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Friday 6 November 2026 Export LNWO’s income statement to Excel — free account

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
+27.0%
Free cash flow
+124.8%
Total debt
+0.79%

Quarter to September 2026, against a year earlier

82.48 6.87 −7.69%
Market cap
$7.0B
P/E
21.8×
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

Light & Wonder, Inc. (LNWO) EV/EBITDA

Alert me on EV/EBITDA

As of 5 November 2026, Light & Wonder, Inc. (LNWO) trades at a EV/EBITDA of 16.7×. Over the past ten years it has ranged from 0.0× (December 2021) to 269× (November 2018); the current reading is higher than 28% of that period. That is above the Gambling industry median of 6.9× and above the Consumer Cyclical sector median of 9.8×.

EV/EBITDA, daily

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Annual newest first

Period EV/EBITDA Change
FY2025 19.7× 16.98%
FY2024 16.8× (18.78%)
FY2023 20.7× (33.03%)
FY2022 31.0× (76.47%)
FY2021 132× —
FY2020 0.0× —
FY2019 37.4× (4.82%)
FY2018 39.3× 24.78%
FY2017 31.5× (55.06%)
FY2016 70.1× 599.80%

Quarterly newest first

Period EV/EBITDA Change
Sep 2026 16.0× (2.63%)
Jun 2026 16.4× (7.16%)
Mar 2026 17.7× (10.39%)
Dec 2025 19.7× 30.03%
43 more quarters

Against its own ten years

Low 0.0× High 269×
Ten-year median 22.8×
Current reading's percentile 28

EV/EBITDA against peers

Company EV/EBITDA
RSI Rush Street Interactive, Inc. compare 4.8×
BRSL Brightstar Lottery compare 5.1×
CDRO Codere Online Luxembourg, S.A. compare 5.6×
ACEL Accel Entertainment, Inc. compare 6.9×
SGHC Super Group (SGHC) Limited compare 8.3×
CHDN Churchill Downs, Incorporated compare 11.2×
LNWO Light & Wonder, Inc. 16.7×
FLUT Flutter Entertainment PLC compare 35.2×
DKNG DraftKings Inc. compare 110×
Gambling industry median 6.9×
Consumer Cyclical sector median 9.8×
Market median 10.9×

What EV/EBITDA is

Enterprise Value over EBITDA tells an investor how the market values a whole company, with debt added and cash taken off, against its operating earnings.

((Stock Price × Shares (Basic, Weighted) (latest quarter)) + (Long Term Debt (Total) (latest quarter) + Current Part of Debt (latest quarter)) − Cash & Short Term Investments (latest quarter)) ÷ EBITDA (TTM)

The full definition of EV/EBITDA →

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