XVARY Composite Score
55
/ 100
Below Average
Combines growth, value, risk, and momentum factors into a single institutional-grade score.
Start here if you're new
What it is
Flutter runs online sports betting and iGaming brands like FanDuel, Sky Betting & Gaming, and Sportsbet.
How it gets paid
Last year Flutter Ent made $16.3B in revenue. United States was the main engine at 41% of revenue, or 41% of sales.
What just happened
Revenue hit $7.0B, but EPS sat at -$1.72.
At a Glance
B+ balance sheet — decent shape, but not bulletproof
70.0x trailing p/e — you're paying up for this one
8.0% return on capital — nothing to write home about
$4.60 fy2026 eps est
$23B fy2028 rev est
XVARY composite: 55/100 — below average
What They Do
Flutter runs online sports betting and iGaming brands like FanDuel, Sky Betting & Gaming, and Sportsbet.
You are buying brands people already know. 41% of revenue comes from the U.S., while 23% comes from Other International. Scale means more bets spread across more users, so rivals have to spend harder to catch up.
How They Make Money
$16.3B
annual revenue
United States
41% of revenue
UK & Ireland
26% of revenue
Australia
10% of revenue
Other International
23% of revenue
The Products That Matter
U.S. sports betting and iGaming
FanDuel
$7.2B · 44% of revenue shown
it's the biggest segment in this snapshot and it grew 25% last year. this is the engine investors are paying for.
growth engine
International betting and gaming
International
$5.8B · +12% growth
this $5.8B segment adds scale and diversification, but it is also where acquisition and integration noise can muddy the profit picture.
global scale
Mature home-market cash flow
UK & Ireland
$3.3B · +8% growth
it's smaller and slower than the U.S. arm, but $3.3B of revenue means tax or regulatory changes here still matter a lot.
regulatory watch
Key Numbers
70.0x
trailing p/e
Price to earnings means stock price divided by trailing profit. You are paying 70 dollars for each dollar of last year's earnings.
$256
target price
That is 24% above $206.4. The market is already paying up for growth.
$12.0B
debt load
Debt is 25% of capital. That leaves less room for mistakes.
22.5%
operating margin
Operating margin means profit after running the business. 22.5% says the core engine works, but debt can still steal the punchline.
Financial Health
B+
Strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- long-term debt $12.0B (25% of capital)
- net profit margin 7.9% — keeps 8 cents of every dollar in revenue
- return on equity 12% — $0.12 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total Return vs. Market
You invested $10000 in FLUT 3 years ago → it's now worth $13720.
The index would have given you $14770.
source: institutional data · total return
What Just Happened
missed estimates
Revenue hit $7.0B, but EPS sat at -$1.72.
Sales were up 94% vs. prior year. Gross margin means sales after direct costs, and at 75.5% the business kept plenty before overhead, but the quarter still lost money.
$7.0B
revenue
$1.72
eps
75.5%
gross margin
EPS
EPS at -$1.72 matters most because it shows growth is still outrunning profits.
-
Flutter entertainment's recent acquisitions have yet to lift earnings.
-
April's purchase of snaitech for $2.6 billion and may's $350-million deal for a 56% stake in nsx group have been boosting the top line, but not yet by as much as the associated expenses.
-
In the third quarter, interest expenses jumped due to the near doubling of debt, amortization costs rose 84%, and share-based compensation climbed 33%.our earnings follow most of management's adjustments to the $3.91-a-share gaap loss for the quarter, but leave in the $1.74 a share costs for amortization and share-based compensation, which management excludes.
-
The disappointing results, and management's lowered guidance, were the primary factors behind the shares' 40% 3-month slide from their all-time high in late august to a one-year low.
-
The pace of organic revenue growth is a major concern.
source: company earnings report, 2026
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What Could Go Wrong
The top risk here is FanDuel-led growth failing to outrun a swollen expense base.
High
Growth without drop-through
Q4 revenue rose 25% to $4.7B, but net income fell 94% from a year ago. That's the risk in plain English: more betting volume is not yet turning into more profit.
if this keeps happening, the 70.0x multiple has a math problem
Med
Regulatory and tax pressure in core markets
UK & Ireland still contributes $3.3B of revenue. When a mature region that large faces gaming tax pressure, margin damage shows up quickly.
slower profit growth in a segment that is supposed to help fund expansion
Med
Acquisition integration and financing drag
the $2.6B snaitech deal and $350M nsx group purchase widened the footprint, but interest expense, amortization, and compensation costs already moved sharply higher.
more scale, less clean earnings
Med
Debt limits the room for mistakes
$12.0B in long-term debt is 25% of capital. That's manageable when growth is healthy. It becomes less comfortable when earnings are missing and the stock still trades on recovery expectations.
less flexibility if growth or margins disappoint again
a business with 47% gross margin, $1.55B of quarterly operating expense, and $12.0B of debt does not have much room for another profit wobble.
Source: institutional data · regulatory filings · risk analysis
Pay Attention To
Trend
FanDuel growth versus group profit
U.S. revenue is $7.2B and grew 25% last year. If that growth keeps leading while net income keeps lagging, the market will stop treating scale as enough.
Metric
The earnings reset to $4.60
That fy2026 EPS estimate puts the stock at about 44.9x forward earnings. Better than 70.0x trailing. Still expensive if operating leverage does not show up.
Capital return
$350M buyback execution
The board approved another repurchase plan on march 11, 2026 as part of a broader $5B capital return effort. Buybacks help, but they do not fix margin leakage.
Risk
Tax and integration drag
UK & Ireland still generates $3.3B of revenue, while recent deals added cost and complexity. That's two different ways margins can stay under pressure at the same time.
Analyst Rankings
risk profile
average
risk rank 3 — typical risk profile — neither especially safe nor risky.
Source: institutional data
Institutional Activity
institutions have been net buying for 3 consecutive quarters — 345 buyers vs. 238 sellers in 3q2025. total institutional holdings: 0.2B shares. net buying for 3 quarters.
Source: institutional data
Price Targets
3-5 year target range
$163
$348
$206
Current price
$256
Target midpoint · +24% from current · 3-5yr high: $275 (+35% · 8% ann'l return)
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