How does flutter ent. make money?

flutter ent. generates $16.3B in annual revenue (annual revenue).

What is FLUT's XVARY composite score?

flutter ent. (FLUT) has an XVARY composite score of 55/100, rated below average. This combines growth, value, risk, and momentum factors.

FLUT — flutter ent. stock analysis

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.

general large-cap sports-betting igaming u-s-growth

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 $10,000 in FLUT 3 years ago → it's now worth $13,720.

The index would have given you $14,770.

same period. same starting point. FLUT trailed the market by $1,050.

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

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 · 1q2025-3q2025

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)

source: institutional data · analyst targets

The deep dive

FLUT

xvary deep dive

flut

the full analysis is in the works.

what you'll get

dcf valuation model

bull / base / bear scenarios

competitive moat breakdown

quarterly earnings tracker

operating model projections

risk matrix with kill criteria

original price target + conviction

updated with every earnings

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