DSwiss (DQWS) Stock Analysis & Winston Score

DSwiss, Inc. is a small consumer products company that sells personal care and wellness products, including skincare and health supplements. Its customers are primarily individual consumers, and it markets its goods mainly through e-commerce and direct-to-consumer channels. The company operates in the competitive household and personal products industry, with roots in Southeast Asia.

DSwiss generates revenue by selling its branded products directly to end consumers, relying on online sales rather than traditional retail shelf space. The company is very small, with a market cap near zero, and it operates at a loss, meaning it spends more than it earns right now. Its gross margin of around 19% is thin for a consumer brand, and its deeply negative return on invested capital signals that the business has not yet found an efficient way to grow profitably — the central challenge the company must solve to remain viable long term.

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

-52.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-85.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (2%)

Research and development spending

Insider Activity

90.9%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~12 months

$220,027 cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Adequate runway but may need to raise capital within 2 years

Revenue declining

DSwiss'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.

Share count broadly stable

0.0% over 4y

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

Diluted shares outstanding: 206.9M (2021) → 206.9M (2025)

Score breakdown

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Quality

Gross Margin

33.3%

Modest — 33.3% gross margin

Operating Margin

3.6%

Thin — 3.6% operating margin

ROCE

6.6%

Weak — 6.6% 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 YoY

-34.2%

Shrinking sales (-34.2% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-2.9%

Burning cash (-2.9%)

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

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Stability

Debt / Equity

N/A

Data not available

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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