Flutter Entertainment (FLUT)
Market Price (10/15/2026): $74.14 | Market Cap: $13.0 BilSector: Consumer Discretionary | Industry: Casinos & Gaming
Flutter Entertainment (FLUT)
Market Price (10/15/2026): $74.14Market Cap: $13.0 BilSector: Consumer DiscretionaryIndustry: Casinos & Gaming
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 15% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -28% Stock buyback supportStock Buyback 3Y Total is 1.7 Bil Low stock price volatilityVol 12M is 49% 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 -103%, 3Y Excs Rtn is -132% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -124 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.7% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 69% 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 -11% 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 15% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -28% |
| Stock buyback supportStock Buyback 3Y Total is 1.7 Bil |
| Low stock price volatilityVol 12M is 49% |
| 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 -103%, 3Y Excs Rtn is -132% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -124 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.7% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 69% |
| 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 -11% |
| Key risksFLUT key risks include [1] adverse regulatory changes and increased taxation in key markets, Show more. |
Qualitative Assessment
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Flutter Entertainment (FLUT) stock has lost about 25% since 6/30/2026 because of the following key factors:
1. Disappointing Fiscal Q2 2026 Earnings, Aggressive U.S. Investments, and Lowered Fiscal Year Guidance.
Flutter Entertainment reported its fiscal Q2 2026 earnings on August 5, 2026, announcing an adjusted earnings per share (EPS) of $0.49, which missed analyst estimates. The company's adjusted EBITDA for the quarter declined significantly by 44.7% year-over-year to $508 million. This performance was largely attributed to a 70% collapse in adjusted EBITDA within its U.S. segment, which reached only $119 million. The decline stemmed from a strategic decision to invest approximately $270 million in incremental promotional spending for FanDuel to defend its market share in the competitive U.S. market, alongside unfavorable sports results. Following these results, Flutter reduced its full-year fiscal 2026 adjusted EBITDA guidance by roughly $210 million (to $2.655 billion at the midpoint) and its revenue guidance by about $395 million (to $17.91 billion at the midpoint).
2. Unexpected CEO Transition.
Simultaneously with its fiscal Q2 2026 earnings announcement on August 5, 2026, Flutter Entertainment revealed that CEO Peter Jackson would be stepping down on September 30, 2026, with Dan Taylor, President of Flutter and CEO of Flutter International, appointed as his successor effective October 1, 2026. This unplanned leadership change, coming alongside a disappointing financial report and lowered outlook, introduced additional uncertainty and negatively impacted investor sentiment, contributing to an 11% drop in the stock following the announcement.
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Flutter Entertainment (FLUT) stock has lost about 25% since 6/30/2026 because of the following key factors:
1. Disappointing Fiscal Q2 2026 Earnings, Aggressive U.S. Investments, and Lowered Fiscal Year Guidance.
Flutter Entertainment reported its fiscal Q2 2026 earnings on August 5, 2026, announcing an adjusted earnings per share (EPS) of $0.49, which missed analyst estimates. The company's adjusted EBITDA for the quarter declined significantly by 44.7% year-over-year to $508 million. This performance was largely attributed to a 70% collapse in adjusted EBITDA within its U.S. segment, which reached only $119 million. The decline stemmed from a strategic decision to invest approximately $270 million in incremental promotional spending for FanDuel to defend its market share in the competitive U.S. market, alongside unfavorable sports results. Following these results, Flutter reduced its full-year fiscal 2026 adjusted EBITDA guidance by roughly $210 million (to $2.655 billion at the midpoint) and its revenue guidance by about $395 million (to $17.91 billion at the midpoint).
2. Unexpected CEO Transition.
Simultaneously with its fiscal Q2 2026 earnings announcement on August 5, 2026, Flutter Entertainment revealed that CEO Peter Jackson would be stepping down on September 30, 2026, with Dan Taylor, President of Flutter and CEO of Flutter International, appointed as his successor effective October 1, 2026. This unplanned leadership change, coming alongside a disappointing financial report and lowered outlook, introduced additional uncertainty and negatively impacted investor sentiment, contributing to an 11% drop in the stock following the announcement.
3. Increased UK Remote Gaming Duty.
A significant regulatory change in the UK, effective April 1, 2026, saw the Remote Gaming Duty on online gaming double from 21% to 40%. This increase was projected to reduce Flutter's adjusted EBITDA by approximately $320 million in fiscal 2026. The impact of this higher tax rate was specifically cited in the company's fiscal Q2 2026 earnings report as a factor contributing to the decline in adjusted EBITDA.
4. Brazil Online Betting Ban.
On September 28, 2026, Flutter Entertainment announced it had ceased its sports betting and iGaming operations in Brazil to comply with a new nationwide online gambling ban. This regulatory development is anticipated to reduce Flutter's fiscal 2026 revenue by approximately $70 million and adjusted EBITDA by about $20 million if the operational halt in Brazil is prolonged. This unexpected market exit and its projected financial impact further eroded investor confidence in the period.
