Exodus Movement, Inc. (NYSE: EXOD)

Sector: Technology Industry: Software - Infrastructure CIK: 0001821534
Market Cap 447.68 Mn
P/B 1.51
P/E 4.12
P/S 3.27
ROIC (Qtr) 34.49
Div Yield % 0.00
Rev 1y % (Qtr) 50.83
Total Debt (Qtr) 0.00
Debt/Equity (Qtr) 0.00

About

Price action

Investment thesis

Bull case

  • Robust tangible asset base of 331.52M provides 6.23x coverage of working capital 53.20M, indicating strong operational backing.
  • Tangible assets of 331.52M provide robust 34.31x coverage of other current liabilities 9.66M, indicating strong asset backing.
  • Long-term investments of 264.11M provide solid 4.96x backing of working capital 53.20M, showing strategic capital allocation.
  • Retained earnings of 175.73M provide strong 18.19x coverage of other current liabilities 9.66M, indicating earnings quality.
  • Cash reserves of 50.55M provide robust 3.68x coverage of current liabilities 13.72M, indicating strong short-term solvency.

Bear case

  • Operating cash flow of (21.48M) barely covers its investment activities of 60.80M, with a coverage ratio of -0.35, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of 60.80M provide weak support for R&D spending of 92.64M, which is 0.66x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • The company's operating cash flow of (21.48M) shows concerning coverage of stock compensation expenses of 12.29M, with a -1.75 ratio indicating potential earnings quality issues.
  • Free cash flow of (21.71M) provides weak coverage of capital expenditures of 227000, with a -95.63 ratio suggesting additional external financing needs for growth initiatives.
  • Operating cash flow of (21.48M) provides minimal -1.69x coverage of tax expenses of 12.70M, suggesting potential tax planning inefficiencies or unsustainable tax positions.

Peer comparison

Companies in the Software - Infrastructure
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 MSFT Microsoft Corp 3,563.59 Bn 33.97 12.13 60.56 Bn
2 ORCL Oracle Corp 561.87 Bn 36.43 9.21 124.39 Bn
3 PLTR Palantir Technologies Inc. 413.65 Bn 377.64 106.17 0.24 Bn
4 PANW Palo Alto Networks Inc 126.45 Bn 113.19 13.23 0.35 Bn
5 CRWD CrowdStrike Holdings, Inc. 116.42 Bn -370.56 25.50 0.82 Bn
6 SNPS Synopsys Inc 86.06 Bn 64.60 12.20 14.29 Bn
7 NET Cloudflare, Inc. 62.78 Bn -609.27 31.18 3.50 Bn
8 FTNT Fortinet, Inc. 60.83 Bn 32.47 9.28 1.00 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 1.17 2.69
EV to Cash from Ops. EV/CFO -18.38 28.91
EV to Debt EV to Debt 0.00 19.83
EV to EBIT EV/EBIT 3.25 -9.95
EV to EBITDA EV/EBITDA 3.23 6.82
EV to Free Cash Flow [EV/FCF] EV/FCF -18.18 26.09
EV to Market Cap EV to Market Cap 0.88 0.36
EV to Revenue EV/Rev 2.88 -9.34
Price to Book Value [P/B] P/B 1.51 3.88
Price to Earnings [P/E] P/E 4.12 -10.66
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 -0.30
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 2.71
Dividend per Basic Share Div per Share (Qtr) 0.00 0.10
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 1.68
Interest Coverage Interest Coverage 0.00 -14.20
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 15.93 -408.01
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 89.78 226.39
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -0.28
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 92.79 25.27
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 90.48 47.48
EBIT Growth (1y) % EBIT 1y % (Qtr) 93.22 20.13
EBT Growth (1y) % EBT 1y % (Qtr) 93.22 14.16
EPS Growth (1y) % EPS 1y % (Qtr) 83.80 67.50
FCF Growth (1y) % FCF 1y % (Qtr) -133.35 296.60
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 52.02 46.75
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.40 0.67
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.01
Cash Ratio Cash Ratio (Qtr) 3.68 1.22
Current Ratio Curr Ratio (Qtr) 4.88 2.59
Debt to Equity Ratio Debt/Equity (Qtr) 0.00 -0.96
Interest Cover Ratio Interest Cover Ratio 0.00 -14.20
Times Interest Earned Times Interest Earned 0.00 -14.20
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 91.90 -548.16
EBIT Margin % EBIT Margin % (Qtr) 88.69 -199.84
EBT Margin % EBT Margin % (Qtr) 88.69 -607.20
Gross Margin % Gross Margin % (Qtr) 124.00 51.88
Net Profit Margin % Net Margin % (Qtr) 79.40 -610.00