (+22% vs prior year)

1.6% of revenue

Below sector average (4%)

R&D investment increasing — building for the future

Insider Activity

72.8%ownership

Insiders own a meaningful stake in the company

Cash Runway

~6 years

$7M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$7M cash & investments at current burn rate

Revenue declining

DSS'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

-27.8%

Thin — -27.8% gross margin

Operating Margin

-126.7%

Losing money on operations — -126.7%

ROCE

-13.6%

Weak — -13.6% return on capital

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

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Growth

Sales YoY

-0.2%

Shrinking sales (-0.2% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-39.9%

Burning cash (-39.9%)

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

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Stability

Debt / Equity

10.94

Heavy debt load (10.94)

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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