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Stock Movement Drivers
Fundamental Drivers
The -27.3% change in FLUT stock from 6/30/2026 to 10/14/2026 was primarily driven by a -28.3% change in the company's P/S Multiple.| (LTM values as of) | 6302026 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 102.17 | 74.26 | -27.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 17,022 | 17,161 | 0.8% |
| P/S Multiple | 1.1 | 0.8 | -28.3% |
| Shares Outstanding (Mil) | 176 | 175 | 0.6% |
| Cumulative Contribution | -27.3% |
Market Drivers
6/30/2026 to 10/14/2026| Return | Correlation | |
|---|---|---|
| FLUT | -27.3% | |
| Market (SPY) | 3.1% | 3.7% |
| Sector (XLY) | -4.9% | 27.7% |
Fundamental Drivers
The -27.2% change in FLUT stock from 3/31/2026 to 10/14/2026 was primarily driven by a -33.5% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 101.95 | 74.26 | -27.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 16,383 | 17,161 | 4.7% |
| P/S Multiple | 1.1 | 0.8 | -33.5% |
| Shares Outstanding (Mil) | 183 | 175 | 4.6% |
| Cumulative Contribution | -27.2% |
Market Drivers
3/31/2026 to 10/14/2026| Return | Correlation | |
|---|---|---|
| FLUT | -27.2% | |
| Market (SPY) | 18.6% | 4.8% |
| Sector (XLY) | 2.5% | 23.2% |
Fundamental Drivers
The -70.8% change in FLUT stock from 9/30/2025 to 10/14/2026 was primarily driven by a -74.9% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 254.00 | 74.26 | -70.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 14,892 | 17,161 | 15.2% |
| P/S Multiple | 3.0 | 0.8 | -74.9% |
| Shares Outstanding (Mil) | 177 | 175 | 1.1% |
| Cumulative Contribution | -70.8% |
Market Drivers
9/30/2025 to 10/14/2026| Return | Correlation | |
|---|---|---|
| FLUT | -70.8% | |
| Market (SPY) | 16.5% | 20.1% |
| Sector (XLY) | -6.4% | 29.0% |
Fundamental Drivers
The -53.8% change in FLUT stock from 9/30/2023 to 10/14/2026 was primarily driven by a 0.8% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 9302023 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 160.78 | 74.26 | -53.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 17,161 | 0.0% |
| P/S Multiple | � | 0.8 | 0.0% |
| Shares Outstanding (Mil) | 176 | 175 | 0.8% |
| Cumulative Contribution | 0.0% |
Market Drivers
9/30/2023 to 10/14/2026| Return | Correlation | |
|---|---|---|
| FLUT | -53.8% | |
| Market (SPY) | 86.2% | 36.3% |
| Sector (XLY) | 41.7% | 39.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FLUT Return | -24% | -14% | 33% | 44% | -17% | -64% | -62% |
| Peers Return | 2% | -39% | 54% | -14% | -14% | -12% | -38% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| FLUT Win Rate | 42% | 33% | 58% | 58% | 67% | 40% | |
| Peers Win Rate | 43% | 33% | 55% | 48% | 58% | 48% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| FLUT Max Drawdown | -44% | -46% | -29% | -21% | -38% | -66% | |
| Peers Max Drawdown | -43% | -50% | -33% | -33% | -42% | -38% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[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] 2026 data is for the year up to 10/14/2026 (YTD)
How Low Can It Go
| Event | FLUT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -29.3% | -18.8% |
| % Gain to Breakeven | 41.4% | 23.1% |
| Time to Breakeven | 101 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -22.9% | -9.5% |
| % Gain to Breakeven | 29.7% | 10.5% |
| Time to Breakeven | 66 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -44.2% | -24.5% |
| % Gain to Breakeven | 79.3% | 32.4% |
| Time to Breakeven | 196 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -34.8% | -33.7% |
| % Gain to Breakeven | 53.3% | 50.9% |
| Time to Breakeven | 36 days | 140 days |
In The Past
Flutter Entertainment's stock fell -29.3% during the 2025 US Tariff Shock. Such a loss loss requires a 41.4% gain to breakeven.
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| Event | FLUT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -29.3% | -18.8% |
| % Gain to Breakeven | 41.4% | 23.1% |
| Time to Breakeven | 101 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -22.9% | -9.5% |
| % Gain to Breakeven | 29.7% | 10.5% |
| Time to Breakeven | 66 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -44.2% | -24.5% |
| % Gain to Breakeven | 79.3% | 32.4% |
| Time to Breakeven | 196 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -34.8% | -33.7% |
| % Gain to Breakeven | 53.3% | 50.9% |
| Time to Breakeven | 36 days | 140 days |
In The Past
Flutter Entertainment's stock fell -29.3% during the 2025 US Tariff Shock. Such a loss loss requires a 41.4% 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 Flutter Entertainment (FLUT)
Flutter Entertainment plc is a global leader in sports betting and iGaming, operating a diversified portfolio of prominent brands across multiple regulated markets. The company specializes in providing online and retail platforms that enable customers to bet on a wide range of sports, play various casino games, participate in poker tournaments, and enjoy bingo. Its business model centers on delivering engaging and responsible entertainment experiences to a broad customer base worldwide.
The company's main products encompass sports betting, online casino games, poker, and bingo. Flutter's extensive brand portfolio includes FanDuel, a dominant player in the North American sports betting and iGaming market; Paddy Power and Betfair, major brands in the UK and Ireland for sports betting and gaming; PokerStars, a globally recognized online poker and casino platform; and Sportsbet, a leading online bookmaker in Australia. Other significant brands include Sky Betting & Gaming in the UK.
Flutter Entertainment primarily targets individual consumers of legal gambling age who seek entertainment through online and retail betting and gaming services. The company strategically focuses on regulated markets to ensure compliance and responsible gaming. Its key geographic markets span across North America (particularly the US), the UK and Ireland, Australia, and various other European and international jurisdictions, leveraging its diverse brands to cater to distinct regional preferences and regulatory environments.
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- Sports Betting: Offers online and retail platforms for customers to place wagers on a wide range of sports events.
- Online Casino and Gaming: Provides a variety of online casino games, including slots, table games, and live dealer experiences.
- Online Poker: Operates platforms dedicated to online poker games and tournaments for players globally.
- Daily Fantasy Sports (DFS): Runs daily and weekly fantasy sports contests where users can build virtual teams to compete for prizes.
