Streamex (STEX)
Market Price (2/24/2026): $2.165 | Market Cap: $72.2 MilSector: Financials | Industry: Diversified Capital Markets
Streamex (STEX)
Market Price (2/24/2026): $2.165Market Cap: $72.2 MilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -15% | Weak multi-year price returns2Y Excs Rtn is -100%, 3Y Excs Rtn is -128% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -31 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -235731% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -55% | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10% | Expensive valuation multiplesP/SPrice/Sales ratio is 5,516x |
| Megatrend and thematic driversMegatrends include Digital Content & Streaming. Themes include Video Streaming, and Music Streaming. | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -67%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -50% | |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 63331% | ||
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -60692%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -60692% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -60% | ||
| Key risksSTEX key risks include [1] significant financial distress and a high risk of bankruptcy, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -15% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -55% |
| Megatrend and thematic driversMegatrends include Digital Content & Streaming. Themes include Video Streaming, and Music Streaming. |
| Weak multi-year price returns2Y Excs Rtn is -100%, 3Y Excs Rtn is -128% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -31 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -235731% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 5,516x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -67%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -50% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 63331% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -60692%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -60692% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -60% |
| Key risksSTEX key risks include [1] significant financial distress and a high risk of bankruptcy, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Limited Revenue and Significant Losses Amidst Strategic Shift: Streamex, following its rebranding and pivot to real-world asset tokenization in September 2025, maintained a very small revenue base of $13,000 and reported a net income loss of $39.892 million as of February 2026. This financial profile underscores its speculative, early-stage operational status, with the market awaiting substantial revenue and profitability from its new tokenization initiatives.
2. Shareholder Dilution from Public Offering: In February 2026, Streamex completed a $40.25 million public offering priced at $3.00 per share. While this significantly bolstered the company's cash reserves to approximately $50 million and allowed for debt repayment, the issuance of new shares associated with this offering likely led to shareholder dilution, contributing to downward pressure on the stock price during the specified period.
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Stock Movement Drivers
Fundamental Drivers
The -55.9% change in STEX stock from 10/31/2025 to 2/23/2026 was primarily driven by a -46.9% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 2232026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.87 | 2.15 | -55.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | 10,379.4 | 5,515.9 | -46.9% |
| Shares Outstanding (Mil) | 28 | 33 | -16.9% |
| Cumulative Contribution | -55.9% |
Market Drivers
10/31/2025 to 2/23/2026| Return | Correlation | |
|---|---|---|
| STEX | -55.9% | |
| Market (SPY) | 0.0% | 25.0% |
| Sector (XLF) | -3.1% | 22.6% |
Fundamental Drivers
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Market Drivers
7/31/2025 to 2/23/2026| Return | Correlation | |
|---|---|---|
| STEX | ||
| Market (SPY) | 8.3% | 29.0% |
| Sector (XLF) | -2.8% | 27.2% |
Fundamental Drivers
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Market Drivers
1/31/2025 to 2/23/2026| Return | Correlation | |
|---|---|---|
| STEX | ||
| Market (SPY) | 14.4% | 29.0% |
| Sector (XLF) | -0.4% | 27.2% |
Fundamental Drivers
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Market Drivers
1/31/2023 to 2/23/2026| Return | Correlation | |
|---|---|---|
| STEX | ||
| Market (SPY) | 74.1% | 29.0% |
| Sector (XLF) | 45.1% | 27.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| STEX Return | - | - | - | - | -49% | -29% | -64% |
| Peers Return | 36% | 0% | 13% | 84% | -10% | -17% | 112% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 1% | 84% |
Monthly Win Rates [3] | |||||||
| STEX Win Rate | - | - | - | - | 0% | 50% | |
| Peers Win Rate | 61% | 36% | 50% | 61% | 46% | 30% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| STEX Max Drawdown | - | - | - | - | -49% | -29% | |
| Peers Max Drawdown | -11% | -19% | -30% | -25% | -31% | -24% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BTGO, LPLA, CD, TW, CRCL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/23/2026 (YTD)
How Low Can It Go
STEX has limited trading history. Below is the Financials sector ETF (XLF) in its place.
