Accel Entertainment (ACEL)
Market Price (9/21/2026): $11.265 | Market Cap: $924.2 MilSector: Consumer Discretionary | Industry: Casinos & Gaming
Accel Entertainment (ACEL)
Market Price (9/21/2026): $11.265Market Cap: $924.2 MilSector: Consumer DiscretionaryIndustry: Casinos & Gaming
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.1%, FCF Yield is 8.5% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% Low stock price volatilityVol 12M is 32% Megatrend and thematic driversMegatrends include Markets & Betting, and Experience Economy & Premiumization. Themes include Regulated Gaming, and Experiential Retail. | Weak multi-year price returns2Y Excs Rtn is -39%, 3Y Excs Rtn is -69% | Key risksACEL key risks include [1] adverse regulatory and tax changes in its key states, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.1%, FCF Yield is 8.5% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Low stock price volatilityVol 12M is 32% |
| Megatrend and thematic driversMegatrends include Markets & Betting, and Experience Economy & Premiumization. Themes include Regulated Gaming, and Experiential Retail. |
| Weak multi-year price returns2Y Excs Rtn is -39%, 3Y Excs Rtn is -69% |
| Key risksACEL key risks include [1] adverse regulatory and tax changes in its key states, Show more. |
Qualitative Assessment
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Accel Entertainment (ACEL) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Adjusted Earnings Per Share Missed Analyst Expectations. Accel Entertainment reported strong revenue and Adjusted EBITDA for fiscal Q2 2026 (ended June 30, 2026), with revenue increasing 10% year-over-year to a record $368 million and Adjusted EBITDA rising 11% to $59 million. However, the company's adjusted earnings per share (EPS) of $0.15 fell 25% short of Wall Street's forecast of $0.20, potentially dampening investor sentiment despite the top-line beat.
2. Weaker Operating Cash Flow Conversion Compared to Previous Quarter. While Accel Entertainment generated $20 million in operating cash flow and $10 million in free cash flow for fiscal Q2 2026, the operating cash flow conversion from Adjusted EBITDA stood at 34%. This represents a significant decrease from the 80% conversion rate reported in fiscal Q1 2026, indicating a less efficient conversion of earnings into cash during the period, even after accounting for a $17 million tax credit purchase.
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Accel Entertainment (ACEL) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Adjusted Earnings Per Share Missed Analyst Expectations. Accel Entertainment reported strong revenue and Adjusted EBITDA for fiscal Q2 2026 (ended June 30, 2026), with revenue increasing 10% year-over-year to a record $368 million and Adjusted EBITDA rising 11% to $59 million. However, the company's adjusted earnings per share (EPS) of $0.15 fell 25% short of Wall Street's forecast of $0.20, potentially dampening investor sentiment despite the top-line beat.
2. Weaker Operating Cash Flow Conversion Compared to Previous Quarter. While Accel Entertainment generated $20 million in operating cash flow and $10 million in free cash flow for fiscal Q2 2026, the operating cash flow conversion from Adjusted EBITDA stood at 34%. This represents a significant decrease from the 80% conversion rate reported in fiscal Q1 2026, indicating a less efficient conversion of earnings into cash during the period, even after accounting for a $17 million tax credit purchase.
3. Forfeiture of Executive Performance Stock Units Due to Unmet Price Target. On August 7, 2026, a portion of performance-based restricted stock units (PSUs) granted to Chairman Andrew H. Rubenstein were forfeited. Specifically, 173,416 PSUs were cancelled because a pre-defined stock price target of $13.00 per share was not achieved by the vesting date, which could signal to investors that internal performance benchmarks for stock appreciation were not met.