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Flutter Entertainment (FLUT) primarily sells its services directly to individual consumers. The company operates a portfolio of global sports betting, gaming, and entertainment brands. Its major customers can be categorized as:
- Sports Bettors & Fantasy Sports Players: Individuals who place wagers on sporting events through brands like Paddy Power, Betfair, FanDuel Sportsbook, and Sky Bet, or participate in daily fantasy sports contests via platforms like FanDuel Daily Fantasy Sports.
- Online Casino Players: Individuals who engage in various online casino games, including slots, table games, and live dealer games, across brands such as Paddy Power Games, Betfair Casino, Sky Vegas, and PokerStars Casino.
- Online Poker Players: Individuals who play poker online through platforms like PokerStars, which is a leading global online poker brand.
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- Evolution Gaming AB (Symbol: EVO.ST)
- Sportradar Group AG (Symbol: SRAD)
- Genius Sports Limited (Symbol: GENI)
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Peter Jackson, Chief Executive Officer
Peter Jackson has served as the Group Chief Executive Officer of Flutter Entertainment since January 2018. He initially joined the company as a Non-Executive Director in February 2016, prior to its rebranding from Paddy Power Betfair to Flutter Entertainment in May 2019. Before his tenure at Flutter, Jackson held several prominent leadership roles, including CEO of Travelex Holdings from 2010 to 2015 and CEO of Worldpay UK from 2017 to 2018. His career also includes senior positions at Lloyds Banking Group and Halifax Bank of Scotland, as well as being the Head of Global Innovation at Banco Santander. Under Jackson's leadership, Flutter Entertainment significantly expanded its global footprint, notably through the 2020 merger with The Stars Group, which established Flutter as a major online betting operator.
Rob Coldrake, Chief Financial Officer
Rob Coldrake was appointed Group Chief Financial Officer of Flutter Entertainment in June 2024. Prior to this role, he spent four years as CFO of Flutter International, beginning in 2020. In his capacity as CFO of Flutter International, he oversaw a diverse portfolio of brands including PokerStars, Adjarabet, and Betfair International, and played a key role in the execution of Flutter's global growth and acquisition strategy, which involved the acquisitions and integrations of Junglee, Sisal, and Maxbet. Before joining Flutter, Coldrake held various senior finance positions at TUI Group for 14 years, including CFO for the Markets and Airlines division and Finance Director for the UK & Ireland and Nordic businesses. He commenced his career at PricewaterhouseCoopers, where he focused on audit and gained substantial transaction experience.
Amy Howe, Chief Executive Officer and President – FanDuel
Amy Howe serves as the Chief Executive Officer and President of FanDuel.
Dan Taylor, Chief Executive Officer – Flutter International
Dan Taylor is the Chief Executive Officer of Flutter International.
Phil Bishop, Chief Operating Officer
Phil Bishop holds the position of Chief Operating Officer at Flutter Entertainment.
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The key risks to Flutter Entertainment include:
- Regulatory and Geopolitical Risks: Flutter Entertainment operates in a heavily regulated global industry, making it highly susceptible to changes in licensing requirements, tax rates, and compliance obligations across various jurisdictions. Significant regulatory shifts, such as those seen in India which led to a substantial writedown, or potential changes in sports betting laws in the U.S., can materially impact the company's profitability and operational flexibility.
- Intense Competition and Market Share Erosion: The online gaming industry is highly competitive, leading to increased marketing and promotional expenses, margin pressure, and the potential for market share loss. Flutter faces significant competition from other global gambling companies, including DraftKings and emerging "T-2 operators" like Fanatics, particularly in key markets such as the U.S. sportsbook market.
- Profitability and Operational Efficiency Challenges: Despite strong revenue growth, Flutter Entertainment has encountered challenges in consistently translating this growth into sustainable profitability. This includes issues such as negative net margins, high operating expenses, poor cash profitability, and volatility in earnings due to factors like customer-friendly sports results impacting margins.
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The intensifying global trend towards stricter regulatory controls across key operational markets, including potential mandatory affordability checks, more restrictive advertising rules, and the imposition of stake limits on online gaming products. This evolving landscape, driven by ongoing legislative reviews (e.g., the UK's Gambling Act review) and increasing public scrutiny, could fundamentally alter customer acquisition strategies, reduce average revenue per user, and necessitate significant operational and product adjustments, thereby disrupting the established economic model and growth trajectory for online gambling operators.
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Flutter Entertainment (FLUT) operates in various addressable markets with its diverse portfolio of online betting and gaming products and services.
Globally, the regulated total addressable market (TAM) for Flutter Entertainment's offerings is projected to reach approximately $368 billion by 2030. Some estimates suggest this global market could grow to $550-600 billion over the next five years, based on an 8% compound annual growth rate (CAGR) from a 2024 estimate of $368 billion. The global gambling market is expected to generate $368 billion in 2030.
In North America, Flutter Entertainment projects a mature TAM of approximately $70 billion by 2027. Specifically, the U.S. market is forecast to be around $63 billion in 2027, excluding any new state launches between now and 2027. Canada is estimated to contribute $7 billion to this North American market by 2027.
For key developing international markets, which include regions such as India, Central and Eastern Europe, Latin America, Turkey, and North Africa, Flutter Entertainment is targeting a total addressable market of $40–50 billion by 2030.
Flutter's main products and services encompass online sports betting, iGaming products such as blackjack, roulette, slot machines, poker, and rummy, as well as lottery products. The company also offers daily fantasy sports, exchange sports betting, pari-mutuel wagering, and live poker tours and events. These services are provided under prominent brands including FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Sisal, tombola, Betfair, TVG, Adjarabet, and MaxBet.
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Flutter Entertainment (FLUT) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:
- Continued Expansion and Leadership in the U.S. Market: Flutter's strategic focus on the U.S. market, primarily through its FanDuel brand, is a significant growth driver. FanDuel holds the position of America's number one online sportsbook and is actively gaining market share in iGaming. The ongoing legalization of sports betting and iGaming in various U.S. states is expanding Flutter's addressable market, with new state launches such as Missouri in December 2025 and Alberta (Canada) in Q2 2026 expected to contribute to revenue growth.
