Tearsheet

Brightstar Lottery (BRSL)

Market Price (12/18/2025): $15.7 | Market Cap: $3.1 Bil
Sector: Consumer Discretionary | Industry: Casinos & Gaming

Brightstar Lottery (BRSL)

Market Price (12/18/2025): $15.7
Market Cap: $3.1 Bil
Sector: Consumer Discretionary
Industry: Casinos & Gaming

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 32%, Dividend Yield is 23%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 28%	Weak multi-year price returns 2Y Excs Rtn is -67%, 3Y Excs Rtn is -82%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 79%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26%		Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.8%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%		Key risks BRSL key risks include [1] a substantial debt burden and [2] ongoing legal action from a 2024 data security breach.
3	Low stock price volatility Vol 12M is 32%
4	Megatrend and thematic drivers Megatrends include Markets & Betting, and Fintech & Digital Payments. Themes include Prediction Markets, and Digital Payments.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 32%, Dividend Yield is 23%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 28%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%
3	Low stock price volatility Vol 12M is 32%
4	Megatrend and thematic drivers Megatrends include Markets & Betting, and Fintech & Digital Payments. Themes include Prediction Markets, and Digital Payments.
5	Weak multi-year price returns 2Y Excs Rtn is -67%, 3Y Excs Rtn is -82%
6	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 79%
7	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.8%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11%
8	Key risks BRSL key risks include [1] a substantial debt burden and [2] ongoing legal action from a 2024 data security breach.

Valuation, Metrics & Events

	12/18/25	2024	2023	2022	2021
Share Price CYE	$15.70	$14.00	$20.88	$16.76	$20.62
Market Cap CYE ($ Bil)	3.1	2.9	4.2	3.4	4.2
Total Debt ($ Bil)	4.3	5.5	5.8	6.0	6.9
Total Cash ($ Bil)	1.6	0.6	0.5	0.6	0.6
Enterprise Value ($ Bil)	5.7	8.4	10.0	9.4	11.1
Valuation Ratios
P/S TTM	1.4	1.4	2.2	1.8	1.4
P/EBIT TTM	5.9	4.8	7.8	4.6	6.7
P/E TTM	11.1	10.2	35.1	16.7	12.3
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9	0.8	1.4
P/EBIT TTM (Sector)	8.8	8.7	8.2	6.8	9.4
P/E TTM (Sector)	10.8	11.1	10.3	8.4	10.7

	12/18/25	2024	2023
Share Price CYE	$15.70	$14.00	$20.88
Market Cap CYE ($ Bil)	3.1	2.9	4.2
Total Debt ($ Bil)	4.3	5.5	5.8
Total Cash ($ Bil)	1.6	0.6	0.5
Enterprise Value ($ Bil)	5.7	8.4	10.0
Valuation Ratios
P/S TTM	1.4	1.4	2.2
P/EBIT TTM	5.9	4.8	7.8
P/E TTM	11.1	10.2	35.1
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9
P/EBIT TTM (Sector)	8.8	8.7	8.2
P/E TTM (Sector)	10.8	11.1	10.3

	BRSL	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	2.5
Rev Chg Q	7.3%	7.3%
Rev Chg LTM	-1.8%	6.0%
Rev Chg 3Y Avg	-11.1%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.7
CFO LTM ($ Bil)	0.4
Net Inc LTM ($ Bil)	0.3
Op Mgn LTM	26.4%	18.8%
CFO/Rev LTM	15.8%	20.4%
Net Inc Mgn	12.2%	13.1%
VALUATION	MODERATE
P/S	1.4	3.2
P/CFO	8.5	16.0
P/FCF	30.6	20.7
P/E	11.1	23.5
STABILITY	FAIR
Debt/Equity	1.26	0.21
Cash/Assets	0.17	0.07

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Metric	Value	Date	Source
Same-Store Sales Growth	7.9%	9302025	Link
Number of Employees	11020	11052025	Link
Number of Global Customers	nearly 90	7152025	Link
Market Share (U.S. Jurisdictions)	Primary technology provider to 26 of the 46 lottery jurisdictions in the U.S.	7152025	Link
Market Share (Largest Lotteries)	Primary technology provider for 8 out of the 10 world's largest lotteries	11062025	Link
Global iLottery Wagers Growth	over 30%	6302025	Link

Upcoming
2/24/2026	Earnings Release	Rev: - EPS: -

BRSL Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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1. Lower-than-expected revenue in Q3 2025. Despite reporting an earnings per share (EPS) that significantly surpassed analyst estimates, Brightstar Lottery's revenue of $629 million for the third quarter of 2025 fell short of the consensus estimate of approximately $647.1 million. This revenue miss likely contributed to investor disappointment.

2. Negative market sentiment following mixed Q3 results. While pre-market trading initially showed a slight upward movement, the stock had already declined 8.2% in the month leading up to the November 4, 2025, Q3 earnings release, and further dropped approximately 9% after the mixed results were announced. This indicates an overall negative market reaction to the comprehensive financial performance.

Stock Movement Drivers

Fundamental Drivers

The -4.1% change in BRSL stock from 9/17/2025 to 12/17/2025 was primarily driven by a -41.2% change in the company's P/E Multiple.

	9172025	12172025	Change
Stock Price ($)	16.35	15.68	-4.13%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2451.00	2494.00	1.75%
Net Income Margin (%)	7.92%	12.19%	54.00%
P/E Multiple	17.11	10.06	-41.23%
Shares Outstanding (Mil)	203.00	195.00	3.94%
Cumulative Contribution			-4.27%

LTM = Last Twelve Months as of date shown

Market Drivers

9/17/2025 to 12/17/2025

	Return	Correlation
BRSL	-4.1%
Market (SPY)	1.9%	41.7%
Sector (XLY)	-0.0%	45.2%

Fundamental Drivers

The 28.6% change in BRSL stock from 6/18/2025 to 12/17/2025 was primarily driven by a 20.1% change in the company's P/E Multiple.

