Flutter Entertainment (FLUT)
Market Price (12/18/2025): $218.0 | Market Cap: $38.4 BilSector: Consumer Discretionary | Industry: Casinos & Gaming
Flutter Entertainment (FLUT)
Market Price (12/18/2025): $218.0Market Cap: $38.4 BilSector: Consumer DiscretionaryIndustry: 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
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 14% | Weak multi-year price returns2Y Excs Rtn is -11%, 3Y Excs Rtn is -21% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 192x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 27x |
| Low stock price volatilityVol 12M is 39% | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.8% | |
| Megatrend and thematic driversMegatrends include Markets & Betting, Digital Content & Streaming, and Fintech & Digital Payments. Themes include Prediction Markets, Show more. | Key risksFLUT key risks include [1] adverse regulatory changes and increased taxation in key markets, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 14% |
| Low stock price volatilityVol 12M is 39% |
| Megatrend and thematic driversMegatrends include Markets & Betting, Digital Content & Streaming, and Fintech & Digital Payments. Themes include Prediction Markets, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -11%, 3Y Excs Rtn is -21% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 192x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 27x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.8% |
| Key risksFLUT key risks include [1] adverse regulatory changes and increased taxation in key markets, Show more. |
Valuation, Metrics & Events
FLUT Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
Here are the key points for why Flutter Entertainment (FLUT) stock moved by -29.1% from approximately August 31, 2025, to December 18, 2025:
1. Lowered Full-Year 2025 Guidance and Q3 Revenue Miss: Flutter Entertainment significantly reduced its full-year 2025 guidance, cutting revenue expectations by $570 million and adjusted EBITDA by $380 million from prior projections. This came alongside reporting third-quarter 2025 revenue of $3.79 billion, which fell short of the forecasted $3.89 billion.
2. Significant Net Loss in Q3 2025 Driven by One-Off Charges: The company reported a substantial net loss of $789 million in Q3 2025, a significant increase from a net loss of $114 million in Q3 2024. This was primarily attributed to a $556 million non-cash impairment charge due to regulatory changes in India and a $205 million payment to Boyd for revised US market access terms.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FLUT Return | 79% | -24% | -14% | 33% | 44% | -15% | 91% |
| Peers Return | 127% | 2% | -39% | 54% | -14% | -14% | 62% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| FLUT Win Rate | 75% | 42% | 33% | 58% | 58% | 67% | |
| Peers Win Rate | 60% | 43% | 33% | 55% | 48% | 58% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| FLUT Max Drawdown | -35% | -35% | -43% | 0% | -11% | -26% | |
| Peers Max Drawdown | -61% | -24% | -49% | -10% | -27% | -32% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: DKNG, MGM, CZR, PENN, CHDN.
[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
| Event | FLUT | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -62.5% | -25.4% |
| % Gain to Breakeven | 166.6% | 34.1% |
| Time to Breakeven | 806 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -40.5% | -33.9% |
| % Gain to Breakeven | 68.0% | 51.3% |
| Time to Breakeven | 46 days | 148 days |
| 2018 Correction | ||
| % Loss | -41.9% | -19.8% |
| % Gain to Breakeven | 72.2% | 24.7% |
| Time to Breakeven | 217 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -59.7% | -56.8% |
| % Gain to Breakeven | 147.9% | 131.3% |
| Time to Breakeven | 558 days | 1,480 days |
Compare to CHDN, BYD, MCRI, FLL, LVS
In The Past
Flutter Entertainment's stock fell -62.5% during the 2022 Inflation Shock from a high on 3/22/2021. A -62.5% loss requires a 166.6% gain to breakeven.
