DraftKings Inc.
DKNG Consumer Cyclical Gambling
DraftKings Inc.’s revenue for fiscal 2025 (year ended December 2025) was $6.1 billion, up 27.0% from fiscal 2024. In the quarter to June 2026, revenue fell 4.58%, EPS fell 143.8%, free cash flow fell 51.6% and total debt was flat, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.
Follow DKNG
DraftKings Inc. (DKNG) Beneish M-score
DraftKings Inc.'s Beneish M-score for fiscal 2025 is −2.60; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.60 | 1.25 |
| FY2024 | −3.86 | (0.96) |
| FY2023 | −2.89 | (0.71) |
| FY2022 | −2.18 | 1.54 |
| FY2021 | −3.72 | (2.00) |
| FY2020 | −1.72 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.44 | — | 1.32 | |
| Gross margin index | 0.92 | — | 0.49 | |
| Asset quality index | 0.93 | — | 0.38 | |
| Sales growth index | 1.27 | — | 1.13 | |
| Depreciation index | 1.00 | — | 0.11 | |
| SG&A index | 0.80 | — | −0.14 | |
| Total accruals to total assets | (0.15) | — | −0.68 | |
| Leverage index | 1.17 | — | −0.38 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.60 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| CDRO Codere Online Luxembourg, S.A. compare | −3.4× |
| CHDN Churchill Downs, Incorporated compare | −2.7× |
| LNWO Light & Wonder, Inc. compare | −2.7× |
| RSI Rush Street Interactive, Inc. compare | −2.7× |
| SGHC Super Group (SGHC) Limited compare | −2.6× |
| DKNG DraftKings Inc. | −2.6× |
| ACEL Accel Entertainment, Inc. compare | −2.2× |
| FLUT Flutter Entertainment PLC compare | −2.0× |
| BRSL Brightstar Lottery compare | −1.9× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI