A Business at a Glance
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Light & Wonder, Inc.
LNWO
$6.3B
Mkt Cap
$74.08
-1.11%
Light & Wonder, Inc. (LNWO) has a current P/E ratio of 22.7, compared to its historical median P/E of 23.4. The stock is currently considered Fair based on its historical valuation range.
Light & Wonder, Inc. (LNWO) has a 5-year average return on invested capital (ROIC) of 21.1%. This indicates strong capital allocation and a potential competitive advantage.
Light & Wonder, Inc. (LNWO) has a market capitalization of $5.8B. It is classified as a mid-cap stock.
Light & Wonder, Inc. (LNWO) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 12.62%.
Based on historical P/E analysis, Light & Wonder, Inc. (LNWO) appears fair. The current P/E of 22.7 is 3% below its historical median of 23.4. The estimated fair value CAGR (P/E method) is 13.1%.
Light & Wonder, Inc. (LNWO) operates in the Services-Computer Integrated Systems Design industry, within the Technology sector.
Light & Wonder, Inc. (LNWO) reported annual revenue of $3.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
Unless otherwise specified or the context otherwise indicates, all references to the words “Light & Wonder,” “Light & Wonder, Inc.,” “we,” “us,” “our” and the “Company” refer to L&W and its consolidated subsidiaries. L&W is a leading cross-platform global games company with a focus on content and digital markets headquartered in Las Vegas, Nevada. Our portfolio of revenue-generating activities primarily includes supplying game content and gaming machines, CMSs and table game products and services to licensed gaming entities, and electronic pull-tabs and related services to charitable gaming entities; providing social casino and other online games, including casual gaming, to retail customers; and providing a comprehensive suite of digital gaming content, distribution platforms, player account management systems, as well as various other iGaming content and services.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.3B | 3.3B | 3.2B | 2.9B | 2.5B | 2.2B |
| Net Income | 280M | 276M | 336M | 163M | 3.7B | 371M |
| EPS | $3.30 | $3.26 | $3.68 | $1.75 | $38.78 | $3.77 |
| Free Cash Flow | 0 | 794M | 632M | 590M | -381M | 685M |
| ROIC | 9.5% | 10.8% | 12.4% | 11.0% | 65.3% | 5.7% |
| Gross Margin | - | 73.3% | 70.8% | 70.0% | 70.6% | - |
| Debt/Equity | 16.53 | 21.27 | 6.16 | 5.14 | 3.99 | -4.16 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 643M | 683M | 668M | 518M | 273M | 110M |
| Operating Margin | 19.3% | 20.6% | 21.0% | 17.8% | 10.9% | 5.1% |
| ROE | 90.0% | 62.7% | 48.0% | 18.6% | 371.2% | -15.1% |
| Shares Outstanding | 79M | 85M | 91M | 93M | 95M | 98M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.8B | 2.8B | 2.9B | 3.1B | 3.4B | 2.4B | 1.7B | 2.2B | 2.5B | 2.9B | 3.2B | 3.3B | 3.3B |
| Gross Margin | 19.7% | 60.0% | 61.6% | 62.3% | 62.7% | 46.2% | N/A | N/A | 70.6% | 70.0% | 70.8% | 73.3% | N/A |
| R&D | 117M | 184M | 205M | 184M | 202M | 166M | 148M | 190M | 218M | 228M | 262M | 252M | 254M |
| SG&A | 508M | 568M | 577M | 613M | 697M | 619M | 627M | 679M | 717M | 808M | 872M | 869M | 889M |
| EBIT | -173M | -1.0B | 131M | 394M | 266M | 290M | -245M | 110M | 273M | 518M | 668M | 683M | 643M |