	6182025	12172025	Change
Stock Price ($)	12.19	15.68	28.61%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2434.00	2494.00	2.47%
Net Income Margin (%)	12.08%	12.19%	0.91%
P/E Multiple	8.38	10.06	20.07%
Shares Outstanding (Mil)	202.00	195.00	3.47%
Cumulative Contribution			28.45%

LTM = Last Twelve Months as of date shown

Market Drivers

6/18/2025 to 12/17/2025

	Return	Correlation
BRSL	28.6%
Market (SPY)	12.7%	35.3%
Sector (XLY)	15.0%	40.7%

Fundamental Drivers

The 10.5% change in BRSL stock from 12/17/2024 to 12/17/2025 was primarily driven by a 151.7% change in the company's Net Income Margin (%).

	12172024	12172025	Change
Stock Price ($)	14.19	15.68	10.51%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2540.00	2494.00	-1.81%
Net Income Margin (%)	4.84%	12.19%	151.71%
P/E Multiple	23.30	10.06	-56.84%
Shares Outstanding (Mil)	202.00	195.00	3.47%
Cumulative Contribution			10.38%

LTM = Last Twelve Months as of date shown

Market Drivers

12/17/2024 to 12/17/2025

	Return	Correlation
BRSL	10.5%
Market (SPY)	12.1%	55.2%
Sector (XLY)	1.5%	53.2%

Fundamental Drivers

The -9.8% change in BRSL stock from 12/18/2022 to 12/17/2025 was primarily driven by a -40.3% change in the company's Total Revenues ($ Mil).

	12182022	12172025	Change
Stock Price ($)	17.39	15.68	-9.83%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	4181.00	2494.00	-40.35%
Net Income Margin (%)	8.59%	12.19%	41.96%
P/E Multiple	9.76	10.06	3.00%
Shares Outstanding (Mil)	201.59	195.00	3.27%
Cumulative Contribution			-9.93%

LTM = Last Twelve Months as of date shown

Market Drivers

12/18/2023 to 12/17/2025

	Return	Correlation
BRSL	-24.5%
Market (SPY)	44.9%	47.5%
Sector (XLY)	35.9%	47.5%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
BRSL Return	17%	72%	-19%	25%	-33%	13%	54%
Peers Return	92%	36%	-28%	65%	2%	�	�
S&P 500 Return	16%	27%	-19%	24%	23%	14%	108%
Monthly Win Rates [3]
BRSL Win Rate	58%	58%	33%	67%	33%	58%
Peers Win Rate	52%	54%	38%	60%	54%	65%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
BRSL Max Drawdown	-74%	-9%	-46%	-1%	-35%	-17%
Peers Max Drawdown	-53%	-17%	-46%	-13%	-13%	-20%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: LNW, INSE, ACEL, DKNG.
[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] 2025 data is for the year up to 12/17/2025 (YTD)

How Low Can It Go

Unique Key	Event	BRSL	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-52.5%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	110.4%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	291 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-75.2%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	302.6%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	267 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-62.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	169.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	809 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-85.3%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	582.6%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	Not Fully Recovered days	1480 days

Compare to CHDN, BYD, MCRI, FLL, LVS

In The Past

Brightstar Lottery's stock fell -52.5% during the 2022 Inflation Shock from a high on 11/9/2021. A -52.5% loss requires a 110.4% gain to breakeven.

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About Brightstar Lottery (BRSL)

International Game Technology PLC operates and provides gaming technology products and services in North America, Europe, the Middle East, Africa, Asia-Pacific, Latin America, and the Caribbean. It operates in three segments: Global Lottery, Global Gaming, and Digital & Betting. The company designs, sells, operates, and leases a suite of point-of-sale machines that reconciles lottery funds between the retailer and lottery authority; provides online lottery transaction processing systems; produces instant ticket games; and offers printing services, such as instant ticket marketing plans and graphic design, programming, packaging, shipping, and delivery services. It also designs, develops, assembles, and provides cabinets, games, systems, and software for the gaming market, as well as offers gaming management systems for casino management, customer relationship management, patron management, and server-based gaming. In addition, the company provides video lottery terminals (VLT), VLT central systems, and VLT games. Further, it offers digital gaming and betting; sports betting; and technology and management services. Additionally, the company provides digital gaming products and services, including blackjack, roulette, slot games, poker, bingo, and other casino card games; social casino content; and remote game server, as well as iGaming systems and digital platforms that offer player account management, advanced marketing and analytical, and payment system services. It processes commercial transactions, such as prepaid cellular telephone recharges, bill payments, e-vouchers and retail-based programs, electronic tax payments, prepaid card recharges, and stamp duty and money transfer services. The company was formerly known as GTECH S.p.A. and changed its name to International Game Technology PLC in April 2015. The company was founded in 2014 and is headquartered in London, the United Kingdom. International Game Technology PLC is a subsidiary of De Agostini S.p.A.

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Lottery Draw Games: These services allow players to choose numbers for a chance to win large jackpots in scheduled drawings.
Instant Win Games (Scratch-offs): These services offer immediate gratification through games like scratch cards where prizes are revealed instantly.
Online Lottery Platform: This service enables players to purchase and participate in lottery games digitally via a website or mobile application.

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Brightstar Lottery (BRSL) primarily sells to **individuals**. The company serves a diverse customer base, which can be categorized as follows:

Habitual Players: These are individuals who regularly purchase lottery tickets as part of their routine or for entertainment. They often play consistently, sometimes with preferred numbers or games, viewing it as a small, recurring investment in hope or a recreational activity.
Jackpot Seekers: This segment of customers is primarily motivated by the allure of large, life-changing jackpots. They tend to buy tickets only when prize pools reach significant sums, often fluctuating with media attention and the growing size of the top prize.
Casual & Impulse Buyers: This group consists of individuals who purchase lottery tickets infrequently, often on a whim when visiting retail outlets, or as part of a social activity, gift, or out of curiosity. Their purchases are less about routine and more about opportunistic or incidental engagement.