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Stock Movement Drivers
Fundamental Drivers
The -5.2% change in ACEL stock from 5/31/2026 to 9/20/2026 was primarily driven by a -14.4% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.89 | 11.27 | -5.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,359 | 1,391 | 2.4% |
| Net Income Margin (%) | 3.8% | 4.1% | 7.5% |
| P/E Multiple | 19.1 | 16.3 | -14.4% |
| Shares Outstanding (Mil) | 83 | 82 | 0.6% |
| Cumulative Contribution | -5.2% |
Market Drivers
5/31/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| ACEL | -5.2% | |
| Market (SPY) | 0.9% | -11.3% |
| Sector (XLY) | -8.1% | 10.0% |
Fundamental Drivers
The -0.8% change in ACEL stock from 2/28/2026 to 9/20/2026 was primarily driven by a -26.0% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.36 | 11.27 | -0.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,307 | 1,391 | 6.4% |
| Net Income Margin (%) | 3.3% | 4.1% | 22.0% |
| P/E Multiple | 22.0 | 16.3 | -26.0% |
| Shares Outstanding (Mil) | 85 | 82 | 3.3% |
| Cumulative Contribution | -0.8% |
Market Drivers
2/28/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| ACEL | -0.8% | |
| Market (SPY) | 11.6% | 13.7% |
| Sector (XLY) | -4.8% | 20.4% |
Fundamental Drivers
The -2.8% change in ACEL stock from 8/31/2025 to 9/20/2026 was primarily driven by a -42.2% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.59 | 11.27 | -2.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,280 | 1,391 | 8.7% |
| Net Income Margin (%) | 2.8% | 4.1% | 48.1% |
| P/E Multiple | 28.2 | 16.3 | -42.2% |
| Shares Outstanding (Mil) | 86 | 82 | 4.5% |
| Cumulative Contribution | -2.8% |
Market Drivers
8/31/2025 to 9/20/2026| Return | Correlation | |
|---|---|---|
| ACEL | -2.8% | |
| Market (SPY) | 19.4% | 20.9% |
| Sector (XLY) | -3.6% | 28.9% |
Fundamental Drivers
The -5.2% change in ACEL stock from 8/31/2023 to 9/20/2026 was primarily driven by a -16.2% change in the company's Net Income Margin (%).| (LTM values as of) | 8312023 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.89 | 11.27 | -5.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,131 | 1,391 | 23.0% |
| Net Income Margin (%) | 4.9% | 4.1% | -16.2% |
| P/E Multiple | 18.6 | 16.3 | -12.4% |
| Shares Outstanding (Mil) | 86 | 82 | 5.1% |
| Cumulative Contribution | -5.2% |
Market Drivers
8/31/2023 to 9/20/2026| Return | Correlation | |
|---|---|---|
| ACEL | -5.2% | |
| Market (SPY) | 75.6% | 35.3% |
| Sector (XLY) | 33.0% | 36.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ACEL Return | 29% | -41% | 33% | 4% | 7% | 0% | 13% |
| Peers Return | 97% | -2% | -22% | -8% | 3% | -49% | -27% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| ACEL Win Rate | 67% | 25% | 58% | 42% | 58% | 33% | |
| Peers Win Rate | 58% | 58% | 58% | 58% | 75% | 22% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| ACEL Max Drawdown | -21% | -47% | -19% | -21% | -26% | -18% | |
| Peers Max Drawdown | -35% | -50% | -55% | -28% | -42% | -51% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: INSE.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/18/2026 (YTD)
How Low Can It Go
| Event | ACEL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -22.5% | -18.8% |
| % Gain to Breakeven | 29.0% | 23.1% |
| Time to Breakeven | 97 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -13.9% | -9.5% |
| % Gain to Breakeven | 16.1% | 10.5% |
| Time to Breakeven | 125 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -11.2% | -6.7% |
| % Gain to Breakeven | 12.6% | 7.1% |
| Time to Breakeven | 19 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -41.1% | -24.5% |
| % Gain to Breakeven | 69.8% | 32.4% |
| Time to Breakeven | 1353 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -57.0% | -33.7% |
| % Gain to Breakeven | 132.7% | 50.9% |
| Time to Breakeven | 166 days | 140 days |
In The Past
Accel Entertainment's stock fell -22.5% during the 2025 US Tariff Shock. Such a loss loss requires a 29.0% gain to breakeven.
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Asset Allocation
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| Event | ACEL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -22.5% | -18.8% |
| % Gain to Breakeven | 29.0% | 23.1% |
| Time to Breakeven | 97 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -41.1% | -24.5% |
| % Gain to Breakeven | 69.8% | 32.4% |
| Time to Breakeven | 1353 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -57.0% | -33.7% |
| % Gain to Breakeven | 132.7% | 50.9% |
| Time to Breakeven | 166 days | 140 days |
In The Past
Accel Entertainment's stock fell -22.5% during the 2025 US Tariff Shock. Such a loss loss requires a 29.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Accel Entertainment (ACEL)
Accel Entertainment, Inc. (ACEL) is a distributed gaming operator that provides gaming and entertainment solutions primarily to non-casino locations in the United States. The company partners with authorized establishments such as restaurants, bars, convenience stores, and truck stops to install and manage gaming terminals, bringing regulated gaming experiences directly to their patrons.
The core of Accel's business revolves around the installation, maintenance, and operation of video gaming terminals (VGTs). Alongside these, they provide redemption devices that disburse winnings and offer ATM services. Accel also diversifies its offerings by operating stand-alone ATMs and a range of amusement devices, including jukeboxes, dartboards, and pool tables, catering to a broader entertainment demand within its partner venues.
Accel's primary customers are the owners and operators of these licensed non-casino establishments, who benefit from enhanced entertainment options and potential revenue generation. The end-users are players who frequent these businesses and seek convenient access to gaming and other leisure activities. As of late 2021, Accel Entertainment had a significant operational footprint in Illinois, managing thousands of gaming terminals across a wide network of locations.
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Here are 1-2 brief analogies for Accel Entertainment (ACEL):
- Like Redbox for video gambling terminals, placing interactive gaming machines in thousands of local businesses.
- Imagine Dave & Buster's, but for adult gambling, distributed into local bars and convenience stores instead of large venues.
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- Distributed Gaming Terminal Services: Installation, maintenance, and operation of video gaming terminals in authorized non-casino locations.
- Redemption Device Services: Operation of devices that disburse winnings from gaming terminals and provide automated teller machine (ATM) functionality.
- Stand-Alone ATM Services: Operation of independent automated teller machines in both gaming and non-gaming locations.
- Amusement Device Services: Operation of non-gaming entertainment equipment such as jukeboxes, dartboards, pool tables, and pinball machines.
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Accel Entertainment (ACEL) Major Customers
Accel Entertainment (ACEL) sells primarily to other businesses rather than directly to individuals. Its major customers are the establishments that partner with Accel to host their gaming terminals, redemption devices, ATMs, and other amusement equipment.
Based on the company description, Accel Entertainment operates in various authorized non-casino locations. While specific customer company names are not disclosed, the categories of businesses that serve as their "licensed establishment partners" include:
- Restaurants, Bars, and Taverns
- Convenience Stores, Liquor Stores, and Grocery Stores
- Truck Stops
Accel Entertainment partners with thousands of such establishments, rather than relying on a few major named companies. Therefore, no specific public customer companies or their symbols can be provided from the given information.
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NCR Corporation (NCR)
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Andrew Rubenstein, Chief Executive Officer, President, and Chairman of the Board
Andrew Rubenstein co-founded Accel Entertainment in 2010. He currently serves as the Chief Executive Officer, President, and Chairman of the Board, though he is slated to transition to solely Chairman of the Board effective August 7, 2026. Before founding Accel, he was a Co-Owner and Partner of Seven, LLC, and also owned and operated Super Liquors, Inc., which was the largest liquor store chain in Central Illinois by revenue. Mr. Rubenstein began his career as a Consultant at Arthur Andersen Consulting. He identified a significant opportunity following the Illinois Video Gaming Act of 2009 and secured initial capital from a private group of backers to launch Accel Entertainment.
Brett Summerer, Chief Financial Officer
Brett Summerer was appointed Chief Financial Officer of Accel Entertainment in September 2025. He brings over 25 years of operational discipline and growth experience, including in regulated industries. Mr. Summerer's prior leadership roles include senior finance, operations, and IT positions at Kraft Heinz, Corning, and General Motors. Most recently, he served as CFO of Verano Holdings, a cannabis company, where he built a 70-person finance and IT team and led over 20 mergers and acquisitions transactions. He has held roles across public, private, and founder-led companies.
Mark Phelan, Chief Operating Officer and President – US Gaming
Mark Phelan was appointed Chief Operating Officer in February 2026 and has served as President – US Gaming since October 2023. He previously held the role of Chief Revenue Officer for Accel since 2017. Mr. Phelan is slated to succeed Andrew Rubenstein as Chief Executive Officer and President, effective August 7, 2026. His professional background also includes serving as a Managing Director at Piper Jaffray (an investment banking platform), CEO of M22 Capital LLC (a registered investment advisor), Director of Research and Portfolio Manager at SFG Asset Advisors, and Head of Asian Derivatives Trading at DRW Trading Group.
Derek Harmer, Chief Compliance Officer and General Counsel
Derek Harmer has served as Chief Compliance Officer and General Counsel for Accel Entertainment since 2012. In this role, he is responsible for overseeing the company's legal and regulatory compliance across the organization. Prior to joining Accel, Mr. Harmer served as President of Stadium Technology Group, a software and systems company specializing in race and sports book management systems. He began his career in the gaming industry as Deputy Attorney General, serving as in-house counsel to the Nevada Gaming Control Board and Nevada Gaming Commission.
Michael Pappas, Executive Vice President, Business Development and Governmental Affairs
Michael Pappas has served as Executive Vice President, Business Development and Governmental Affairs for Accel Entertainment since 2017. He brings over 45 years of experience in route gaming and amusements. Mr. Pappas is the Founder and Managing Member of Fair Share Gaming, LLC, and the Managing Partner of Fair Share Amusement Company, both of which were acquired by Accel in 2017. He also served on Accel's Board of Directors from 2017 until the company went public in November 2019.
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Key Risks to Accel Entertainment (ACEL)
- Regulatory and Licensing Risks: Accel Entertainment operates within a highly regulated gaming industry, which subjects it to extensive governmental oversight by federal, state, and local authorities. This includes stringent requirements for licensing and regulatory screening of operators, suppliers, and key employees. Changes in these regulations, such as tax increases on distributed gaming revenue, or the inability to obtain, maintain, or renew necessary licenses, could materially and adversely affect the company's business, financial condition, and results of operations.
- Geographic Concentration Risk: The company's business is substantially concentrated in a few key states, primarily Illinois, Montana, and Nevada. As of 2024, approximately 85% of its gaming operations were in Illinois. This significant geographic concentration makes Accel Entertainment highly vulnerable to adverse changes in local or regional economic conditions, shifts in consumer behavior, or specific regulatory developments within these states.
- Competition and Economic Sensitivity: Accel Entertainment operates in a competitive gaming and entertainment landscape, facing challenges from other gaming operators and entertainment options. The company's success is dependent on its ability to maintain competitive advantages and market share. Furthermore, its operating results are sensitive to broader economic conditions and consumers' discretionary spending. Adverse economic conditions or a decrease in discretionary spending could lead to reduced gaming revenues and negatively impact the business.