- Product Innovation and iGaming Growth: Flutter is committed to "product-led growth" and innovation, particularly within its iGaming offerings. The iGaming segment in the U.S. has demonstrated substantial growth, driven by product enhancements like the FanDuel Rewards Club and exclusive content. The company also plans to invest in and expand its prediction market platforms through FanDuel Predicts.
- International Market Performance and Strategic Acquisitions: Beyond the U.S., Flutter anticipates growth from its international markets. The International division has shown revenue growth, especially in "Consolidate and Invest markets" and regions like Italy. Recent acquisitions, such as Sisal in Italy and other ventures in Brazil, are establishing leadership positions in high-growth international markets, further contributing to revenue expansion.
- Enhanced Customer Acquisition and Engagement: Flutter is focused on expanding its recreational customer base and improving engagement. The company has seen an increase in average monthly players (AMPs). Initiatives like the "Flutter Edge" and efficient marketing strategies are designed to drive continued customer acquisition and retention, thereby fueling revenue growth.
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Share Repurchases
- Flutter Entertainment announced a multi-year share repurchase program of up to $5 billion in September 2024, with an expected deployment over the subsequent three to four years.
- The company anticipates returning approximately $1 billion to shareholders through this program during 2025.
- A fourth tranche of $245 million was launched in August 2025, commencing on October 1, 2025, and scheduled to conclude by the end of 2025. A fifth tranche of up to $250 million was announced in March 2026, starting March 12, 2026, and ending by May 21, 2026.
Share Issuance
- Flutter Entertainment's shares outstanding were 0.18 billion in 2024, marking a 1.69% increase from 2023.
- Shares outstanding were 0.177 billion in 2023, showing no change from 2022.
- The number of outstanding shares decreased by 1.67% from 2024 to 0.177 billion in 2025.
Outbound Investments
- In September 2024, Flutter Entertainment acquired Snaitech for $2.56 billion.
- Flutter acquired an initial 56% stake in NSX Group, a Brazilian sports betting operator, for approximately $350 million in May 2025.
- The company acquired Boyd Gaming's remaining 5% stake in FanDuel for approximately $1.755 billion in July 2025, resulting in 100% ownership of FanDuel.
Capital Expenditures
- Capital expenditures were $410.7 million in 2021, $481.3 million in 2022, and $159 million in 2023.
- Expected capital expenditures are $144 million for 2024 and $777 million for 2025.
- The increase in capital expenditure in Q2 2025 was primarily driven by the Snaitech acquisition and broader technology investments across the Group.
Peer Outperformance in Casinos & Gaming
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services | 14 | -17.3% | 83.1% | 86.7% | CVSA 263% · PRDO 237% · LRN 146% |
| Homebuilding | 18 | -4.7% | 32.5% | 46.0% | GRBK 183% · PHM 145% · TOL 140% |
| Specialty Stores | 7 | 9.7% | 37.8% | 17.7% | ASO 40% · DKS 29% · FIVE 18% |
| Hotels, Resorts & Cruise Lines | 21 | 9.7% | 36.6% | 13.7% | RCL 236% · MAR 151% · LIND 142% |
| Home Furnishings | 3 | -4.3% | 47.1% | 1.4% | SGI 50% · MHK -34% |
| Home Improvement Retail | 5 | -20.3% | 2.4% | -2.0% | HD -1% · LOW -2% · FND -62% |
| Footwear | 9 | 69.5% | 49.8% | -11.3% | DECK 45% · SHOO 19% · CROX -11% |
| Automotive Retail | 18 | -15.4% | 3.5% | -11.4% | MUSA 229% · PAG 119% · ORLY 111% |
| Specialized Consumer Services | 10 | -12.0% | 15.0% | -14.3% | HRB 110% · FTDR 86% · SCI 38% |
| Distributors | 4 | -8.8% | -26.5% | -15.4% | ARMK 116% · GPC 22% · LKQ -52% |
| Restaurants | 36 | -8.9% | -8.2% | -18.5% | EAT 321% · CAKE 188% · TXRH 100% |
| Apparel Retail | 26 | 0.5% | 17.4% | -39.9% | ANF 303% · TJX 140% · ROST 124% |
| Leisure Facilities | 12 | 6.5% | -8.0% | -40.7% | OSW 130% · LTH 128% · PLNT -40% |
| Household Appliances | 18 | 3.3% | 1.7% | -40.7% | |
| Computer & Electronics Retail | 3 | 15.4% | 46.5% | -40.8% | BBY 0% · GME -41% |
| Leisure Products | 14 | -17.8% | -16.9% | -44.8% | GOLF 84% · HAS 33% · MAT -12% |