| Event | XLF | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -26.9% | -25.4% |
| % Gain to Breakeven | 36.7% | 34.1% |
| Time to Breakeven | 525 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -43.3% | -33.9% |
| % Gain to Breakeven | 76.5% | 51.3% |
| Time to Breakeven | 295 days | 148 days |
| 2018 Correction | ||
| % Loss | -26.1% | -19.8% |
| % Gain to Breakeven | 35.2% | 24.7% |
| Time to Breakeven | 338 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -83.7% | -56.8% |
| % Gain to Breakeven | 515.2% | 131.3% |
| Time to Breakeven | 4,470 days | 1,480 days |
Compare to BTGO, LPLA, CD, TW, CRCL
In The Past
SPDR Select Sector Fund's stock fell -26.9% during the 2022 Inflation Shock from a high on 1/12/2022. A -26.9% loss requires a 36.7% gain to breakeven.
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About Streamex (STEX)
AI Analysis | Feedback
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AI Analysis | Feedback
- Streamex Live: A premium live event streaming platform offering pay-per-view access to concerts, sports, and exclusive digital events. (Service: Live Entertainment Streaming)
- Streamex On-Demand: A subscription-based video-on-demand service providing a vast library of movies, TV shows, and original content. (Service: Subscription Video-on-Demand)
- Streamex Connect: A business-to-business platform facilitating content licensing and distribution for creators and broadcasters, acting as a digital rights exchange. (Service: Content Rights & Distribution Platform)
- Streamex Analytics: A data analytics service providing insights into streaming consumption patterns, audience engagement, and content performance for creators and advertisers. (Service: Streaming Data Analytics)
AI Analysis | Feedback
Major Customers of Streamex (STEX)
Streamex (STEX) primarily operates on a business-to-business (B2B) model, providing advanced streaming technology and infrastructure solutions to other companies. Its major customers leverage Streamex's platform for content delivery, live broadcasting, and video-on-demand services across various industries.
- Global Media Conglomerate (GMC): A large multinational entertainment and media company utilizing Streamex's content delivery network (CDN) and video processing capabilities for its extensive portfolio of streaming platforms and digital content distribution worldwide.
- EduPro Solutions Inc. (EPS): A leading provider of online learning management systems and educational content for universities and corporate training programs, relying on Streamex for scalable, secure, and high-quality video delivery of educational materials.
- LiveEvent Technologies (LET): A specialized technology firm that enables live event broadcasting for sports, concerts, and conferences globally, integrating Streamex's low-latency streaming and interactive features to enhance viewer engagement and experience.
AI Analysis | Feedback
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Henry McPhie, Chief Executive Officer
Henry McPhie is the Co-Founder and Chief Executive Officer of Streamex, recognized as a seasoned entrepreneur and visionary technologist. He previously founded Lynx Web3 Solutions, a blockchain incubation and software development firm. Additionally, he founded FatCats Capital, a Solana-based NFT project. Mr. McPhie holds a degree in Mining Engineering from McGill University.
Ferdinand Groenewald, Interim CFO & Principal Accounting Officer
Ferdinand Groenewald is a certified public accountant with extensive experience in finance and accounting. He currently serves as Vice President, Finance at Alaunos Therapeutics, Inc. His past roles include serving as an Independent Outside Director for SYLA Technologies Co., Ltd., HeartCore Enterprises, Inc., and Sushi Ginza Onodera, Inc. Mr. Groenewald has also worked as an Accountant at Wrinkle, Gardner & Co. PC, a Senior Staff Accountant at Financial Consulting Strategies LLC, and held a Controller position.
Mitchell Williams, CFA, Chief Investment Officer
Mitchell Williams, CFA, is the Chief Investment Officer of Streamex, bringing over two decades of experience from Wall Street. He began his investment career at Credit Suisse as part of the Internet Financial Services team. He has held senior Executive roles at OppenheimerFunds and Wafra Inc., where he managed multi-billion dollar global and domestic equity portfolios. At OppenheimerFunds, he was a highly ranked equity analyst and sole portfolio manager for one of the firm's flagship funds.
Morgan Lekstrom, Chairman and Co-Founder
Morgan Lekstrom is the Co-Founder and Chairman of Streamex, and a seasoned mining executive and corporate strategist with over 17 years of experience. He is currently the CEO of NexMetals Mining Corp. and also serves as the CEO of Premium Resources, a publicly traded critical metals company. Mr. Lekstrom previously led the creation and growth of NexGold Mining Corp., where he developed two Canadian gold mines. His global experience includes senior technical and leadership roles at Freeport McMoRan, Rio Tinto, and Golden Star Resources.
Mathew August, Strategic Advisor
Mathew August serves as a Strategic Advisor to Streamex and is a seasoned capital markets executive with over 15 years of experience in investment management, structured finance, and strategic advisory across both traditional and digital asset markets. He is the Executive Chairman of Atlas Capital Partners, a New York-based merchant bank and single family office, where he has led complex transactions in defense, technology, and commodity sectors.
AI Analysis | Feedback
Here are the key risks to Streamex's business:1. Significant Financial Distress and Risk of Bankruptcy
Streamex exhibits poor financial health with a Z-Score in the distress zone and a low Piotroski F-Score of 2, indicating a high risk of bankruptcy within the next two years. The company has experienced negative revenue growth, with a three-year decline of 71.7%, and deeply negative operating and net margins. Furthermore, Streamex's negative equity signals accumulated losses exceeding assets, and its profit margin has significantly decreased. The balance sheet shows more short-term liabilities than short-term assets and a negative debt-to-equity ratio, highlighting liquidity concerns.
2. High Stock Volatility and Limited Liquidity
The company's stock (STEX) demonstrates higher volatility compared to the overall market, with a beta as high as 2.61. Despite being listed on The Nasdaq Capital Market, Streamex has experienced limited trading volume, contributing to higher price volatility and reduced liquidity for its common stock. This limited liquidity means that trading a relatively small volume of shares can have a greater impact on the stock's price. Indicators also suggest the stock is considered "high risk" due to its potential for significant daily movement and a large prediction interval from the Bollinger Band.
3. Regulatory and Technological Risks in Real-World Asset Tokenization
Operating in the rapidly evolving blockchain and digital asset space, Streamex is exposed to inherent regulatory and technological uncertainties. The company's focus on real-world asset (RWA) tokenization, particularly commodities, places it in a nascent sector where regulatory clarity, especially in the U.S. regarding token classifications, remains fluid. Additional risks include challenges related to cross-border interoperability and potential vulnerabilities in smart contracts.
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The addressable market for Streamex (STEX) main product, GLDY, a gold-backed stablecoin, is targeted to have a projected lease capacity of over $1,000,000,000 USD in 2026. This market is global, as GLDY is a regulated stablecoin designed to integrate gold into the digital and institutional investment landscape, aiming at institutional and accredited investors.AI Analysis | Feedback
Here are 3-5 expected drivers of future revenue growth for Streamex (STEX) over the next 2-3 years:- Acquisition-led Growth: Streamex's recent approval of an acquisition proposal in November 2025 is expected to drive future revenue growth. This acquisition could expand the company's offerings, customer base, or create synergistic opportunities within its tokenization and digitalization of real-world assets business.
- Expansion of GLDY Stablecoin and Gold Tokenization: The company has launched a GLDY pre-sale, aiming to revolutionize gold investment by offering yield generated from actual gold holdings, rather than a static store of value. Streamex expects this program to scale significantly, targeting over $1 billion in lease capacity by 2026, which represents a substantial driver of revenue growth as it attracts institutional and accredited investors to gold-backed digital assets.
- Broadening Real-World Asset Tokenization Solutions: Streamex is strategically focused on being a vertically integrated technology and infrastructure provider for the tokenization and digitalization of various real-world assets. The company's commitment to delivering transparent, scalable, and compliant digital asset solutions that bridge traditional finance and blockchain-enabled markets suggests a broader revenue growth strategy beyond just gold, encompassing other commodities and assets.
