Flutter Entertainment (FLUT)
Market Price (8/13/2026): $98.1 | Market Cap: $17.2 BilSector: Consumer Discretionary | Industry: Casinos & Gaming
Flutter Entertainment (FLUT)
Market Price (8/13/2026): $98.1Market Cap: $17.2 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% Stock buyback supportStock Buyback 3Y Total is 1.7 Bil Low stock price volatilityVol 12M is 46% 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 -95%, 3Y Excs Rtn is -121% | 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 52% 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 -9.0% 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% |
| Stock buyback supportStock Buyback 3Y Total is 1.7 Bil |
| Low stock price volatilityVol 12M is 46% |
| 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 -95%, 3Y Excs Rtn is -121% |
| 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 52% |
| 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 -9.0% |
| Key risksFLUT key risks include [1] adverse regulatory changes and increased taxation in key markets, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Flutter Entertainment (FLUT) stock has lost about 10% since 4/30/2026 because of the following key factors:
1. Flutter Entertainment reported a significant net loss and a sharp decline in profitability for fiscal Q2 2026 (ended June 30, 2026). The company recorded a net loss of $296 million, a substantial decrease from a net income of $37 million in Q2 2025. Additionally, adjusted EBITDA fell by 45% year-over-year. This material deterioration in profitability was a primary factor impacting the stock's performance.
2. The company issued reduced full-year fiscal 2026 guidance. Following the weaker Q2 2026 results, Flutter Entertainment lowered its full-year revenue guidance by $395 million to $17.91 billion (midpoint) and adjusted EBITDA guidance by $210 million to $2.655 billion (midpoint). This downward revision signaled a less optimistic outlook for the remainder of the fiscal year, contributing to investor concerns.
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Flutter Entertainment (FLUT) stock has lost about 10% since 4/30/2026 because of the following key factors:
1. Flutter Entertainment reported a significant net loss and a sharp decline in profitability for fiscal Q2 2026 (ended June 30, 2026). The company recorded a net loss of $296 million, a substantial decrease from a net income of $37 million in Q2 2025. Additionally, adjusted EBITDA fell by 45% year-over-year. This material deterioration in profitability was a primary factor impacting the stock's performance.
2. The company issued reduced full-year fiscal 2026 guidance. Following the weaker Q2 2026 results, Flutter Entertainment lowered its full-year revenue guidance by $395 million to $17.91 billion (midpoint) and adjusted EBITDA guidance by $210 million to $2.655 billion (midpoint). This downward revision signaled a less optimistic outlook for the remainder of the fiscal year, contributing to investor concerns.
3. Adverse U.S. sports results and increased customer investment led to weaker U.S. sportsbook performance. Customer-friendly outcomes in sporting events, including the New York Knicks' June playoff run, negatively impacted U.S. sportsbook margins, contributing to a 6 percentage-point year-over-year decline in total U.S. revenue growth. Furthermore, Flutter is strategically increasing investment in its U.S. FanDuel sportsbook through customer generosity and product enhancements to solidify market leadership, which is anticipated to affect near-term margins. U.S. revenue declined 6% year-over-year, with sportsbook revenue down 15%.
4. Higher UK gaming taxes and one-off historical tax provisions weighed on Q2 2026 earnings. An increase in UK gaming taxes, coupled with one-off historical tax costs totaling approximately $95 million (including a $62 million provision for Indian Goods and Services Tax and a $33 million accrual for U.S. Sales and Use Tax), significantly impacted the company's net loss and adjusted EBITDA in fiscal Q2 2026.
