Flutter Entertainment plc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Whoever buys today is betting that $2,845 million of Adjusted EBITDA turns into a reported profit within a reasonable time — that restructuring and transaction costs run off, that amortization of the acquisitions declines and that the tax burden stays bearable despite British and American duty increases. Whoever holds the stock checks three numbers in every report: operating profit excluding the Fox Option effect, U.S. sportsbook revenue (last up just 0.9 percent in the first quarter of 2026) and the path of financial debt from its last level of $12,266 million. As long as reported profit is largely produced by an option remeasurement, this stays a watch case. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Flutter Entertainment is the house-edge trap in its purest form: the world's largest bookmaker grows at double digits, serves 15.9 million players a month and reports $2,845 million of Adjusted EBITDA for fiscal 2025 — and still shows a $407 million net loss. In between sit $1,517 million of depreciation and amortization, $515 million of interest on nearly doubled debt, $286 million of taxes despite a pre-tax loss, and a $517 million goodwill impairment because India banned online real-money gaming overnight. The quarterly profit in early 2026, meanwhile, largely comes from a remeasurement that grows when FanDuel is worth less. Not investment advice.
Market position & growth
Flutter is the largest betting and gaming group in the world: $16,383 million of revenue in fiscal 2025 (+16.6 percent), 15.9 million average monthly players and, with FanDuel, the number one in the growing U.S. market (segment revenue +20.2 percent to $6,967 million). The first quarter of 2026 grew another 17.4 percent to $4,304 million.
Earnings quality
The bottom line was a loss in three of four years (2022 to 2025: −$370 million, −$1,211 million, +$162 million, −$407 million), and operating profit fell in 2025 from $869 million to $36 million. Of the $209 million of net income in the first quarter of 2026, $293 million came from the fair-value gain on the Fox Option liability — an item that rises when FanDuel is worth less.
Regulation & taxes
The business stands or falls with licenses. India banned all online real-money gaming on August 22, 2025, and Flutter wrote off the entire $517 million of goodwill in its Junglee unit. The United Kingdom lifts remote gaming duty from 21 percent to 40 percent on April 1, 2026 and betting duty from 15 percent to 25 percent on April 1, 2027; in Illinois, per the filing, higher levies have already reduced legal betting volume.
Balance sheet & financing
Financial debt rose in 2025 from $6,736 million to $12,266 million and interest expense from $419 million to $515 million. It paid for Snai ($2.6 billion), NSX/Betnacional ($674 million), Boyd's FanDuel stake ($1,553 million) and share repurchases ($1,123 million). Goodwill of $15,825 million clearly exceeds equity of $9,038 million.
Cash flow & capital returns
Operating cash flow is solid ($1,184 million in 2025, $330 million in the first quarter of 2026), but after roughly $777 million of investment only a good $400 million remains free — against more than $5 billion spent on acquisitions and buybacks. The share count is falling (177.9 million to 175.2 million); there is no dividend for Flutter shareholders.
Worth Noting
Flutter Entertainment reached our research list not through a metrics scanner but through a mandatory filing: London-based Helikon Investments Ltd reported 1,439,750 Flutter shares worth $146,782,513 in its SEC Form 13F-HR as of March 31, 2026 (filed May 8, 2026) — a brand-new position. A 13F shows only U.S.-listed long positions with a 35 to 45 day delay, without short sales and derivatives: a rear-view mirror, not a road map.
Classic metrics only go so far here: no price-to-earnings ratio can be built for 2025 without earnings, and balance-sheet scores such as Piotroski or Altman Z systematically misjudge a group carrying $15,825 million of goodwill. The meaningful figures are segment revenue, Adjusted EBITDA and the reconciliation to reported earnings.