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The widespread legalization and adoption of online casino gaming and sports betting poses a clear emerging threat to Accel Entertainment. As states increasingly authorize and expand online gambling options, players may shift from physical gaming terminals in bars, restaurants, and other non-casino locations to more convenient, accessible digital platforms. This parallels historical disruptions where online services (e.g., Netflix, YouTube) displaced physical or traditional models (e.g., Blockbuster, cable television).
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Addressable Markets for Accel Entertainment (ACEL)
Accel Entertainment, Inc. operates in the distributed gaming, ATM, and amusement device markets. The addressable market sizes for its main products and services are as follows:
Video Gaming Terminals (VGTs) / Distributed Gaming
Accel Entertainment's primary market for Video Gaming Terminals (VGTs) is Illinois, which boasts the largest distributed gaming network globally. In 2023, the net terminal income, representing the amount lost by players at video gaming terminals in Illinois, exceeded $2.8 billion. State and local tax revenue generated from video gaming in Illinois reached $900 million in 2023 and $997 million in fiscal year 2024. As of December 31, 2024, there were nearly 49,000 VGTs operating across almost 8,700 licensed establishments in Illinois. The broader U.S. domestic VGT distributed gaming market experienced a modest growth of 3.7% in 2024. Accel Entertainment is actively expanding its distributed gaming operations into additional states, including Nebraska, Georgia, Louisiana, and Nevada, thereby increasing its overall addressable market for distributed VGTs.
Redemption Devices (ATMs)
For redemption devices with ATM functionality, the addressable market is the United States. The U.S. ATM market size was estimated at approximately USD 4.5 billion in 2024. Projections indicate this market is expected to reach between USD 9.84 billion by 2033 and USD 12.7 billion by 2034. The U.S. ATM services market alone was valued at approximately USD 7.92 billion in 2025.
Other Amusement Devices
The market for other amusement devices, such as jukeboxes, dartboards, pool tables, and pinball machines, is primarily within North America, with the U.S. being a dominant component. The North America Amusement Machine Market was valued at approximately USD 6.37 billion in 2024. This market is projected to reach approximately USD 15.1 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.6% during the forecast period. The U.S. amusement machine market is anticipated to grow at a CAGR of 12.6% from 2025 to 2030. The U.S. market is expected to continue its dominance in North America, achieving a market value of $8,851 million by 2031.
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Accel Entertainment (ACEL) is anticipated to drive future revenue growth over the next 2-3 years through a multi-faceted strategy encompassing geographic expansion, strategic acquisitions that diversify its offerings, and organic growth within its established markets.
- Geographic Expansion into New Markets: Accel Entertainment is actively expanding its footprint into new states and major cities. Notably, the company entered the Louisiana market through the acquisition of Toucan Gaming and LSM Gaming in November 2024, which is projected to contribute significantly to revenue in 2025. Additionally, Accel is seeing strong growth in developing markets like Nebraska and Georgia. A substantial future driver is the potential entry into the Chicago Video Gaming Terminal (VGT) market, with revenue generation for Accel expected as early as Q3 or Q4 2026, leveraging its existing infrastructure and regulatory relationships. The city estimates 2,500 new VGT locations in Chicago over the long term, presenting a highly attractive opportunity.
- Strategic Acquisitions and Diversification into Casino Operations: The acquisition of Fairmount Holdings, which includes the FanDuel Sportsbook & Horse Racing in Illinois, in December 2024, represents a key expansion initiative that diversifies Accel's revenue streams beyond traditional distributed gaming terminals. Phase 1 of the new casino at Fairmount Park opened in April 2025, and a full-scale casino facility is targeted for late 2026 to early 2027, integrating sports betting, e-gaming, and horse racing. This new segment is anticipated to become a reportable segment in the second half of 2025 and contribute substantially to Adjusted EBITDA within five years.
- Organic Growth through Location and Terminal Expansion in Existing Markets: Accel Entertainment continues to focus on driving steady organic growth within its core operational markets, such as Illinois, Montana, and Nevada. This includes optimizing its footprint, redeploying underperforming assets, concentrating investment into higher-yielding gaming machine placements, and increasing its overall number of gaming terminals and locations. The company has reported steady hold-per-day improvement and margin expansion in Illinois and Montana, and the rollout of ticket-in, ticket-out technology in Illinois is expected to enhance player convenience and operational efficiency.
- Ongoing Accretive Tuck-in Acquisitions: Accel maintains an active pipeline for mergers and acquisitions, specifically targeting accretive "tuck-in" opportunities to increase its market share and further broaden its geographic reach. This disciplined capital allocation strategy aims to scale profitability in developing and new markets, with a long-term goal to increase the percentage of revenue generated outside of Illinois.
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Share Repurchases
- Accel Entertainment completed a multi-year share repurchase program by December 31, 2025, repurchasing 17,624,757 shares for $183.65 million.
- A share repurchase program of up to $200 million was initially approved on November 22, 2021, and subsequently replenished to up to $200 million on February 27, 2025.
- In fiscal year 2025, the company repurchased approximately 3.7 million shares of its common stock.