| Op. Margin | -9.7% | -37.1% | 4.5% | 12.8% | 7.9% | 12.1% | -14.4% | 5.1% | 10.9% | 17.8% | 21.0% | 20.6% | 19.3% |
| Net Income | -234M | -1.4B | -354M | -242M | -352M | -130M | -569M | 371M | 3.7B | 163M | 336M | 276M | 280M |
| Net Margin | -13.1% | -50.5% | -12.3% | -7.8% | -10.5% | -5.4% | -33.5% | 17.2% | 146.3% | 5.6% | 10.5% | 8.3% | 8.4% |
| Non-Recurring | 31M | 1.0B | 129M | 45M | 269M | 32M | 110M | 188M | 147M | 106M | 108M | 230M | 253M |
| Returns on Capital | |||||||||||||
| ROIC | -4.0% | -18.7% | 2.1% | 6.6% | 4.3% | 4.6% | -8.7% | 5.7% | 65.3% | 11.0% | 12.4% | 10.8% | 9.5% |
| ROE | -123.7% | 187.0% | 20.6% | 12.2% | 15.7% | 5.6% | 23.4% | -15.1% | 371.2% | 18.6% | 48.0% | 62.7% | 90.0% |
| ROA | -3.4% | -16.0% | -4.8% | -3.3% | -4.6% | -1.7% | -7.2% | 4.7% | 52.9% | 2.8% | 6.1% | 4.6% | 4.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 204M | 414M | 419M | 507M | 346M | 546M | 471M | 685M | -381M | 590M | 632M | 794M | 748M |
| Free Cash Flow | 96M | 214M | 146M | 213M | -45M | 261M | 471M | 685M | -381M | 590M | 632M | 794M | 0 |
| Owner Earnings | -275M | -514M | -355M | -203M | -388M | -28M | -34M | 174M | -870M | 88M | 161M | 267M | 199M |
| CapEx | 108M | 200M | 273M | 294M | 391M | 285M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 454M | 903M | 739M | 683M | 690M | 542M | 449M | 398M | 420M | 384M | 361M | 406M | 423M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| D&A | 454M | 903M | 739M | 683M | 690M | 542M | 449M | 398M | 420M | 384M | 361M | 406M | 423M |
| CapEx/OCF | 52.8% | 78.1% | 65.1% | 57.9% | 113.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 30M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 405M | 170M | 462M | 880M | 736M |
| Buyback Yield | 2.6% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 7.5% | 2.2% | 5.9% | 10.2% | 12.6% |
| Stock-Based Comp | 24M | 25M | 35M | 27M | 44M | 32M | 56M | 113M | 69M | 118M | 110M | 121M | 126M |
| Debt Repayment | 2.3B | 51M | 50M | 23M | 39M | 44M | 190M | 595M | 280M | 205M | 0 | 530M | 530M |
| Balance Sheet | |||||||||||||
| Net Debt | 8.1B | 8.1B | 8.0B | 8.0B | 8.9B | 8.5B | 8.5B | 8.8B | 3.0B | 3.5B | 3.7B | 5.0B | 5.0B |
| Cash & Equiv. | 172M | 129M | 115M | 789M | 168M | 313M | 928M | 585M | 914M | 425M | 196M | 167M | 147M |
| Long-Term Debt | 8.3B | 8.2B | 8.0B | 8.7B | 9.0B | 8.7B | 9.3B | 8.6B | 3.9B | 3.9B | 3.8B | 5.1B | 5.1B |
| Debt/Equity | 2131.51 | -5.49 | -4.17 | -4.33 | -3.67 | -4.00 | -3.57 | -4.16 | 3.99 | 5.14 | 6.16 | 21.27 | 16.53 |
| Interest Coverage | -0.6 | -1.5 | 0.2 | 0.6 | 0.4 | 0.5 | -0.5 | 0.2 | 0.8 | 1.7 | 2.3 | 2.2 | 2.1 |
| Equity | 3.9M | -1.5B | -1.9B | -2.0B | -2.5B | -2.2B | -2.7B | -2.3B | 990M | 765M | 636M | 245M | 311M |
| Total Assets | 9.7B | 7.7B | 7.1B | 7.7B | 7.7B | 7.8B | 8.0B | 7.9B | 6.0B | 5.6B | 5.4B | 6.5B | 6.4B |
| Total Liabilities | 9.7B | 9.2B | 9.0B | 9.8B | 10.2B | 9.9B | 10.5B | 10.0B | 4.8B | 4.8B | 4.8B | 6.2B | 6.1B |
| Intangibles | 2.3B | 1.9B | 1.8B | 1.6B | 1.8B | 1.5B | 1.1B | 946M | 797M | 605M | 454M | 808M | 769M |
| Retained Earnings | -471M | -1.9B | -2.2B | -2.5B | -2.8B | -3.0B | -3.5B | -3.2B | 517M | 680M | 1.0B | 1.3B | 351M |
| Working Capital | 649M | 522M | 424M | 1.1B | 622M | 849M | 1.3B | 758M | 1.1B | 615M | 448M | 480M | 529M |
| Current Assets | 1.3B | 1.2B | 1.1B | 1.9B | 1.4B | 1.6B | 2.2B | 1.7B | 1.7B | 1.3B | 1.2B | 1.3B | 1.2B |
| Current Liabilities | 656M | 654M | 692M | 740M | 747M | 766M | 832M | 974M | 622M | 696M | 735M | 803M | 676M |
| Per Share Data | |||||||||||||
| EPS | -2.77 | -16.23 | -4.05 | -2.72 | -3.87 | -1.40 | -6.02 | 3.77 | 38.78 | 1.75 | 3.68 | 3.26 | 3.30 |
| Owner EPS | -3.25 | -5.99 | -4.06 | -2.28 | -4.27 | -0.30 | -0.36 | 1.77 | -9.18 | 0.94 | 1.76 | 3.15 | 2.53 |
| Book Value | 0.05 | -17.41 | -22.17 | -22.78 | -27.08 | -23.82 | -28.07 | -22.92 | 10.45 | 8.21 | 6.97 | 2.89 | 3.95 |
| Cash Flow/Share | 2.41 | 4.82 | 4.80 | 5.70 | 3.80 | 5.88 | 4.98 | 6.96 | -4.02 | 6.33 | 6.92 | 9.38 | 8.93 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 84.6M | 85.9M | 87.3M | 89.0M | 91.0M | 92.9M | 94.5M | 98.4M | 94.8M | 93.1M | 91.3M | 84.7M | 78.7M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 17.5 | 1.5 | 47.4 | 23.4 | 31.3 | 22.4 |
| P/FCF | 11.6 | 3.6 | 8.6 | 21.2 | N/A | 9.7 | 8.2 | 9.5 | N/A | 13.1 | 12.4 | 10.9 | N/A |
| EV/EBIT | N/A | N/A | 70.1 | 29.9 | 38.9 | 19.5 | N/A | 127.8 | 27.6 | 20.8 | 17.0 | 19.8 | 16.8 |
| Price/Book | 286.3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 5.5 | 10.1 | 12.4 | 35.3 | 18.7 |
| Price/Sales | 0.6 | 0.4 | 0.3 | 0.9 | 1.1 | 0.6 | 1.3 | 2.8 | 2.1 | 2.2 | 2.8 | 2.3 | 1.8 |
| FCF Yield | 8.6% | 28.0% | 11.6% | 4.7% | -2.8% | 10.3% | 12.2% | 10.5% | -7.0% | 7.6% | 8.0% | 9.2% | N/A |
| Market Cap | 1.1B | 765M | 1.3B | 4.5B | 1.6B | 2.5B | 3.9B | 6.5B | 5.4B | 7.7B | 7.9B | 8.7B | 5.8B |
| Avg. Price | 11.90 | 12.42 | 10.07 | 31.44 | 39.19 | 22.43 | 22.82 | 62.19 | 55.27 | 69.00 | 96.18 | 90.22 | 74.08 |
| Year-End Price | 13.20 | 8.90 | 14.40 | 50.70 | 17.49 | 27.18 | 41.01 | 66.01 | 57.33 | 82.99 | 86.03 | 102.20 | 74.08 |
Light & Wonder, Inc. passes 6 of 9 quality checks, suggesting mixed fundamentals.
Light & Wonder, Inc. trades at 22.7x trailing earnings, compared to its 15-year median P/E of 23.4x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 7.9x vs a median of 10.3x. The company's 5-year average ROIC is 21.1% with a gross margin of 71.2%. Total shareholder yield (buybacks) is 12.6%. At current prices, the estimated annualized return to fair value is +12.5%.
Light & Wonder, Inc. (LNWO) has a net profit margin of 8.3%. This is a modest margin.
Light & Wonder, Inc. (LNWO) generated $794 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Light & Wonder, Inc. (LNWO) has a debt-to-equity ratio of 21.27. This indicates higher leverage, which may increase financial risk.
Light & Wonder, Inc. (LNWO) reported earnings per share (EPS) of $3.26 in its most recent fiscal year.
Light & Wonder, Inc. (LNWO) has a return on equity (ROE) of 62.7%. This indicates the company generates strong returns for shareholders.
Light & Wonder, Inc. (LNWO) has a 5-year average gross margin of 71.2%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 18 years of financial data for Light & Wonder, Inc. (LNWO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Light & Wonder, Inc. (LNWO) has a book value per share of $2.89, based on its most recent annual SEC filing.