You might think, based on BuzzFeed’s 40% stock drop since its Dec. 6 public listing, that the stock has been a disappointment to its shareholders. But for most of the digital media firm’s early venture investors, BuzzFeed has turned out to be a winning investment, generating returns of as much as 600%.

Only one of its venture backers, Andreessen Horowitz, is sitting on a loss at BuzzFeed’s current price, according to The Information’s reporting and BuzzFeed's public disclosures. Also in the red are two companies that invested later, Comcast’s NBCUniversal and Verizon, although NBCU negotiated side deals such as free ads on BuzzFeed that will offset its investment losses. The solid returns for most early investors are a reminder that even when a stock doesn’t perform well at its public debut, those who get in early can still profit handsomely.