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Friday 6 November 2026
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Flutter Entertainment PLC
FLUT Consumer Cyclical Gambling
Flutter Entertainment PLC’s revenue for fiscal 2025 (year ended December 2025) was $16.4 billion, up 16.6% from fiscal 2024.
- Revenue
- +2.11%
- EPS
- −25.3%
- Free cash flow
- +664.0%
- Total debt
- +1.77%
Quarter to September 2026, against a year earlier
82.19
0.40
+0.49%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | 9,463 | 11,790 | 14,048 | 16,383 | 17,241 | +20.1% | 17,823 | 19,235 | 20,910 | +8.5% | |
| Gross margin, % | — | — | — | — | — | — | 49.14 | 47.40 | 47.71 | 45.19 | 41.63 | (3.9) pt | ||||||
| EBT | — | — | — | — | — | — | (295) | (1,091) | 16 | (121) | (1,154) | (25.7%) | ||||||
| EBT margin, % | — | — | — | — | — | — | (3.12) | (9.25) | 0.11 | (0.74) | (6.69) | +2.4 pt | ||||||
| Net income | — | — | — | — | — | — | (370) | (1,211) | 162 | (407) | (1,225) | +3.2% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | — | 53.46 | 66.61 | 78.92 | 92.56 | 97.96 | +20.1% | |||||
| Earnings | — | — | — | — | — | — | (2.44) | (6.89) | 0.24 | (1.75) | (5.28) | (10.5%) | ||||||
| Cash flow | — | — | — | — | — | — | 6.57 | 5.29 | 9.00 | 6.69 | 7.57 | +0.6% | ||||||
| Capex | — | — | — | — | — | — | (2.38) | (3.40) | (3.71) | (4.36) | (0.51) | +22.3% | ||||||
| Free cash flow | — | — | — | — | — | — | 4.19 | 1.89 | 5.29 | 2.33 | 7.06 | (17.8%) | ||||||
| Book value | — | — | — | — | — | — | 63.23 | 57.72 | 53.14 | 52.40 | 46.34 | (6.1%) | ||||||
| Shares, m | — | — | — | — | — | — | 177 | 177 | 178 | 177 | 176 | 0.0% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | 0.00 | 0.00 | 1,174.77 | 0.00 | 0.00 | 293.7 | |||||
| P/S | — | — | — | — | — | — | 0.00 | 2.62 | 3.27 | 2.32 | 0.84 | 2.1 | ||||||
| P/B | — | — | — | — | — | — | 0.00 | 3.02 | 4.86 | 4.10 | 1.77 | 3.0 | ||||||
| EV/Sales | — | — | — | — | — | — | 0.00 | 2.92 | 3.50 | 2.84 | 1.34 | 2.3 | ||||||
| EV/FCF | — | — | — | — | — | — | 0.00 | 102.87 | 52.18 | 112.80 | 46.30 | 67.0 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | — | 1,163 | 937 | 1,602 | 1,184 | 1,332 | +0.6% | |||||
| Capex | — | — | — | — | — | — | (422) | (602) | (661) | (772) | (90) | +22.3% | ||||||
| Free cash flow | — | — | — | — | — | — | 741 | 335 | 941 | 412 | 1,242 | (17.8%) | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | (650) | (550) | (246) | (247) | (467) | (27.6%) | |||||
| Net debt | — | — | — | — | — | — | 3,593 | 3,613 | 3,097 | 8,411 | 12,313 | +32.8% | ||||||
| Shareholders’ equity | — | — | — | — | — | — | 11,191 | 10,216 | 9,459 | 9,274 | 8,156 | (6.1%) | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | — | 0.00 | (4.90) | 0.17 | (1.15) | (3.26) | (1.1) pt | |||||
| ROIC | — | — | — | — | — | — | (0.37) | (2.48) | 4.33 | 0.13 | (3.05) | +0.5 pt | ||||||
| ROE | — | — | — | — | — | — | 0.00 | (11.42) | 0.44 | (3.31) | (10.53) | (3.3) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | 23,053 | 27,345 | 28,518 | — | +11.2% | |||||
| Revenue/emp, $m | — | — | — | — | — | — | 0.00 | 0.51 | 0.51 | 0.57 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 4 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2024
| International | 8,250 | 58.73% |
|---|---|---|
| U.S. | 5,798 | 41.27% |
| Gross margin | 47.71% | |
| Operating margin | 6.19% | |
| Pre-tax margin | 0.11% |
Flutter Entertainment PLC vs peers in Gambling (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| DKNG DraftKings Inc. | $20.9B | — (loss-making) | — (loss-making) | −4.58% (below 0%: shrinking) | n/m | −51.62% (below 0%: shrinking) | 38.21% | (4.72%) | Compare |
| FLUT Flutter Entertainment PLC | $14.4B | — (loss-making) | — (loss-making) | +2.11% (above 0%: growing) | n/m | +664.00% (above 0%: growing) | 39.18% | (30.74%) | |
| LNWO Light & Wonder, Inc. | $7.0B | 21.8× | 16.5× | −2.02% (below 0%: shrinking) | +27.01% (above 0%: growing) | +124.76% (above 0%: growing) | 75.61% | 29.37% | Compare |
| CHDN Churchill Downs, Incorporated | $6.7B | 15.2× | 14.0× | +1.90% (above 0%: growing) | +111.65% (above 0%: growing) | +252.66% (above 0%: growing) | 29.74% | 20.55% | Compare |
| SGHC Super Group (SGHC) Limited | $5.9B | 14.0× | 12.7× | +9.69% (above 0%: growing) | +46.95% (above 0%: growing) | −17.12% (below 0%: shrinking) | 100.00% | 27.66% | Compare |
| RSI Rush Street Interactive, Inc. | $2.7B | 24.3× | 30.9× | +38.84% (above 0%: growing) | +313.00% (above 0%: growing) | +90.25% (above 0%: growing) | 36.39% | 11.05% | Compare |
| BRSL Brightstar Lottery | $1.8B | 7.7× | 17.2× | −7.45% (below 0%: shrinking) | n/m | −719.07% (below 0%: shrinking) | 46.92% | 19.69% | Compare |
| ACEL Accel Entertainment, Inc. | $1.1B | 17.6× | 16.1× | +10.27% (above 0%: growing) | +57.13% (above 0%: growing) | +79.67% (above 0%: growing) | 31.38% | 7.92% | Compare |
| CDRO Codere Online Luxembourg, S.A. | $387.0M | — (loss-making) | — | +232.74% (above 0%: growing) | +94.12% (above 0%: growing) | +7,111.62% (above 0%: growing) | 47.71% | 0.00% | Compare |
| Median of peers | $4.3B | 16.4× | 16.3× | +5.80% | +75.63% | +84.96% | 42.57% | 15.37% |
From the latest earnings call
- CEO Daniel Taylor said U.S. sportsbook market share improved in August and September, while competition and market maturation affected iGaming revenue growth.
- CFO Robert Coldrake said Flutter paused its share repurchase program to prioritize investment and debt reduction, after ending Q3 with leverage of 4.6x.
Pay and ownership Proxy statement filed 16 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 19.70m | 3.60m | 104.64 |
| 2024 | 22.17m | 37.98m | 125.77 |
Ownership
Directors and executive officers, together
less than 1%
Candle Lake Limited
18.70%
Capital World Investors
6.10%
Parvus Assets Management
5.20%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Flutter Entertainment PLC (FLUT) Latest News
4 Nov
28 Oct
21 Oct
16 Oct
15 Oct
13 Oct
8 Oct
FLUT metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Altman Z-score
- Beneish M-score
Flutter Entertainment operates sports betting and online gaming businesses for consumers. Its brands include FanDuel in the United States, Paddy Power and Sky Betting & Gaming in the United Kingdom and Ireland, Sportsbet in Australia, and Sisal and Snai in Italy. Flutter was originally incorporated in Ireland in 1958. Its global operational headquarters are in New York, and its registered office is in Dublin. Dan Taylor is chief executive officer.
Customers can place fixed-odds bets on sports, play online casino games and poker, buy lottery tickets, or participate in products such as fantasy sports and betting exchanges, depending on the jurisdiction. In fixed-odds betting, Flutter sets the odds before the event; a winning customer receives a payout based on those odds. In online casino games, customers generally play against the house, while poker players compete with one another.