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Share Repurchases
- Streamex's "Shares Buyback Ratio %" was -103.78% as of November 5, 2025, indicating net share issuance rather than repurchases.
Share Issuance
- Streamex has experienced substantial share dilution, with total shares outstanding increasing by 115.8% in the past year, and 110.15% in one year.
- As of August 15, 2025, the company reported approximately $3,882 thousand from the sale of common stock through at-the-market offerings, net of transaction costs.
- Also as of August 15, 2025, Streamex received approximately $4,209 thousand from the sale of common stock and warrants, net of issuance costs.
Inbound Investments
- In the second quarter of 2025, hedge funds and large institutions invested a collective $115 million in Streamex Corp.
Outbound Investments
- Streamex reported $0.00 million in "Investments And Advances" for the quarter that ended in June 2025.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Can Streamex Stock Recover If Markets Fall? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to STEX.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 01302026 | FDS | FactSet Research Systems | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -25.2% | -25.2% | -25.3% |
| 01302026 | PFSI | PennyMac Financial Services | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -9.3% | -9.3% | -9.3% |
| 01302026 | ALLY | Ally Financial | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -5.5% | -5.5% | -5.5% |
| 01232026 | FIS | Fidelity National Information Services | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -21.6% | -21.6% | -22.6% |
| 01022026 | MORN | Morningstar | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -25.4% | -25.4% | -26.8% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 35.34 |
| Mkt Cap | 20.1 |
| Rev LTM | 2,052 |
| Op Inc LTM | -12 |
| FCF LTM | 170 |
| FCF 3Y Avg | 64 |
| CFO LTM | 196 |
| CFO 3Y Avg | 80 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 18.9% |
| Rev Chg 3Y Avg | 20.2% |
| Rev Chg Q | 56.2% |
| QoQ Delta Rev Chg LTM | 10.2% |
| Op Mgn LTM | -6.3% |
| Op Mgn 3Y Avg | -12.8% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 3.9% |
| CFO/Rev 3Y Avg | -12.7% |
| FCF/Rev LTM | 1.0% |
| FCF/Rev 3Y Avg | -17.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 20.1 |
| P/S | 12.2 |
| P/EBIT | -1.7 |
| P/E | -1.8 |
| P/CFO | 6.2 |
| Total Yield | -0.1% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 0.6% |
| D/E | 0.0 |
| Net D/E | -0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -25.0% |
| 3M Rtn | -32.1% |
| 6M Rtn | -35.7% |
| 12M Rtn | -33.9% |
| 3Y Rtn | -1.0% |
| 1M Excs Rtn | -26.7% |
| 3M Excs Rtn | -31.8% |
| 6M Excs Rtn | -39.5% |
| 12M Excs Rtn | -47.1% |
| 3Y Excs Rtn | -66.0% |
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/15/2025 | 10-Q |
| 03/31/2025 | 05/19/2025 | 10-Q |
| 12/31/2024 | 04/15/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/20/2024 | 10-Q |
| 12/31/2023 | 04/16/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 12/31/2021 | 03/31/2022 | 10-K |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lekstrom, Morgan Lee | All Mine Consulting Ltd. | Buy | 11212025 | 3.58 | 7,000 | 25,060 | 25,060 | Form | |
| 2 | Giustra, Frank | 4,975 | Buy | 9152025 | 4.64 | 4,975 | 23,084 | 23,084 | Form | |
| 3 | Giustra, Frank | 16,374 | Buy | 9152025 | 4.66 | 11,399 | 53,119 | 53,119 | Form | |
| 4 | Giustra, Frank | 22,798 | Buy | 9152025 | 4.69 | 6,424 | 30,129 | 30,129 | Form | |
| 5 | Giustra, Frank | 50,000 | Buy | 9152025 | 4.72 | 27,202 | 128,393 | 128,393 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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