Valuation figures are dated and evergreen: shares held by non-affiliates were worth $50.37 billion as of June 30, 2025 (annual report cover), implying a price-to-sales ratio of roughly 3 and an enterprise value of about twenty times fiscal 2025 Adjusted EBITDA. Analyses are evergreen; daily prices are not a buy argument.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at FLUT since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 92.40 $ to 285.30 $ · Last price: 92.50 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Gambling
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Flutter Entertainment plc FLUT | 16.0 | – | 16.4 | 42.5 | 2.3 | 16.6 | -66.8 |
| DraftKings Inc DKNG | 11.4 | 285.0 | 121.0 | 76.1 | 0.4 | 27.0 | -47.3 |
| Lottomatica Group SpA LOTMY | 7.4 | 30.0 | 10.7 | 37.7 | 21.3 | 12.1 | 20.1 |
| SGHC Limited SGHC | 6.6 | 27.0 | 10.3 | 32.3 | 20.1 | 31.4 | 3.7 |
| Rush Street Interactive Inc RSI | 6.1 | 73.7 | 14.9 | 35.0 | 11.6 | 22.8 | 19.3 |
| Churchill Downs Incorporated CHDN | 5.7 | 16.2 | 9.1 | 34.2 | 21.7 | 7.0 | -14.1 |
| Brightstar Lottery PLC BRSL | 1.9 | 36.5 | 4.2 | 48.5 | – | 0.0 | -32.5 |
| Accel Entertainment Inc ACEL | 0.9 | 19.6 | 6.5 | 31.4 | – | 8.1 | 4.2 |
| Codere Online US Corp CDRO | 0.4 | 320.7 | 48.2 | 88.1 | 2.6 | 4.8 | 34.6 |
| Median of companies shown | 6.1 | 33.2 | 10.7 | 37.7 | 11.6 | 12.1 | 3.7 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2019 | 2,730 | 216 | 184 | 2.29 | 550 | 5,279 | 7,155 |
| 2020 | 6,036 | 142 | 52 | 0.39 | 1,361 | 14,989 | 23,227 |
| 2021 | 8,308 | -449 | -923 | -5.24 | 553 | 13,884 | 22,722 |
| 2022 | 9,463 | -88 | -432 | -2.44 | 1,163 | 12,280 | 24,638 |
| 2023 | 11,790 | -549 | -1,222 | -6.90 | 937 | 10,044 | 24,635 |
| 2024 | 14,048 | 869 | 109 | 0.61 | 1,602 | 9,293 | 24,508 |
| 2025 | 16,383 | 553 | -380 | -2.12 | 1,184 | 9,038 | 29,280 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.73 | – | 3,792 | 14.50 | 3.40 | 652 | 473 |
| 2025: Q1 | 1.57 | – | 3,665 | 7.90 | 9.10 | 188 | 88 |
| 2025: Q2 | 0.59 | -59.30 | 4,187 | 16.00 | 0.60 | 359 | 156 |
| 2025: Q3 | -3.91 | – | 3,794 | 16.80 | -20.00 | 209 | 25 |
| 2025: Q4 | 0.13 | -82.40 | 4,737 | 24.90 | 0.50 | 430 | 394 |
| 2026: Q1 | 1.21 | -22.90 | 4,304 | 17.40 | 5.00 | 330 | 153 |
| 2026: Q2 | -1.57 | -366.10 | 4,326 | 3.30 | -6.80 | 363 | 349 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Aktien.Guide
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 5.01 | 3.05 – 7.50 | 17,935 | -37.0% | 23 |
| 12/31/2027 | 1.62 | -1.21 – 5.78 | 19,459 | 48.4% | 10 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 8.4% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $761.1M |
|---|---|
| Market cap | $15.98B |
| Free cash flow in year ten | $1.70B |
| Terminal value as a share of market value | 56.1% |
For comparison: over the past five years free cash flow grew by 0.1% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Flutter Entertainment setzt maschinelles Lernen, KI-Technologien und Data Science laut Geschäftsbericht 10-K in Produkten, Diensten und Infrastruktur ein und investiert ausdrücklich in den Ausbau dieser Fähigkeiten einschließlich neuer, KI-gestützter Produktfunktionen — erzielt damit aber keinen ausgewiesenen KI-Umsatz: 2025 stammten 53 Prozent des Umsatzes aus Sportwetten und 44 Prozent aus iGaming. In den Risikofaktoren erscheint KI als eigenes Einsatz-, Compliance- und Reputationsthema (inklusive EU-KI-Verordnung mit Bußgeldern bis 35 Mio. Euro oder 7 Prozent des Weltumsatzes), nicht als Bedrohung des eigenen Geschäftsmodells.
View the full file — quotes, sources, reviewed filings
„We use artificial intelligence (“AI”), machine learning and similar technologies in our business, which may present business, compliance, and reputational risks."
Wir setzen künstliche Intelligenz („KI“), maschinelles Lernen und ähnliche Technologien in unserem Geschäft ein, was geschäftliche, aufsichtsrechtliche und Reputationsrisiken mit sich bringen kann.
10-K · 2026-02-26 · View SEC filing
„We use machine learning, AI technologies, data science and similar technologies in our products, services and infrastructure, and we are making investments in expanding our AI capabilities, including ongoing deployment and improvement of existing machine learning and AI technologies, as well as developing new product features using AI."
Wir setzen maschinelles Lernen, KI-Technologien, Data Science und ähnliche Technologien in unseren Produkten, Diensten und in unserer Infrastruktur ein, und wir investieren in den Ausbau unserer KI-Fähigkeiten — einschließlich der fortlaufenden Einführung und Verbesserung bestehender Technologien für maschinelles Lernen und KI sowie der Entwicklung neuer Produktfunktionen mit KI.
