FiscalNote Holdings (NOTE) Stock Analysis & Winston Score

FiscalNote is a technology company that helps businesses and governments track laws, regulations, and political changes around the world. Its main products are software platforms that monitor government activity, flag policy risks, and organize legal and regulatory information. Customers include large corporations, law firms, trade associations, and government agencies that need to stay on top of rules that could affect their operations.

The company earns most of its revenue through software subscriptions, giving it a recurring revenue base. FiscalNote operates primarily in the United States but also has international coverage through acquisitions it has made over the years. Its competitive edge comes from combining data, artificial intelligence, and expert analysis in one platform, which makes it harder for customers to switch. However, the company is not yet profitable, and its main challenge is controlling costs and growing revenue fast enough to reach sustainable profitability.

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

-27.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-602.9% YoY

YoY Growth Rate

Earnings declining

Insider Activity

24.1%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$24M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

FiscalNote Holdings's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

Every number that matters to educated investors.

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Quality

Gross Margin

79.3%

Premium pricing power — 79.3% gross margin

Operating Margin

-34.5%

Losing money on operations — -34.5%

ROCE

-4.6%

Weak — -4.6% return on capital

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

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Growth

Sales YoY

-24.0%

Shrinking sales (-24.0% 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

-21.2%

Burning cash (-21.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

5.10

Heavy debt load (5.10)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

no trend

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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