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Vincent L. Sadusky, Chief Executive Officer
Mr. Sadusky has served as Chief Executive Officer of Brightstar Lottery since January 2022. Prior to this, he served as CEO and Director of Univision Communications from 2018 to 2020. He also held CEO and Director roles at Media General (2014-2017) and LIN Media (2006-2014). Earlier in his career, he served as Chief Financial Officer of LIN Media from 2004 to 2006 and Chief Financial Officer of Telemundo Communications from 1999 to 2004.

Massimiliano Chiara, Chief Financial Officer; Executive Vice President
Mr. Chiara has served as Brightstar Lottery's Chief Financial Officer and Executive Vice President since 2020. Before joining Brightstar Lottery, he was the Chief Financial Officer of CNH Industrial since September 2013. He also held the role of Chief Sustainability Officer at CNH Industrial from 2016 and served as head of Mergers & Acquisitions for CNH Industrial from 2017.

Marco Sala, Executive Chair of the Board
Mr. Sala has been the Executive Chair of the Board of Brightstar Lottery since January 2022, having previously served as its Chief Executive Officer from 2015. He was previously CEO of GTECH S.p.A., a predecessor company. His background also includes serving as CEO of Buffetti, an Italian office equipment and supply retail chain, and holding leadership positions in business directories at SEAT Pagine Gialle. He also held executive roles at De Agostini S.p.A., Brightstar Lottery's controlling shareholder, and DeA Capital S.p.A.

Renato Ascoli, Chief Executive Officer - Global Lottery
Mr. Ascoli has been the Chief Executive Officer of Global Lottery for Brightstar Lottery since 2024. In this role, he oversees Global Lottery Sales and Operations, Global Lottery Product and Sales Development, and Global Lottery Technology and Support. He joined GTECH S.p.A. in 2006 as Director of the Gaming division. Earlier, he held various leadership positions at the national railway system Ferrovie dello Stato/Trenitalia from 1992 to 2005, including roles in administration, budget, control, and marketing.

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Key Risks to Brightstar Lottery (BRSL)

Brightstar Lottery (BRSL) faces several significant risks that could impact its business and financial performance. The most prominent challenges include a substantial debt burden, the inherent regulatory and competitive landscape of the lottery industry, and ongoing legal ramifications from a past data security breach.

1. Substantial Debt Burden and Weak Interest Coverage

Brightstar Lottery carries a considerable debt load, evidenced by a high net debt to EBITDA ratio of 6.4 and weak interest coverage, with EBIT only 2.2 times its interest expense. This substantial debt burden is considered a significant financial risk to the company. The net debt to equity ratio is also high at 190.7%.

2. Regulatory and Political Uncertainty and Competition

The company operates within a highly regulated environment, exposing it to significant regulatory and political uncertainties. Changes in gambling regulations, increased scrutiny, or alterations in tax policies in key markets could disrupt its path to reliable earnings. Additionally, rising competition in the lottery sector poses a continuous threat to Brightstar Lottery's market position and revenue growth.

3. Data Security Breach and Associated Legal Actions

Brightstar Lottery is currently facing legal action and investigation related to a 2024 security breach. This incident resulted in unauthorized access to the personal information of over 100,000 individuals, including names, social security numbers, financial, and health information. Such breaches can lead to significant financial penalties, damage to reputation, and erosion of customer trust.

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The widespread and increasing legalization and market penetration of online sports betting and iGaming platforms, which directly compete for consumer discretionary gambling expenditure and offer diverse, often more interactive, and immediate forms of gambling entertainment.

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Brightstar Lottery (symbol: BRSL) operates within the global lottery and gaming industry, offering a comprehensive suite of products and services. Their primary offerings include traditional lottery solutions, iLottery solutions, instant ticket games, and services for iGaming and sports betting.

The addressable markets for Brightstar Lottery's main products and services are as follows:

Global Lottery Market: The global lottery market was estimated at USD 353.29 billion in 2024 and is projected to reach USD 483.93 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.3% from 2025 to 2030. Another estimate places the global lottery market size at approximately USD 336.4 billion in 2024, with a projected growth to USD 580.1 billion by 2034 at a CAGR of 5.6% from 2025 to 2034.
U.S. Lottery Market: The U.S. lottery market accounted for the largest share of the global market in 2024, representing 70%. In 2021, the market size of the lotteries sector in the U.S. reached USD 94 billion, representing 80% of the global market size at that time. The U.S. lottery market is forecasted to increase by USD 50.1 billion, with a CAGR of 7.4% between 2024 and 2029.
Global Online Lottery Market: A significant component of the broader lottery market, the global online lottery market was valued at USD 11.5 billion in 2024 and is estimated to reach USD 18.16 billion by 2033, exhibiting a CAGR of 5.16% from 2025 to 2033. Other estimations indicate the global online lottery market size reached USD 31.11 billion in 2024 and is projected to expand to USD 42.63 billion by 2034, with a CAGR of 3.20% during 2025-2034. Europe held the largest share of the global online lottery market, at 39.5% in 2024.

Brightstar Lottery also engages in iGaming and sports betting through its PlayDigital and Global Gaming segments. While specific market sizes for Brightstar Lottery's other specialized services, such as point-of-sale machine operations or lottery transaction processing systems, are not separately identified in the provided information, they fall under the umbrella of the larger lottery and gaming markets described above.

