This company is no longer publicly traded

Delisted / no longer publicly traded (per market data provider) Any Winston Score and financials shown below are based on the last available data and should be treated as historical — they are no longer updated.

Delisted: March 18, 2026

Confluent

CFLT

Software - Infrastructure · Technology

Price

$30.99

+0.00 (+0.00%)

Market Cap

$11.08B

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+26.5% over 4y

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

Diluted shares outstanding: 271.8M (2021) → 343.8M (2025)

Confluent builds software that helps companies move data in real time between different computer systems. Its main product is based on Apache Kafka, an open-source technology that acts like a high-speed highway for data streams. Large businesses in finance, retail, and technology use Confluent to make sure their apps and databases are always working with up-to-date information.

Confluent makes money primarily through subscriptions — companies pay a recurring fee to use its cloud-based platform or run its software on their own servers. It operates globally, with customers across North America, Europe, and Asia, and generates over $900 million in annual revenue. Its main competitive advantage is being the company founded by the original creators of Apache Kafka, giving it deep technical credibility, though it faces real competition from cloud giants like Amazon and Google who offer their own Kafka-compatible services at lower prices.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+20.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+14.8% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$452M/ year

↑ Rising (+7% vs prior year)

38.7% of revenue

2.6x the sector average (15%)

Investing heavily in future products and technology

Insider Activity

14.5%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$347M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

Confluent is putting 39% of revenue into R&D and that number is rising. That's 2.6x the sector average. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

74.7%

Premium pricing power — 74.7% gross margin

Operating Margin

-25.3%

Losing money on operations — -25.3%

ROCE

-3.5%

Weak — -3.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+21.1%

Fast-growing sales (21.1% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

4.3%

Thin free cash flow (4.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.94

Moderate — manageable debt (0.94)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

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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