TruGolf Holdings

TRUG

Electronic Gaming & Multimedia · Technology

Price

$0.85

-0.11 (-10.97%)

Market Cap

$457,746

Exchange

NASDAQ Global Market

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Share count falling — buybacks

−63.9% over 4y

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

Diluted shares outstanding: 822K (2021) → 296K (2025)

Winston Score History

The full picture

TruGolf Holdings makes indoor golf simulators — machines that let people play virtual golf inside a room using real clubs and a screen. Their products are sold to homes, golf entertainment venues, hotels, and training facilities. The company is part of the growing "golf tech" industry, which blends sports equipment with video game-style software.

TruGolf earns money by selling its simulator hardware and through software subscriptions tied to its E6 Connect golf simulation platform, which is one of the more widely used golf simulation software products in the industry. The company operates primarily in the United States but sells internationally as well. With a gross margin around 46%, the hardware-plus-software model has potential, but the deeply negative operating and return-on-capital figures show the company is spending far more than it earns right now. The key risk is whether TruGolf can grow revenue fast enough to cover its costs before it runs out of financial runway.

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

+34.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+96.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

15.1%ownership

Insiders own a meaningful stake in the company

Cash Runway

~6 months

$6M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

TruGolf Holdings grew revenue 34% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

59.8%

Premium pricing power — 59.8% gross margin

Profit after running costs

Operating Margin

-3.8%

Losing money on operations — -3.8%

Return on the money invested

ROCE

-63.6%

Weak — -63.6% 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

-11.8%

Shrinking sales (-11.8% 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

-34.4%

Burning cash (-34.4%)

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

2.45

Heavy debt load (2.45)

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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