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

This company holds roughly $15M 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.

SeaChange International

SEAC

Software - Application · Technology

Price

$3.30

+0.00 (+0.00%)

Market Cap

$8.5M

Exchange

Other OTC

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 9, 2026 · filings through Apr 30, 2023

Share count rising — dilution

+39.4% over 4y

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

Diluted shares outstanding: 1.8M (2019) → 2.5M (2023)

SeaChange International makes software for video streaming and content delivery. Its tools help cable companies, broadcasters, and streaming services manage and deliver video to viewers. The company sits in the crowded video technology space, providing platforms that handle things like ad insertion, subscriber management, and content monetization.

SeaChange earns money through software licenses, subscriptions, and professional services. It operates globally, serving customers in North America, Europe, and other regions, though it is a small company with a market cap near zero. Its competitive position is weak — it faces much larger rivals like Akamai and Kaltura, and its deeply negative operating margin shows it spends far more than it earns. The biggest risk is whether SeaChange can win enough new contracts to survive, as the company has struggled with shrinking revenue for years and must find a way to stabilize its business before cash runs out.

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

+4.0% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+76.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$8M/ year

↓ Declining (-10% vs prior year)

24.6% of revenue

1.6x the sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

14.4%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$15M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

SeaChange International is growing revenue at 4% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

59.4%

Premium pricing power — 59.4% gross margin

Operating Margin

-11.5%

Losing money on operations — -11.5%

ROCE

-2.6%

Weak — -2.6% return on capital

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

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Growth

Sales YoY

+13.0%

Fast-growing sales (+13.0% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-2.6%

Burning cash (-2.6%)

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

100.00x

—

Comfortably covers interest (100.0x)

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

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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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