| Automotive Parts & Equipment | 39 | -7.6% | -20.0% | -46.5% | MOD 1343% · GTX 258% · BWA 57% |
| Broadline Retail | 14 | -5.4% | 25.5% | -48.5% | EBAY 70% · AMZN 57% · OLLI 39% |
| Casinos & Gaming ← | 20 | -7.9% | -23.6% | -49.4% | MCRI 95% · RRR 15% · BYD 10% |
| Apparel, Accessories & Luxury Goods | 29 | 2.1% | 18.9% | -49.5% | RL 254% · TPR 241% · KTB 67% |
| Consumer Electronics | 11 | -22.5% | -25.3% | -76.5% | GRMN 98% · SONO -44% |
| Other Specialty Retail | 17 | -31.9% | -37.6% | -78.3% | ULTA 46% · TSCO -5% · BBWI -68% |
| Automobile Manufacturers | 8 | -73.1% | -54.8% | -79.0% | GM 52% · TSLA 39% · F 6% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 29.12 |
| Mkt Cap | 6.7 |
| Rev LTM | 9,404 |
| Op Inc LTM | 569 |
| FCF LTM | 501 |
| FCF 3Y Avg | 284 |
| CFO LTM | 1,046 |
| CFO 3Y Avg | 1,028 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.9% |
| Rev Chg 3Y Avg | 6.4% |
| Rev Chg Q | 3.1% |
| QoQ Delta Rev Chg LTM | 0.8% |
| Op Inc Chg LTM | 1.6% |
| Op Inc Chg 3Y Avg | 45.0% |
| Op Mgn LTM | 5.8% |
| Op Mgn 3Y Avg | 5.7% |
| QoQ Delta Op Mgn LTM | -0.4% |
| CFO/Rev LTM | 11.0% |
| CFO/Rev 3Y Avg | 10.7% |
| FCF/Rev LTM | 6.6% |
| FCF/Rev 3Y Avg | 5.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Sportsbook | 8,632 | 7,829 | 6,585 | 5,316 | |
| iGaming | 7,207 | 5,654 | 4,621 | 3,572 | |
| Other | 544 | 565 | 584 | 575 | |
| Single Segment | 8,308 | ||||
| Total | 16,383 | 14,048 | 11,790 | 9,463 | 8,308 |
| $ Mil | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|
| Paddy Power Betfair Online | 243 | ||||
| Australia | 136 | 152 | 169 | 104 | |
| Paddy Power Betting Retail | 44 | ||||
| Transaction fees | -23 | ||||
| Corporate | -78 | -75 | -78 | -67 | |
| United States | -126 | -93 | -15 | 4 | |
| Online | 247 | 187 | 298 | ||
| Restructuring and strategic initiatives | -36 | ||||
| Retail | 64 | 85 | 55 | ||
| Replacement share options | -10 | -27 | |||
| Amortisation of merger related intangible assets | -215 | ||||
| Impairment of property, plant and equipment and intangible assets | -8 | ||||
| Integration and restructuring costs | -81 | ||||
| Merger fees and associated costs | -44 | ||||
| Exceptional item – merger costs | -6 | ||||
| Irish Retail | 22 | ||||
| Online (ex Australia) | 75 | ||||
| Online Australia | 87 | ||||
| Telephone | -17 | ||||
| UK Retail | 26 | ||||
| Total | 197 | 260 | 338 | 19 | 186 |
Price Behavior
| Market Price | $74.26 | |
| Market Cap ($ Bil) | 13.0 | |
| First Trading Date | 12/18/2006 | |
| Distance from 52W High | -70.6% | |
| 50 Days | 200 Days | |
| DMA Price | $91.32 | $114.77 |
| DMA Trend | down | down |
| Distance from DMA | -18.7% | -35.3% |
| 3M | 1YR | |
| Volatility | 54.7% | 48.9% |
| Downside Capture | 246.35 | 170.99 |
| Upside Capture | 22.37 | 2.19 |
| Correlation (S&P 500) | 1.6% | 19.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.89 | 0.88 | 0.15 | 0.19 | 0.75 | 1.02 |
| Up Beta | -7.41 | -1.79 | -2.58 | -0.53 | 0.56 | 1.06 |
| Down Beta | 3.15 | 3.11 | 1.03 | 0.63 | 1.16 | 1.19 |
| Up Capture | 8% | 32% | 9% | -5% | -12% | 32% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 8 | 18 | 30 | 56 | 113 | 378 |
| Down Capture | 436% | 335% | 189% | 94% | 135% | 104% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 14 | 24 | 34 | 70 | 139 | 373 |
[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 FLUT | |
|---|---|---|---|---|
| FLUT | -70.4% | 48.9% | -2.32 | - |
| Sector ETF (XLY) | -4.1% | 19.1% | -0.35 | 28.5% |
| Equity (SPY) | 17.1% | 12.7% | 0.96 | 19.1% |
| Gold (GLD) | -0.6% | 29.4% | -0.02 | -6.2% |
| Commodities (DBC) | 49.3% | 20.7% | 1.82 | -7.5% |
| Real Estate (VNQ) | 5.7% | 13.7% | 0.15 | 17.0% |
| Bitcoin (BTCUSD) | -27.9% | 43.7% | -0.63 | 7.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FLUT | |
|---|---|---|---|---|
| FLUT | -17.2% | 45.4% | -0.27 | - |
| Sector ETF (XLY) | 5.1% | 24.1% | 0.17 | 38.2% |
| Equity (SPY) | 13.6% | 17.1% | 0.60 | 37.3% |
| Gold (GLD) | 17.9% | 18.9% | 0.76 | -0.5% |
| Commodities (DBC) | 10.0% | 19.5% | 0.39 | 4.7% |
| Real Estate (VNQ) | 1.2% | 18.8% | -0.05 | 26.6% |
| Bitcoin (BTCUSD) | 8.5% | 51.8% | 0.34 | 19.8% |
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 FLUT | |
|---|---|---|---|---|
| FLUT | -4.4% | 46.3% | 0.01 | - |
