Rush Street Interactive, Inc. (RSI) stock analysis
Close on Nov 12, 2026Market cap $2.72BP/E 39.3Yield –
StockData Score
Prices as of Nov 12, 2026How the score works
Solid16 of 30 checks passed
Rush Street Interactive passes 16 of the 30 checks behind our score; 8 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
- 4/6
- Past performance
- 4/6
- Financial health
- 6/6
- Dividend
- 0/6
What stands out
Trading below fair value
The share price of $11.80 is below our fair value estimate of $12.68.
No debt
Rush Street Interactive has no borrowings on its latest balance sheet.
Earnings grew over 5 years
Net income grew 98.5% a year on average over the last five fiscal years.
Revenue growing 10%+ a year
Revenue grew 24.2% a year over the last three fiscal years.
What to watch
Margin of safety under 20%
The price is 6.9% below fair value, less than the 20% cushion we look for.
Return on equity under 15%
Return on equity was 23.0% over the last twelve months and averaged -43.9% over five years; we look for 15% on both.
Earnings growth not accelerating
Net income grew 25.3% over the last twelve months, against a 5-year average of 98.5% a year.
P/E above the industry
Rush Street Interactive's P/E of 39.3 is above the Miscellaneous Amusement and Recreation median of 34.3.
Valuation2/6
P/E against its history
Not enough price and earnings history to compare.
P/E above the industry
Rush Street Interactive's P/E of 39.3 is above the Miscellaneous Amusement and Recreation median of 34.3.
EV/EBITDA below its 5-year median
Rush Street Interactive's EV/EBITDA of 12.2 is below its 5-year median of 33.8.
P/B above the industry
Rush Street Interactive's price-to-book of 13.93 is above the Miscellaneous Amusement and Recreation median of 2.96.
Trading below fair value
The share price of $11.80 is below our fair value estimate of $12.68.
Margin of safety under 20%
The price is 6.9% below fair value, less than the 20% cushion we look for.
Growth4/6
Revenue growing 10%+ a year
Revenue grew 24.2% a year over the last three fiscal years.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings growth not accelerating
Net income grew 25.3% over the last twelve months, against a 5-year average of 98.5% a year.
Growing faster than the industry
Revenue grew 38.7% over the last twelve months; the Miscellaneous Amusement and Recreation median is 9.8%.
Guidance raised
Rush Street Interactive raised its full year 2026 Revenue outlook on Jul 29, 2026.
Gross margin improving
Gross margin was 35.5% over the last twelve months, against 35.1% a year earlier.
Past performance4/6
Return on equity under 15%
Return on equity was 23.0% over the last twelve months and averaged -43.9% over five years; we look for 15% on both.
Return on invested capital
Needs operating income and invested capital.
Return on equity above the industry
Rush Street Interactive's return on equity of 23.0% is above the Miscellaneous Amusement and Recreation median of 4.4%.
Earnings grew over 5 years
Net income grew 98.5% a year on average over the last five fiscal years.
Net margin above its 5-year average
Net margin was 2.6% over the last twelve months, against a 5-year average of -2.0%.
Net margin above the industry
Rush Street Interactive's net margin of 2.6% is above the Miscellaneous Amusement and Recreation median of 1.6%.
Financial health6/6
No debt
Rush Street Interactive has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
No meaningful interest expense to cover.
Short-term assets cover short-term debts
Current assets are 2.22 times current liabilities.
Low bankruptcy risk
The Altman Z-score is 6.16; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
Rush Street Interactive 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
$12.68
The share price is 7% below this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 34.3× | – | 34.3× | $10.29 | 40% |
| EV/EBITDA | 22.4× | 33.8× | 12.0× | $21.60 | 35% |
| P/B | 6.7× | 10.7× | 3.0× | $5.63 | 10% |
| Earnings power | 13.0% cost of equity | – | – | $2.93 | 15% |
| Fair value | $12.68 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Miscellaneous Amusement and Recreation median 34.3
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
- $63.43M
- Value traded per 1% price move
- $23.67M
Downside
High risk
- Typical loss in a bad month
- 37.8%
- Volatility (annualized)
- 51%
- Sharpe ratio, 1 year
- -0.72
- Beta to the S&P 500 (5Y)
- 1.60
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2018 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 | +22.8% | +24.2% | +32.4% | – | |
| Gross profit | +22.0% | +30.3% | +35.0% | – | |
| Operating income | +249.0% | – | – | – | |
| Net income | +1294.8% | – | +98.5% | – | |
| EPS, diluted | +933.3% | – | – | – | |
| Free cash flow | +55.6% | – | +62.9% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -3.5% | 29.5% | |
| Return on assets | – | 0.6% | 6.4% | |
| Current ratio | – | 0.73 | 1.93 | |
| Interest coverage | – | -988.3× | – | |
| Capex to revenue | – | 0.7% | 0.1% | |
| Diluted shares | – | 52M | 236M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Rush Street Interactive generated $385.89M from operations and spent $22.09M on capital expenditure, dividends and share buybacks. 50% 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 |
|---|---|---|---|---|
| FY2025 | 2.9% | 2.19× | 4.59× | 29.5% |
| FY2024 | 0.3% | 2.65× | 5.27× | 3.6% |
| FY2023 | -2.6% | 2.07× | 6.09× | -33.3% |
| FY2022 | -6.5% | 1.56× | 5.37× | -54.6% |
| FY2021 | -4.0% | 1.36× | 30.32× | -164.8% |
| FY2020 | 0.4% | 1.67× | -5.41× | -3.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$33.31M
- Cash generatingOperating cash flow above zero$165.00M
- Return on assets improvedROA up on the prior year0.7% → 8.8%
- Earnings backed by cashOperating cash flow above net income$165.00M vs $33.31M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.75 → 1.93
- No dilutionShare count did not rise88M → 236M
- Gross margin improvedGross margin up on the prior year34.85% → 34.62%
- More efficientAsset turnover rose2.90 → 2.99
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