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what it is
Inspired sells gambling software, virtual sports, and gaming terminals to betting, lottery, and casino operators in 35 jurisdictions.
how it gets paid
Last year Inspired Entertain made $304M in revenue. gaming was the main engine at $122M, or 40% of sales.
why it's growing
Revenue grew 2.4% last year. Revenue rose 163% vs. prior year to $227 million.
what just happened
The latest quarter showed $227M in revenue, but EPS landed at -$0.34, a hard swing from prior profitability.
At a glance
C+ balance sheet — struggling to keep the lights on
20/100 earnings predictability — expect surprises
4.7x trailing p/e — the market's not buying it — or you found a deal
27.5% return on capital — every dollar works hard here
$2.22 fy2024 eps est
xvary composite: 30/100 — weak
What they do
Inspired sells gambling software, virtual sports, and gaming terminals to betting, lottery, and casino operators in 35 jurisdictions.
This business is already embedded across 170+ gaming websites, 32,000 retail venues, and 16,000 terminals. Distribution moat (hard-to-replace placement) → once your content sits inside an operator's system, ripping it out costs time, approvals, and revenue → so what: you keep seeing the same supplier win repeat business.
How they make money
$304M
annual revenue · their business grew +2.4% last year
gaming
$122M
virtual sports
$91M
interactive
$61M
leisure
$30M
The products that matter
digital betting content
Virtual Sports & Slots
42% EBITDA margin base
This is the mix shift management needs. The company sits at a 42% EBITDA margin today and is guiding for 43% in 2026, which means more of the profit story has to come from digital content.
margin driver
B2B lottery software
Lottery Platform (Strata)
about 30% of a $297M business
Lottery is roughly 30% of revenue. A successful Strata rollout matters because it adds more software-like revenue to a company that cannot live on hardware installs alone.
recurring revenue bet
physical betting terminals
Gaming Terminals
470 installed + 120 next
Inspired installed 470 Jenningsbet terminals in Q4 2025 and had 120 more lined up for Q1 2026. That proves operators still want the hardware, even if hardware is not the part of the model investors pay up for.
proof of demand
Key numbers
4.7x
trailing p/e
P/E → stock price compared with profit per share → so what: you are paying $4.70 for each $1 of trailing earnings.
27.5%
return on capital
Return on capital → profit generated from the money tied up in the business → so what: the assets are productive when earnings hold up.
$368M
long-term debt
Long-term debt → money the company owes over many years → so what: lenders have a louder voice when business gets messy.
10.0%
operating margin
Operating margin → what is left after running the business but before interest and taxes → so what: this is profitable, just not cushioned.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 4 — safer than 20% of stocks
- price stability 20 / 100
- long-term debt $368M (67% of capital)
C+ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for INSE right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The latest quarter showed $227M in revenue, but EPS landed at -$0.34, a hard swing from prior profitability.
Revenue rose 163% vs. prior year to $227 million, but the bottom line moved the other way. That is the quiet part: sales surged while earnings still broke.
$227M
revenue
$0.34
eps
10.0%
operating margin
the number that mattered
EPS at -$0.34 mattered more than the revenue jump because debt-heavy companies do not get much grace when profits vanish.
source: company earnings report, 2026
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What could go wrong
The #1 risk here is the balance sheet running ahead of the equity story. A $178M market cap company carrying $368M of long-term debt does not get many easy mistakes.
med
debt load
Long-term debt sits at $368M, or 67% of capital. That limits flexibility if the digital shift takes longer than planned or operating results wobble again.
The stock market values the equity at roughly $178M. Creditors are still looking at the full debt stack.
med
digital pivot execution
Management needs EBITDA margin to move from 42% to 43% in 2026 and above 45% in 2027. That only works if higher-margin digital content keeps gaining mix.
If the mix shift stalls, the low multiple stops looking like an opportunity and starts looking like a warning.
med
earnings volatility
Trailing four-quarter EPS is now -$0.59 versus $2.33 in the prior-year period, and earnings predictability is just 20/100. You should assume the quarterly ride stays uneven.
That kind of swing can keep the stock cheap even when the headline valuation looks absurdly low.
med
top-line credibility
The business shrank 8.0% from last year, even as the margin story improved. A company can cut its way to better margins for a while. It cannot do that forever.
If revenue stays soft, leverage does not care how elegant the strategic deck looked.
$368M of debt, 67% of capital, and trailing EPS of -$0.59 mean the turnaround does not have much room for a missed quarter.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
2026 EBITDA target
Management is guiding to $112M–$118M of 2026 EBITDA. If results land below that range, the cheap-multiple case gets weaker fast.
trend
margin moving above 42%
The whole pitch is a richer digital mix. Going from 42% to 43% EBITDA margin in 2026 is not cosmetic here. It is the thesis.
calendar
Jenningsbet terminal follow-through
The company installed 470 terminals in Q4 2025 and planned 120 more for Q1 2026. You want to see those deployments turn into repeat business, not one-off optics.
risk
debt staying manageable
With long-term debt at $368M and 67% of capital, any stumble in EBITDA matters more than it would at a cleaner balance-sheet company.
Analyst rankings
earnings predictability
20 / 100
in human-speak, the quarterly numbers can swing around on you.
risk rank
4
That means safer than 20% of stocks. Low multiple does not mean low risk.
source: institutional data
Institutional activity
institutional ownership data for INSE is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$9
current price
n/a
target midpoint · n/a from current
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