Brightstar Lottery (BRSL)
Market Price (2/4/2026): $14.18 | Market Cap: $2.8 BilSector: Consumer Discretionary | Industry: Casinos & Gaming
Brightstar Lottery (BRSL)
Market Price (2/4/2026): $14.18Market Cap: $2.8 BilSector: 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 39%, Dividend Yield is 28%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 35% | Weak multi-year price returns2Y Excs Rtn is -70%, 3Y Excs Rtn is -98% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 96% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.8%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11% | |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16% | Key risksBRSL key risks include [1] a substantial debt burden and [2] ongoing legal action from a 2024 data security breach. | |
| Low stock price volatilityVol 12M is 32% | ||
| Megatrend and thematic driversMegatrends include Markets & Betting, and Fintech & Digital Payments. Themes include Prediction Markets, and Digital Payments. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 39%, Dividend Yield is 28%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 35% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16% |
| Low stock price volatilityVol 12M is 32% |
| Megatrend and thematic driversMegatrends include Markets & Betting, and Fintech & Digital Payments. Themes include Prediction Markets, and Digital Payments. |
| Weak multi-year price returns2Y Excs Rtn is -70%, 3Y Excs Rtn is -98% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 96% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.8%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11% |
| Key risksBRSL key risks include [1] a substantial debt burden and [2] ongoing legal action from a 2024 data security breach. |
Qualitative Assessment
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Brightstar Lottery (BRSL) stock has lost about 15% since 10/31/2025 because of the following key factors:
1. Brightstar Lottery's stock experienced a significant drop following its Q3 2025 earnings report, despite exceeding EPS estimates, primarily due to management's outlined plans for accelerating capital expenditures. The company's shares "crashed 11.3%" after the earnings call on November 4, 2025, as it revealed anticipated peak capital expenditures of approximately $400 million annually through 2028, largely for contract renewals and technology investments.
2. Substantial upcoming payments for the Italy lottery license fee have weighed on investor sentiment and the company's cash flow. Brightstar Lottery is responsible for a significant portion of this fee, with a EUR 300 million installment due in Q4 2025 and the remaining balance of EUR 1.43 billion to be paid by April 2026. These obligations have negatively impacted the company's cash flow from operations, which was projected to be negative by $220 million for the full year 2025 (or positive by $700 million excluding the Italy license fee).
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1. Brightstar Lottery's stock experienced a significant drop following its Q3 2025 earnings report, despite exceeding EPS estimates, primarily due to management's outlined plans for accelerating capital expenditures. The company's shares "crashed 11.3%" after the earnings call on November 4, 2025, as it revealed anticipated peak capital expenditures of approximately $400 million annually through 2028, largely for contract renewals and technology investments.
2. Substantial upcoming payments for the Italy lottery license fee have weighed on investor sentiment and the company's cash flow. Brightstar Lottery is responsible for a significant portion of this fee, with a EUR 300 million installment due in Q4 2025 and the remaining balance of EUR 1.43 billion to be paid by April 2026. These obligations have negatively impacted the company's cash flow from operations, which was projected to be negative by $220 million for the full year 2025 (or positive by $700 million excluding the Italy license fee).
