Formula One

FWONB

Entertainment · Communication Services

Price

$96.83

+12.10 (+14.27%)

Market Cap

$23.32B

Exchange

Other OTC

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+5.0% over 4y

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

Diluted shares outstanding: 240.0M (2021) → 252.0M (2025)

Formula One Group owns and operates the Formula 1 World Championship, the premier global motorsport racing series. It sells broadcast rights to TV networks, organizes races at circuits around the world, and earns money from team fees and sponsorships. The main customers are broadcasters, race promoters, corporate sponsors, and tens of millions of fans worldwide.

The company makes money through three main streams: media rights deals with broadcasters like ESPN and Sky Sports, race promotion fees paid by host cities and circuits, and sponsorship and advertising contracts. Formula 1 races in over 20 countries across Europe, the Americas, Asia, and the Middle East, giving it a truly global footprint. The sport has a strong moat because it controls an irreplaceable racing series with decades of history and locked-in team participation agreements. The key growth driver is expanding its fanbase in the United States, where interest has surged, though rising race hosting costs and competition for entertainment spending remain ongoing risks.

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

+59.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (12%)

Research and development spending

Insider Activity

99.0%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$1.3B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Formula One grew revenue 59% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

41.9%

Healthy — 41.9% gross margin

Operating Margin

9.0%

Modest — 9.0% operating margin

ROCE

0.5%

Weak — 0.5% 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

+35.1%

Fast-growing sales (35.1% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

100%

Turns 100% of profit into real cash

FCF Margin

15.4%

Converts sales into free cash efficiently (15.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.65

Moderate — manageable debt (0.65)

Interest Cover

3.35x

Tight — interest eats into profit (3.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

28.9x

Growth-priced — P/E 28.9

P/E above the market average. People are paying up for expected growth.

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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