Preserve Wealth
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Asset Allocation
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Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select past ideas related to FLUT. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11302025 | BBWI | Bath & Body Works | Dip Buy | DB | Insider Buys | Low D/EDip Buy with Strong Insider BuyingBuying 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% |
| 11262025 | HRB | H&R Block | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 5.4% | 5.4% | -0.1% |
| 11262025 | LRN | Stride | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.2% | 3.2% | -4.4% |
| 11212025 | ABNB | Airbnb | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 15.5% | 15.5% | 0.0% |
| 11212025 | MTN | Vail Resorts | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 15.3% | 15.3% | -1.6% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11302025 | BBWI | Bath & Body Works | Dip Buy | DB | Insider Buys | Low D/EDip Buy with Strong Insider BuyingBuying 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% |
| 11262025 | HRB | H&R Block | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 5.4% | 5.4% | -0.1% |
| 11262025 | LRN | Stride | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.2% | 3.2% | -4.4% |
| 11212025 | ABNB | Airbnb | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 15.5% | 15.5% | 0.0% |
| 11212025 | MTN | Vail Resorts | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 15.3% | 15.3% | -1.6% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Flutter Entertainment
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 35.12 |
| Mkt Cap | 9.1 |
| Rev LTM | 9,096 |
| Op Inc LTM | 650 |
| FCF LTM | 455 |
| FCF 3Y Avg | 124 |
| CFO LTM | 1,056 |
| CFO 3Y Avg | 722 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.1% |
| Rev Chg 3Y Avg | 11.5% |
| Rev Chg Q | 4.6% |
| QoQ Delta Rev Chg LTM | 1.0% |
| Op Mgn LTM | 5.8% |
| Op Mgn 3Y Avg | 6.3% |
| QoQ Delta Op Mgn LTM | -0.5% |
| CFO/Rev LTM | 11.9% |
| CFO/Rev 3Y Avg | 12.9% |
| FCF/Rev LTM | 6.4% |
| FCF/Rev 3Y Avg | 2.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 9.1 |
| P/S | 1.5 |
| P/EBIT | 5.4 |
| P/E | -13.1 |
| P/CFO | 7.0 |
| Total Yield | -1.1% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 1.6% |
| D/E | 2.0 |
| Net D/E | 1.9 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 15.3% |
| 3M Rtn | -13.4% |
| 6M Rtn | -14.2% |
| 12M Rtn | -18.4% |
| 3Y Rtn | 5.7% |
| 1M Excs Rtn | 14.5% |
| 3M Excs Rtn | -17.0% |
| 6M Excs Rtn | -26.6% |
| 12M Excs Rtn | -29.2% |
| 3Y Excs Rtn | -65.7% |
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/12/2025 | -14.3% | -17.6% | -6.3% |
| 8/7/2025 | -8.3% | -5.7% | -5.9% |
| 3/4/2025 | 1.4% | -13.2% | -13.8% |
| 11/12/2024 | 7.0% | 6.1% | 13.3% |
| 8/13/2024 | 8.1% | 7.0% | 14.7% |
| 3/26/2024 | -1.0% | -11.5% | -14.1% |
| SUMMARY STATS | |||
| # Positive | 3 | 2 | 2 |
| # Negative | 3 | 4 | 4 |
| Median Positive | 7.0% | 6.6% | 14.0% |
| Median Negative | -8.3% | -12.3% | -10.0% |
| Max Positive | 8.1% | 7.0% | 14.7% |
| Max Negative | -14.3% | -17.6% | -14.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11122025 | 10-Q 9/30/2025 |
| 6302025 | 8072025 | Quarterly 6/30/2025 |
| 3312025 | 5072025 | Quarterly 3/31/2025 |
| 12312024 | 3042025 | 10-K 12/31/2024 |
| 9302024 | 11122024 | 10-Q 9/30/2024 |
| 6302024 | 8132024 | Quarterly 6/30/2024 |
| 3312024 | 5142024 | 10-Q 3/31/2024 |
| 12312023 | 3262024 | 10-K 12/31/2023 |
Insider Activity
Expand for More| Owner | Title | Filing Date | Action | Price | Shares | TransactedValue | Value ofHeld Shares | Form | |
|---|---|---|---|---|---|---|---|---|---|
| 0 | Howe Amy | CEO & President - FanDuel | 8292025 | Sell | 304.88 | 1,422 | 433,539 | 22,111,422 | Form |
| 1 | Jackson Jeremy Peter | Chief Executive Officer | 8212025 | Sell | 292.42 | 2,112 | 617,591 | 9,341,064 | Form |
| 2 | RAFIQ ATIF | 6062025 | Sell | 244.18 | 265 | 64,707 | 604,093 | Form | |
| 3 | Dubuc Nancy | 6062025 | Sell | 244.96 | 265 | 64,914 | 136,688 | Form | |
| 4 | Cruickshank Nancy | 6062025 | Sell | 245.71 | 281 | 69,045 | 441,541 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |