Playtika Holding Corp
🔔 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.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Red here stands for substance risk, not for a broken business. Playtika turns over roughly $2.79 billion, grew 5.5 percent in the first quarter of 2026 and monetizes its players measurably better: paying users up from 310,000 to 370,000, payer conversion from 3.6 to 4.4 percent, revenue per daily active user from $0.81 to $0.89. Against that stand four documented burdens. First, the reported cash inflow of $567.7 million is not money earned: after deducting the SuperPlay earnout revaluation ($398.6 million), stock-based compensation ($82.5 million), spending on property and software ($86.1 million) and the earnout paid in cash ($37.6 million), a deficit of $37.1 million is left. Second, the result tipped over: minus $206.4 million in 2025 after plus $162.2 million the year before, and an operating loss of $49.6 million in the first quarter of 2026, because marketing consumes 48.4 percent of revenue and general and administrative expenses have more than doubled. Third, the balance sheet shows an equity deficit of $463.1 million against goodwill of $1,695.7 million, debt of $2,375.4 million and an earnout obligation of $829.0 million within a framework up to $1.250 billion — the company itself warns its cash may not suffice. Fourth, the credit facility matures in March 2027, and the report names filing or registration requirements in China applicable to the controlling shareholder as a possible obstacle to refinancing. The Altman Z score sits between 0.51 (recomputed) and 2.01 (data set), below the upper Z-double-prime threshold of 2.6.
What the thesis turns on
Assessment: Opportunities & Risks
Playtika runs a real games business with roughly $2.79 billion of revenue and is measurably improving its monetization — more paying users, a higher payer conversion rate, more revenue per user. But the reason the stock reached our desk does not survive scrutiny: of $567.7 million of cash inflow, a deficit of $37.1 million is left after the SuperPlay earnout revaluation, stock-based compensation and development spending. Add an equity deficit of $463.1 million, an earnout obligation of up to $1.25 billion and a refinancing date in March 2027. Not investment advice.
Strength of the scanner hook
Reported cash inflow of $567.7 million includes $398.6 million of SuperPlay earnout revaluation and $82.5 million of stock-based compensation. After deducting those items plus spending on property and software ($86.1 million) and the earnout paid in cash ($37.6 million), a deficit of $37.1 million is left.
Monetization of the player base
Playtika is losing casual players and gaining paying ones: paying users rose from 310,000 (2023) to 370,000 (2025), payer conversion from 3.6 to 4.4 percent, and revenue per daily active user from $0.81 to $0.89. In business terms that is the right trade, even though monthly active users fell from 29.4 to 28.3 million.
Cost development
In the first quarter of 2026 sales and marketing rose 32.7 percent to $360.6 million — 48.4 percent of quarterly revenue. General and administrative expenses doubled from $65.2 million to $143.5 million. An operating profit of $67.8 million in the prior-year quarter became an operating loss of $49.6 million.
Balance sheet and obligations
An equity deficit of $463.1 million against goodwill of $1,695.7 million, long-term debt of $2,375.4 million and an earnout obligation of $829.0 million. The framework for that earnout runs to $1.250 billion through the end of 2027; the company itself warns that available cash may not suffice.
Refinancing
The revolving credit facility matures in March 2027, the term loan in 2028 and the notes in 2029. The annual report names an additional obstacle: regulatory filing or registration requirements in China applicable to the controlling shareholder could delay or prevent the issuance or material amendment of debt.
Ownership structure
Only 15.5 percent of the 380.4 million shares are freely tradable. Yuzhu Shi controls the company through Playtika Holding UK II Limited and Alpha Frontier Limited in the Cayman Islands. As a "controlled company" under Nasdaq rules, Playtika may depart from individual governance requirements; the report itself notes that investors then do not enjoy the same protections.
Worth Noting
Hook: price-to-free-cash-flow ranking, stored P/FCF 2.2012 (data as of July 27, 2026). The stock sits outside the 25 displayed rows — the last visible one carries 1.4. No rank number is claimed; the route through the screener is explained instead. Hit counts measured per brand: 545 U.S. hits on both brands, with the German brand additionally covering European names (836 in total). All lists are recomputed daily.
Identity: CIK 0001828016, no former company names. A Delaware corporation with operations based in Herzliya Pituach, Israel, filing nonetheless as a U.S. domestic filer on Forms 10-K/10-Q rather than as a foreign private issuer on Form 20-F. Accelerated filer, fiscal year = calendar year.
Market capitalization computed independently: 380,379,545 common shares (10-Q cover page, May 4, 2026) × $3.68 (close of July 24, 2026) = roughly $1.40 billion. The data set holds $1.23 billion; the gap is disclosed in the valuation chapter.