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Expected Drivers of Future Revenue Growth for Brightstar Lottery (BRSL)

Over the next 2-3 years, Brightstar Lottery (BRSL) is anticipated to experience revenue growth driven by several key factors:

Expansion of iLottery Operations and Digital Channel Growth: Brightstar Lottery is actively focusing on and expects significant growth from the expansion of its iLottery operations in both the U.S. and Italy B2C segments. This strategic digital channel expansion is projected to drive recurring, higher-margin sales and is a cornerstone of the company's medium-term targets for 2028.
Strong Same-Store Sales Growth and Contract Renewals: The company has demonstrated robust same-store sales growth across various jurisdictions and product categories, which has been a primary contributor to recent revenue increases. Furthermore, Brightstar's high contract renewal rates, particularly in the U.S. and Italy, coupled with an extended average revenue-weighted contract life of seven years, provide substantial stability and predictability for long-term revenues.
Launch of New Products and Services, including AI-Developed Games: Innovation is a key focus for Brightstar Lottery. The launch of its first AI-developed game, "Viking Gold," highlights the company's commitment to introducing new and innovative products and services. These new offerings are expected to contribute to future revenue generation.
Organic Core Business Growth: Beyond specific digital initiatives and new product introductions, Brightstar Lottery anticipates continued organic growth within its core lottery business. This fundamental driver encompasses the ongoing performance and expansion of its primary lottery operations across all its geographical markets.

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Share Repurchases

Brightstar Lottery PLC authorized a new $500 million two-year share repurchase program in July 2025.
In August 2025, the company repurchased 13.6 million ordinary shares for an upfront payment of $250 million through an accelerated share repurchase (ASR) program, as part of the $500 million authorization.

Inbound Investments

In July 2025, Brightstar Lottery secured a nine-year Italian Lotto license, with the consortium led by the company committed to upfront license fee installments totaling €2,230 million.
As part of the Italian Lotto license, €500 million was paid in July 2025, with an additional €300 million due in November 2025.

Capital Expenditures

Brightstar Lottery anticipates capital expenditures for 2025 and 2026 to be between $400 million and $450 million per year, driven by ramp-ups in various initiatives including contract renewals, cloud transitions, and POS network upgrades.
Actual capital expenditures were approximately $239 million in 2024 and $136 million in 2023.
The company projects pure lottery capital expenditure, excluding upfront fees, to average $200 million to $250 million annually over the long term, with a doubling of this amount expected in 2025 and 2026 due to contract renewals.

Better Bets than Brightstar Lottery (BRSL)

	BRSL	Better Performance than BRSL
Metric	Value	INDUSTRY: Casinos & Gaming
Rev Chg LTM	-1.8%	DKNG (18.5%), FLUT (13.8%), LVS (8.4%), MGM (0.1%), WYNN (-0.3%)
Rev Chg 3Y Avg	-11.1%	LVS (51.6%), DKNG (45.2%), WYNN (25.0%), CHDN (20.2%), MGM (11.5%)
Op Mgn LTM	26.4%	RRR (30.7%)
CFO/Rev LTM	15.8%	CHDN (27.9%), BYD (23.7%), LVS (22.3%), LNW (21.0%), WYNN (19.0%)
FCF/Rev LTM	4.4%	WYNN (10.4%), LVS (9.9%), DKNG (9.7%), MGM (7.9%), FLUT (4.8%)
Total Yield	31.9%
P/S	1.3	PENN (0.4), CZR (0.5), MGM (0.5), ACEL (0.7), GDEN (1.0)
P/Op Inc	5.1	CNTY (0.8), CZR (2.7)

	BRSL	Better Performance than BRSL
Metric	Value	SECTOR: Consumer Discretionary
Rev Chg LTM	-1.8%	BKNG (13.0%), AMZN (10.9%), HD (7.5%), MCD (1.2%), TSLA (-1.6%)
Rev Chg 3Y Avg	-11.1%	BKNG (17.8%), AMZN (11.3%), TSLA (9.3%), MCD (4.2%), HD (1.9%)
Op Mgn LTM	26.4%	MCD (46.1%), BKNG (34.5%), YUM (30.8%), PLNT (29.4%), RCL (26.4%)
CFO/Rev LTM	15.8%	MCD (39.9%), MELI (37.5%), BKNG (33.2%), AMZN (18.1%), TSLA (16.5%)
FCF/Rev LTM	4.4%	BKNG (31.9%), MCD (28.1%), HD (8.4%), TJX (7.5%), TSLA (7.1%)
Total Yield	31.9%	WW (397.3%), RGS (176.8%), SABR (76.6%), CAAS (36.0%), PRSU (35.6%)
P/S	1.3	F (0.3), GM (0.3), LEN (0.9), DKS (1.3), DHI (1.3)
P/Op Inc	5.1	CZR (2.7), CROX (4.6), ABG (4.7), DAN (4.8), TNL (4.9)

	BRSL	Better Performance than BRSL
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	-1.8%	NVDA (65.2%), META (21.3%), MSFT (15.6%), GOOGL (13.4%), AAPL (6.0%)
Rev Chg 3Y Avg	-11.1%	NVDA (91.6%), META (17.3%), MSFT (13.2%), GOOGL (11.0%), AAPL (1.8%)
Op Mgn LTM	26.4%	NVDA (58.8%), MSFT (46.3%), META (43.2%), GOOGL (32.2%), AAPL (31.9%)
CFO/Rev LTM	15.8%	META (56.8%), MSFT (50.0%), NVDA (44.4%), GOOGL (39.3%), AAPL (26.6%)
FCF/Rev LTM	4.4%	NVDA (41.3%), MSFT (26.6%), META (23.7%), AAPL (23.5%), GOOGL (19.1%)
Total Yield	31.9%	XP (71.7%), FLR (49.7%), RCI (40.7%), BCE (40.6%), LNC (33.4%)
P/S	1.3	CVS (0.2), MCK (0.2), UNH (0.7), CMCSA (0.9), WMT (1.2)
P/Op Inc	5.1	CHTR (2.8), IBKR (3.6), RCI (3.8), BCE (4.0), EIX (4.1)

