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Friday 6 November 2026
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Grandstand Limited
GRSD Consumer Cyclical Gambling
Grandstand Limited’s revenue for fiscal 2025 (year ended December 2025) was $165.4 million, up 30.1% from fiscal 2024.
- Revenue
- −4.62%
- EPS
- +65.8%
- Free cash flow
- −95.8%
- Total debt
- +32.8%
Quarter to June 2026, against a year earlier
0.83
0.02
−2.35%
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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 Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | 11 | 19 | 19 | 28 | 42 | 77 | 109 | 127 | 165 | 163 | +39.9% | 184 | 199 | 219 | +9.9% | |
| Gross margin, % | — | 72.67 | 80.22 | 100.00 | 100.00 | 100.00 | 96.13 | 91.61 | 94.07 | 90.78 | 86.34 | +18.1 pt | ||||||
| EBT | — | (5) | 7 | (1) | 11 | 12 | 3 | 20 | 34 | (32) | (35) | +25.1% | ||||||
| EBT margin, % | — | (47.94) | 34.16 | (5.34) | 38.43 | 28.74 | 3.79 | 18.54 | 26.85 | (19.59) | (21.62) | +28.3 pt | ||||||
| Net income | — | 0 | 6 | (1) | 11 | 12 | 3 | 20 | 34 | (32) | (35) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | 0.33 | 0.57 | 0.76 | 1.01 | 1.37 | 2.14 | 2.93 | 3.53 | 4.66 | 4.60 | +39.1% | |||||
| Earnings | — | (0.16) | 0.19 | (0.07) | 0.55 | 0.40 | 0.07 | 0.49 | 0.85 | (0.93) | (1.04) | +24.6% | ||||||
| Cash flow | — | 0.09 | 0.09 | 0.16 | 0.39 | 0.45 | 0.52 | 0.48 | 1.04 | 0.54 | 0.10 | +24.6% | ||||||
| Capex | — | 0.00 | 0.00 | (0.07) | 0.00 | (0.18) | (0.26) | (0.25) | (0.67) | (0.13) | (0.15) | n/m | ||||||
| Free cash flow | — | 0.09 | 0.09 | 0.09 | 0.39 | 0.27 | 0.26 | 0.23 | 0.37 | 0.40 | (0.04) | +20.2% | ||||||
| Book value | — | 0.20 | 0.37 | 0.51 | 1.24 | 2.59 | 2.43 | 3.21 | 3.42 | 3.04 | 2.95 | +40.7% | ||||||
| Shares, m | — | 34 | 34 | 25 | 28 | 31 | 36 | 37 | 36 | 35 | 35 | +0.6% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | 12.54 | 12.54 | 12.54 | 12.54 | 24.38 | 127.37 | 19.51 | 16.37 | 0.00 | 0.00 | 26.4 | |||||
| P/S | — | 5.78 | 5.78 | 5.78 | 5.78 | 7.41 | 4.27 | 3.25 | 3.99 | 1.17 | 0.18 | 4.8 | ||||||
| P/B | — | 5.56 | 5.56 | 5.56 | 5.56 | 3.92 | 3.75 | 2.97 | 4.12 | 1.79 | 0.28 | 4.3 | ||||||
| EV/Sales | — | 5.54 | 5.54 | 5.54 | 5.54 | 6.37 | 3.91 | 3.03 | 4.09 | 1.81 | 0.89 | 4.6 | ||||||
| EV/FCF | — | 11.72 | 11.72 | 11.72 | 11.72 | 32.02 | 31.60 | 37.96 | 38.97 | 20.92 | (92.72) | 23.1 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | 3 | 3 | 4 | 11 | 14 | 19 | 18 | 38 | 19 | 4 | +25.4% | |||||
| Capex | — | (6) | (12) | (2) | 0 | (6) | (9) | (9) | (24) | (5) | (5) | (2.8%) | ||||||
| Free cash flow | — | 3 | 3 | 2 | 11 | 8 | 9 | 9 | 13 | 14 | (2) | +21.0% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | 9 | (1) | 7 | 10 | 47 | 10 | 15 | 5 | 7 | (23) | (2.9%) | |||||
| Net debt | — | 25 | 18 | 13 | (1) | (44) | (28) | (24) | 13 | 106 | 116 | +20.0% | ||||||
| Shareholders’ equity | — | 7 | 12 | 13 | 34 | 80 | 87 | 119 | 123 | 108 | 105 | +41.5% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | (13.70) | 32.48 | (5.10) | 37.63 | 18.26 | 2.08 | 12.43 | 18.40 | (13.77) | (12.32) | (0.1) pt | |||||
| ROIC | — | 0.00 | 0.00 | 3.34 | 20.76 | 19.73 | 1.97 | 14.38 | 16.37 | (9.27) | (7.17) | (9.3) pt | ||||||
| ROE | — | (54.75) | 66.71 | (14.96) | 64.28 | 21.82 | 2.86 | 17.73 | 25.34 | (28.49) | (29.92) | +26.3 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | 150 | 186 | 346 | 451 | 523 | 622 | — | +32.9% | |||||
| Revenue/emp, $m | — | 0.00 | 0.00 | 0.00 | 0.19 | 0.23 | 0.22 | 0.24 | 0.24 | 0.27 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026
Grandstand Limited 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 |
|---|---|---|---|---|---|---|---|---|---|
| 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 |
| MRDN Meridian Holdings, Inc. | $116.3M | — (loss-making) | 13.4× | +16.07% (above 0%: growing) | n/m | +260.25% (above 0%: growing) | 53.50% | 4.86% | Compare |
| INSE Inspired Entertainment, Inc. | $92.3M | — (loss-making) | 8.6× | −24.28% (below 0%: shrinking) | n/m | −193.33% (below 0%: shrinking) | 79.93% | 16.28% | Compare |
| ROLR HIGH ROLLER TEC | $33.0M | 7.0× | — | −51.58% (below 0%: shrinking) | n/m | −316.65% (below 0%: shrinking) | 57.64% | (87.97%) | Compare |
| GRSD Grandstand Limited | $29.3M | — (loss-making) | 10.6× | −4.62% (below 0%: shrinking) | n/m | −95.77% (below 0%: shrinking) | 84.29% | (3.10%) | |
| BRAG Bragg Gaming Group Inc. | $25.3M | — (loss-making) | — (loss-making) | −10.09% (below 0%: shrinking) | n/m | +160.34% (above 0%: growing) | 51.72% | (8.48%) | Compare |
| SEGG Sports Entertainment Gaming Global Corporation | $7.0M | — (loss-making) | — (loss-making) | +1,583.52% (above 0%: growing) | n/m | −404.79% (below 0%: shrinking) | 29.03% | (149.34%) | Compare |
| Median of peers | $104.3M | 7.7× | 14.8× | +1.41% | — | −56.83% | 49.72% | 2.43% |