Original research,
built on rigor.

Stillwater Research publishes independent long and short equity ideas grounded in primary diligence, fundamental analysis, and disciplined valuation work.

Long & Short ideas
5
In progress
1
Latest publication
Apr 2026

Latest Work

Featured research.

SK Square Long

SK Square

Tech Holdings (Korea) · In progress

A Korean technology holding company trading at a deep discount to NAV, anchored by a high-quality memory asset. Emerging capital-return policy and corporate-governance catalysts should narrow the discount over time.

Coming soon
AXTI Short

AXT, Inc.

Compound Semiconductors · Apr 15, 2026

Concentrated end-market exposure, deteriorating product mix, and a working-capital cycle that obscures the underlying margin problem. We see further downside as the cycle normalizes and inventory clears.

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CHTR Short

Charter Communications

Cable / Broadband · Mar 23, 2026

Broadband moat under structural pressure from fiber overbuilds and fixed-wireless substitution, with rising capex and limited pricing power. Free cash flow trajectory is meaningfully worse than consensus models.

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GLXY Long

Galaxy Digital

Digital Assets / Financials · Feb 17, 2026

A diversified franchise spanning trading, investment banking, asset management, and infrastructure. The market continues to price Galaxy as a cyclical proxy and underrates the optionality from institutional adoption.

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OPY Long

Oppenheimer Holdings

Financial Services / Broker-Dealer · Jan 12, 2026

A small-cap broker-dealer trading at a meaningful discount to tangible book, with improving private-client and investment-banking revenue lines and a conservative balance sheet. Limited sell-side coverage compounds the mispricing.

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