The company has issued more shares over this period, which dilutes each existing shareholder’s stake.
Diluted shares outstanding: 299.8M (2021) → 332.9M (2025)
NZX Limited functions as the primary operator of New Zealand's stock exchange. The company's diverse activities are structured across five principal divisions. Its Capital Markets Origination segment offers essential services to both existing and potential issuers aiming to raise capital. The Secondary Markets division handles trading and post-trade operations for both securities and derivatives, in addition to serving as a central securities depository. This segment also performs market operator duties for key entities such as the Fonterra Co-Operative Group, the Electricity Authority, and the Ministry for the Environment. Through its Data & Insights segment, NZX delivers crucial information services for the securities and derivatives sectors, alongside providing specialized analytical data for the dairy industry. The Funds Management segment is responsible for offering superannuation schemes, KiwiSaver products, and Smartshares exchange-traded funds (ETFs). Finally, the Wealth Technologies division provides comprehensive funds administration and custodial services, including the proprietary NZX Wealth Technologies platform, designed to empower financial advisors and brokers in managing their clients' investment portfolios effectively. Established in 1866, NZX Limited is based in Wellington, New Zealand.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
+6.9% YoY
YoY Growth Rate
Slow revenue growth
+28.2% YoY
YoY Growth Rate
EPS growth accelerating
$0/ year
0.0% of revenue
Below sector average (7%)
Research and development spending
Cash flow positive
$71M cash & investments
Quarterly Free Cash Flow
↑ Burn rate improving
Company generates more cash than it spends — no dilution risk from fundraising
NZX Limited is growing revenue at 7% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.
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.
Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.
ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.
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Earnings per share down more than 10%. Either a bad year, or a real decline.
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Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.
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Interest coverage above 8. Profits cover interest many times over.
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P/E above the market average. People are paying up for expected growth.
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Generous yield. Worth checking whether the payout is sustainable.
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