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Stock Movement Drivers
Fundamental Drivers
The -13.7% change in BRSL stock from 10/31/2025 to 2/3/2026 was primarily driven by a -47.1% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 2032026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.43 | 14.18 | -13.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,451 | 2,494 | 1.8% |
| Net Income Margin (%) | 7.9% | 12.2% | 54.0% |
| P/E Multiple | 17.2 | 9.1 | -47.1% |
| Shares Outstanding (Mil) | 203 | 195 | 4.1% |
| Cumulative Contribution | -13.7% |
Market Drivers
10/31/2025 to 2/3/2026| Return | Correlation | |
|---|---|---|
| BRSL | -13.7% | |
| Market (SPY) | 1.1% | 29.7% |
| Sector (XLY) | 0.9% | 42.2% |
Fundamental Drivers
The -1.8% change in BRSL stock from 7/31/2025 to 2/3/2026 was primarily driven by a -39.8% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 2032026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.44 | 14.18 | -1.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,451 | 2,494 | 1.8% |
| Net Income Margin (%) | 7.9% | 12.2% | 54.0% |
| P/E Multiple | 15.1 | 9.1 | -39.8% |
| Shares Outstanding (Mil) | 203 | 195 | 4.1% |
| Cumulative Contribution | -1.8% |
Market Drivers
7/31/2025 to 2/3/2026| Return | Correlation | |
|---|---|---|
| BRSL | -1.8% | |
| Market (SPY) | 9.4% | 37.3% |
| Sector (XLY) | 9.5% | 46.0% |
Fundamental Drivers
The 5.1% change in BRSL stock from 1/31/2025 to 2/3/2026 was primarily driven by a 151.7% change in the company's Net Income Margin (%).| (LTM values as of) | 1312025 | 2032026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.49 | 14.18 | 5.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,540 | 2,494 | -1.8% |
| Net Income Margin (%) | 4.8% | 12.2% | 151.7% |
| P/E Multiple | 22.2 | 9.1 | -58.9% |
| Shares Outstanding (Mil) | 202 | 195 | 3.6% |
| Cumulative Contribution | 5.1% |
Market Drivers
1/31/2025 to 2/3/2026| Return | Correlation | |
|---|---|---|
| BRSL | 5.1% | |
| Market (SPY) | 15.6% | 54.2% |
| Sector (XLY) | 4.9% | 54.0% |
Fundamental Drivers
The -27.5% change in BRSL stock from 1/31/2023 to 2/3/2026 was primarily driven by a -40.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312023 | 2032026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.55 | 14.18 | -27.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,181 | 2,494 | -40.3% |
| Net Income Margin (%) | 8.6% | 12.2% | 42.0% |
| P/E Multiple | 11.0 | 9.1 | -17.1% |
| Shares Outstanding (Mil) | 202 | 195 | 3.4% |
| Cumulative Contribution | -27.5% |
Market Drivers
1/31/2023 to 2/3/2026| Return | Correlation | |
|---|---|---|
| BRSL | -27.5% | |
| Market (SPY) | 75.9% | 48.7% |
| Sector (XLY) | 66.6% | 48.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BRSL Return | 72% | -19% | 25% | -33% | 11% | -7% | 20% |
| Peers Return | 28% | -34% | 74% | 0% | 1% | -7% | 38% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 2% | 86% |
Monthly Win Rates [3] | |||||||
| BRSL Win Rate | 58% | 33% | 67% | 33% | 50% | 0% | |
| Peers Win Rate | 53% | 39% | 61% | 50% | 69% | 33% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 100% | |
Max Drawdowns [4] | |||||||
| BRSL Max Drawdown | -9% | -46% | -1% | -35% | -17% | -10% | |
| Peers Max Drawdown | -20% | -49% | -15% | -15% | -20% | -10% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: 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] 2026 data is for the year up to 2/3/2026 (YTD)
How Low Can It Go
| Event | BRSL | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -52.5% | -25.4% |
| % Gain to Breakeven | 110.4% | 34.1% |
| Time to Breakeven | 291 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -75.2% | -33.9% |
| % Gain to Breakeven | 302.6% | 51.3% |
| Time to Breakeven | 267 days | 148 days |
| 2018 Correction | ||
| % Loss | -62.8% | -19.8% |
| % Gain to Breakeven | 169.0% | 24.7% |
| Time to Breakeven | 809 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -85.3% | -56.8% |
| % Gain to Breakeven | 582.6% | 131.3% |
| Time to Breakeven | Not Fully Recovered days | 1,480 days |
Compare to INSE, ACEL, DKNG
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.AI Analysis | Feedback