		Best Bets In Consumer Discretionary Sector
	BRSL	ABNB	BKNG	MCD	ETSY	LOPE	ALSN	GRMN	CROX	WH	YUM
What You Pay
P/E	11.1	28.2	34.7	25.7	36.2	28.8	10.2	30.2	19.7	18.1	29.2
P/EBIT	5.9	27.4	20.8	17.7	15.9	19.2	7.5	26.7	17.2	10.6	16.9
What You Get
Rev Chg Q	7.3%	9.7%	12.7%	3.0%	2.4%	9.6%	-15.9%	11.7%	3.4%	-3.5%	8.4%
Rev Chg LTM	-1.8%	10.2%	13.0%	1.2%	2.0%	7.0%	-4.2%	16.6%	2.0%	3.4%	11.6%
Rev Chg 3Y Avg	-11.1%	14.2%	17.8%	4.2%	4.9%	6.5%	4.6%	12.2%	14.5%	-2.5%	6.4%
FCF/Rev 3Y Avg	22.3%	40.2%	35.6%	27.4%	23.8%	21.8%	21.0%	20.5%	19.8%	19.0%	18.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 14%, alpha of 2.9%, and sharpe of 0.61

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	How Low Can Brightstar Lottery Stock Really Go?	Return

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to BRSL. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BBWI_11302025_Dip_Buyer_1M_Insider_Buying_GTE_1Mil_EBITp+DE	11302025	BBWI	Bath & Body Works	Dip Buy	DB \| Insider Buys \| Low D/EDip Buy with Strong Insider Buying Buying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	12.8%	12.8%	0.0%
HRB_11262025_Dip_Buyer_FCFYield	11262025	HRB	H&R Block	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.4%	5.4%	-0.1%
LRN_11262025_Dip_Buyer_FCFYield	11262025	LRN	Stride	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.2%	3.2%	-4.4%
ABNB_11212025_Dip_Buyer_FCFYield	11212025	ABNB	Airbnb	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	15.5%	15.5%	0.0%
MTN_11212025_Dip_Buyer_FCFYield	11212025	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	15.3%	15.3%	-1.6%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BBWI_11302025_Dip_Buyer_1M_Insider_Buying_GTE_1Mil_EBITp+DE	11302025	BBWI	Bath & Body Works	Dip Buy	DB \| Insider Buys \| Low D/EDip Buy with Strong Insider Buying Buying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	12.8%	12.8%	0.0%
HRB_11262025_Dip_Buyer_FCFYield	11262025	HRB	H&R Block	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.4%	5.4%	-0.1%
LRN_11262025_Dip_Buyer_FCFYield	11262025	LRN	Stride	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.2%	3.2%	-4.4%
ABNB_11212025_Dip_Buyer_FCFYield	11212025	ABNB	Airbnb	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	15.5%	15.5%	0.0%
MTN_11212025_Dip_Buyer_FCFYield	11212025	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	15.3%	15.3%	-1.6%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
UDMY	Udemy	0.9	12.7%	-26.5%
TWO	Two Harbors Investment	1.2	12.1%	8.5%
IOVA	Iovance Biotherapeutics	0.9	12.0%	-65.9%
KOD	Kodiak Sciences	1.4	11.8%	171.1%
RXRX	Recursion Pharmaceuticals	2.1	11.4%	-30.8%
TTC	Toro	7.9	10.7%	2.0%
HUT	Hut 8	4.2	9.0%	96.0%
TPL	Texas Pacific Land	20.3	7.6%	-19.7%
AXGN	Axogen	1.5	7.0%	90.5%
SSII	SS Innovations International	1.1	6.7%	-25.6%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
NOW	ServiceNow	32.5	-80.0%	-85.2%
FDMT	4D Molecular Therapeutics	0.5	-20.1%	65.4%
IMNM	Immunome	1.7	-15.8%	86.3%
HNRG	Hallador Energy	0.7	-15.2%	51.2%
AMPX	Amprius Technologies	1.1	-14.6%	213.6%
BNTC	Benitec Biopharma	0.4	-13.1%	-14.6%
FLNC	Fluence Energy	2.4	-12.9%	16.9%
IMSR	Terrestrial Energy	0.7	-12.6%
BE	Bloom Energy	18.1	-12.1%	246.6%
BW	Babcock & Wilcox Enterprises	0.5	-12.1%	182.9%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	13.7	55.9%	-3.2%
PL	Planet Labs PBC	5.0	27.3%	307.7%
EEX	Emerald	0.9	25.9%	-2.8%
EVCM	EverCommerce	2.2	17.2%	10.4%
CNL	Collective Mining	1.1	15.8%	229.3%
ENVA	Enova International	4.1	15.8%	70.8%
IMVT	Immunovant	4.6	14.5%	8.9%
QURE	uniQure	1.3	14.3%	30.4%
INNV	InnovAge	0.8	14.2%	49.6%
PGEN	Precigen	1.2	13.4%	255.4%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.5	-81.7%	-85.2%
RZLT	Rezolute	0.2	-81.6%	-59.0%
FRMI	Fermi	6.3	-41.1%
LENZ	LENZ Therapeutics	0.5	-34.6%	-43.3%
BETR	Better Home & Finance	0.5	-30.9%	292.0%
LWLG	Lightwave Logic	0.4	-29.5%	41.4%
APLD	Applied Digital	5.6	-29.0%	188.0%
CRWV	CoreWeave	31.4	-26.8%
WULF	TeraWulf	4.5	-26.6%	104.4%
BW	Babcock & Wilcox Enterprises	0.5	-26.5%	182.9%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.8	282.6%	459.2%
WVE	WAVE Life Sciences	2.7	128.5%	32.1%
ALMS	Alumis	0.8	89.8%	34.6%
NUVB	Nuvation Bio	2.9	82.4%	220.3%
SEMR	SEMrush	1.8	75.7%	-0.2%
TE	T1 Energy	0.8	70.4%
ANF	Abercrombie & Fitch	5.6	68.4%	-21.6%
CBLL	CeriBell	0.8	67.5%	-16.6%
FTRE	Fortrea	1.5	65.4%	-13.2%
VERA	Vera Therapeutics	3.1	64.7%	14.8%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
NOW	ServiceNow	32.5	-81.3%	-85.2%
RZLT	Rezolute	0.2	-80.3%	-59.0%
JANX	Janux Therapeutics	0.9	-50.9%	-73.7%
FRMI	Fermi	6.3	-50.6%
AGIO	Agios Pharmaceuticals	1.5	-43.6%	-22.6%
IMSR	Terrestrial Energy	0.7	-38.9%
LENZ	LENZ Therapeutics	0.5	-36.3%	-43.3%
LWLG	Lightwave Logic	0.4	-36.3%	41.4%
UAMY	United States Antimony	0.5	-33.7%	156.5%
BETR	Better Home & Finance	0.5	-33.6%	292.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
UDMY	Udemy	0.9	12.7%	-26.5%
TWO	Two Harbors Investment	1.2	12.1%	8.5%
IOVA	Iovance Biotherapeutics	0.9	12.0%	-65.9%
KOD	Kodiak Sciences	1.4	11.8%	171.1%
RXRX	Recursion Pharmaceuticals	2.1	11.4%	-30.8%
TTC	Toro	7.9	10.7%	2.0%
HUT	Hut 8	4.2	9.0%	96.0%
TPL	Texas Pacific Land	20.3	7.6%	-19.7%
AXGN	Axogen	1.5	7.0%	90.5%
SSII	SS Innovations International	1.1	6.7%	-25.6%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
NOW	ServiceNow	32.5	-80.0%	-85.2%
FDMT	4D Molecular Therapeutics	0.5	-20.1%	65.4%
IMNM	Immunome	1.7	-15.8%	86.3%
HNRG	Hallador Energy	0.7	-15.2%	51.2%
AMPX	Amprius Technologies	1.1	-14.6%	213.6%
BNTC	Benitec Biopharma	0.4	-13.1%	-14.6%
FLNC	Fluence Energy	2.4	-12.9%	16.9%
IMSR	Terrestrial Energy	0.7	-12.6%
BE	Bloom Energy	18.1	-12.1%	246.6%
BW	Babcock & Wilcox Enterprises	0.5	-12.1%	182.9%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	13.7	55.9%	-3.2%
PL	Planet Labs PBC	5.0	27.3%	307.7%
EEX	Emerald	0.9	25.9%	-2.8%
EVCM	EverCommerce	2.2	17.2%	10.4%
CNL	Collective Mining	1.1	15.8%	229.3%
ENVA	Enova International	4.1	15.8%	70.8%
IMVT	Immunovant	4.6	14.5%	8.9%
QURE	uniQure	1.3	14.3%	30.4%
INNV	InnovAge	0.8	14.2%	49.6%
PGEN	Precigen	1.2	13.4%	255.4%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.5	-81.7%	-85.2%
RZLT	Rezolute	0.2	-81.6%	-59.0%
FRMI	Fermi	6.3	-41.1%
LENZ	LENZ Therapeutics	0.5	-34.6%	-43.3%
BETR	Better Home & Finance	0.5	-30.9%	292.0%
LWLG	Lightwave Logic	0.4	-29.5%	41.4%
APLD	Applied Digital	5.6	-29.0%	188.0%
CRWV	CoreWeave	31.4	-26.8%
WULF	TeraWulf	4.5	-26.6%	104.4%
BW	Babcock & Wilcox Enterprises	0.5	-26.5%	182.9%