| Sector ETF (XLY) | 12.0% | 22.2% | 0.49 | 36.0% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 35.1% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | 1.0% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 7.7% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 26.3% |
| Bitcoin (BTCUSD) | 63.5% | 66.2% | 1.03 | 17.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/28/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -11.5% | -5.7% | -2.8% |
| 5/6/2026 | 2.1% | -4.1% | 1.4% |
| 2/26/2026 | -13.8% | -7.0% | -18.4% |
| 11/12/2025 | -14.3% | -17.6% | -6.3% |
| 8/7/2025 | -8.3% | -5.7% | -5.9% |
| 5/7/2025 | -0.5% | 2.3% | 3.0% |
| 3/4/2025 | 1.4% | -13.2% | -13.8% |
| 1/7/2025 | 1.6% | 1.4% | 6.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 5 | 5 | 5 |
| # Negative | 7 | 7 | 7 |
| Median Positive | 2.1% | 2.8% | 6.6% |
| Median Negative | -8.3% | -7.0% | -10.9% |
| Max Positive | 8.1% | 7.0% | 14.7% |
| Max Negative | -14.3% | -17.6% | -18.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -11.5% | -5.7% | -2.8% |
| 5/6/2026 | 2.1% | -4.1% | 1.4% |
| 2/26/2026 | -13.8% | -7.0% | -18.4% |
| 11/12/2025 | -14.3% | -17.6% | -6.3% |
| 8/7/2025 | -8.3% | -5.7% | -5.9% |
| 5/7/2025 | -0.5% | 2.3% | 3.0% |
| 3/4/2025 | 1.4% | -13.2% | -13.8% |
| 1/7/2025 | 1.6% | 1.4% | 6.6% |
| 11/12/2024 | 7.0% | 6.1% | 13.3% |
| 8/13/2024 | 8.1% | 7.0% | 14.7% |
| 5/14/2024 | -1.2% | 2.8% | -10.9% |
| 3/26/2024 | -1.0% | -11.5% | -14.1% |
| SUMMARY STATS | |||
| # Positive | 5 | 5 | 5 |
| # Negative | 7 | 7 | 7 |
| Median Positive | 2.1% | 2.8% | 6.6% |
| Median Negative | -8.3% | -7.0% | -10.9% |
| Max Positive | 8.1% | 7.0% | 14.7% |
| Max Negative | -14.3% | -17.6% | -18.4% |
Recent Forward Guidance
Updated 10/4/2026Latest: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Group Revenue | Reported | 17.91 Bil | -2.2% | Lowered | Guidance: 18.30 Bil for 2026 | |||
| 2026 US Total Revenue | Reported | 7.40 Bil | -5.1% | Lowered | Guidance: 7.79 Bil for 2026 | |||
| 2026 International Revenue | Reported | 10.51 Bil | 0 | Affirmed | Guidance: 10.51 Bil for 2026 | |||
| 2026 Market-making Revenue | Reported | 50.00 Mil | ||||||
| 2026 Group Adjusted EBITDA | Reported | 2.65 Bil | -7.3% | Lowered | Guidance: 2.87 Bil for 2026 | |||
| 2026 US Total Adjusted EBITDA | Reported | 760.00 Mil | -21.6% | Lowered | Guidance: 970.00 Mil for 2026 | |||
| 2026 International Adjusted EBITDA | Reported | 2.21 Bil | 0 | Affirmed | Guidance: 2.21 Bil for 2026 | |||
Prior: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 18.30 Bil | -0.5% | Lowered | Guidance: 18.40 Bil for 2026 | |||
| 2026 US Revenue | Reported | 7.79 Bil | -0.1% | Lowered | Guidance: 7.80 Bil for 2026 | |||
| 2026 International Revenue | Reported | 10.51 Bil | -0.8% | Lowered | Guidance: 10.60 Bil for 2026 | |||
| 2026 Adjusted EBITDA | Reported | 2.87 Bil | -3.5% | Lowered | Guidance: 2.97 Bil for 2026 | |||
| 2026 US Adjusted EBITDA | Reported | 970.00 Mil | -7.6% | Lowered | Guidance: 1.05 Bil for 2026 | |||
| 2026 International Adjusted EBITDA | Reported | 2.21 Bil | -1.1% | Lowered | Guidance: 2.23 Bil for 2026 | |||
| 2026 Capital Expenditures | Reported | 855.00 Mil | ||||||
| 2026 Share Repurchases | Reported | 250.00 Mil | ||||||
Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Group Revenue | Reported | 17.75 Bil | 18.40 Bil | 10.2% | Higher New | Guidance: 16.69 Bil for 2025 | ||
| 2026 US Revenue | Reported | 7.40 Bil | 7.80 Bil | 8.8% | Higher New | Guidance: 7.17 Bil for 2025 | ||
| 2026 International Revenue | Reported | 10.35 Bil | 10.60 Bil | 11.3% | Higher New | Guidance: 9.52 Bil for 2025 | ||
| 2026 Group Adjusted EBITDA | Reported | 2.65 Bil | 2.97 Bil | 1.9% | Higher New | Guidance: 2.92 Bil for 2025 | ||
| 2026 US Adjusted EBITDA | Reported | 850.00 Mil | 1.05 Bil | 12.3% | Higher New | Guidance: 935.00 Mil for 2025 | ||
| 2026 International Adjusted EBITDA | Reported | 2.10 Bil | 2.23 Bil | -0.4% | Lower New | Guidance: 2.24 Bil for 2025 | ||
Q3 2025 Earnings Reported 11/12/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Group Revenue | Reported | 16.39 Bil | 16.69 Bil | 16.99 Bil | -3.3% | Lowered | Guidance: 17.26 Bil for 2025 | |
| 2025 US Total Revenue | Reported | 7.01 Bil | 7.17 Bil | 7.33 Bil | ||||