Recency gate: the most recent periodic report is the 10-Q for the period ended March 31, 2026 (filed May 7, 2026). All 7 filings after it were reviewed — 8-K of May 8, 2026 (Item 2.02, quarterly results), 8-K of May 8, 2026 (Item 5.02, management change), 8-K of June 12, 2026 (Item 5.07, annual meeting), three Form 4 and one Form 144. No Form 25, no Form 15, no NT 10-K, no SC 14D9.
Altman Z: stored 2.01, recomputed from the financial statements 0.51 (Z-double-prime thresholds 1.1 and 2.6). Both sit below the upper threshold; the wide spread shows how much the formula swings when equity is negative. The assessment therefore rests on the documented figures: equity deficit, debt level, earnout obligation and refinancing dates.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at PLTK since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 2.20 $ to 4.40 $ · Last price: 2.30 $ (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
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: Electronic Gaming & Multimedia
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Playtika Holding Corp PLTK | 0.8 | – | 35.6 | 73.5 | – | 8.1 | -29.5 |
| NetEase Inc NTES | 74.7 | 14.9 | 7.8 | 67.2 | 41.4 | 7.0 | -23.2 |
| Electronic Arts Inc EA | 52.4 | 59.9 | 28.7 | 79.9 | 24.0 | 0.9 | 25.6 |
| Take-Two Interactive Software Inc TTWO | 38.6 | – | 34.2 | 57.1 | 2.3 | 18.2 | -14.5 |
| Roblox Corp RBLX | 34.1 | – | -24.8 | 25.7 | -16.4 | 35.8 | -65.1 |
| Doubledown Interactive Co Ltd DDI | 0.6 | 5.6 | 0.7 | 73.4 | 37.6 | 5.5 | 36.3 |
| Gravity Co Ltd GRVY | 0.5 | 8.0 | 0.0 | 32.0 | 15.1 | 11.9 | 13.5 |
| Sohu.Com Inc SOHU | 0.4 | 1.8 | 6.5 | 78.5 | -4.8 | -2.4 | -13.1 |
| GDEV Inc. GDEV | 0.2 | 3.1 | 1.2 | 64.8 | 15.3 | -3.9 | -23.2 |
| Median of companies shown | 0.8 | 6.8 | 6.5 | 67.2 | 15.2 | 7.0 | -14.5 |
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) |
|---|---|---|---|---|---|---|---|
| 2016 | 932 | 165 | 81 | 0.20 | – | – | – |
| 2017 | 1,151 | 333 | 257 | 0.63 | 369 | – | – |
| 2018 | 1,491 | 433 | 338 | 0.83 | 453 | 465 | 1,015 |
| 2019 | 1,888 | 497 | 289 | 0.71 | 492 | -1,616 | 1,480 |
| 2020 | 2,372 | 387 | 92 | 0.24 | 518 | -1,244 | 1,776 |
| 2021 | 2,583 | 562 | 309 | 0.75 | 552 | -378 | 2,803 |
| 2022 | 2,616 | 471 | 275 | 0.69 | 494 | -569 | 2,698 |
| 2023 | 2,567 | 502 | 235 | 0.64 | 516 | -222 | 3,175 |
| 2024 | 2,549 | 392 | 162 | 0.44 | 490 | -131 | 3,639 |
| 2025 | 2,755 | 1 | -206 | -0.55 | 568 | -411 | 3,719 |
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
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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 | -0.04 | -144.30 | 650 | 1.90 | -2.60 | 153 | 129 |
| 2025: Q1 | 0.08 | -43.10 | 706 | 8.40 | 4.30 | 19 | 8 |
| 2025: Q2 | 0.09 | -62.10 | 696 | 11.00 | 4.80 | 146 | 141 |
| 2025: Q3 | 0.11 | 0.70 | 675 | 8.70 | 5.80 | 117 | 107 |
| 2025: Q4 | -0.82 | – | 679 | 4.40 | -45.60 | 307 | 296 |
| 2026: Q1 | -0.15 | -286.80 | 745 | 5.50 | -7.70 | 23 | 17 |
| 2026: Q2 | 0.13 | 44.40 | 731 | 5.00 | 6.60 | 29 | 20 |
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 8 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Breakout & Setup
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. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. 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 | 0.93 | 0.86 – 0.99 | 2,777 | 48.2% | 2 |
| 12/31/2027 | 0.65 | 0.65 – 0.65 | 2,788 | -29.7% | 1 |
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.
With these assumptions (discount rate 10.0%, terminal growth 2.5%), no growth rate between -20.0% and 60.0% per year explains today’s market value — the reverse calculation yields no meaningful figure here.
| Free cash flow (last twelve months) | $417.2M |
|---|---|
| Market cap | $786.0M |
| Free cash flow in year ten | – |
| Terminal value as a share of market value | – |
For comparison: over the past five years free cash flow grew by 4.8% 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
Der Geschäftsbericht 2025 beschreibt generative KI als festen Bestandteil der eigenen Technikplattform — für Werbemittel- und Kunstproduktion, Kundenbetreuung, Personalisierung und Nutzergewinnung.