Peer Comparisons for Brightstar Lottery

Peers to compare with:

Financials

	BRSL	LNW	INSE	ACEL	DKNG	Median
Name	Brightst.	Light & .	Inspired.	Accel En.	DraftKin.
Mkt Price	15.68	-	9.06	11.02	34.05	13.35
Mkt Cap	3.1	7.2	0.3	0.9	16.9	3.1
Rev LTM	2,494	3,221	310	1,307	5,458	2,494
Op Inc LTM	658	830	38	99	-307	99
FCF LTM	110	389	18	39	532	110
FCF 3Y Avg	537	266	8	52	78	78
CFO LTM	394	677	58	133	668	394
CFO 3Y Avg	812	537	45	134	203	203

Growth & Margins

	BRSL	LNW	INSE	ACEL	DKNG	Median
Name	Brightst.	Light & .	Inspired.	Accel En.	DraftKin.
Rev Chg LTM	-1.8%	1.9%	4.9%	8.0%	18.5%	4.9%
Rev Chg 3Y Avg	-11.1%	10.3%	5.4%	14.5%	45.2%	10.3%
Rev Chg Q	7.3%	2.9%	11.7%	9.1%	4.4%	7.3%
QoQ Delta Rev Chg LTM	1.8%	0.8%	3.0%	2.1%	0.9%	1.8%
Op Mgn LTM	26.4%	25.8%	12.3%	7.6%	-5.6%	12.3%
Op Mgn 3Y Avg	29.9%	23.3%	11.5%	8.3%	-15.5%	11.5%
QoQ Delta Op Mgn LTM	0.9%	1.1%	1.1%	0.1%	0.5%	0.9%
CFO/Rev LTM	15.8%	21.0%	18.6%	10.2%	12.2%	15.8%
CFO/Rev 3Y Avg	34.0%	17.3%	14.6%	11.0%	3.0%	14.6%
FCF/Rev LTM	4.4%	12.1%	5.7%	3.0%	9.7%	5.7%
FCF/Rev 3Y Avg	22.3%	8.5%	2.4%	4.3%	0.1%	4.3%

Valuation

	BRSL	LNW	INSE	ACEL	DKNG	Median
Name	Brightst.	Light & .	Inspired.	Accel En.	DraftKin.
Mkt Cap	3.1	7.2	0.3	0.9	16.9	3.1
P/S	1.3	2.2	0.9	0.7	3.4	1.3
P/EBIT	5.9	8.8	7.5	9.4	-75.8	7.5
P/E	11.1	17.7	4.8	21.5	-69.4	11.1
P/CFO	8.5	10.4	4.7	7.0	27.8	8.5
Total Yield	31.9%	5.7%	21.0%	4.7%	-1.4%	5.7%
Dividend Yield	22.8%	0.0%	0.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	11.5%	3.6%	2.6%	5.5%	0.2%	3.6%
D/E	1.3	0.7	1.4	0.6	0.1	0.7
Net D/E	0.8	0.7	1.2	0.3	0.0	0.7