| 2025 International Revenue | Reported | 9.38 Bil | 9.52 Bil | 9.66 Bil | ||||
| 2025 Group Adjusted EBITDA | Reported | 2.77 Bil | 2.92 Bil | 3.06 Bil | -11.5% | Lowered | Guidance: 3.29 Bil for 2025 | |
| 2025 US Total Adjusted EBITDA | Reported | 855.00 Mil | 935.00 Mil | 1.01 Bil | ||||
| 2025 International Adjusted EBITDA | Reported | 2.17 Bil | 2.24 Bil | 2.31 Bil | ||||
Insider Activity
Updated 9/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Taylor, Daniel Mark | President FLUT; CEO FLUT Intl | Direct | Sell | 9032026 | 97.86 | 791 | 77,406 | 5,134,368 | Form |
| 2 | Bishop, James Philip | Chief Operating Officer | Direct | Sell | 9032026 | 97.86 | 741 | 72,514 | 1,650,294 | Form |
| 3 | Jackson, Jeremy Peter | Chief Executive Officer | Direct | Sell | 9032026 | 97.86 | 1,762 | 172,428 | 6,894,362 | Form |
| 4 | Liu, Don H | Chief Legal Officer | Direct | Sell | 9032026 | 97.86 | 565 | 55,290 | 2,000,378 | Form |
| 5 | Coldrake, Robert | Chief Financial Officer | Direct | Sell | 9032026 | 97.86 | 710 | 69,480 | 2,229,032 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Taylor, Daniel Mark | President FLUT; CEO FLUT Intl | Direct | Sell | 9032026 | 97.86 | 791 | 77,406 | 5,134,368 | Form |
| 2 | Bishop, James Philip | Chief Operating Officer | Direct | Sell | 9032026 | 97.86 | 741 | 72,514 | 1,650,294 | Form |
| 3 | Jackson, Jeremy Peter | Chief Executive Officer | Direct | Sell | 9032026 | 97.86 | 1,762 | 172,428 | 6,894,362 | Form |
| 4 | Liu, Don H | Chief Legal Officer | Direct | Sell | 9032026 | 97.86 | 565 | 55,290 | 2,000,378 | Form |
| 5 | Coldrake, Robert | Chief Financial Officer | Direct | Sell | 9032026 | 97.86 | 710 | 69,480 | 2,229,032 | Form |
| 6 | Jackson, Jeremy Peter | Chief Executive Officer | Direct | Sell | 8202026 | 93.32 | 2,112 | 197,085 | 6,738,765 | Form |
| 7 | Cruickshank, Nancy | Direct | Sell | 6012026 | 94.63 | 152 | 14,384 | 234,966 | Form | |
| 8 | McCarthy, Christine M | Direct | Sell | 5292026 | 94.63 | 135 | 12,775 | 119,423 | Form | |
| 9 | Lennon, Carolan | Direct | Sell | 5292026 | 94.63 | 439 | 41,543 | 159,735 | Form | |
| 10 | Bomhard, Stefan Andreas | Direct | Sell | 5292026 | 94.63 | 177 | 16,750 | 94,630 | Form | |
| 11 | Hurley, Alfred F JR | Direct | Sell | 5292026 | 94.63 | 135 | 12,775 | 399,433 | Form | |
| 12 | Dubuc, Nancy | Direct | Sell | 5292026 | 94.63 | 135 | 12,775 | 119,328 | Form | |
| 13 | Bryant, John A | Direct | Sell | 5292026 | 94.63 | 214 | 20,251 | 853,657 | Form | |
| 14 | Koeppel, Holly K | Direct | Sell | 5292026 | 94.63 | 135 | 12,775 | 308,399 | Form | |
| 15 | Bennett, Robert R | Direct | Sell | 5292026 | 94.63 | 135 | 12,775 | 119,423 | Form | |
| 16 | Liu, Don H | Chief Legal Officer | Direct | Sell | 5142026 | 93.37 | 1,259 | 117,558 | 1,961,460 | Form |
| 17 | Bishop, James Philip | Chief Operating Officer | Direct | Buy | 5122026 | 99.75 | 1,000 | 99,751 | 1,756,111 | Form |
| 18 | Jackson, Jeremy Peter | Chief Executive Officer | Direct | Sell | 5122026 | 98.13 | 3,084 | 302,623 | 7,293,365 | Form |
| 19 | Bomhard, Stefan Andreas | Direct | Buy | 5122026 | 102.00 | 500 | 51,000 | 120,054 | Form | |
| 20 | Liu, Don H | Chief Legal Officer | Direct | Buy | 5122026 | 102.78 | 1,459 | 150,000 | 2,288,441 | Form |
| 21 | Bryant, John A | Direct | Buy | 5122026 | 102.86 | 1,950 | 200,586 | 949,954 | Form | |
| 22 | Coldrake, Robert | Chief Financial Officer | Direct | Sell | 5122026 | 101.40 | 129 | 13,080 | 2,381,608 | Form |
| 23 | Jackson, Jeremy Peter | Chief Executive Officer | Direct | Buy | 5122026 | 101.94 | 2,400 | 244,656 | 7,224,678 | Form |
| 24 | Jackson, Jeremy Peter | Chief Executive Officer | Direct | Sell | 3132026 | 108.00 | 4,326 | 467,208 | 3,973,104 | Form |
| 25 | Coldrake, Robert | Chief Financial Officer | Direct | Sell | 3132026 | 106.45 | 4,613 | 491,054 | 1,065,139 | Form |
| 26 | Howe, Amy | CEO & President - FanDuel | Direct | Sell | 3132026 | 105.91 | 8,895 | 942,099 | 8,355,396 | Form |
Investor Activity (13F)
Updated Oct 15, 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 | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Caledonia (Private) Investments Pty Ltd | $869.6 Mil | 25.3% | 16 | ADD +18.6% | 13F |
| L1 Capital Pty Ltd | $180.4 Mil | 7.1% | 22 | ADD +1174.2% | 13F |
