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Light & Wonder, Inc.

LNWO Consumer Cyclical Gambling

Light & Wonder, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.3 billion, up 3.95% from fiscal 2024.

Revenue
−2.02%
EPS
+27.1%
Free cash flow
+124.8%
Total debt
+0.79%

Quarter to September 2026, against a year earlier

80.88 1.60 −1.94%
Market cap
$7.0B
P/E
21.4×
Fwd P/E
16.5×
Dividend yield
—
F-score
5/9
Altman Z
2.06
Beneish M
−2.72
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 37.36
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 4 4 — 5 1 — 2 — 3 1 — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 7,030.00
Revenue ttm 3,332.00
Net income ttm 290.00
Free cash flow ttm 596.00
Net debt Q 4,793.00
Valuation
P/E 21.39
Forward P/E 16.50
Price / sales 1.85
Forward P/S Powerpack
Price / FCF 11.96
Price / book 20.46 (above 6: high)
Financial health
Current ratio Q 1.69 (at or above 1.5: strong)
Debt / equity Q 11.78 (above 2: weak)
Interest coverage Q 3.03
Growth
Revenue growth Q −2.02% (below 0%: shrinking)
Operating income growth Q +5.68% (above 0%: growing)
EPS, this year +36.78% (at or above 15%: strong)
EPS, next year A +22.50% (at or above 15%: strong)
Revenue, next year A +2.14%
EPS, past 5 yrs —
EPS, next 5 yrs A +27.78% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.3×, against a ten-year median of 3.6×; over the ten years it ranged from 2.7× in 2022 to 10.5× in 2021.
P/E against its own 10 years 43.31%
10-year low 10-year high
P/S against its own 10 years 46.11%
10-year low 10-year high
P/B against its own 10 years 85.92%
10-year low 10-year high
EV/Sales against its own 10 years 26.25%
10-year low 10-year high
EV/FCF against its own 10 years 0.47%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 515 306 261 188
Receivables 506 585 689 632
Inventory 177 158 169 194
Other — — — —
1,311 1,183 1,283 1,191
2023 2024 2025 Q'26
Payables 241 216 189 136
ST’ Debt 22 23 53 64
Other — — — —
696 735 803 703

Compound Annual Growth %

10y 5y 3y
Sales 1.85% 14.30% 9.68%
Cash Flow 6.72% 11.01% 0.00%
Earnings 0.00% 0.00% (57.81%)
Book Value 0.00% 0.00% (40.46%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.87 Actual 2.12

