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

This company holds roughly $34M 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.

TDH Holdings

PETZ

Packaged Foods · Consumer Defensive

Price

$1.52

-0.02 (-1.30%)

pre-market:$1.58+3.95%

Market Cap

$15.7M

Exchange

NASDAQ Capital Market

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 13, 2026 · filings through Dec 31, 2025

Share count rising — dilution

+97.8% over 4y

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

Diluted shares outstanding: 5.2M (2021) → 10.3M (2025)

TDH Holdings is a small Chinese company that sells pet food and pet-related products. Its core business focuses on packaged food for dogs and cats, targeting pet owners primarily in China. The company operates in the growing Chinese pet industry, which has expanded rapidly as more households in China adopt pets.

TDH generates revenue by selling its pet food products directly to consumers and through retail and online channels. The company is very small, with a market cap near zero, and its financials show serious problems — it is spending far more than it earns, resulting in deeply negative margins. The negative gross margin means the company loses money on every product it sells before even counting overhead costs. The biggest risk facing TDH is its financial survival, as continued losses at this scale raise real questions about whether the business can remain operational without raising additional capital or making major changes to its cost structure.

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

+44.6% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+21.5% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (2%)

Research and development spending

Insider Activity

33.8%ownership

Insiders own a meaningful stake in the company

Cash Runway

~4 years

$34M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

$34M cash & investments at current burn rate

Strong grower

TDH Holdings is growing revenue at 45% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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

-25.3%

Thin — -25.3% gross margin

Operating Margin

-189.2%

Losing money on operations — -189.2%

ROCE

-4.0%

Weak — -4.0% return on capital

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

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Growth

Sales YoY

+122.0%

Fast-growing sales (+122.0% YoY)

EPS YoY

-35.2%

Earnings shrinking (-35.2% YoY)

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

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

-99%

Weak — only -99% of profit becomes cash

FCF Margin

-161.8%

Burning cash (-161.8%)

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

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Stability

Debt / Equity

0.04

Conservative — low debt load (0.04)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

8.9x

Attractive valuation — P/E 8.9

P/E under 10. The price tag is small relative to last year's profit.

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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