Light & Wonder (LNW)
Market Price (11/14/2025): $90.04 | Market Cap: $7.6 BilSector: Consumer Discretionary | Industry: Casinos & Gaming
Light & Wonder (LNW)
Market Price (11/14/2025): $90.04Market Cap: $7.6 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
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.5%, FCF Yield is 5.4% | Weak multi-year price returns2Y Excs Rtn is -45%, 3Y Excs Rtn is -22% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 66% |
| 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 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% | ||
| Low stock price volatilityVol 12M is 48% | ||
| Megatrend and thematic driversMegatrends include Digital Content & Streaming, and Experience Economy & Premiumization. Themes include Gaming Content & Platforms, and Travel & Leisure Tech. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.5%, FCF Yield is 5.4% |
| 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 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% |
| Low stock price volatilityVol 12M is 48% |
| Megatrend and thematic driversMegatrends include Digital Content & Streaming, and Experience Economy & Premiumization. Themes include Gaming Content & Platforms, and Travel & Leisure Tech. |
| Weak multi-year price returns2Y Excs Rtn is -45%, 3Y Excs Rtn is -22% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 66% |
Market Valuation & Key Metrics
LNW Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
Here are five key points highlighting why Light & Wonder's (LNW) stock moved by -11.1% in the approximate time period from July 31, 2025, to November 14, 2025:
1. Nasdaq Delisting Announcement and Transition
Light & Wonder announced its board approved moving from a dual listing on Nasdaq and ASX to a sole primary listing on the ASX, with delisting from Nasdaq expected by the end of November 2025. This strategic shift, announced with the Q2 2025 results, could have created uncertainty and led to selling pressure from institutional investors who prefer Nasdaq-listed stocks or are unable to hold ASX-only listings.
2. Q3 2025 Revenue Shortfall Against Estimates
Despite reporting strong net income growth and earnings per share (EPS) that met or beat analyst estimates for the third quarter ended September 30, 2025, Light & Wonder's consolidated revenue of $841 million fell short of analyst expectations, which ranged as high as $871.53 million. This revenue miss, reported on November 5, 2025, likely contributed to negative market sentiment.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LNW Return | 55% | 61% | -12% | 40% | 5% | -1% | 220% |
| Peers Return | 26% | 61% | -24% | 5% | 26% | -9% | 86% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 15% | 109% |
Monthly Win Rates [3] | |||||||
| LNW Win Rate | 58% | 58% | 33% | 58% | 67% | 50% | |
| Peers Win Rate | 50% | 52% | 38% | 45% | 57% | 52% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 70% | |
Max Drawdowns [4] | |||||||
| LNW Max Drawdown | -85% | -10% | -38% | -6% | -5% | -17% | |
| Peers Max Drawdown | -57% | -6% | -41% | -16% | -14% | -23% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: CHDN, BYD, MCRI, FLL, CDRO.
[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 11/13/2025 (YTD)
How Low Can It Go
| Event | LNW | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -53.8% | -25.4% |
| % Gain to Breakeven | 116.5% | 34.1% |
| Time to Breakeven | 507 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -86.5% | -33.9% |
| % Gain to Breakeven | 639.4% | 51.3% |
| Time to Breakeven | 181 days | 148 days |
| 2018 Correction | ||
| % Loss | -75.6% | -19.8% |
| % Gain to Breakeven | 310.1% | 24.7% |
| Time to Breakeven | 881 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -74.3% | -56.8% |
| % Gain to Breakeven | 289.1% | 131.3% |
| Time to Breakeven | 3122 days | 1480 days |
Compare to CHDN, BYD, MCRI, FLL, CDRO
In The Past
Light & Wonder's stock fell -53.8% during the 2022 Inflation Shock from a high on 10/27/2021. A -53.8% loss requires a 116.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth over time.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
Latest Trefis Analyses
Trade Ideas
Select past ideas related to LNW. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 10312025 | LRN | Stride | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -4.5% | -4.5% | -4.5% |
