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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. 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.

81.86 0.15 +0.18%
Market cap
$7.0B
P/E
24.0×
Fwd P/E
15.2×
Dividend yield
—
F-score
5/9
Altman Z
2.06
Beneish M
−2.72
Dividend safety
n/a
Overview Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 37.36
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — 4 4 — 5 1 — 2 — 3 1 —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 7,030.00
Revenue 3,349.00
Net Income 271.00
Free Cash Flow 555.00
Net Debt 4,886.00
Current Ratio 1.73 (at or above 1.5: strong)
Debt/Equity 16.99 (above 2: weak)
P/E ratio 24.01
Fwd P/E 15.20
P/S ratio 1.89
P/B ratio 20.98 (above 6: high)
Past 5Y EPS Growth —
This Y EPS Growth 36.78% (at or above 15%: strong)
Next Y EPS Growth 22.50% (at or above 15%: strong)
Next Y revenue growth 2.29%
Next 5Y EPS Growth 27.78% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.4×, 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 55.22%
10-year low 10-year high
P/S against its own 10 years 47.07%
10-year low 10-year high
P/B against its own 10 years 88.69%
10-year low 10-year high
EV/Sales against its own 10 years 29.27%
10-year low 10-year high
EV/FCF against its own 10 years 1.80%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2028 Powerpack
2027 Powerpack
2026 Powerpack
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 515 306 261 246
Receivables 506 585 689 640
Inventory 177 158 169 193
Other — — — —
1,311 1,183 1,283 1,240
2023 2024 2025 Q'26
Payables 241 216 189 199
ST’ Debt 22 23 53 63
Other — — — —
696 735 803 715

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%)

Revenue $m

Mar Jun Sep Dec Year
’26 790 828 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 0.66 1.53 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 4.56 13.73 14.79 16.02 3.76 36.89 40.10 53.77 76.52 69.56

Analyst estimates 2026–2028

Powerpack
High 16.10 54.95 62.80 31.63 43.87 90.20 70.59 89.02 115.00 113.95
People
People Employees 8,400 8,600 9,700 9,800 9,000 9,500 6,100 6,500 6,800 6,800
Revenue/emp, $m 0.34 0.36 0.35 0.24 0.19 0.23 0.41 0.45 0.47 0.49
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
Gross margin, % 61.63 62.26 62.68 68.76 64.10 71.71 70.62 69.95 70.80 73.30
EBT (479) (227) (339) (377) (804) (294) (163) 205 421 365
EBT margin, % (16.60) (7.36) (10.08) (15.79) (47.32) (13.66) (6.49) 7.06 13.21 11.01
Net income (354) (242) (352) (118) (548) 390 3,697 180 336 276
Depreciation 808 683 690 542 503 398 420 384 361 406
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
Earnings (4.05) (2.72) (3.87) (1.40) (6.02) 3.86 38.78 1.79 3.77 3.32
Cash flow 4.80 5.70 3.80 5.87 4.96 7.14 (4.01) 6.48 7.10 9.57
Capex (2.93) (3.19) (3.86) (2.41) (1.44) (1.78) (2.27) (2.66) (3.30) (3.73)
Free cash flow 1.86 2.51 (0.05) 3.46 3.52 5.35 (6.28) 3.82 3.80 5.83
Book value (22.17) (22.78) (27.07) (22.67) (26.57) (21.94) 12.22 8.41 7.15 2.95
Shares, m 87 89 91 93 95 96 95 91 89 83
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 17.36 1.50 45.08 22.91 31.53
P/S 0.42 1.44 0.48 1.04 2.32 2.98 2.20 2.54 2.41 2.58
P/B 0.00 0.00 0.00 0.00 0.00 0.00 4.76 9.65 12.09 34.92
EV/Sales 3.18 4.03 3.11 4.54 7.22 6.73 3.37 3.70 3.53 4.06
EV/FCF 109.79 86.44 (123.90) 44.73 48.20 33.32 (12.50) 40.00 43.51 33.26
Cash, $m
Cash, $m Operating cash flow 419 507 346 546 471 685 (381) 590 632 794
Capex (256) (284) (351) (224) (137) (171) (216) (242) (294) (310)
Free cash flow 163 223 (5) 322 334 514 (597) 348 338 484
Balance, $m
Balance, $m Working capital 424 1,137 622 849 1,349 758 1,072 615 448 480
Total debt 8,074 8,777 9,037 8,725 9,303 8,690 3,894 3,874 3,870 5,163
Net debt 7,934 7,959 8,830 8,361 8,330 8,064 2,933 3,359 3,564 4,902
Shareholders’ equity (1,936) (2,027) (2,463) (2,108) (2,524) (2,106) 1,161 765 636 245
Returns, %
Returns, % ROA (4.77) (3.27) (4.56) (1.67) (7.21) 4.68 52.91 2.82 6.12 4.65
ROIC 1.36 4.15 2.61 2.90 (2.64) 1.15 4.17 7.85 9.94 8.29
ROE 20.62 12.21 15.68 5.69 24.57 (16.03) (777.78) 16.93 47.97 62.66
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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. $17.2B — (loss-making) 90.5× −4.58% (below 0%: shrinking) n/m −51.62% (below 0%: shrinking) 38.21% (4.72%) Compare
FLUT Flutter Entertainment PLC $13.2B — (loss-making) 43.5× +3.32% (above 0%: growing) n/m +21.15% (above 0%: growing) 39.60% (3.33%) Compare
LNWO Light & Wonder, Inc. $7.0B 24.0× 15.2× +2.35% (above 0%: growing) +38.39% (above 0%: growing) +464.29% (above 0%: growing) 74.64% 26.93%
CHDN Churchill Downs, Incorporated $5.7B 14.0× 12.1× +4.93% (above 0%: growing) +13.58% (above 0%: growing) +2.58% (above 0%: growing) 42.76% 36.43% Compare
SGHC Super Group (SGHC) Limited $5.7B 15.1× 14.9× +32.30% (above 0%: growing) +100.00% (above 0%: growing) −39.92% (below 0%: shrinking) 100.00% 25.15% Compare
RSI Rush Street Interactive, Inc. $4.4B 61.7× 69.2× +46.27% (above 0%: growing) −44.44% (below 0%: shrinking) +128.07% (above 0%: growing) 35.47% 11.74% Compare
BRSL Brightstar Lottery $1.8B 7.3× 16.1× −7.45% (below 0%: shrinking) n/m −719.07% (below 0%: shrinking) 46.92% 19.69% Compare
ACEL Accel Entertainment, Inc. $898.0M 15.8× 16.9× +9.59% (above 0%: growing) +66.67% (above 0%: growing) +266.72% (above 0%: growing) 31.30% 8.71% Compare
CDRO Codere Online Luxembourg, S.A. $437.9M — (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 $5.1B 15.1× 16.9× +7.26% +66.67% +11.86% 41.18% 10.23%

All 16 Gambling stocks →

Light & Wonder, Inc. (LNWO) key facts

  • Strength: Light & Wonder, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.3 billion, up 3.95% from fiscal 2024.
  • Light & Wonder, Inc. (LNWO) is a Gambling company in the Consumer Cyclical sector.
  • As of October 16, 2026, LNWO traded at $81.86, a market capitalization of $7.0 billion.
  • Return on equity was 62.7% and debt-to-equity 16.99.
  • Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 2.06 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Light & Wonder, Inc. (LNWO) Latest News

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stockrow.com/LNWO · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com