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This stock no longer trades (delisted March 15, 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

Splunk

SPLK
65
Software - Infrastructure · Technology
Price
$156.90
+0.39 (+0.25%)
Market Cap
$26.44B
Exchange
NASDAQ Global Select
Winston Score
65
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 Jan 31, 2024

§How the score breaks down

Quality
Strong
22/30
Growth
Strong
14/20
Cash Flow
Exceptional
10/10
Stability
Mixed
3/10
Valuation
Good
5/10
Ownership
Good
8/15
Dividends
Not counted
n/a

62 of 95 counted points = Winston Score 65. Pillars marked n/a do not apply to this company and are left out of the total.

Share count rising — dilution

+10.0% over 4y

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

Diluted shares outstanding: 151.9M (2020) → 167.1M (2024)

§Winston Score History

The full picture

Splunk makes software that helps organizations search, monitor, and analyze large amounts of machine-generated data. Its platform collects data from websites, apps, servers, and sensors, then turns it into useful insights for IT operations, cybersecurity, and business analytics. Splunk serves thousands of enterprises and government agencies worldwide, making it one of the most widely used data analytics platforms in the industry.

Splunk historically earned revenue through software licenses but shifted heavily toward a cloud subscription model, generating recurring revenue from annual contracts. The company operates globally with a strong presence in North America and serves over 90 countries. Its deep integration into customers' IT infrastructure creates high switching costs, giving it a meaningful competitive moat. Cisco completed its acquisition of Splunk in early 2024, taking the company private, which means Splunk no longer trades as an independent public stock.

Growth Profile

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

Revenue Growth

+18.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+53.7% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$919M/ year

↓ Declining (-8% vs prior year)

21.8% of revenue

In line with sector average (15%)

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

Insider Activity

7.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$2.5B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Splunk 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.

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Quality

Profit per sale
Gross Margin
84.9%
Premium pricing power — 84.9% gross margin
Profit after running costs
Operating Margin
32.6%
Excellent — 32.6% operating margin
Return on the money invested
ROCE
7.3%
Weak — 7.3% 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
+15.4%
Fast-growing sales (+15.4% YoY)
Profit growth
EPS YoY
N/A
Data not available
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
382%
Turns 382% of profit into real cash
Spare cash per sale
FCF Margin
23.4%
Converts sales into free cash efficiently (23.4%)

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
4.40
Heavy debt load (4.40)
Covers its interest
Interest Cover
6.89x
Adequate interest coverage (6.9x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
102.5x
Expensive — P/E 102.5

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+78.8
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (102.5 → 23.7)

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Dividends

Not applicable for this business.
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