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This stock no longer trades (delisted March 25, 2024)

Delisted / no longer publicly traded (per market data provider) Everything below is based on the last available data — treat it as historical, not a live read.

Stock

Digital World Acquisition

DWAC
31
Shell Companies · Financial Services
Price
$49.95
+13.01 (+35.22%)
Market Cap
$1.86B
Exchange
NASDAQ Global Market
Winston Score
31
Historical score — this stock no longer trades, so the score is frozen at the last available data.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
10/30
Growth
Weak
2/20
Cash Flow
Mixed
4/10
Stability
Mixed
3/10
Valuation
Data not available
0/10
Ownership
Good
10/15
Dividends
Not counted
n/a

29 of 95 counted points = Winston Score 31. Pillars marked n/a do not apply to this company and are left out of the total.

Share count rising — dilution

+125.6% over 4y

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

Diluted shares outstanding: 112.8M (2021) → 254.5M (2025)

§Winston Score History

The full picture

Digital World Acquisition Corp. is a special purpose acquisition company (SPAC) that merged with Trump Media & Technology Group in 2024. The combined company operates Truth Social, a social media platform designed as an alternative to mainstream sites like Facebook and X (formerly Twitter). Its primary users are people who prefer a platform with fewer content moderation restrictions.

The company generates revenue mainly through advertising on Truth Social, though revenue remains very small relative to its market capitalization. It operates primarily in the United States and trades on the Nasdaq. The stock's valuation is driven largely by its association with former President Donald Trump, who is the company's majority shareholder, rather than by traditional financial metrics. The key risk is that the platform has a narrow user base and generates minimal revenue, while operating losses remain significant — making its path to profitability uncertain.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+89.0% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-975.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$43M/ year

↓ Declining (-13% vs prior year)

>1,000% of revenue

165.9x the sector average (7%)

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

Insider Activity

19.3%ownership

Insiders own a meaningful stake in the company

Cash Runway

~3 years

$425M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$425M cash & investments at current burn rate

Revenue accelerating

Digital World Acquisition grew revenue 89% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

Profit per sale
Gross Margin
70.1%
Premium pricing power — 70.1% gross margin
Profit after running costs
Operating Margin
-9792.4%
Losing money on operations — -9792.4%
Return on the money invested
ROCE
-47.5%
Weak — -47.5% return on capital

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

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Growth

Sales growth
Sales YoY
+0.7%
Nearly flat sales (+0.7% YoY)
Profit growth
EPS YoY
N/A
—
Data not available
How steady the profit is
EPS Consistency
1/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
—
Data not available
Spare cash per sale
FCF Margin
187.8%
Converts sales into free cash efficiently (187.8%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.95
Moderate — manageable debt (0.95)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
—
Negative earnings — P/E not meaningful
Cheaper or dearer next year
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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