A Business at a Glance
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We are a digital sports entertainment and gaming company. We provide users with online and retail sports betting (together, “Sportsbook”), online casino (“iGaming”), daily fantasy sports (“DFS”), digital lottery courier, prediction markets and other product offerings. Our mission is to make life more exciting by responsibly creating the world’s favorite real-money games, betting experiences and event contracts trading. We accomplish this by creating an environment where our users can find enjoyment and fulfillment through Sportsbook, iGaming, DFS, digital lottery courier and prediction markets as well as other product offerings. We are also highly focused on our responsibility as a steward of this new era in real-money gaming. Our ethics guide our decision making, with respect to both the tradition and integrity of sports and our investments in regulatory compliance and consumer protection.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 6.1B | 6.1B | 4.8B | 3.7B | 2.2B | 1.3B |
| Net Income | 3.7M | 3.7M | -507M | -802M | -1.4B | -1.5B |
| EPS | $-0.01 | $-0.01 | $-1.05 | $-1.73 | $-3.16 | $-3.78 |
| Free Cash Flow | 648M | 648M | 408M | -23M | -658M | -435M |
| ROIC | -5.5% | 0.3% | -22.4% | -38.3% | -53.5% | -52.0% |
| Gross Margin | 41.3% | 41.3% | 38.1% | 37.5% | 33.8% | 38.7% |
| Debt/Equity | 1.00 | 1.00 | 1.32 | 1.60 | 1.00 | 0.79 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -16M | -16M | -609M | -789M | -1.5B | -1.6B |
| Operating Margin | -0.3% | -0.3% | -12.8% | -21.5% | -67.5% | -120.5% |
| ROE | 0.6% | 0.5% | -50.2% | -95.5% | -104.2% | -90.7% |
| Shares Outstanding | 886M | 886M | 483M | 464M | 436M | 845M |
| Metric | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue | 1.3B | 2.2B | 3.7B | 4.8B | 6.1B | 6.1B |
| Gross Margin | 38.7% | 33.8% | 37.5% | 38.1% | 41.3% | 41.3% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 828M | 764M | 607M | 764M | 674M | 674M |
| EBIT | -1.6B | -1.5B | -789M | -609M | -16M | -16M |
| Op. Margin | -120.5% | -67.5% | -21.5% | -12.8% | -0.3% | -0.3% |
| Net Income | -1.5B | -1.4B | -802M | -507M | 3.7M | 3.7M |
| Net Margin | -117.5% | -61.5% | -21.9% | -10.6% | 0.1% | 0.1% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||
| ROIC | -52.0% | -53.5% | -38.3% | -22.4% | 0.3% | -5.5% |
| ROE | -90.7% | -104.2% | -95.5% | -50.2% | 0.5% | 0.6% |
| ROA | -37.4% | -34.1% | -20.3% | -11.8% | 0.1% | 0.1% |
| Cash Flow | ||||||
| Op. Cash Flow | -420M | -626M | -1.8M | 418M | 663M | 663M |
| Free Cash Flow | -435M | -658M | -23M | 408M | 648M | 648M |
| Owner Earnings | -1.2B | -1.4B | -602M | -234M | 48M | 48M |
| CapEx | 16M | 32M | 21M | 10M | 15M | 15M |
| Maint. CapEx | 121M | 169M | 202M | 271M | 275M | 275M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 121M | 169M | 202M | 271M | 275M | 275M |
| CapEx/OCF | N/A | N/A | N/A | 2.4% | 2.3% | 2.3% |
| Capital Allocation | ||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 18M | 26M | 80M | 48M | 572M | 572M |
| Buyback Yield | 0.1% | 0.5% | N/A | 0.3% | 1.8% | 2.9% |
| Stock-Based Comp | 683M | 579M | 398M | 381M | 339M | 339M |
| Debt Repayment | 0 | 0 | 0 | 0 | 4.5M | 4.5M |
| Balance Sheet | ||||||
| Net Debt | -3.0B | -1.3B | -1.2B | -241M | -1.6B | -497M |
| Cash & Equiv. | 2.2B | 1.3B | 1.3B | 788M | 1.1B | 1.1B |
| Long-Term Debt | 1.2B | 1.3B | 1.3B | 1.3B | 577M | 577M |
| Debt/Equity | 0.79 | 1.00 | 1.60 | 1.32 | 1.00 | 1.00 |
| Interest Coverage | -798.0 | -80.8 | -294.6 | -13.7 | -0.8 | -0.8 |
| Equity | 1.7B | 1.3B | 840M | 1.0B | 631M | 631M |
| Total Assets | 4.1B | 4.0B | 3.9B | 4.3B | 4.5B | 4.5B |
| Total Liabilities | 2.4B | 2.7B | 3.1B | 3.3B | 3.9B | 3.9B |
| Intangibles | 535M | 777M | 691M | 933M | 889M | 889M |
| Retained Earnings | -3.8B | -5.1B | -5.9B | -6.4B | -6.4B | -6.4B |
| Working Capital | 1.8B | 838M | 522M | -121M | 60M | 60M |
| Current Assets | 2.8B | 2.1B | 2.1B | 1.5B | 1.8B | 1.8B |
| Current Liabilities | 929M | 1.2B | 1.5B | 1.7B | 1.8B | 1.8B |
| Per Share Data | ||||||
| EPS | -3.78 | -3.16 | -1.73 | -1.05 | -0.01 | -0.01 |
| Owner EPS | -1.45 | -3.15 | -1.30 | -0.49 | 0.05 | 0.05 |
| Book Value | 1.99 | 3.03 | 1.81 | 2.09 | 0.71 | 0.71 |
| Cash Flow/Share | -0.50 | -1.43 | -0.00 | 0.86 | 0.75 | 0.32 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 844.6M | 436.1M | 463.7M | 483.1M | 886.0M | 886.0M |
| Valuation | ||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A |
| P/FCF | N/A | N/A | N/A | 44.9 | 47.7 | 30.8 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 13.7 | 3.6 | 19.8 | 18.1 | 48.9 | 31.6 |
| Price/Sales | 33.5 | 3.2 | 3.2 | 4.0 | 5.6 | 3.3 |
| FCF Yield | -1.9% | -13.7% | -0.1% | 2.2% | 2.1% | 3.2% |
| Market Cap | 23.1B | 4.8B | 16.6B | 18.3B | 30.9B | 19.9B |
| Avg. Price | 51.37 | 16.49 | 25.50 | 39.48 | 38.56 | 22.51 |
| Year-End Price | 27.32 | 11.05 | 35.87 | 37.92 | 34.88 | 22.51 |
DraftKings Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
On a free-cash-flow basis, the stock trades at 17.1x vs a median of 46.3x. The company's 5-year average gross margin is 37.9%. Total shareholder yield (buybacks) is 2.9%. At current prices, the estimated annualized return to fair value is +83.7%.
DraftKings Inc. (DKNG) has a 5-year average return on invested capital (ROIC) of -33.2%. This is below average and may indicate limited pricing power.
DraftKings Inc. (DKNG) has a market capitalization of $19.9B. It is classified as a large-cap stock.
DraftKings Inc. (DKNG) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 2.87%.
DraftKings Inc. (DKNG) operates in the Services-Miscellaneous Amusement & Recreation industry, within the Consumer Cyclical sector.
DraftKings Inc. (DKNG) reported annual revenue of $6.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
DraftKings Inc. (DKNG) has a net profit margin of 0.1%. This is a modest margin.
DraftKings Inc. (DKNG) generated $648 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
DraftKings Inc. (DKNG) has a debt-to-equity ratio of 1.00. This indicates moderate leverage.
DraftKings Inc. (DKNG) reported earnings per share (EPS) of $-0.01 in its most recent fiscal year.
DraftKings Inc. (DKNG) has a return on equity (ROE) of 0.5%. This indicates moderate shareholder returns.
DraftKings Inc. (DKNG) has a 5-year average gross margin of 37.9%. This indicates decent pricing power.
The Ledger Terminal provides 5 years of financial data for DraftKings Inc. (DKNG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
DraftKings Inc. (DKNG) has a book value per share of $0.71, based on its most recent annual SEC filing.