Flutter Entertainment plc

Services-Computer Programming, Data Processing, Etc.

FLUTStrained4 of 9 basics passed

$80.00

-1.94%

Market cap $13.9B

$80.00

-1.94%

Market cap $13.9B

In 2016, Irish company Paddy Power merged with UK firm Betfair to form online gaming operator Flutter Entertainment. Today, Flutter has the top digital revenue share in the US, UK, Ireland, Australia, Italy, and many other countries.

It is a $13.9B technology company. Revenue grew 15.2% over the last year, it currently loses money, and its net debt equals ~8.3 years of free cash flow.

Website: flutter.com
Location: New York, NY
Employees: 27 345
Sector: Technology

Share price · 3 years

$205.50 → $80.00-61.1%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $17.2B
Loss: spends more than it earns; -$754M
Free cash flow: cash left after running the business; $1.24B
Net debt: debt minus cash on hand; $10.3B
Shares: shares outstanding; 177.1M
Volatility: beta vs the market — under 1 swings less; 1.19

Revenue, last 5 years

52-week range

Low $74.45$80.00High $252.34

Today's price is 3% of the way from the year's low to its high.

P/E vs its history9mo

138.4×median 143.1×

Higher than 40% of past days — around the middle of its own history.

Valuation vs own history

P/E

138.4×

60%

P/S

0.8×

99%

EV/EBITDA

61.0×

72%

P/B

1.5×

99%

FCF yield

9.0%

99%

Share of the last ~5 years that was pricier than today (unusually cheap vs its own history). Based on the daily valuation record.

Insider activity · 90 days

+$61.8Mnet buying

Purchases$62.5M

Sales$644K

Insiders trading, last 14d0 buy · 0 sell

Standing in Technology

Size$13.9Btop 69%
Revenue growth+20%top 24%
Net margin-4%top 87%
Return on equity-8%top 90%

Ranked against 220 Technology companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation; Growth, Profitability, Health and Moat lag behind.

Valuation82

P/E vs own history40th pct · 20/25
FCF yield8.9% · 25/25
P/S0.8x · 25/25
EV/EBITDA21.9x · 12/25

Growth20

Revenue CAGR18.5% · 20/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growthn/a · 0/25

Profitability0

ROIC-1.6% · 0/25
ROE-8.4% · 0/25
Net margin-4.4% · 0/25
Operating margin-3.8% · 0/25

Health14

Altman Z1.11 · 3/25
Current ratio0.89 · 6/25
Interest coverage-0.2x · 0/25
Net cash / debtD/A 35% · 5/25

Quality65

Piotroski F5/9 · 15/25
Beneish M-2.75 · 25/25
FCF conversionn/a · 0/25
Margin stabilityσ 3.2% · 25/25

Moat45

ROIC >12% years0/5 yrs · 0/25
Median gross margin47.7% · 20/25
FCF-positive years5/5 yrs · 25/25
Worst-year net marginworst -11.1% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

Q3 2026Insiders
6 open-market insider purchases
~655K shares bought by insiders
FY2024Financial
Turned profitable
$43.0M net income after a loss year
FY2024Financial
Best year on record
$43.0M net income
2024Acquisition
Flutter announced its acquisition of Snaitech, one of Italy's leading gambling operators, in a…
FY2023Financial
Revenue crossed $10B
$11.8B for the year
2023Acquisition
It was announced Flutter had acquired an initial 51% stake in Novi Sad-headquartered omni-channel…
2022Acquisition
Flutter acquired the online bingo company Tombola
FY2021Financial
Revenue already above $1B
$8.31B in first reported year
FY2021Financial
Positive free cash flow every year since
5-year streak
2021Acquisition
Flutter acquired a majority 50.1% stake of Indian Rummy provider Junglee Games for $67 million
2019Acquisition
Flutter Entertainment announced its acquisition of Canadian gambling operator The Stars Group for…
2018Acquisition
Paddy Power Betfair announced its intent to acquire FanDuel, one of the two leading daily fantasy…
2017Acquisition
It acquired daily fantasy sports operator Draft
2016Acquisition
The merger was completed on 2 February 2016
2015Acquisition
Paddy Power and British rival Betfair agreed terms for a merger on 8 September 2015
2001Acquisition
Flutter was originally the name of a betting exchange acquired by Betfair in December 2001

Achievements

Verifiable track record, straight from the reported numbers.

