DeFi Development Corp. Common Stock (DFDV)

FairStock Score: 41/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a Buffett/Graham investor, I start with durable earning power and a margin of safety. DeFi Development Corp. offers neither today. The business is essentially a Solana treasury operation plus a real estate platform, run by only 16 employees. Revenue is tiny and erratic: $2.0M in fiscal year 2023, $2.1M in fiscal year 2024, and $11.4M in fiscal year 2025. But profits are the problem. It lost $3.4M in fiscal year 2023, $2.7M in fiscal year 2024, and $73.8M in fiscal year 2025. In fiscal Q1 2026, the quarter ended 2026-03-31, it lost $83.4M, or $3.18 per diluted share; in fiscal Q2 2026, the quarter ended 2026-06-30, it lost $27.3M, or $1.00 per diluted share. Those numbers are not the stuff of a moat. Free cash flow is deeply negative - FairStock shows -$190.4M trailing twelve months and a -144.9% FCF yield. Debt is heavy: D/E 12.53. The Altman Z-Score is -0.92, and Piotroski is 4/9. At the 2026-10-13 close of $4.24, FairStock's P/B is 13.71 and P/E is -0.46; ROE is -589.29%. The stock is not cheap on assets or earnings. Revenue growth of 828.22% looks dramatic, but it comes off a tiny base and is swamped by losses. The Lynch category is 'none' because it has lost money each of the last four years. This may be a speculative bet on Solana, but as a business, it lacks the consistent earning power, low leverage, and margin of safety I require.

In plain English: DeFi Development Corp. is a small financial company that focuses on a Solana digital-asset treasury and also has a real estate technology platform. It is not making money: it lost $27.3 million in the quarter ended 2026-06-30 following an $83.4 million loss in the quarter ended 2026-03-31, and it has had losses in each of the last four years. At its $4.24 close on 2026-10-13, the price looks expensive relative to its weak earnings, negative cash flow and high debt.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer