Flutter Entertainment plc (FLUT) stock analysis
Close on Nov 13, 2026Market cap $14.08BP/E –Yield –
StockData Score
Prices as of Nov 13, 2026How the score works
Weak4 of 30 checks passed
Flutter Entertainment passes 4 of the 30 checks behind our score; 14 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 2/6
- Growth
- 2/6
- Past performance
- 0/6
- Financial health
- 0/6
- Dividend
- 0/6
What stands out
Trading below fair value
The share price of $81.13 is below our fair value estimate of $95.84.
Revenue growing 10%+ a year
Revenue grew 20.1% a year over the last three fiscal years.
P/B below the industry
Flutter Entertainment's price-to-book of 1.78 is below the Computer Programming, Data Processing, and Other Computer Related Services median of 3.05.
Growing faster than the industry
Revenue grew 11.7% over the last twelve months; the Computer Programming, Data Processing, and Other Computer Related Services median is 9.6%.
What to watch
Margin of safety under 20%
The price is 15.4% below fair value, less than the 20% cushion we look for.
Return on capital under 10%
Return on invested capital was -4.1%, below the 10% that usually covers the cost of capital.
High debt
Debt is 155% of shareholders' equity, above the 40% we consider low.
Interest not well covered
Operating income covers interest expense -1.5 times; we look for at least 5.
Valuation2/6
P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA above its 5-year median
Flutter Entertainment's EV/EBITDA of 37.9 is above its 5-year median of 27.7.
P/B below the industry
Flutter Entertainment's price-to-book of 1.78 is below the Computer Programming, Data Processing, and Other Computer Related Services median of 3.05.
Trading below fair value
The share price of $81.13 is below our fair value estimate of $95.84.
Margin of safety under 20%
The price is 15.4% below fair value, less than the 20% cushion we look for.
Growth2/6
Revenue growing 10%+ a year
Revenue grew 20.1% a year over the last three fiscal years.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 11.7% over the last twelve months; the Computer Programming, Data Processing, and Other Computer Related Services median is 9.6%.
Guidance lowered
Flutter Entertainment lowered its 2026 Group adjusted EBITDA outlook on Aug 5, 2026.
Gross margin slipping
Gross margin was 41.6% over the last twelve months, against 46.1% a year earlier.
Past performance0/6
Return on equity
Needs positive equity and five years of results.
Return on capital under 10%
Return on invested capital was -4.1%, below the 10% that usually covers the cost of capital.
Return on equity against the industry
Needs positive equity.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin against its history
Needs five years of revenue and net income.
Net margin against the industry
Needs revenue and net income.
Financial health0/6
High debt
Debt is 155% of shareholders' equity, above the 40% we consider low.
Debt rising against equity
Debt to equity rose from 131% five years ago to 155%.
Debt not well covered by cash flow
Operating cash flow over the last twelve months equals 10.8% of total debt; we look for at least 20%.
Interest not well covered
Operating income covers interest expense -1.5 times; we look for at least 5.
Short-term assets don't cover short-term debts
Current assets are 0.91 times current liabilities.
Elevated bankruptcy risk
The Altman Z-score is 1.28; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
Flutter Entertainment has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$95.84
The share price is 15% below this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| EV/EBITDAleft out, too far from the others | 21.1× | 27.7× | 18.2× | $18.59 | – |
| P/B | 3.3× | 4.0× | 3.1× | $152.00 | 40% |
| Earnings power | 10.9% cost of equity | – | – | $58.40 | 60% |
| Fair value | $95.84 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- EV/EBITDA at month end
- Own 5-year median 27.7
- Computer Programming, Data Processing, and Other Computer Related Services median 18.2
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $236.01M
- Value traded per 1% price move
- $98.73M
Downside
High risk
- Typical loss in a bad month
- 33.7%
- Volatility (annualized)
- 50%
- Sharpe ratio, 1 year
- -1.40
- Beta to the S&P 500 (5Y)
- 1.16
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2015 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +16.6% | +20.1% | – | – | |
| Gross profit | +10.5% | +16.8% | – | – | |
| Operating income | -95.9% | – | – | – | |
| Free cash flow | -26.0% | +1.2% | – | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2015 | FY2018 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -3.2% | – | |
| Return on assets | – | -1.2% | – | |
| Current ratio | – | 1.03 | 0.95 | |
| Debt to equity | – | 1.31 | 1.36 | |
| Net debt to EBITDA | – | 8.70× | 6.72× | |
| Interest coverage | – | 0.7× | 0.1× | |
| Capex to revenue | – | 1.7% | 0.6% | |
| Diluted shares | – | 208M | 177M |
Where the cash went
Fiscal 2019 to 2025, five years combined
Flutter Entertainment generated $5.56B from operations and spent $2.11B on capital expenditure, dividends and share buybacks. 26% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2019 | 2.5% | 0.22× | 2.60× | 1.4% |
| FY2018 | -5.0% | 0.24× | 2.59× | -3.2% |
| FY2017 | 19.8% | 0.24× | 2.41× | 11.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero–
- Cash generatingOperating cash flow above zero$1.18B
- Return on assets improvedROA up on the prior year– → –
- Earnings backed by cashOperating cash flow above net income$1.18B vs –
- Less leverageLong-term debt to assets fell27.3% → 41.5%
- Better liquidityCurrent ratio rose0.95 → 0.95
- No dilutionShare count did not rise180M → 177M
- Gross margin improvedGross margin up on the prior year47.71% → 45.19%
- More efficientAsset turnover rose0.57 → 0.67
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