Returns

	BRSL	LNW	INSE	ACEL	DKNG	Median
Name	Brightst.	Light & .	Inspired.	Accel En.	DraftKin.
1M Rtn	-1.9%	-	22.3%	11.4%	18.1%	14.8%
3M Rtn	-4.1%	-	-1.2%	0.3%	-20.1%	-2.7%
6M Rtn	28.6%	-	18.7%	-2.2%	-14.0%	8.3%
12M Rtn	10.5%	-	1.7%	-2.9%	-16.4%	-0.6%
3Y Rtn	-9.8%	-	-27.5%	43.7%	180.9%	16.9%
1M Excs Rtn	-2.6%	-	21.5%	10.7%	17.4%	14.1%
3M Excs Rtn	-6.0%	-	-4.8%	-2.4%	-22.7%	-5.4%
6M Excs Rtn	16.2%	-	6.4%	-14.6%	-26.4%	-4.1%
12M Excs Rtn	-5.3%	-	-12.9%	-17.5%	-25.7%	-15.2%
3Y Excs Rtn	-81.6%	-	-95.3%	-34.9%	69.5%	-58.2%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/4/2025	2/25/2025	3/12/2024	2/28/2023	3/3/2022	3/2/2021	3/3/2020
Key Financials
Total Revenue	2,494	2,512	2,529	2,597	4,089	3,116	4,032
EBITDA	992	1,137	1,120	1,415	1,410	341	1,371
Operating Income	658	725	766	749	909	234	602
Net Income	304	348	156	275	482	-898	-19
EPS	1.52	1.73	0.78	1.36	2.35	-4.39	-0.09
Growth Rates
Total Revenue Growth	-1.8%	-0.7%	-2.6%	-36.5%	31.2%	-22.7%	1.3%
EBITDA Growth	-3.2%	1.5%	-20.8%	0.4%	313.5%	-75.1%	-1.4%
Operating Income Growth	-12.8%	-5.4%	2.3%	-17.6%	288.5%	-61.1%	-0.7%
Net Income Growth	147.2%	123.1%	-43.3%	-42.9%	153.7%	-4626.3%	11.0%
Margins
EBITDA Margin	39.8%	45.3%	44.3%	54.5%	34.5%	10.9%	34.0%
Operating Income Margin	26.4%	28.9%	30.3%	28.8%	22.2%	7.5%	14.9%
Net Income Margin	12.2%	13.9%	6.2%	10.6%	11.8%	-28.8%	-0.5%
Cash & Debt
Total Cash	1,599	584	508	590	591	907	655
Total Debt	4,256	5,469	5,780	6,028	6,865	8,591	8,418
Net Debt / (Cash)	2,657	4,885	5,272	5,438	6,274	7,684	7,763
Cash Flows
Net Cash from Operations	394	1,030	1,040	899	978	866	1,093
Free Cash from Operations	110	881	893	737	740	611	716
Returns to Shareholders
Dividends	768	161	160	161	41	41	164
Share Repurchases	251	-0	-0	115	41	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/4/2025	7/29/2025	5/13/2025	2/25/2025	11/12/2024	7/30/2024	5/14/2024	3/12/2024	10/31/2023	8/1/2023	5/9/2023	2/28/2023
Key Financials Quarterly
Total Revenue	629	630	583	652	586	613	661	680	601	1,055	1,061	-535
Ebitda	278	146	207	361	169	282	328	246	379	431	410	244
Operating Income	183	159	138	178	149	179	218	209	163	254	257	57
Net Income	117	-58	27	218	7	42	82	-8	94	46	23	-64
EPS	0.60	-0.29	0.13	1.08	0.04	0.21	0.41	-0.04	0.47	0.23	0.12	-0.31
Key Financials TTM
Total Revenue TTM	2,494	2,451	2,434	2,512	2,540	2,555	2,997	3,397	2,182	2,641	2,607	2,597
Ebitda TTM	992	883	1,019	1,140	1,025	1,235	1,384	1,466	1,464	1,645	1,482	1,505
Operating Income TTM	658	624	644	724	755	769	844	883	731	782	756	750
Net Income TTM	304	194	294	349	123	210	214	155	99	269	219	275
Growth Rates Quarterly
Total Revenue Growth	7.3%	2.8%	-11.8%	-4.1%	-2.5%	-41.9%	-37.7%	227.1%	-43.3%	3.3%	1.0%	-151.0%
EBITDA Growth	64.5%	-48.2%	-36.9%	46.7%	-55.4%	-34.6%	-20.0%	0.8%	-32.3%	60.8%	-5.3%	27.7%
Operating Income Growth	22.8%	-11.2%	-36.7%	-14.8%	-8.6%	-29.5%	-15.2%	266.7%	-23.8%	11.4%	2.4%	-70.3%
Net Income Growth	1571.4%	-238.1%	-67.1%	2825.0%	-92.6%	-8.7%	256.5%	87.5%	-64.4%	1250.0%	-70.9%	-420.0%
Margins Quarterly
EBITDA Margin	44.2%	23.2%	35.5%	55.4%	28.8%	46.0%	49.6%	36.2%	63.1%	40.9%	38.6%	-
Operating Income Margin	29.1%	25.2%	23.7%	27.3%	25.4%	29.2%	33.0%	30.7%	27.1%	24.1%	24.2%	-
Net Income Margin	18.6%	-9.2%	4.6%	33.4%	1.2%	6.9%	12.4%	-1.2%	15.6%	4.4%	2.2%	-
Cash & Debt
Total Cash	1,599	-	631	584	501	438	377	508	558	461	669	590
Total Debt	4,256	0	5,758	5,469	5,764	5,746	5,744	5,780	6,028	6,042	6,030	6,028
Net Debt / (Cash)	2,657	-	5,127	4,885	5,263	5,308	5,367	5,272	5,470	5,581	5,361	5,438
Cash Flows Quarterly
FCF from Operations	-446	310	224	306	260	343	120	399	296	34	311	278
Cash Flows TTM
FCF from Operations TTM	394	1,100	1,133	1,029	1,122	1,158	849	1,040	919	859	1,021	899
Returns to Shareholders Quarterly
Dividends	647	41	40	40	40	80	0	40	40	40	40	40
Share Repurchases	251	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	22
Return on Invested Capital (ROIC) Quarterly
ROIC	14.6%	-	1.1%	5.7%	8.0%	6.3%	7.7%	9.3%	5.1%	7.4%	5.8%	1.3%
Return on Invested Capital (ROIC) TTM
ROIC TTM	7.7%	-	3.6%	5.3%	5.7%	6.8%	6.8%	6.4%	5.1%	7.0%	6.7%	6.9%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Operating and facilities management contracts, gross	2,494
Product sales	171
Systems, software, and other	54
Upfront license fee amortization	-189
Corporate and Other		0
Global Gaming		1,423	1,112	837	1,739
Global Lottery		2,593	2,812	2,164	2,293
PlayDigital		209	165	115
Total	2,530	4,225	4,089	3,116	4,032

