AMTD Digital

HKD

Software - Application · Technology

Price

$1.70

+0.03 (+1.80%)

Market Cap

$812.1M

Exchange

New York Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Oct 31, 2025

Share count rising — dilution

+85.9% over 3y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 169.0M (2022) → 314.3M (2025)

AMTD Digital Inc. is a Hong Kong-based technology company that offers digital financial services and a media platform. Its main products include SpiderNet, a digital connectivity ecosystem that links financial institutions, businesses, and users across Asia. The company targets financial services firms, corporations, and consumers looking for digital banking, insurance, and media services.

AMTD Digital earns revenue through fees and service charges tied to its digital finance platform, as well as through its media and content operations. It operates primarily in Hong Kong and Southeast Asia, with ambitions to expand across the broader Asian market. The company became widely known in 2022 when its stock price surged to an extreme valuation with no clear fundamental explanation, raising serious questions about trading activity and liquidity. Its low ROIC of 1.0% suggests the business has not yet translated its relatively healthy gross margins into strong returns, and converting its platform connections into consistent, scalable revenue remains the central challenge ahead.

Winston Score History

Score breakdown

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Quality

Gross Margin

113.1%

Premium pricing power — 113.1% gross margin

Operating Margin

26.7%

Excellent — 26.7% operating margin

ROCE

1.7%

Weak — 1.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

N/A

Data not available

EPS YoY

N/A

Data not available

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

N/A

Data not available

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Stability

Debt / Equity

0.98

Moderate — manageable debt (0.98)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

6.3x

Attractive valuation — P/E 6.3

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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