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Stock Movement Drivers
Fundamental Drivers
The -9.1% change in FLUT stock from 4/30/2026 to 8/12/2026 was primarily driven by a -17.0% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8122026 | Change |
|---|---|---|---|
| Stock Price ($) | 107.93 | 98.08 | -9.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 16,383 | 17,161 | 4.7% |
| P/S Multiple | 1.2 | 1.0 | -17.0% |
| Shares Outstanding (Mil) | 183 | 175 | 4.6% |
| Cumulative Contribution | -9.1% |
Market Drivers
4/30/2026 to 8/12/2026| Return | Correlation | |
|---|---|---|
| FLUT | -9.1% | |
| Market (SPY) | 7.5% | -12.7% |
| Sector (XLY) | -0.4% | 8.5% |
Fundamental Drivers
The -40.6% change in FLUT stock from 1/31/2026 to 8/12/2026 was primarily driven by a -46.9% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8122026 | Change |
|---|---|---|---|
| Stock Price ($) | 165.15 | 98.08 | -40.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 15,438 | 17,161 | 11.2% |
| P/S Multiple | 1.9 | 1.0 | -46.9% |
| Shares Outstanding (Mil) | 176 | 175 | 0.6% |
| Cumulative Contribution | -40.6% |
Market Drivers
1/31/2026 to 8/12/2026| Return | Correlation | |
|---|---|---|
| FLUT | -40.6% | |
| Market (SPY) | 11.9% | 13.7% |
| Sector (XLY) | -2.5% | 21.8% |
Fundamental Drivers
The -67.6% change in FLUT stock from 7/31/2025 to 8/12/2026 was primarily driven by a -73.4% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8122026 | Change |
|---|---|---|---|
| Stock Price ($) | 302.26 | 98.08 | -67.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 14,316 | 17,161 | 19.9% |
| P/S Multiple | 3.8 | 1.0 | -73.4% |
| Shares Outstanding (Mil) | 178 | 175 | 1.7% |
| Cumulative Contribution | -67.6% |
Market Drivers
7/31/2025 to 8/12/2026| Return | Correlation | |
|---|---|---|
| FLUT | -67.6% | |
| Market (SPY) | 23.3% | 19.4% |
| Sector (XLY) | 7.1% | 25.4% |
Fundamental Drivers
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Market Drivers
7/31/2023 to 8/12/2026| Return | Correlation | |
|---|---|---|
| FLUT | -50.8% | |
| Market (SPY) | 74.7% | 37.6% |
| Sector (XLY) | 38.8% | 39.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FLUT Return | -24% | -14% | 33% | 44% | -17% | -54% | -52% |
| Peers Return | 2% | -39% | 54% | -14% | -14% | 6% | -25% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| FLUT Win Rate | 42% | 33% | 58% | 58% | 67% | 38% | |
| Peers Win Rate | 43% | 33% | 55% | 48% | 58% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| FLUT Max Drawdown | -44% | -46% | -29% | -21% | -38% | -58% | |
| Peers Max Drawdown | -43% | -50% | -33% | -33% | -42% | -27% | |
| 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 8/12/2026 (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)
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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
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| FLUT | Flutter Entertainment | 15.4% | -21.6x | -66.0% | -46.4% | -50.2% | — |
| WYNN | Wynn Resorts | 16.4% | 23.5x | -7.6% | 5.6% | 11.4% | +62pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services | 14 | -3.4% | 98.5% | 62.1% | LINC 326% · UTI 277% · CVSA 240% |
| Homebuilding | 18 | 2.4% | 26.5% | 53.3% | GRBK 171% · TOL 156% · PHM 149% |
| Hotels, Resorts & Cruise Lines | 22 | 22.4% | 44.4% | 16.0% | RCL 301% · MAR 175% · HLT 167% |