| HughesLittle Investment Management Ltd. | $33.6 Mil | 6.6% | 14 | New | 13F |
| Theleme Partners LLP | $98.5 Mil | 6.6% | 10 | ADD +7.8% | 13F |
| Helikon Investments Ltd | $146.8 Mil | 5.5% | 17 | New | 13F |
| Wgi DM, LLC | $49.8 Mil | 5.0% | 6 | Hold | 13F |
| Lind Value II ApS | $18.4 Mil | 4.1% | 8 | New | 13F |
| PointState Capital LP | $144.4 Mil | 3.4% | 44 | Hold | 13F |
| Selkirk Management LLC | $8.7 Mil | 3.0% | 11 | Hold | 13F |
| Philosophy Capital Management LLC | $21.9 Mil | 2.5% | 36 | ADD +222.9% | 13F |
| Mudita Advisors LLP | $11.9 Mil | 2.4% | 28 | ADD +226.1% | 13F |
| Robertson Opportunity Capital, LLC | $5.1 Mil | 2.0% | 30 | TRIM -18.2% | 13F |
| Eminence Capital, LP | $49.3 Mil | 1.1% | 33 | ADD +511.4% | 13F |
| Dendur Capital LP | $11.4 Mil | 0.8% | 21 | TRIM -70.7% | 13F |
| Blue Whale Capital LLP | $15.5 Mil | 0.7% | 26 | TRIM -80.7% | 13F |
| Harvard Management Co Inc | $8.2 Mil | 0.5% | 17 | TRIM -30.4% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Helikon Investments Ltd | $146.8 Mil | 5.5% | 17 | New | 13F |
| HughesLittle Investment Management Ltd. | $33.6 Mil | 6.6% | 14 | New | 13F |
| Lind Value II ApS | $18.4 Mil | 4.1% | 8 | New | 13F |
| L1 Capital Pty Ltd | $180.4 Mil | 7.1% | 22 | ADD +1174.2% | 13F |
| Eminence Capital, LP | $49.3 Mil | 1.1% | 33 | ADD +511.4% | 13F |
| Mudita Advisors LLP | $11.9 Mil | 2.4% | 28 | ADD +226.1% | 13F |
| Philosophy Capital Management LLC | $21.9 Mil | 2.5% | 36 | ADD +222.9% | 13F |
| Caledonia (Private) Investments Pty Ltd | $869.6 Mil | 25.3% | 16 | ADD +18.6% | 13F |
| Theleme Partners LLP | $98.5 Mil | 6.6% | 10 | ADD +7.8% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Dorsal Capital Management, LP | $155.9 Mil | 5.5% | 20 | Exited | Dec 31, 2025 | 13F |
| Alua Capital Management LP | $86.0 Mil | 6.4% | 17 | Exited | Dec 31, 2025 | 13F |
| Mark Asset Management LP | $51.9 Mil | 5.8% | 39 | Exited | Dec 31, 2025 | 13F |
| Park West Asset Management LLC | $39.0 Mil | 3.3% | 47 | Exited | Dec 31, 2025 | 13F |
| Owl Creek Asset Management, L.P. | $26.6 Mil | 3.2% | 30 | Exited | Dec 31, 2025 | 13F |
| MIG Capital, LLC | $19.7 Mil | 3.3% | 43 | Exited | Dec 31, 2025 | 13F |
| Sycale Advisors (NY) LLC | $14.5 Mil | 5.0% | 16 | Exited | Dec 31, 2025 | 13F |
| Glynn Capital Management LLC | $10.7 Mil | 3.7% | 37 | Exited | Dec 31, 2025 | 13F |
| Northern Right Capital Management, L.P. | $8.3 Mil | 2.2% | 27 | Exited | Dec 31, 2025 | 13F |
| Range Rock Capital, LLC | $7.7 Mil | 2.7% | 26 | Exited | Dec 31, 2025 | 13F |
| Wealth High Governance Capital Ltda | $5.2 Mil | 1.0% | 46 | Exited | Dec 31, 2025 | 13F |
| Blue Whale Capital LLP | $15.5 Mil | 0.7% | 26 | TRIM -80.7% | Mar 31, 2026 | 13F |
| Dendur Capital LP | $11.4 Mil | 0.8% | 21 | TRIM -70.7% | Mar 31, 2026 | 13F |
| Harvard Management Co Inc | $8.2 Mil | 0.5% | 17 | TRIM -30.4% | Mar 31, 2026 | 13F |
| Robertson Opportunity Capital, LLC | $5.1 Mil | 2.0% | 30 | TRIM -18.2% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Caledonia (Private) Investments Pty Ltd | $869.6 Mil | 25.3% | 16 | ADD +18.6% | 13F |
| L1 Capital Pty Ltd | $180.4 Mil | 7.1% | 22 | ADD +1174.2% | 13F |
| Helikon Investments Ltd | $146.8 Mil | 5.5% | 17 | New | 13F |
| PointState Capital LP | $144.4 Mil | 3.4% | 44 | Hold | 13F |
| Theleme Partners LLP | $98.5 Mil | 6.6% | 10 | ADD +7.8% | 13F |
| Wgi DM, LLC | $49.8 Mil | 5.0% | 6 | Hold | 13F |
| Eminence Capital, LP | $49.3 Mil | 1.1% | 33 | ADD +511.4% | 13F |
| HughesLittle Investment Management Ltd. | $33.6 Mil | 6.6% | 14 | New | 13F |
| Philosophy Capital Management LLC | $21.9 Mil | 2.5% | 36 | ADD +222.9% | 13F |
| Lind Value II ApS | $18.4 Mil | 4.1% | 8 | New | 13F |
| Blue Whale Capital LLP | $15.5 Mil | 0.7% | 26 | TRIM -80.7% | 13F |
| Mudita Advisors LLP | $11.9 Mil | 2.4% | 28 | ADD +226.1% | 13F |
| Dendur Capital LP | $11.4 Mil | 0.8% | 21 | TRIM -70.7% | 13F |
| Selkirk Management LLC | $8.7 Mil | 3.0% | 11 | Hold | 13F |
| Harvard Management Co Inc | $8.2 Mil | 0.5% | 17 | TRIM -30.4% | 13F |
| Robertson Opportunity Capital, LLC | $5.1 Mil | 2.0% | 30 | TRIM -18.2% | 13F |
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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