FiscalNote Holdings

NOTE

Information Technology Services · Technology

Price

$0.07

+0.00 (+0.00%)

Market Cap

$1.1M

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Share count rising — dilution

+985.6% over 4y

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

Diluted shares outstanding: 1.3M (2021) → 14.0M (2025)

Winston Score History

The full picture

FiscalNote is a technology company that helps businesses and governments track laws, regulations, and political changes around the world. Its main products are software platforms that monitor government activity, flag policy risks, and organize legal and regulatory information. Customers include large corporations, law firms, trade associations, and government agencies that need to stay on top of rules that could affect their operations.

The company earns most of its revenue through software subscriptions, giving it a recurring revenue base. FiscalNote operates primarily in the United States but also has international coverage through acquisitions it has made over the years. Its competitive edge comes from combining data, artificial intelligence, and expert analysis in one platform, which makes it harder for customers to switch. However, the company is not yet profitable, and its main challenge is controlling costs and growing revenue fast enough to reach sustainable profitability.

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

-186.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+339.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$10M/ year

↓ Declining (-25% vs prior year)

10.0% of revenue

Below sector average (15%)

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

Insider Activity

24.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~2 years

$20.0B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$20.0B cash & investments at current burn rate

Revenue declining

FiscalNote 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.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

403.2%

Premium pricing power — 403.2% gross margin

Profit after running costs

Operating Margin

120.3%

Excellent — 120.3% operating margin

Return on the money invested

ROCE

-0.0%

Weak — -0.0% 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

-59.3%

Shrinking sales (-59.3% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-5467.7%

Burning cash (-5467.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

466.29

Heavy debt load (466.29)

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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