| Specialty Stores | 7 | 17.8% | 23.5% | 7.5% | DKS 117% · SIG 43% · ASO 39% |
| Home Improvement Retail | 5 | -11.0% | 1.2% | 6.3% | LOW 25% · HD 17% · HVT 6% |
| Automotive Retail | 18 | -9.7% | -1.0% | 6.0% | MUSA 267% · PAG 173% · ORLY 132% |
| Home Furnishings | 4 | 8.2% | 36.7% | -3.2% | SGI 54% · LZB 28% · MHK -35% |
| Casinos & Gaming ← | 21 | -7.5% | -18.5% | -6.2% | BRAG 1221% · MCRI 113% · RRR 87% |
| Specialized Consumer Services | 10 | -11.5% | 15.3% | -6.6% | HRB 150% · FTDR 99% · SCI 41% |
| Distributors | 4 | -5.8% | -25.8% | -10.1% | ARMK 150% · GPC 24% · LKQ -44% |
| Footwear | 9 | 67.7% | 38.0% | -10.9% | WEYS 147% · SHOO 27% · DECK 26% |
| Restaurants | 34 | -3.6% | -14.1% | -14.9% | EAT 361% · CAKE 199% · TXRH 164% |
| Automotive Parts & Equipment | 38 | -2.0% | -4.9% | -32.6% | MOD 1297% · GTX 310% · STRT 91% |
| Leisure Products | 13 | 0.3% | -21.7% | -33.1% | GOLF 79% · HAS 15% · MCFT -4% |
| Apparel Retail | 25 | 12.1% | 5.6% | -38.3% | ANF 199% · DXLG 181% · TJX 131% |
| Apparel, Accessories & Luxury Goods | 27 | 12.1% | -2.4% | -41.0% | TPR 296% · ELA 270% · RL 252% |
| Household Appliances | 18 | 0.7% | 33.3% | -43.3% | KEQU 168% · FLXS 128% · HBB 116% |
| Leisure Facilities | 12 | -11.9% | -12.0% | -44.7% | OSW 178% · JAKK 117% · ESCA 11% |
| Broadline Retail | 16 | 3.8% | 6.8% | -52.5% | DDS 317% · AMZN 62% · M 52% |
| Computer & Electronics Retail | 3 | -8.8% | -8.2% | -54.4% | BBY -8% · GME -54% · UPBD -60% |
| Automobile Manufacturers | 8 | -71.2% | -68.0% | -69.9% | GM 68% · F 39% · TSLA 37% |
| Consumer Electronics | 11 | -25.6% | -31.1% | -78.6% | AXIL 2015% · GRMN 105% · TBCH -52% |
| Other Specialty Retail | 18 | -25.4% | -48.6% | -80.7% | BBW 206% · WINA 99% · TLF 99% |
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 36.80 |
| Mkt Cap | 8.7 |
| 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 | $98.08 | |
| Market Cap ($ Bil) | 17.3 | |
| First Trading Date | 12/18/2006 | |
| Distance from 52W High | -68.2% | |
| 50 Days | 200 Days | |
| DMA Price | $107.77 | $143.15 |
| DMA Trend | down | up |
| Distance from DMA | -9.0% | -31.5% |
| 3M | 1YR | |
| Volatility | 50.7% | 46.3% |
| Downside Capture | -31.89 | 136.69 |
| Upside Capture | -12.12 | -18.33 |
| Correlation (SPY) | -9.2% | 20.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.86 | -0.39 | -0.59 | 0.49 | 0.70 | 1.03 |
| Up Beta | -4.40 | -2.45 | -2.07 | 0.68 | 0.81 | 1.14 |
| Down Beta | 1.13 | 0.89 | 1.33 | 0.89 | 1.22 | 1.20 |
| Up Capture | -31% | -2% | -69% | -18% | -15% | 32% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 12 | 21 | 29 | 55 | 119 | 379 |
| Down Capture | -71% | -54% | -103% | 91% | 114% | 102% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 10 | 22 | 34 | 71 | 133 | 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 | -65.7% | 46.2% | -2.15 | - |
| Sector ETF (XLY) | 5.7% | 19.4% | 0.16 | 25.7% |
| Equity (SPY) | 22.6% | 12.8% | 1.32 | 20.5% |
| Gold (GLD) | 31.4% | 28.4% | 0.95 | -12.5% |
| Commodities (DBC) | 37.9% | 20.1% | 1.48 | -8.9% |
| Real Estate (VNQ) | 14.3% | 13.8% | 0.73 | 16.4% |
| Bitcoin (BTCUSD) | -46.5% | 42.9% | -1.33 | 9.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FLUT | |
|---|---|---|---|---|
| FLUT | -10.5% | 44.8% | -0.11 | - |
| Sector ETF (XLY) | 6.3% | 24.0% | 0.22 | 38.0% |
