Perfect

PERF

Software - Application · Technology

Price

$1.92

+0.00 (+0.00%)

Market Cap

$195.5M

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−21.5% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 118.3M (2021) → 92.9M (2025)

Perfect Corp. is a technology company that makes software for trying on makeup, skincare, and fashion items virtually — using a phone camera or computer screen. Its tools let shoppers see how a lipstick shade or pair of glasses would look on their face before buying anything. The company sells its technology mainly to beauty brands, retailers, and eyewear companies, and its best-known product is called YouCam.

Perfect Corp. earns money by charging brands and retailers a subscription or licensing fee to use its virtual try-on tools inside their apps and websites. It operates globally, with a strong presence in Asia and growing reach in North America and Europe. The company's main advantage is its large library of beauty and fashion data trained into its AI models, which is hard for newcomers to replicate quickly. Its key risk is dependence on the beauty and retail industries, which can cut technology spending during economic downturns.

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

+12.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+0.0% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$15M/ year

↑ Rising (+28% vs prior year)

22.3% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Insider Activity

65.3%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$121M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Heavy R&D investment

Perfect is putting 22% of revenue into R&D and that number is rising. And they're generating enough cash to self-fund it.

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

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Quality

Gross Margin

81.9%

Premium pricing power — 81.9% gross margin

Operating Margin

8.2%

Modest — 8.2% operating margin

ROCE

0.9%

Weak — 0.9% 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

+14.8%

Fast-growing sales (14.8% YoY)

EPS YoY

-29.4%

Earnings shrinking (-29.4% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

282%

Turns 282% of profit into real cash

FCF Margin

18.0%

Converts sales into free cash efficiently (18.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

109.88x

Comfortably covers interest (109.9x)

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

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Valuation

P/E Ratio (TTM)

41.6x

Pricey — P/E 41.6

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+16.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (41.6 → 25.4)

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Dividends

Not applicable for this business.

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