# Flutter Entertainment plc (FLUT) — Stock CV

Flutter Entertainment plc 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.

> 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.

## Identity

- **Ticker**: FLUT
- **Sector**: Technology
- **Industry**: Services-Computer Programming, Data Processing, Etc.
- **Headquarters**: NEW YORK, NY
- **Employees**: 27 345
- **Website**: https://www.flutter.com
- **Market cap**: $13.9B
- **Last price**: $80.00
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $17.2B
- **Net income**: -$754M
- **Free cash flow**: $1.24B
- **Net debt**: $10.3B
- **Revenue growth (YoY)**: 15.2%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 82 |
| Growth | 20 |
| Profitability | 0 |
| Health | 14 |
| Quality | 65 |
| Moat | 45 |

## Qualifications (beginner checklist) — 4 of 9 passed

- [x] Revenue growing — +15.2% YoY
- [ ] Profitable — -$754M TTM
- [ ] Profit growing — -820.9% YoY
- [x] Generates cash — $1.24B TTM
- [ ] Debt under control — ~8.3y of cash flow to repay
- [x] Established company — $13.9B market cap
- [x] Not printing shares — +0.9% shares over ~5y
- [ ] Proven track record — 1/5 profitable years
- [ ] Financially stable — Altman Z 1.1 — distress

## Experience (career milestones)

- **Q3 2026** — 6 open-market insider purchases: ~655K shares bought by insiders
- **FY2024** — Turned profitable: $43.0M net income after a loss year
- **FY2024** — Best year on record: $43.0M net income
- **2024** — Flutter announced its acquisition of Snaitech, one of Italy's leading gambling operators, in a…
- **FY2023** — Revenue crossed $10B: $11.8B for the year
- **2023** — It was announced Flutter had acquired an initial 51% stake in Novi Sad-headquartered omni-channel…
- **2022** — Flutter acquired the online bingo company Tombola
- **FY2021** — Revenue already above $1B: $8.31B in first reported year
- **FY2021** — Positive free cash flow every year since: 5-year streak
- **2021** — Flutter acquired a majority 50.1% stake of Indian Rummy provider Junglee Games for $67 million
- **2019** — Flutter Entertainment announced its acquisition of Canadian gambling operator The Stars Group for…
- **2018** — Paddy Power Betfair announced its intent to acquire FanDuel, one of the two leading daily fantasy…
- **2017** — It acquired daily fantasy sports operator Draft
- **2016** — The merger was completed on 2 February 2016
- **2015** — Paddy Power and British rival Betfair agreed terms for a merger on 8 September 2015
- **2001** — Flutter was originally the name of a betting exchange acquired by Betfair in December 2001

## 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

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $8.31B | -$923M | $431M |
| FY2022 | $9.46B | -$432M | $1.04B |
| FY2023 | $11.8B | -$1.22B | $778M |
| FY2024 | $14.0B | $43.0M | $1.46B |
| FY2025 | $16.4B | -$310M | $1.08B |

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Source: https://stockcv.com/FLUT — derived from company filings; may be delayed or incomplete. Information, not investment advice.