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Stock

Singapore Exchange Limited

SPXCF
77
Financial - Data & Stock Exchanges · Financial Services
Price
$20.10
+0.29 (+1.46%)
Market Cap
$21.52B
Exchange
Other OTC
Winston Score
77
Winston is happy
A high-quality business with solid fundamentals.
Data as of Sep 8, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Exceptional
Growth
Good
Cash Flow
Exceptional
Stability
Exceptional
Valuation
Weak
Dividends
Good

Share count falling — buybacks

24.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 1.10B (2022) → 830.8M (2026)

§Winston Score History

The full picture

Singapore Exchange Limited (SGX), together with its various subsidiaries, operates as a comprehensive financial market infrastructure in Singapore, providing integrated securities and derivatives exchange services alongside related clearing house functions. Its operations are organized into three principal divisions. The Fixed Income, Currencies, and Commodities segment handles the issuance, trading, and clearing of fixed income products, currencies, and commodities, in addition to collateral management. The Equities segment offers a suite of services for the stock market, including issuer support, securities trading and clearing, settlement and depository management, and derivatives trading and clearing, all complemented by collateral management. The Data, Connectivity, and Indices segment is dedicated to furnishing market data, network connectivity solutions, and various index services. Beyond these core areas, SGX delivers several vital services, such as providing counterparty guarantees and depository functions for securities and derivatives transactions, and facilitating bond trading. It also performs front-line regulatory duties and offers computer and software maintenance. The company manages an electronic platform for foreign exchange trading and provides management consultancy expertise for index-related activities. Additionally, SGX offers membership and management services to affiliated entities, distributes bulk freight market indices and related information, and oversees an electricity market. Its administrative services further extend to index calculation, risk analysis, and financial research. Established in 1999, Singapore Exchange Limited maintains its headquarters in Singapore.

Growth Profile

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

Revenue Growth

+19.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+17.2% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

S$0/ year

Declining (-100% vs prior year)

0.0% of revenue

Below sector average (7%)

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

Cash Position

Cash flow positive

S$2.4B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Singapore Exchange Limited is a rare growth stock that's already generating positive cash flow while growing at 19%. 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.

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
85.2%
Premium pricing power — 85.2% gross margin
Profit after running costs
Operating Margin
56.7%
Excellent — 56.7% operating margin
Return on the money invested
ROCE
30.0%
Exceptional — 30.0% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+13.6%
Fast-growing sales (+13.6% YoY)
Profit growth
EPS YoY
+8.2%
Earnings growing (+8.2% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
125%
Turns 125% of profit into real cash
Spare cash per sale
FCF Margin
50.8%
Converts sales into free cash efficiently (50.8%)

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
0.27
Conservative — low debt load (0.27)
Covers its interest
Interest Cover
54.10x
Comfortably covers interest (54.1x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
30.5x
Pricey — P/E 30.5

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
-1.1
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
1.77%
Small dividend — 1.77% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+56.8%
Dividend growing fast (56.8% YoY)

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