| 10312025 | DECK | Deckers Outdoor | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 2.0% | 2.0% | -2.4% |
| 10312025 | ATGE | Adtalem Global Education | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | -1.8% | -1.8% | -5.9% |
| 10242025 | GNTX | Gentex | 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 | -1.5% | -1.5% | -2.5% |
| 10172025 | LNW | Light & Wonder | 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 | 12.4% | 12.4% | -6.2% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 10312025 | LRN | Stride | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -4.5% | -4.5% | -4.5% |
| 10312025 | DECK | Deckers Outdoor | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 2.0% | 2.0% | -2.4% |
| 10312025 | ATGE | Adtalem Global Education | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | -1.8% | -1.8% | -5.9% |
| 10242025 | GNTX | Gentex | 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 | -1.5% | -1.5% | -2.5% |
| 10172025 | LNW | Light & Wonder | 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 | 12.4% | 12.4% | -6.2% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Light & Wonder
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 83.20 |
| Mkt Cap | 6.5 |
| Rev LTM | 2,884 |
| Op Inc LTM | 725 |
| FCF LTM | 265 |
| FCF 3Y Avg | 124 |
| CFO LTM | 677 |
| CFO 3Y Avg | 537 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.9% |
| Rev Chg 3Y Avg | 10.3% |
| Rev Chg Q | 3.6% |
| QoQ Delta Rev Chg LTM | 0.9% |
| Op Mgn LTM | 23.1% |
| Op Mgn 3Y Avg | 23.3% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 23.7% |
| CFO/Rev 3Y Avg | 24.3% |
| FCF/Rev LTM | 10.1% |
| FCF/Rev 3Y Avg | 8.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 6.5 |
| P/S | 2.2 |
| P/EBIT | 8.4 |
| P/E | 17.4 |
| P/CFO | 8.7 |
| Total Yield | 5.7% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.6% |
| D/E | 0.7 |
| Net D/E | 0.7 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -1.4% |
| 3M Rtn | -4.3% |
| 6M Rtn | 2.2% |
| 12M Rtn | -18.3% |
| 3Y Rtn | 37.1% |
| 1M Excs Rtn | -1.9% |
| 3M Excs Rtn | -7.8% |
| 6M Excs Rtn | -11.6% |
| 12M Excs Rtn | -34.7% |
| 3Y Excs Rtn | -37.1% |
Segment Financials
Revenue by Segment
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Gaming | 1,850 | 1,601 | 1,321 | 1,748 | |
| SciPlay | 777 | 671 | 606 | 466 | |
| iGaming | 275 | 240 | 226 | ||
| Unallocated and Reconciling Items | 0 | 0 | |||
| Digital | 275 | ||||
| Lottery | 911 | ||||
| Total | 2,902 | 2,512 | 2,153 | 3,400 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Gaming | 4,023 | 4,073 | 4,112 | 4,364 | 4,932 |
| iGaming | 712 | 626 | 633 | 423 | |
| SciPlay | 473 | 761 | 696 | 564 | 379 |
| Unallocated and Reconciling Items | 344 | 549 | 468 | 718 | 286 |
| Total assets of businesses held for sale | 1,974 | 1,915 | |||
| Digital | 891 | ||||
| Lottery | 1,321 | ||||
| Total | 5,552 | 6,009 | 7,883 | 7,984 | 7,809 |
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/5/2025 | 8.5% | ||
| 8/6/2025 | -14.4% | -2.6% | -1.9% |
| 5/7/2025 | -14.0% | -10.1% | -7.1% |
| 2/25/2025 | 6.9% | 4.9% | 3.8% |
| 11/12/2024 | -10.0% | -10.9% | -8.9% |
| 8/7/2024 | 1.8% | 1.5% | 4.5% |
| 5/8/2024 | -5.1% | -1.9% | 1.2% |
| 2/27/2024 | 0.9% | 2.7% | 7.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 14 |
| # Negative | 12 | 12 | 9 |
| Median Positive | 7.0% | 9.1% | 7.5% |
| Median Negative | -6.0% | -4.4% | -9.1% |
| Max Positive | 12.8% | 20.8% | 36.6% |
| Max Negative | -18.0% | -29.0% | -86.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11052025 | 10-Q 9/30/2025 |
| 6302025 | 8062025 | 10-Q 6/30/2025 |
| 3312025 | 5072025 | 10-Q 3/31/2025 |
| 12312024 | 2252025 | 10-K 12/31/2024 |
| 9302024 | 11122024 | 10-Q 9/30/2024 |
| 6302024 | 8072024 | 10-Q 6/30/2024 |
| 3312024 | 5082024 | 10-Q 3/31/2024 |
| 12312023 | 2272024 | 10-K 12/31/2023 |
| 9302023 | 11092023 | 10-Q 9/30/2023 |
| 6302023 | 8082023 | 10-Q 6/30/2023 |
| 3312023 | 5092023 | 10-Q 3/31/2023 |
| 12312022 | 3012023 | 10-K 12/31/2022 |
| 9302022 | 11092022 | 10-Q 9/30/2022 |
| 6302022 | 8092022 | 10-Q 6/30/2022 |
| 3312022 | 5102022 | 10-Q 3/31/2022 |
| 12312021 | 3012022 | 10-K 12/31/2021 |
External Quote Links
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| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |