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

This company holds roughly $56M 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.

Pyxis Tankers

PXS

Marine Shipping · Industrials

Price

$5.03

+0.14 (+2.86%)

Market Cap

$51.5M

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+8.0% over 4y

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

Diluted shares outstanding: 9.6M (2021) → 10.4M (2025)

Pyxis Tankers is a small shipping company that owns and operates a fleet of product tankers — ships that carry refined petroleum products like gasoline, diesel, and jet fuel across the ocean. Its customers are oil traders, refiners, and energy companies that need to move fuel from refineries to markets around the world. The company operates in the marine shipping industry and focuses specifically on medium-range (MR) tankers.

Pyxis earns money by charging daily hire rates to customers, either through short-term spot market contracts or longer fixed-rate time charters. It operates internationally, with routes spanning Europe, the Americas, and Asia, though it remains a very small player with a fleet of only a handful of vessels. Its main risk is that tanker freight rates are highly cyclical and volatile — when rates drop, revenue can fall sharply, and the company's small fleet size means it has little cushion compared to larger competitors.

Winston Score History

Score breakdown

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Quality

Gross Margin

47.3%

Healthy — 47.3% gross margin

Operating Margin

33.7%

Excellent — 33.7% operating margin

ROCE

1.8%

Weak — 1.8% 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

-20.2%

Shrinking sales (-20.2% YoY)

EPS YoY

-47.2%

Earnings shrinking (-47.2% YoY)

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

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

348%

Turns 348% of profit into real cash

FCF Margin

30.8%

Converts sales into free cash efficiently (30.8%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.88

Moderate — manageable debt (0.88)

Interest Cover

1.45x

Dangerous — barely covers interest (1.4x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

14.4x

Attractive valuation — P/E 14.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+9.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (14.4 → 4.9)

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Dividends

Not applicable for this business.

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