Phunware, Inc. (NASDAQ: PHUN)

Sector: Technology Industry: Software - Application CIK: 0001665300
Market Cap 45.57 Mn
P/B 0.46
P/E -3.83
P/S 19.34
ROIC (Qtr) -17.43
Div Yield % 0.00
Rev 1y % (Qtr) -6.47
Total Debt (Qtr) 701,000.00
Debt/Equity (Qtr) 0.01

About

Phunware, Inc., a company with the stock symbol PHUN, operates in the technology industry, specifically in the mobile software and services sector. Phunware's primary business activities involve providing a comprehensive cloud platform for mobile, offering services and solutions that enable companies to engage, manage, and monetize their mobile application portfolios and audiences. The company operates primarily in the United States, although its services have global reach. Phunware generates revenue through a combination of service, subscription,...

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Price action

Investment thesis

Bull case

  • Healthy cash reserves of 103.78M provide 309.80x coverage of short-term debt 335000, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 105.64M provides 150.70x coverage of total debt 701000, indicating robust asset backing and low credit risk.
  • Tangible assets of 105.64M provide exceptional 50.72x coverage of deferred revenue 2.08M, showing strong service capability backing.
  • Operating cash flow of (11.98M) fully covers other non-current liabilities (1.29M) by 9.29x, showing strong long-term stability.
  • Tangible assets of 105.64M provide robust 39.95x coverage of other current liabilities 2.64M, indicating strong asset backing.

Bear case

  • Investment activities of 0 provide weak support for R&D spending of 3.13M, which is 0x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Operating cash flow of (11.98M) provides insufficient coverage of deferred revenue obligations of 2.08M, which is -5.75x, raising concerns about future service delivery capabilities.
  • The company's operating cash flow of (11.98M) shows concerning coverage of stock compensation expenses of 462000, with a -25.94 ratio indicating potential earnings quality issues.
  • Operating cash flow of (11.98M) provides minimal -292.27x coverage of tax expenses of 41000, suggesting potential tax planning inefficiencies or unsustainable tax positions.
  • High financing cash flow of 80.23M relative to working capital of 98.69M, which is 0.81x suggests concerning dependence on external funding for operational needs.

Geographical Breakdown of Revenue (2024)

Product and Service Breakdown of Revenue (2024)

Peer comparison

Companies in the Software - Application
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 SAP Sap Se 288.31 Bn 34.60 6.72 10.73 Bn
2 CRM Salesforce, Inc. 248.32 Bn 34.38 6.16 11.14 Bn
3 SHOP Shopify Inc. 212.27 Bn 119.19 19.85 1.12 Bn
4 INTU Intuit Inc. 180.73 Bn 43.89 9.30 6.78 Bn
5 UBER Uber Technologies, Inc 178.38 Bn 10.72 3.60 12.19 Bn
6 NOW ServiceNow, Inc. 146.98 Bn 84.91 11.60 2.40 Bn
7 ADBE Adobe Inc. 144.48 Bn 20.77 6.23 6.64 Bn
8 ADP Automatic Data Processing Inc 108.20 Bn 26.16 5.18 9.77 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets -0.57 2.65
EV to Cash from Ops. EV/CFO 5.00 13.37
EV to Debt EV to Debt -85.46 57.69
EV to EBIT EV/EBIT 5.06 19.12
EV to EBITDA EV/EBITDA 3.43 15.00
EV to Free Cash Flow [EV/FCF] EV/FCF 5.00 14.69
EV to Market Cap EV to Market Cap -1.31 -92.28
EV to Revenue EV/Rev -25.42 4.60
Price to Book Value [P/B] P/B 0.46 4.26
Price to Earnings [P/E] P/E -3.83 -136.90
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 -3.95
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 4.25
Dividend per Basic Share Div per Share (Qtr) 0.00 0.15
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 2.52
Interest Coverage Int. cover (Qtr) -369.88 -52.32
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex Growth (1y) % 0.00 -259.78
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 192.04 9,763.58
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 1.61
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 60.66 -263.15
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 39.00 56.46
EBIT Growth (1y) % EBIT 1y % (Qtr) 60.76 -225.15
EBT Growth (1y) % EBT 1y % (Qtr) 61.30 -86.10
EPS Growth (1y) % EPS 1y % (Qtr) 94.51 123.84
FCF Growth (1y) % FCF 1y % (Qtr) 8.92 -36.82
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -44.69 95.08
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.02 0.58
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.02
Cash Ratio Cash Ratio (Qtr) 16.86 3.75
Current Ratio Curr Ratio (Qtr) 17.03 8.16
Debt to Equity Ratio Debt/Equity (Qtr) 0.01 0.17
Interest Cover Ratio Int Coverage (Qtr) -369.88 -52.32
Times Interest Earned Times Interest Earned (Qtr) -369.88 -52.32
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -502.20 -100.06
EBIT Margin % EBIT Margin % (Qtr) -502.16 -164.24
EBT Margin % EBT Margin % (Qtr) -503.52 -116.94
Gross Margin % Gross Margin % (Qtr) 41.30 58.20
Net Profit Margin % Net Margin % (Qtr) -505.30 -121.65