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Magnite

MGNI
67
Advertising Agencies · Communication Services
Exchange
NASDAQ
Winston Score
67
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Good
Growth
Exceptional
Cash Flow
Exceptional
Stability
Strong
Valuation
Strong
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Winston Score History

The full picture

Magnite is a technology company that helps TV networks, streaming services, and websites sell their advertising space to brands and marketers. Its main product is a software platform called a "supply-side platform" (SSP), which automates the process of auctioning off ad slots in real time. Magnite is one of the largest independent SSPs in the world, with a particular focus on connected TV (CTV) — ads shown on streaming services like Hulu or Peacock.

Magnite makes money by taking a small percentage of every ad dollar that flows through its platform, rather than charging a flat subscription fee. It operates primarily in the United States but also serves customers in Europe and other international markets. Its competitive edge comes from being independent — unlike Google or Amazon, it does not own media properties, so publishers trust it more. The key growth driver is the ongoing shift of TV advertising budgets from traditional broadcast to streaming, though competition from large tech platforms remains a significant risk.

Growth Profile

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

Revenue Growth

+11.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+78.1% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

1.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$333M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth + cash flow

Magnite is a rare growth stock that's already generating positive cash flow while growing at 11%. 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

Profit per sale
Gross Margin
67.8%
Premium pricing power — 67.8% gross margin
Profit after running costs
Operating Margin
16.2%
Healthy — 16.2% operating margin
Return on the money invested
ROCE
11.5%
Below par — 11.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+8.3%
Steady sales growth (+8.3% YoY)
Profit growth
EPS YoY
+283.0%
Earnings growing fast (+283.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
168%
Turns 168% of profit into real cash
Spare cash per sale
FCF Margin
28.6%
Converts sales into free cash efficiently (28.6%)

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
0.07
Conservative — low debt load (0.07)
Covers its interest
Interest Cover
5.47x
Adequate interest coverage (5.5x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
20.0x
no trend
Fair value — P/E 20.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+4.6
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (20.0 → 15.3)

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Dividends

Not applicable for this business.
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