WinstonWınston
Back
Stock

Singapore Exchange Limited

SPXCY
76
Financial - Data & Stock Exchanges · Financial Services
Price
$39.76
+0.24 (+0.61%)
Market Cap
$21.29B
Exchange
Other OTC
Winston Score
76
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
Mixed

Share count falling — buybacks

2.6% over 4y

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

Diluted shares outstanding: 552.4M (2022) → 537.8M (2026)

§Winston Score History

The full picture

Singapore Exchange Limited (SGX), along with its subsidiary entities, functions as a fully integrated platform for trading securities and derivatives, offering associated clearing services within Singapore. Its operations are organized into three principal divisions: Fixed Income, Currencies, and Commodities (FICC); Equities; and Data, Connectivity, and Indices. The FICC segment facilitates the issuance, trading, and clearing of fixed income instruments, foreign currencies, and commodities, including comprehensive collateral management services. The Equities division encompasses a wide array of offerings, from supporting equity issuance to managing the trading and clearing of both securities and derivatives, handling securities settlement and depository functions, and providing collateral management. Meanwhile, the Data, Connectivity, and Indices segment delivers critical market data solutions, connectivity services, and the administration of various financial indices. Beyond these core business lines, SGX offers crucial auxiliary services such as counterparty guarantees and depository functions for securities and derivatives transactions. It also engages in bond trading, executes front-line regulatory responsibilities, and provides computer and software maintenance. The company operates an electronic platform for foreign exchange trading and offers management consultancy for index-related activities. Additionally, SGX furnishes membership and management services to its related corporations, distributes data and indices for the bulk freight market, and manages an electricity market. Its services further extend to administrative support for index calculation, risk analysis, and financial research. Furthermore, SGX has entered into a global partnership agreement with New Zealand's Exchange, aiming to collaboratively expand its dairy derivatives market. Singapore Exchange Limited was founded in 1999 and its headquarters are situated in Singapore.

Growth Profile

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

Revenue Growth

+21.0% 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 21%. 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
30.2%
Exceptional — 30.2% return on capital

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth
Sales YoY
+14.5%
Fast-growing sales (+14.5% 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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash
Cash Conversion
126%
Turns 126% of profit into real cash
Spare cash per sale
FCF Margin
51.1%
Converts sales into free cash efficiently (51.1%)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns
Debt / Equity
0.27
Conservative — low debt load (0.27)
Covers its interest
Interest Cover
54.21x
Comfortably covers interest (54.2x)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit
P/E Ratio (TTM)
30.1x
Pricey — P/E 30.1

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

Cheaper or dearer next year
P/E vs Forward
-0.5
SLOWING
Earnings expected to fall — forward P/E higher than today

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend
Dividend Yield
3.76%
Moderate income — 3.76% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
-38.3%
Dividend cut (-38.3% YoY) — warning sign

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free
🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.
Start free trial