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.AI Analysis | Feedback
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.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| How Low Can Brightstar Lottery Stock Really Go? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 12.63 |
| Mkt Cap | 1.9 |
| Rev LTM | 1,901 |
| Op Inc LTM | 68 |
| FCF LTM | 74 |
| FCF 3Y Avg | 65 |
| CFO LTM | 264 |
| CFO 3Y Avg | 169 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.4% |
| Rev Chg 3Y Avg | 9.9% |
| Rev Chg Q | 8.2% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Mgn LTM | 9.9% |
| Op Mgn 3Y Avg | 9.9% |
| QoQ Delta Op Mgn LTM | 0.7% |
| CFO/Rev LTM | 14.0% |
| CFO/Rev 3Y Avg | 12.8% |
| FCF/Rev LTM | 5.0% |
| FCF/Rev 3Y Avg | 3.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1.9 |
| P/S | 1.0 |
| P/EBIT | 6.0 |
| P/E | 6.8 |
| P/CFO | 7.0 |
| Total Yield | 13.4% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 4.3% |
| D/E | 1.0 |
| Net D/E | 0.6 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -4.9% |
| 3M Rtn | 2.6% |
| 6M Rtn | -8.9% |
| 12M Rtn | -6.5% |
| 3Y Rtn | -6.5% |
| 1M Excs Rtn | -5.8% |
| 3M Excs Rtn | -3.0% |
| 6M Excs Rtn | -15.8% |
| 12M Excs Rtn | -21.2% |
| 3Y Excs Rtn | -72.0% |
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 | $14.18 | |
| Market Cap ($ Bil) | 2.8 | |
| First Trading Date | 03/26/1990 | |
| Distance from 52W High | -21.5% | |
| 50 Days | 200 Days | |
| DMA Price | $15.15 | $14.87 |
| DMA Trend | up | down |
| Distance from DMA | -6.4% | -4.6% |
| 3M | 1YR | |
| Volatility | 22.8% | 32.0% |
| Downside Capture | 93.95 | 76.22 |
| Upside Capture | -1.16 | 71.33 |
| Correlation (SPY) | 28.6% | 54.1% |
BRSL Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.00 | 0.82 | 0.59 | 0.81 | 0.90 | 1.11 |
| Up Beta | 0.84 | 1.68 | 1.46 | 1.55 | 1.03 | 1.09 |
| Down Beta | 0.92 | 0.89 | 0.43 | 0.72 | 0.91 | 0.95 |
| Up Capture | 24% | 10% | 0% | 50% | 62% | 103% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 11 | 19 | 25 | 58 | 125 | 378 |
| Down Capture | 211% | 111% | 82% | 75% | 85% | 108% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 9 | 20 | 34 | 65 | 123 | 364 |
[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 BRSL | |
|---|---|---|---|---|
| BRSL | 5.1% | 32.0% | 0.18 | - |
| Sector ETF (XLY) | 4.9% | 24.2% | 0.14 | 54.0% |
| Equity (SPY) | 15.6% | 19.2% | 0.63 | 54.2% |
| Gold (GLD) | 77.2% | 24.5% | 2.30 | -5.9% |
| Commodities (DBC) | 10.0% | 16.5% | 0.40 | 12.7% |
| Real Estate (VNQ) | 2.9% | 16.5% | -0.00 | 55.6% |
| Bitcoin (BTCUSD) | -23.4% | 40.3% | -0.56 | 17.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BRSL | |
|---|---|---|---|---|
| BRSL | 4.7% | 45.8% | 0.25 | - |
| Sector ETF (XLY) | 8.7% | 23.8% | 0.33 | 52.2% |
| Equity (SPY) | 14.5% | 17.0% | 0.68 | 52.3% |
| Gold (GLD) | 21.5% | 16.8% | 1.04 | 6.1% |
| Commodities (DBC) | 12.0% | 18.9% | 0.51 | 14.3% |
| Real Estate (VNQ) | 4.8% | 18.8% | 0.16 | 41.6% |
| Bitcoin (BTCUSD) | 20.9% | 57.5% | 0.56 | 19.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BRSL | |
|---|---|---|---|---|
| BRSL | 5.6% | 52.3% | 0.31 | - |
| Sector ETF (XLY) | 13.9% | 21.9% | 0.58 | 51.4% |
| Equity (SPY) | 15.6% | 17.9% | 0.75 | 51.7% |
| Gold (GLD) | 15.6% | 15.5% | 0.84 | 1.7% |
| Commodities (DBC) | 8.4% | 17.6% | 0.39 | 23.7% |
| Real Estate (VNQ) | 5.6% | 20.8% | 0.24 | 43.7% |
| Bitcoin (BTCUSD) | 69.9% | 66.5% | 1.09 | 13.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/04/2025 | 6-K |
| 06/30/2025 | 07/29/2025 | 6-K |
| 03/31/2025 | 05/13/2025 | 6-K |
| 12/31/2024 | 02/25/2025 | 20-F |
| 09/30/2024 | 11/12/2024 | 6-K |
| 06/30/2024 | 07/30/2024 | 6-K |
| 03/31/2024 | 05/14/2024 | 6-K |
| 12/31/2023 | 03/12/2024 | 20-F |
| 09/30/2023 | 10/31/2023 | 6-K |
| 06/30/2023 | 08/01/2023 | 6-K |
| 03/31/2023 | 05/09/2023 | 6-K |
| 12/31/2022 | 02/28/2023 | 20-F |
| 09/30/2022 | 11/08/2022 | 6-K |
| 06/30/2022 | 08/02/2022 | 6-K |
| 03/31/2022 | 05/10/2022 | 6-K |
| 12/31/2021 | 03/03/2022 | 20-F |
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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