10-K · 2026-02-26 · View SEC filing
„We use artificial intelligence (“AI”), machine learning and similar technologies in our business. These technologies may present business, compliance, and reputational risks."
Wir setzen künstliche Intelligenz („KI“), maschinelles Lernen und ähnliche Technologien in unserem Geschäft ein. Diese Technologien können geschäftliche, aufsichtsrechtliche und Reputationsrisiken mit sich bringen.
10-K · 2025-03-04 · View SEC filing
„Flutter’s ability to effectively manage artificial intelligence, machine learning, and related technologies in its operations"
Flutters Fähigkeit, künstliche Intelligenz, maschinelles Lernen und verwandte Technologien im operativen Betrieb wirksam zu steuern
10-Q · 2026-05-06 · View SEC filing
Filings Reviewed: 10-Q 2026-05-06 · 10-Q 2025-11-12 · 10-Q 2025-08-07 · 10-Q 2025-05-07 · 10-K 2026-02-26 · 10-K 2025-03-04
Rated on July 23, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 20.1%
- More than 10% revenue growth is expected for the coming year 9.3%
- Share count grows by less than 3% a year 0.4%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 23.2%
- Gross margin at 40% or higher and without meaningful erosion 45.2%
- Goodwill from acquisitions does not grow faster than revenue 54.1%
- Net debt below twice EBITDA 4.8 x EBITDA
- Operating cash flow covers the profits of the last three years 5,216 m
- Return on capital at 15% or higher, or up versus two years ago 2.3%
- Insiders hold at least 10% or are net buyers 19.0%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
5/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 34.8%
- Exp. sales growth 3Y > 5% 9.0%
- EBIT growth 10Y > 5% 17.0%
- Exp. EBIT growth 3Y > 5% 9.0%
- Net debt < 4x EBIT 17.2x
- EBIT positive, 10Y straight 4
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% –
- ROCE > 15% 2.3%
- Expected return > 10% 16.3%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 1, 2026 | Coldrake Robert | Chief Financial Officer | Sell | 710 | 97.86 | 69,480 |
| Sep 1, 2026 | Taylor Daniel Mark | President FLUT; CEO FLUT Intl | Sell | 791 | 97.86 | 77,406 |
| Sep 1, 2026 | Bishop James Philip | Chief Operating Officer | Sell | 741 | 97.86 | 72,514 |
| Sep 1, 2026 | Jackson Jeremy Peter | Chief Executive Officer | Sell | 1,762 | 97.86 | 172,428 |
| Sep 1, 2026 | Liu Don H | Chief Legal Officer | Sell | 565 | 97.86 | 55,290 |
| Aug 19, 2026 | Jackson Jeremy Peter | Chief Executive Officer | Sell | 2,112 | 93.32 | 197,085 |
The company
About the Company
Flutter Entertainment plc ist ein Sportwetten- und Glücksspielunternehmen in den USA, dem Vereinigten Königreich, Irland, Australien, Italien und international. Es bietet Sportwetten, iGaming-Produkte wie Blackjack, Roulette, Spielautomaten, Poker und Rummy sowie Lotterieprodukte an.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 28,518
- Headquarters
- New York, NY
- Address
- One Madison Avenue, 10010 New York, United States
- Phone
- 646-930-0950
- Website
- flutter.com
- IPO Date
- 10/05/2017
- ISIN
- IE00BWT6H894
- Stock Split
- 203351:200000 on 05/27/2020
- Stock Split
- 203351:200000 on 04/09/2020
- Stock Split
- 9:10 on 12/10/2015
Management
| Name | Title | Birth Year |
|---|---|---|
| Jeremy Peter Jackson | Group CEO & Executive Director | 1975 |
| Robert Coldrake | Chief Financial Officer | 1979 |
| Don H. Liu J.D. | Chief Legal Officer | 1962 |
| Daniel Mark Taylor | President & CEO of Flutter International | 1980 |
| Phil Bishop | Chief Operating Officer | 1968 |
| Paul Tymms | Group Director of Investor Relations | – |
| Kate A. Delahunty | Chief Communications Officer | – |
| Charles Kelly | Head of Retail Operations In Ireland | – |
| Fiona Gildea | Head of Governance & Deputy Company Secretary | – |
| Edward Traynor | Group General Counsel & Company Secretary | 1978 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/05/2026 Flutter Entertainment plc (FLUT): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/05/2026 Flutter Entertainment plc (FLUT): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/03/2026 Flutter Entertainment plc (FLUT): Other Events; Financial Statements and Exhibits SEC ↗
- 07/27/2026 Flutter Entertainment plc (FLUT): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.