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Score and financials shown below are based on the last available data and should be treated as historical — they are no longer updated.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: April 1, 2026

ON24

ONTF

Software - Application · Technology

Price

$8.10

+0.01 (+0.12%)

Market Cap

$348.2M

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Share count falling — buybacks

−11.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 47.7M (2021) → 42.4M (2025)

ON24 is a software company that helps businesses run virtual events, webinars, and online presentations. Its main products are digital experience platforms that let companies host live or recorded online events for their customers, employees, or partners. The company primarily serves marketing and sales teams at mid-size and large businesses across industries like technology, financial services, and healthcare.

ON24 makes money by charging companies subscription fees to use its platform, which gives it recurring revenue. It operates mainly in North America but also has customers in Europe and other regions, and reported roughly $160 million in annual revenue. Its main competitive advantage is its focus on analytics — it tracks how attendees engage during events and turns that data into sales leads, which is useful for marketing teams. The key risk is that the surge in demand for virtual events that followed the pandemic has faded, and ON24 has struggled to grow revenue as in-person events have returned.

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

-5.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+28.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$33M/ year

↓ Declining (-9% vs prior year)

23.7% of revenue

1.6x the sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

15.6%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~4 years

$37M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$37M cash & investments at current burn rate

Revenue declining

ON24'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

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Quality

Gross Margin

74.9%

Premium pricing power — 74.9% gross margin

Operating Margin

-23.5%

Losing money on operations — -23.5%

ROCE

-5.6%

Weak — -5.6% return on capital

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

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Growth

Sales YoY

-5.9%

Shrinking sales (-5.9% 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

2.8%

Thin free cash flow (2.8%)

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

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Stability

Debt / Equity

0.04

Conservative — low debt load (0.04)

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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