$16.4B revenue in FY2025

Revenue up 15.2% year over year

Positive free cash flow 5 years in a row

27 345 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (42.5%)
Revenue growing 15.2% year over year

Watch-outs

Not profitable — 4.4% net margin
Altman Z-Score 1.11 — elevated financial-distress risk
Net debt would take ~8.8 years of free cash flow to repay
Thin interest coverage (-0.2×)
Loss-making in 4 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

4 of 9 checks passed

Revenue growing — the company sells more than a year ago+15.2% YoY
Profitable — makes more than it spends-$754M TTM
Profit growing — earnings are higher than last year-820.9% YoY
Generates cash — cash left after running and investing$1.24B TTM
Debt under control — could handle its obligations~8.3y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$13.9B market cap
Not printing shares — share count not ballooning — you keep your slice+0.9% shares over ~5y
Proven track record — years of profitability behind it1/5 profitable years
Financially stable — balance sheet not near distressAltman Z 1.1 — distress
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsno data

Peer comparisonFlutter Entertainment plc vs 6 largest technology peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
FLUT this company	$13.9B	—	+15.2%	-4.4%	Strained
NVDA Nvidia Corp	$5.5T	28.6	+83.4%	63.7%	Mixed
AAPL Apple Inc.	$4.9T	38.1	+14.2%	27.6%	Strong
GOOGL Alphabet Inc.	$4.3T	17.6	+20.1%	54.8%	Mixed
MSFT Microsoft Corp	$4.0T	29.7	+17.8%	40.3%	Strong
SPCX Space Exploration Technologies Corp.	$2.1T	—	+33.2%	-34.0%	Strained
META Meta Platforms, Inc.	$1.8T	26.9	+27.7%	29.8%	Mixed

Head-to-head: FLUT vs NVDA · FLUT vs AAPL · FLUT vs GOOGL

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 8Buy 18Hold 10

Appendix · Financial records

The full statements behind this CV, FY2021–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $17.2B · net income -$754M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$17.2B

YoY 15.2%

Net income (TTM)

-$754M

Margin -4.4%

Gross margin

42.5%

Operating margin

-3.8%

Income statement — full detail

Figures in USD billions · EPS in USD

	2021	2022	2023	2024	2025
Revenue	8.3	9.5	11.8	14.0	16.4
Gross profit	4.4	4.7	5.6	6.7	7.4
Operating income (EBIT)	-0.4	-0.1	0.2	0.9	0.6
Net income	-0.9	-0.4	-1.2	0.0	-0.3
EPS (diluted)	-5.26	-2.45	-6.90	0.24	-1.75

Cash flowFree cash flow $1.24B · operating cash flow $1.33B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$1.24B

Margin 7.2%

Operating cash flow (TTM)

$1.33B

FCF margin

7.2%

Cash flow statement — full detail

Figures in USD billions

	2021	2022	2023	2024	2025
Operating cash flow	0.6	1.2	0.9	1.6	1.2
Capital expenditure	-0.1	-0.1	-0.2	-0.1	-0.1
Free cash flow	0.4	1.0	0.8	1.5	1.1
FCF margin	5.2%	11.0%	6.6%	10.4%	6.6%

Balance sheetAssets $29.3B · net debt $10.3B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $29.3B of assets is financed

68%

32%

Liabilities $19.6B — borrowed moneyEquity $9.04B — owners' stake

Cash vs debt

Total debt $12.2B − cash $1.83B = net debt $10.3B

Cash on hand covers 15% of debt.

Altman Z-Score

1.11

Distress zone

Debt repayment

8.8 yrs

Years of free cash flow to clear net debt

Interest coverage

-0.2x

EBIT ÷ interest expense

ROE

-8.4%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2021	2022	2023	2024	2025
Cash & equivalents	2.2	3.5	3.4	1.5	1.8
Total assets	22.7	25.3	24.6	24.5	29.3
Total liabilities	8.8	13.1	13.3	13.2	19.6
Total debt	5.3	7.2	7.7	6.7	12.2
Equity	13.9	12.1	11.4	9.3	9.0
Net debt	3.1	3.8	4.3	5.2	10.3

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of FLUT on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $80.00 · market cap $13.9B.