Roku

ROKU

Entertainment · Communication Services

Price

$144.43

+0.61 (+0.42%)

Market Cap

$21.43B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+6.5% over 4y

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

Diluted shares outstanding: 141.7M (2021) → 150.9M (2025)

Roku, Inc., together with its subsidiaries, operates a TV streaming platform. The company operates in two segments, Platform and Player. Its platform allows users to discover and access various movies and TV episodes, as well as live TV, news sports, shows, and others. As of December 31, 2021, the company had 60.1 million active accounts. It also provides digital and video advertising, content distribution, subscription, and billing services, as well as other commerce transactions, and brand spo

Winston Score History

Politician Trades

1 trades / 12mo

0 Congressional buys and 1 sell on ROKU in the last 12 months.

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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

+22.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+405.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$729M/ year

→ Flat (+1% vs prior year)

15.4% of revenue

In line with sector average (12%)

Steady R&D investment year-over-year

Insider Activity

12.3%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$1.6B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Roku is a rare growth stock that's already generating positive cash flow while growing at 22%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

45.2%

Healthy — 45.2% gross margin

Operating Margin

4.1%

Thin — 4.1% operating margin

ROCE

1.7%

Weak — 1.7% 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

+16.8%

Fast-growing sales (16.8% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

327%

Turns 327% of profit into real cash

FCF Margin

13.1%

Converts sales into free cash efficiently (13.1%)

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

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Stability

Debt / Equity

0.15

Conservative — low debt load (0.15)

Interest Cover

122.35x

Comfortably covers interest (122.4x)

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

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Valuation

P/E Ratio (TTM)

106.1x

Expensive — P/E 106.1

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+80.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (106.1 → 26.1)

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Dividends

Not applicable for this business.

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