Outbound Investments
- Accel Entertainment acquired Fairmount Park – Casino & Racing in Collinsville, Illinois, for $35 million in a deal originating in July 2024.
- The company continues to evaluate additional opportunities that complement its core business, similar to the Fairmount acquisition.
- In Nevada, Accel acquired Dynasty Games and established a new route partnership with Rebel Convenience Stores, expanding its network.
Capital Expenditures
- As of September 30, 2025, Accel Entertainment's capital expenditures amounted to -$94.7 million USD.
- The business generally requires significant upfront capital expenditures for gaming terminals, amusement machines, software customization, and installation.
- For the Fairmount Park Phase II buildout, the total investment is projected at $85-95 million, with $30 million specifically allocated for Phase II, expected to be completed in time for the 2026 racing season.
Peer Outperformance in Casinos & Gaming
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| ACEL | Accel Entertainment | 7.1% | 16.3x | 1.9% | 4.2% | -2.5% | — |
| MCRI | Monarch Casino & Resort | 4.4% | 18.9x | 20.2% | 99.0% | 113.7% | +116pp |
| RRR | Red Rock Resorts | 5.9% | 17.4x | -13.4% | 33.6% | 37.1% | +40pp |
| BYD | Boyd Gaming | 3.7% | 3.0x | -11.6% | 21.9% | 26.7% | +29pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services | 14 | -17.9% | 77.7% | 73.5% | LINC 317% · PRDO 233% · CVSA 232% |
| Homebuilding | 18 | -12.1% | 31.0% | 49.1% | GRBK 198% · PHM 161% · TOL 134% |
| Specialty Stores | 7 | 2.1% | 42.3% | 10.5% | SIG 35% · FIVE 26% · ASO 18% |
| Home Improvement Retail | 5 | -25.9% | -3.0% | 1.9% | HVT 14% · LOW 3% · HD 2% |
| Hotels, Resorts & Cruise Lines | 22 | 11.4% | 46.9% | 1.2% | RCL 207% · MAR 149% · HLT 143% |
| Automotive Retail | 18 | -20.6% | -2.8% | 0.9% | MUSA 237% · PAG 149% · ORLY 109% |
| Distributors | 4 | -12.0% | -25.6% | -11.8% | ARMK 162% · GPC 22% · LKQ -46% |
| Home Furnishings | 4 | -6.3% | 21.5% | -13.8% | SGI 38% · LZB 2% · MHK -30% |
| Specialized Consumer Services | 10 | -16.9% | 17.6% | -18.3% | HRB 109% · FTDR 76% · SCI 39% |
| Footwear | 9 | 52.2% | 45.9% | -19.8% | WEYS 161% · SHOO 16% · DECK 11% |
| Restaurants | 35 | -15.0% | -17.9% | -20.2% | EAT 308% · CAKE 151% · RAVE 146% |
| Leisure Products | 13 | -24.9% | -21.7% | -34.7% | GOLF 74% · HAS 15% · MCFT -17% |
| Leisure Facilities | 11 | -0.2% | 0.1% | -37.1% | OSW 130% · JAKK 121% · ESCA 29% |
| Apparel, Accessories & Luxury Goods | 27 | -13.2% | 2.9% | -37.2% | TPR 240% · RL 236% · ELA 204% |
| Automotive Parts & Equipment | 38 | -15.3% | -15.4% | -40.0% | MOD 1623% · GTX 304% · STRT 87% |
| Casinos & Gaming ← | 20 | -13.6% | -28.3% | -41.9% | MCRI 114% · RRR 37% · BYD 27% |
| Household Appliances | 18 | -7.0% | 12.7% | -43.4% | FLXS 170% · KEQU 159% · HBB 132% |
| Apparel Retail | 25 | -8.9% | 10.2% | -44.4% | ANF 260% · URBN 134% · ROST 110% |
| Computer & Electronics Retail | 3 | -13.2% | 33.0% | -52.3% | BBY 10% · GME -52% · UPBD -63% |
| Broadline Retail | 15 | -1.2% | 14.3% | -56.8% | DDS 310% · EBAY 69% · AMZN 52% |
| Automobile Manufacturers | 8 | -78.7% | -51.2% | -71.9% | GM 74% · TSLA 48% · F 41% |
| Consumer Electronics | 11 | -14.1% | -17.2% | -75.4% | AXIL 2829% · GRMN 83% · MSN -57% |
| Other Specialty Retail | 18 | -37.2% | -46.6% | -78.4% | TLF 114% · BBW 72% · WINA 57% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 7.92 |
| Mkt Cap | 0.5 |
| Rev LTM | 836 |
| Op Inc LTM | 80 |
| FCF LTM | 42 |
| FCF 3Y Avg | 30 |
| CFO LTM | 95 |
| CFO 3Y Avg | 90 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 1.1% |
| Rev Chg 3Y Avg | 2.7% |
| Rev Chg Q | -7.3% |
| QoQ Delta Rev Chg LTM | -2.1% |
| Op Inc Chg LTM | 29.3% |