View the full file — quotes, sources, reviewed filings
„Our efforts have involved automating the process of generating creative content for features and promos using generative AI models. We also utilize generative AI on VIP and Customer Support domains, where our agents will receive suggestions, recommendations, localization and translations based on large language models integrated into their work platform."
Unsere Anstrengungen umfassten die Automatisierung der Erstellung kreativer Inhalte für Funktionen und Werbeaktionen mithilfe generativer KI-Modelle. Wir setzen generative KI außerdem in den Bereichen VIP-Betreuung und Kundenservice ein, wo unsere Mitarbeitenden Vorschläge, Empfehlungen, Lokalisierungen und Übersetzungen auf Basis großer Sprachmodelle erhalten, die in ihre Arbeitsumgebung eingebunden sind.
10-K · 2026-02-26 · View SEC filing
„A set of advanced and easy to use gaming operation tools, which enables the use of digital and AI technologies to optimize marketing, game operations and monetization, including generative AI models for efficient art processes and for our customer support and VIP processes"
Ein Satz fortschrittlicher und einfach zu bedienender Spielbetriebs-Werkzeuge, der den Einsatz digitaler und KI-Techniken zur Optimierung von Marketing, Spielbetrieb und Monetarisierung ermöglicht — einschließlich generativer KI-Modelle für effiziente Kunstproduktion sowie für unsere Kundenservice- und VIP-Prozesse
10-K · 2026-02-26 · View SEC filing
Filings Reviewed: 10-K 2026-02-26 · 10-Q 2026-05-07 · 10-K 2025-02-27 · 10-Q 2025-11-06 · 8-K 2026-05-08 · 8-K 2026-06-12
Rated on July 27, 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 1.8%
- More than 10% revenue growth is expected for the coming year 1.5%
- Share count grows by less than 3% a year -2.1%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 27.4%
- Gross margin at 40% or higher and without meaningful erosion 72.5%
- Goodwill from acquisitions does not grow faster than revenue 45.6%
- Net debt below twice EBITDA 13.7 x EBITDA
- Operating cash flow covers the profits of the last three years 1,383 m
- Return on capital at 15% or higher, or up versus two years ago 0.1%
- Insiders hold at least 10% or are net buyers 85.4%
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
3/10The 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% 12.8%
- Exp. sales growth 3Y > 5% 0.6%
- EBIT growth 10Y > 5% -41.6%
- Exp. EBIT growth 3Y > 5% 0.6%
- Net debt < 4x EBIT 1,405.5x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 99.8%
- Return on equity > 15% –
- ROCE > 15% 0.0%
- Expected return > 10% 68.6%
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 15, 2026 | Cohen Michael Daniel | Chief Legal Officer | Other | 16,628 | 2.37 | 39,408 |
| Aug 7, 2026 | Lee Tae | CFO | Other | 1,241 | 2.94 | 3,649 |
| Aug 4, 2026 | Lee Tae | CFO | Other | 346,051 | 0.00 | – |
| Aug 4, 2026 | Sandler Ariel | Chief Operations Officer | Other | 60,590 | 0.00 | – |
| Aug 4, 2026 | Brudno Gili | Chief Human Resources Officer | Other | 106,923 | 0.00 | – |
| Aug 4, 2026 | Antokol Robert | See Remarks | Other | 1,122,694 | 0.00 | – |
| Aug 4, 2026 | Korczak Nir | Chief Marketing Officer | Other | 64,154 | 0.00 | – |
| Aug 4, 2026 | Cohen Michael Daniel | Chief Legal Officer | Other | 160,385 | 0.00 | – |
The company
About the Company
Playtika Holding Corp. , together with its subsidiaries, develops mobile games in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally.
- Employees
- 3,175
- Headquarters
- Herzliya Pituach, Israel
- Address
- HaChoshlim St 8, 4672408 Herzliya Pituach, Israel
- Phone
- 972 73 316 3251
- Website
- playtika.com
- IPO Date
- 01/15/2021
- ISIN
- US72815L1070
Management
| Name | Title | Birth Year |
|---|---|---|
| Robert Antokol | Co-Founder, Chairperson, CEO & President | 1968 |
| Uri Rubin | Chief Technology Officer | 1978 |
| Michael D. Cohen Esq. | Chief Legal Officer & Corporate Secretary | 1971 |
| Nir Korczak | Chief Marketing Officer | 1980 |
| Tae Lee | Chief Financial Officer | 1985 |
| Ariel Sandler | Chief Operations Officer | 1979 |
| Erez Hershkovitz | Chief Accounting Officer | 1985 |
| Gili Brudno | Chief Human Resources Officer | 1974 |
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).
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.