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.53 1.96 Beat by 0.43
Q1 FY26 1.57 1.45 Miss by 0.12
Q2 FY26 1.75 1.99 Beat by 0.24
Q3 FY26 1.87 2.12 Beat by 0.25
Q4 FY26 2.28 — Reports 23 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.66 1.53 1.72 — —
’25 0.94 1.11 1.34 (0.19) 3.26
’24 0.88 0.90 0.71 1.20 3.68
’23 0.23 (0.01) 0.81 0.73 1.75
’22 0.26 34.61 3.42 0.32 38.78
’21 (0.16) 1.10 1.84 0.95 3.77
’20 (1.69) (2.15) (1.23) (0.95) (6.02)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 790 828 824 — —
’25 774 809 841 890 3,314
’24 756 818 817 797 3,188
’23 670 731 731 770 2,902
’22 572 610 648 682 2,512
’21 453 581 539 580 2,153
’20 725 539 432 3 1,699
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 139 241 236 — —
’25 185 106 184 319 794
’24 171 141 118 202 632
’23 185 34 204 167 590
’22 94 (37) (351) (87) (381)
’21 123 149 187 226 685
’20 120 52 140 159 471
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 65 158 146 — —
’25 124 28 105 227 484
’24 105 54 47 132 338
’23 132 (25) 134 107 348
’22 51 (94) (409) (145) (597)
’21 88 109 144 173 514
’20 89 13 132 100 334
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten 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 2,883 3,084 3,363 2,388 1,699 2,153 2,512 2,902 3,188 3,314 3,332 +1.6% 3,385 3,605 3,825 +4.9%
Gross margin, % 61.63 62.26 62.68 68.76 64.10 71.71 70.62 69.95 70.80 73.30 74.70 +11.7 pt
EBT (479) (227) (339) (377) (804) (294) (163) 205 421 365 376 n/m
EBT margin, % (16.60) (7.36) (10.08) (15.79) (47.32) (13.66) (6.49) 7.06 13.21 11.01 11.28 +27.6 pt
Net income (354) (242) (352) (118) (548) 390 3,697 180 336 276 290 n/m
Per share, $
Per share, $ Revenue 33.03 34.65 36.96 25.68 17.88 22.43 26.44 31.89 35.82 39.93 43.61 +2.1%
Earnings (4.05) (2.72) (3.87) (1.40) (6.02) 3.86 38.78 1.79 3.77 3.32 3.78 n/m
Cash flow 4.80 5.70 3.80 5.87 4.96 7.14 (4.01) 6.48 7.10 9.57 12.24 +8.0%
Capex (2.93) (3.19) (3.86) (2.41) (1.44) (1.78) (2.27) (2.66) (3.30) (3.73) (4.44) +2.7%
Free cash flow 1.86 2.51 (0.05) 3.46 3.52 5.35 (6.28) 3.82 3.80 5.83 7.80 +13.5%
Book value (22.17) (22.78) (27.07) (22.67) (26.57) (21.94) 12.22 8.41 7.15 2.95 5.54 n/m
Shares, m 87 89 91 93 95 96 95 91 89 83 79 (0.6%)
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 17.36 1.50 45.08 22.91 31.53 21.39 11.8
P/S 0.42 1.44 0.48 1.04 2.32 2.98 2.20 2.54 2.41 2.58 1.85 1.8
P/B 0.00 0.00 0.00 0.00 0.00 0.00 4.76 9.65 12.09 34.92 20.46 6.1
EV/Sales 3.18 4.03 3.11 4.54 7.22 6.73 3.37 3.70 3.53 4.06 3.29 4.3
EV/FCF 109.79 86.44 (123.90) 44.73 48.20 33.32 (12.50) 40.00 43.51 33.26 21.24 30.3
Cash, $m
Cash, $m Operating cash flow 419 507 346 546 471 685 (381) 590 632 794 935 +7.4%
Capex (256) (284) (351) (224) (137) (171) (216) (242) (294) (310) (339) +2.1%
Free cash flow 163 223 (5) 322 334 514 (597) 348 338 484 596 +12.9%
Balance, $m
Balance, $m Working capital 424 1,137 622 849 1,349 758 1,072 615 448 480 488 +1.4%
Net debt 7,934 7,959 8,830 8,361 8,330 8,064 2,933 3,359 3,564 4,902 4,793 (5.2%)
Shareholders’ equity (1,936) (2,027) (2,463) (2,108) (2,524) (2,106) 1,161 765 636 245 423 n/m
Returns, %
Returns, % ROA (4.77) (3.27) (4.56) (1.67) (7.21) 4.68 52.91 2.82 6.12 4.65 4.52 +9.4 pt
ROIC 1.36 4.15 2.61 2.90 (2.64) 1.15 4.17 7.85 9.94 8.29 8.11 +6.9 pt
ROE 20.62 12.21 15.68 5.69 24.57 (16.03) (777.78) 16.93 47.97 62.66 50.61 +42.0 pt
People
People Employees 8,400 8,600 9,700 9,800 9,000 9,500 6,100 6,500 6,800 6,800 — (2.3%)
Revenue/emp, $m 0.34 0.36 0.35 0.24 0.19 0.23 0.41 0.45 0.47 0.49 — +4.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026

Light & Wonder, Inc. 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) +16.17% (above 0%: growing) n/m −133.13% (below 0%: shrinking) 32.28% (37.10%) 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%) Compare
LNWO Light & Wonder, Inc. $7.0B 21.4× 16.5× −2.02% (below 0%: shrinking) +27.07% (above 0%: growing) +124.76% (above 0%: growing) 75.61% 29.37%
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 13.8× 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 25.1× 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 7.6× 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 15.2× 16.1× +9.98% +94.12% +84.96% 37.79% 9.49%

All 15 Gambling stocks →

Pay and ownership Proxy statement filed 30 April 2026

Ownership

Directors and executive officers, together 2.40%
Fine Capital Partners, L.P. 10.50%
Caledonia (Private) Investments Pty Limited Level 10.00%
The Vanguard Group 6.00%
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

Light & Wonder, Inc. (LNWO) Latest News

5 Nov

Impact 3 · · GuruFocus.com

4 Nov

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16 Oct

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28 Sep

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4 Aug

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13 Jul

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9 May

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6 May

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26 Feb

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25 Feb

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24 Feb

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10 Feb

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1 Feb

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12 Jan

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28 Dec

Impact 3 · · Simply Wall St.

9 Dec

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27 Nov

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26 Nov

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14 Nov

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LNWO metrics, ten years each

stockrow.com/LNWO · Data as of Nov 6, 2026 · For information only; not investment advice. · © 2026 stockrow.com