MNTN, Inc Class A

MNTN

Software - Application · Technology

Price

$8.94

-0.85 (-8.68%)

Market Cap

$660.9M

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+3.1% over 4y

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

Diluted shares outstanding: 77.0M (2021) → 79.3M (2025)

MNTN Inc. is a software company that helps businesses run ads on streaming TV services like Hulu, Roku, and connected TV platforms. Instead of hiring a big ad agency, companies use MNTN's platform to create, launch, and track their own television commercials. Its main customers are small and mid-sized businesses that want to advertise on TV without a huge budget or a complicated process.

MNTN makes money by charging advertisers based on how much they spend running ads through its platform, keeping a portion of that ad spend as revenue. The company operates primarily in the United States, where connected TV advertising is growing quickly as more people cancel cable and switch to streaming. Its high gross margin of nearly 80% suggests strong pricing power, but its main risk is competition from larger platforms like Google, Amazon, and The Trade Desk, which are also building tools to help businesses buy streaming TV ads.

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

+14.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+141.4% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$49M/ year

↑ Rising (+51% vs prior year)

17.0% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Insider Activity

52.0%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

$214M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Heavy R&D investment

MNTN, Inc Class A is putting 17% of revenue into R&D and that number is rising. 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

Every number that matters to educated investors.

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Quality

Gross Margin

80.6%

Premium pricing power — 80.6% gross margin

Operating Margin

13.0%

Healthy — 13.0% operating margin

ROCE

3.0%

Weak — 3.0% 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

+21.5%

Fast-growing sales (21.5% 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

263%

Turns 263% of profit into real cash

FCF Margin

6.5%

Modest free cash flow (6.5%)

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

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

100.00x

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

28.2x

Growth-priced — P/E 28.2

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

P/E vs Forward

+21.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (28.2 → 6.9)

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Dividends

Not applicable for this business.

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