| Op Inc Chg 3Y Avg | 5.3% |
| Op Mgn LTM | 12.4% |
| Op Mgn 3Y Avg | 10.0% |
| QoQ Delta Op Mgn LTM | 1.0% |
| CFO/Rev LTM | 12.6% |
| CFO/Rev 3Y Avg | 12.8% |
| FCF/Rev LTM | 3.9% |
| FCF/Rev 3Y Avg | 3.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.5 |
| P/S | 0.6 |
| P/Op Inc | 5.5 |
| P/EBIT | 5.6 |
| P/E | 1.1 |
| P/CFO | 4.7 |
| Total Yield | -0.5% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 4.1% |
| D/E | 1.6 |
| Net D/E | 1.4 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Distributed gaming | 1,295 | 1,230 | 1,170 | 970 | |
| All other | 36 | 1 | |||
| Amusement | 17 | ||||
| Automated teller machine (ATM) fees and other | 12 | ||||
| Manufacturing | 0 | ||||
| Net gaming | 706 | ||||
| Total | 1,331 | 1,231 | 1,170 | 970 | 735 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Distributed gaming | 210 | 189 | 181 |
| All other | -0 | 0 | 0 |
| Emerging markets | -0 | -0 | 1 |
| Other expenses, net | -12 | -19 | -6 |
| Stock-based compensation | -12 | -12 | -9 |
| Amortization of intangible assets and route and customer acquisition costs | -25 | -23 | -21 |
| Depreciation and amortization of property and equipment | -53 | -44 | -38 |
| Total | 108 | 91 | 107 |
| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Distributed gaming | 51 | 35 | 46 | 74 |
| Total | 51 | 35 | 46 | 74 |
| $ Mil | 2025 | 2024 | 2018 | 2017 |
|---|---|---|---|---|
| Distributed gaming | 1,045 | 990 | ||
| All other | 59 | 58 | ||
| Single Segment | 457 | 451 | ||
| Total | 1,103 | 1,048 | 457 | 451 |
Price Behavior
| Market Price | $11.27 | |
| Market Cap ($ Bil) | 0.9 | |
| First Trading Date | 08/24/2017 | |
| Distance from 52W High | -16.0% | |
| 50 Days | 200 Days | |
| DMA Price | $12.01 | $11.73 |
| DMA Trend | up | down |
| Distance from DMA | -6.2% | -3.9% |
| 3M | 1YR | |
| Volatility | 21.2% | 32.5% |
| Downside Capture | 22.03 | 50.20 |
| Upside Capture | -54.17 | 43.66 |
| Correlation (SPY) | -17.1% | 20.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.32 | -0.30 | -0.32 | 0.35 | 0.53 | 0.75 |
| Up Beta | 0.57 | -0.72 | -0.61 | 0.06 | 0.43 | 0.72 |
| Down Beta | 0.71 | 0.18 | -0.13 | 0.68 | 0.74 | 0.84 |
| Up Capture | -12% | -53% | -29% | 27% | 32% | 32% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 20 | 32 | 63 | 123 | 384 |
| Down Capture | 65% | 18% | -28% | 40% | 61% | 93% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 20 | 30 | 61 | 123 | 355 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ACEL | |
|---|---|---|---|---|
| ACEL | 2.6% | 32.4% | 0.10 | - |
| Sector ETF (XLY) | -7.6% | 19.5% | -0.53 | 28.7% |
| Equity (SPY) | 16.9% | 12.9% | 0.94 | 20.6% |
| Gold (GLD) | 19.1% | 29.3% | 0.60 | -2.1% |
| Commodities (DBC) | 46.3% | 20.6% | 1.73 | -9.7% |
| Real Estate (VNQ) | 4.9% | 13.6% | 0.10 | 26.1% |
| Bitcoin (BTCUSD) | -30.6% | 44.3% | -0.70 | 17.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ACEL | |
|---|---|---|---|---|
| ACEL | -0.1% | 34.8% | 0.07 | - |
| Sector ETF (XLY) | 4.8% | 24.1% | 0.16 | 42.2% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 41.4% |
| Gold (GLD) | 19.1% | 18.8% | 0.83 | 3.8% |
| Commodities (DBC) | 11.2% | 19.5% | 0.45 | 8.2% |
| Real Estate (VNQ) | 1.1% | 18.8% | -0.05 | 37.0% |
| Bitcoin (BTCUSD) | 12.5% | 52.5% | 0.42 | 20.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ACEL | |
|---|---|---|---|---|
| ACEL | 1.4% | 37.7% | 0.15 | - |
| Sector ETF (XLY) | 11.8% | 22.2% | 0.49 | 39.9% |
| Equity (SPY) | 15.1% | 18.0% | 0.72 | 40.9% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 4.6% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 14.6% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.18 | 40.5% |
