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. In the quarter to June 2026, revenue grew 2.35%, EPS grew 38.4%, free cash flow grew 464.3% and total debt rose 5.68%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
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Light & Wonder, Inc. (LNWO) Altman Z-score
Light & Wonder, Inc.'s Altman Z-score for fiscal 2025 is 2.06, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.06 | (0.26) |
| FY2024 | 2.32 | 0.25 |
| FY2023 | 2.07 | 0.48 |
| FY2022 | 1.59 | 1.33 |
| FY2021 | 0.26 | 0.34 |
| FY2020 | −0.08 | (0.26) |
| FY2019 | 0.18 | (0.05) |
| FY2018 | 0.23 | (0.35) |
| FY2017 | 0.58 | 0.40 |
| FY2016 | 0.18 | 0.47 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.07 | — | 0.09 | |
| Retained earnings / total assets | 0.20 | — | 0.28 | |
| EBIT / total assets | 0.11 | — | 0.35 | |
| Market value of equity / total liabilities | 1.38 | — | 0.83 | |
| Sales / total assets | 0.51 | — | 0.51 | |
| Altman Z-score | Grey zone | 2.06 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.89 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| SGHC Super Group (SGHC) Limited compare | 11.5× |
| RSI Rush Street Interactive, Inc. compare | 5.4× |
| CDRO Codere Online Luxembourg, S.A. compare | 4.3× |
| ACEL Accel Entertainment, Inc. compare | 2.7× |
| FLUT Flutter Entertainment PLC compare | 2.1× |
| LNWO Light & Wonder, Inc. | 2.1× |
| DKNG DraftKings Inc. compare | 2.0× |
| CHDN Churchill Downs, Incorporated compare | 1.6× |
| BRSL Brightstar Lottery compare | 0.6× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets