The company has reduced its share count over this period, returning value to shareholders through buybacks.
Diluted shares outstanding: 822K (2021) → 296K (2025)
TruGolf Holdings, Inc., operating primarily in the United States through its subsidiary, focuses on the design, manufacturing, and sale of indoor golf simulator equipment. These hardware solutions, marketed under the TruGolf Nevada brand, are supplied to both residential customers and commercial venues. Additionally, the company provides its E6 Connect software, which is engineered to function with golf simulation systems developed by other manufacturers. The firm was established in 1982 and has its corporate headquarters situated in Centerville, Utah.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
-6.8% YoY
YoY Growth Rate
Revenue declining
+64.6% YoY
YoY Growth Rate
EPS growth accelerating
$0/ year
0.0% of revenue
Below sector average (15%)
Research and development spending
~21 months
$9M cash & investments
Quarterly Free Cash Flow
→ Burn rate stable
Adequate runway but may need to raise capital within 2 years
TruGolf Holdings'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.
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Negative ROIC means the business is losing money on every dollar invested in it.
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Free cash flow is negative. They are burning cash, not generating it.
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