| Bitcoin (BTCUSD) | 62.6% | 66.2% | 1.02 | 12.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/4/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 2.2% | 0.7% | -4.3% |
| 5/5/2026 | -8.8% | -8.0% | -3.2% |
| 3/3/2026 | 18.0% | 3.4% | -0.6% |
| 11/4/2025 | 2.1% | 3.4% | 5.4% |
| 8/5/2025 | -15.3% | -9.0% | -7.3% |
| 5/5/2025 | 4.7% | 8.7% | 4.5% |
| 2/27/2025 | -8.0% | -13.2% | -14.9% |
| 7/30/2024 | 10.1% | -4.7% | 4.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 13 | 9 |
| # Negative | 8 | 10 | 14 |
| Median Positive | 5.7% | 3.5% | 5.4% |
| Median Negative | -9.8% | -8.9% | -7.2% |
| Max Positive | 18.0% | 9.4% | 13.1% |
| Max Negative | -16.8% | -15.8% | -20.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 2.2% | 0.7% | -4.3% |
| 5/5/2026 | -8.8% | -8.0% | -3.2% |
| 3/3/2026 | 18.0% | 3.4% | -0.6% |
| 11/4/2025 | 2.1% | 3.4% | 5.4% |
| 8/5/2025 | -15.3% | -9.0% | -7.3% |
| 5/5/2025 | 4.7% | 8.7% | 4.5% |
| 2/27/2025 | -8.0% | -13.2% | -14.9% |
| 7/30/2024 | 10.1% | -4.7% | 4.9% |
| 5/8/2024 | -14.6% | -15.3% | -12.5% |
| 2/28/2024 | 7.4% | 6.4% | 11.8% |
| 11/7/2023 | 5.7% | 7.1% | -3.4% |
| 8/3/2023 | 7.7% | 1.7% | 6.5% |
| 5/3/2023 | 10.1% | 7.4% | 13.1% |
| 2/28/2023 | 2.5% | 0.5% | -3.1% |
| 11/8/2022 | -8.7% | -3.6% | -11.7% |
| 8/9/2022 | -16.8% | -8.7% | -20.8% |
| 5/4/2022 | -10.9% | -15.8% | -11.5% |
| 3/9/2022 | 2.2% | -0.4% | -9.7% |
| 11/3/2021 | 0.0% | 3.5% | -0.1% |
| 8/4/2021 | 6.0% | 2.1% | 7.7% |
| 5/10/2021 | 6.9% | 9.4% | 3.0% |
| 3/15/2021 | -0.9% | -10.2% | -7.0% |
| 11/5/2020 | 1.0% | 7.9% | 4.5% |
| SUMMARY STATS | |||
| # Positive | 15 | 13 | 9 |
| # Negative | 8 | 10 | 14 |
| Median Positive | 5.7% | 3.5% | 5.4% |
| Median Negative | -9.8% | -8.9% | -7.2% |
| Max Positive | 18.0% | 9.4% | 13.1% |
| Max Negative | -16.8% | -15.8% | -20.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 03/03/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 03/03/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 03/11/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 03/16/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 03/16/2020 | 10-K |
| 09/30/2019 | 11/01/2019 | 10-Q |
Insider Activity
Updated 9/17/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Harmer, Derek | Chief Compliance Officer | Direct | Sell | 9152026 | 11.60 | 13,162 | 152,733 | 1,830,744 | Form |
| 2 | Harmer, Derek | Chief Compliance Officer | Direct | Sell | 9152026 | 11.63 | 26,324 | 306,048 | 1,987,255 | Form |
| 3 | Rubenstein, Andrew H | CEO and President | Direct | Sell | 8072026 | 12.64 | 15,000 | 189,532 | 48,747,039 | Form |
| 4 | Harmer, Derek | Chief Compliance Officer | Direct | Sell | 6152026 | 13.00 | 20,000 | 260,000 | 2,441,751 | Form |
| 5 | Phelan, Mark T | COO, President, U.S. Gaming | Direct | Sell | 6152026 | 13.00 | 25,000 | 325,000 | 3,139,032 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Harmer, Derek | Chief Compliance Officer | Direct | Sell | 9152026 | 11.60 | 13,162 | 152,733 | 1,830,744 | Form |
| 2 | Harmer, Derek | Chief Compliance Officer | Direct | Sell | 9152026 | 11.63 | 26,324 | 306,048 | 1,987,255 | Form |
| 3 | Rubenstein, Andrew H | CEO and President | Direct | Sell | 8072026 | 12.64 | 15,000 | 189,532 | 48,747,039 | Form |
| 4 | Harmer, Derek | Chief Compliance Officer | Direct | Sell | 6152026 | 13.00 | 20,000 | 260,000 | 2,441,751 | Form |
| 5 | Phelan, Mark T | COO, President, U.S. Gaming | Direct | Sell | 6152026 | 13.00 | 25,000 | 325,000 | 3,139,032 | Form |
| 6 | Rubenstein, Andrew H | CEO and President | Direct | Sell | 6022026 | 12.09 | 25,000 | 302,210 | 46,853,949 | Form |
| 7 | Wardinski, Bruce D | Direct | Buy | 5112026 | 11.55 | 50,000 | 577,500 | 577,500 | Form | |
| 8 | Rubenstein, Gordon | IRA | Sell | 5112026 | 11.55 | 4,946 | Form | |||
| 9 | Rubenstein, Gordon | See Footnote | Sell | 5112026 | 11.55 | 7,985 | 92,262 | 103,990 | Form | |
| 10 | Rubenstein, Gordon | IRA | Sell | 5112026 | 11.34 | 17,728 | 201,046 | 56,091 | Form | |
| 11 | Rubenstein, Gordon | See Footnote | Sell | 5112026 | 11.34 | 28,618 | 324,545 | 192,620 | Form | |
| 12 | Rubenstein, Andrew H | CEO and President | Direct | Sell | 4022026 | 11.05 | 45,000 | 497,277 | 43,222,963 | Form |
| 13 | Rubenstein, Andrew H | CEO and President | Direct | Sell | 3192026 | 11.23 | 3,938 | 44,223 | 44,429,617 | Form |
| 14 | Rubenstein, Andrew H | CEO and President | Direct | Sell | 3162026 | 11.21 | 36,062 | 404,432 | 44,414,436 | Form |
| 15 | Harmer, Derek | Chief Compliance Officer | Direct | Sell | 3162026 | 11.39 | 20,000 | 227,800 | 2,049,779 | Form |
| 16 | Rubenstein, Gordon | Direct | Sell | 3162026 | 11.37 | 3,766 | Form | |||
| 17 | Rubenstein, Gordon | See Footnote | Sell | 3162026 | 11.37 | 39,169 | 445,512 | 518,693 | Form | |
| 18 | Rubenstein, Gordon | IRA | Sell | 3162026 | 11.37 | 133,774 | 1,521,438 | 257,876 | Form | |
| 19 | Rubenstein, Gordon | son (R. Rubenstein) | Sell | 3122026 | 11.46 | 2,655 | 30,420 | 5,672 | Form | |
| 20 | Rubenstein, Gordon | IRA | Sell | 3122026 | 11.38 | 119,248 | 1,356,911 | 1,780,206 | Form | |
| 21 | Rubenstein, Gordon | Direct | Sell | 3122026 | 11.38 | 3,212 | 36,548 | 42,852 | Form | |
| 22 | Rubenstein, Gordon | See Footnote | Sell | 3122026 | 11.38 | 35,446 | 403,333 | 964,604 | Form | |
| 23 | Harmer, Derek | Chief Compliance Officer | Direct | Sell | 3122026 | 11.45 | 2,092 | 23,953 | 2,289,576 | Form |
| 24 | Ruttenberg, David W | See footnote | Sell | 3102026 | 11.53 | 10,000 | Form | |||
| 25 | Rubenstein, Gordon | daughter (E. Rubenstein) | Sell | 3102026 | 11.46 | 2,250 | 25,780 | 2,864 | Form | |
| 26 | Rubenstein, Gordon | daughter (S. Rubenstein) | Sell | 3102026 | 11.46 | 2,250 | 25,780 | 2,864 | Form | |
| 27 | Rubenstein, Gordon | See Footnote | Sell | 3102026 | 11.48 | 176,171 | 2,022,725 | 1,581,384 | Form | |
| 28 | Rubenstein, Gordon | See Footnote | Sell | 3102026 | 11.37 | 228,262 | 2,596,092 | 3,570,113 | Form | |
| 29 | Rubenstein, Gordon | See Footnote | Sell | 3102026 | 11.75 | 60,952 | 716,113 | 6,369,788 | Form | |
| 30 | Ruttenberg, David W | See footnote | Buy | 3102026 | 9.34 | 10,000 | 93,400 | 93,400 | Form | |
| 31 | Ruttenberg, David W | See Footnote | Sell | 2202026 | 11.04 | 25,000 | 276,120 | 2,188,361 | Form | |
| 32 | Ruttenberg, David W | See Footnote | Sell | 1162026 | 11.58 | 25,000 | 289,442 | 2,438,669 | Form | |
| 33 | Harmer, Derek | Chief Compliance Officer | Direct | Sell | 12292025 | 11.50 | 5,000 | 57,500 | 2,241,546 | Form |
| 34 | Harmer, Derek | Chief Compliance Officer | Direct | Sell | 12292025 | 11.50 | 5,000 | 57,500 | 2,299,046 | Form |
| 35 | Ruttenberg, David W | See Footnote | Sell | 12162025 | 11.19 | 25,000 | 279,868 | 2,497,929 | Form | |
| 36 | Harmer, Derek | Secretary | Direct | Sell | 12162025 | 11.11 | 10,000 | 111,100 | 2,276,628 | Form |
| 37 | Ruttenberg, David W | See Footnote | Sell | 12122025 | 11.01 | 25,000 | 275,155 | 2,593,446 | Form | |
| 38 | Rubenstein, Andrew H | CEO and President | Direct | Sell | 12032025 | 10.31 | 45,000 | 464,103 | 40,202,644 | Form |
| 39 | Ruttenberg, David W | See Footnote | Sell | 9162025 | 11.11 | 25,000 | 277,660 | 2,755,887 | Form |
Investor Activity (13F)
Updated Sep 21, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
| Active Manager |
|---|
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Casinos & Gaming Resources |
| Casino.org News |
| Global Gaming Business |
| CDC Gaming Reports |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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