Price Behavior

Price Behavior

Market Price	$15.68
Market Cap ($ Bil)	3.1
First Trading Date	03/26/1990
Distance from 52W High	-13.2%
	50 Days	200 Days
DMA Price	$16.11	$14.60
DMA Trend	up	down
Distance from DMA	-2.6%	7.4%
	3M	1YR
Volatility	22.4%	31.7%
Downside Capture	61.29	72.01
Upside Capture	34.10	73.59
Correlation (SPY)	41.3%	55.2%

BRSL Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.43	0.77	0.87	0.92	0.89	1.12
Up Beta	1.46	1.32	1.42	1.72	0.99	1.06
Down Beta	-0.56	0.83	0.72	0.82	0.90	0.98
Up Capture	-8%	21%	49%	93%	64%	123%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	6	16	27	63	123	382
Down Capture	55%	90%	100%	47%	88%	107%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	13	25	35	61	123	359

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of BRSL With Other Asset Classes (Last 1Y)
	BRSL	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	5.3%	3.6%	12.1%	61.5%	2.2%	-2.2%	-12.7%
Annualized Volatility	31.8%	24.7%	19.7%	19.3%	15.9%	17.7%	35.4%
Sharpe Ratio	0.19	0.09	0.46	2.36	-0.05	-0.28	-0.17
Correlation With Other Assets		51.9%	54.5%	0.5%	16.9%	53.2%	20.6%

ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of BRSL With Other Asset Classes (Last 5Y)
	BRSL	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	7.9%	9.8%	14.4%	18.3%	11.4%	4.8%	36.3%
Annualized Volatility	46.7%	23.8%	17.1%	15.5%	18.9%	18.9%	48.9%
Sharpe Ratio	0.32	0.37	0.68	0.95	0.49	0.17	0.63
Correlation With Other Assets		52.1%	52.3%	7.4%	15.9%	41.6%	22.9%

Based On 10-Year Data

		Comparison of BRSL With Other Asset Classes (Last 10Y)
	BRSL	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	5.9%	13.0%	14.5%	14.6%	6.1%	5.4%	70.7%
Annualized Volatility	52.3%	22.0%	18.0%	14.7%	17.7%	20.8%	55.9%
Sharpe Ratio	0.32	0.54	0.69	0.82	0.27	0.23	0.91
Correlation With Other Assets		51.5%	51.8%	2.1%	24.2%	43.7%	14.0%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	4,858,980
Short Interest: % Change Since 11152025	-8.8%
Average Daily Volume	1,951,308
Days-to-Cover Short Interest	2.49
Basic Shares Quantity	195,000,000
Short % of Basic Shares	2.5%

Returns Analyses

	Title
0	How Low Can Brightstar Lottery Stock Really Go?

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11042025	6-K 9/30/2025
6302025	7292025	6-K 6/30/2025
3312025	5132025	6-K 3/31/2025
12312024	2252025	20-F 12/31/2024
9302024	11122024	6-K 9/30/2024
6302024	7302024	6-K 6/30/2024
3312024	5142024	6-K 3/31/2024
12312023	3122024	20-F 12/31/2023
9302023	10312023	6-K 9/30/2023
6302023	8012023	6-K 6/30/2023
3312023	5092023	6-K 3/31/2023
12312022	2282023	20-F 12/31/2022
9302022	11082022	6-K 9/30/2022
6302022	8022022	6-K 6/30/2022
3312022	5102022	6-K 3/31/2022
12312021	3032022	20-F 12/31/2021

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Brightstar Lottery (BRSL)

Market Price (12/18/2025): $15.7 | Market Cap: $3.1 BilSector: Consumer Discretionary | Industry: Casinos & Gaming

Brightstar Lottery (BRSL)

Market Price (12/18/2025): $15.7Market Cap: $3.1 BilSector: Consumer DiscretionaryIndustry: Casinos & Gaming

Valuation, Metrics & Events

BRSL Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Brightstar Lottery (BRSL)

Key Risks to Brightstar Lottery (BRSL)

1. Substantial Debt Burden and Weak Interest Coverage

2. Regulatory and Political Uncertainty and Competition

3. Data Security Breach and Associated Legal Actions

Expected Drivers of Future Revenue Growth for Brightstar Lottery (BRSL)

Share Repurchases

Inbound Investments

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Interactive Breakdown

Better Bets than Brightstar Lottery (BRSL)

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Based On 1-Year Data

Based On 5-Year Data

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External Quote Links

Market Price (12/18/2025): $15.7 | Market Cap: $3.1 Bil
Sector: Consumer Discretionary | Industry: Casinos & Gaming

Market Price (12/18/2025): $15.7
Market Cap: $3.1 Bil
Sector: Consumer Discretionary
Industry: Casinos & Gaming