| Equity (SPY) | 13.4% | 17.2% | 0.60 | 37.7% |
| Gold (GLD) | 19.0% | 18.6% | 0.83 | -3.1% |
| Commodities (DBC) | 9.8% | 19.6% | 0.39 | 5.0% |
| Real Estate (VNQ) | 2.2% | 18.9% | 0.01 | 26.0% |
| Bitcoin (BTCUSD) | 9.9% | 52.8% | 0.37 | 20.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FLUT | |
|---|---|---|---|---|
| FLUT | -1.7% | 46.1% | 0.10 | - |
| Sector ETF (XLY) | 12.5% | 22.2% | 0.51 | 35.9% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 35.6% |
| Gold (GLD) | 12.0% | 16.2% | 0.61 | -0.5% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 7.9% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 26.3% |
| Bitcoin (BTCUSD) | 60.9% | 66.1% | 1.01 | 17.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/13/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -11.5% | -5.7% | |
| 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 | 6 |
| Median Positive | 2.1% | 2.8% | 6.6% |
| Median Negative | -8.3% | -7.0% | -12.4% |
| 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% | |
| 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 | 6 |
| Median Positive | 2.1% | 2.8% | 6.6% |
| Median Negative | -8.3% | -7.0% | -12.4% |
| Max Positive | 8.1% | 7.0% | 14.7% |
| Max Negative | -14.3% | -17.6% | -18.4% |
Recent Forward Guidance
Updated 8/6/2026Latest: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Group Revenue | 17.91 Bil | -2.2% | Lowered | Guidance: 18.30 Bil for 2026 | |||
| 2026 Group Adjusted EBITDA | 2.65 Bil | -7.3% | Lowered | Guidance: 2.87 Bil for 2026 | |||
| 2026 US Total Revenue | 7.40 Bil | -5.1% | Lowered | Guidance: 7.79 Bil for 2026 | |||
| 2026 US Total Adjusted EBITDA | 760.00 Mil | -21.6% | Lowered | Guidance: 970.00 Mil for 2026 | |||
| 2026 International Revenue | 10.51 Bil | 0 | Affirmed | Guidance: 10.51 Bil for 2026 | |||
| 2026 International Adjusted EBITDA | 2.21 Bil | 0 | Affirmed | Guidance: 2.21 Bil for 2026 | |||
| 2026 Market-making Revenue | 50.00 Mil | ||||||
Prior: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 18.30 Bil | -0.5% | Lowered | Guidance: 18.40 Bil for 2026 | |||
| 2026 Adjusted EBITDA | 2.87 Bil | -3.5% | Lowered | Guidance: 2.97 Bil for 2026 | |||
| 2026 US Revenue | 7.79 Bil | -0.1% | Lowered | Guidance: 7.80 Bil for 2026 | |||
| 2026 US Adjusted EBITDA | 970.00 Mil | -7.6% | Lowered | Guidance: 1.05 Bil for 2026 | |||
| 2026 International Revenue | 10.51 Bil | -0.8% | Lowered | Guidance: 10.60 Bil for 2026 | |||
| 2026 International Adjusted EBITDA | 2.21 Bil | -1.1% | Lowered | Guidance: 2.23 Bil for 2026 | |||
| 2026 Capital Expenditures | 855.00 Mil | ||||||
| 2026 Share Repurchases | 250.00 Mil | ||||||
Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Group Revenue | 17.75 Bil | 18.40 Bil | 10.2% | Higher New | Guidance: 16.69 Bil for 2025 | ||
| 2026 Group Adjusted EBITDA | 2.65 Bil | 2.97 Bil | 1.9% | Higher New | Guidance: 2.92 Bil for 2025 | ||
| 2026 US Revenue | 7.40 Bil | 7.80 Bil | 8.8% | Higher New | Guidance: 7.17 Bil for 2025 | ||
| 2026 US Adjusted EBITDA | 850.00 Mil | 1.05 Bil | 12.3% | Higher New | Guidance: 935.00 Mil for 2025 | ||
| 2026 International Revenue | 10.35 Bil | 10.60 Bil | 11.3% | Higher New | Guidance: 9.52 Bil for 2025 | ||
| 2026 International Adjusted EBITDA | 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 | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Group Revenue | 16.39 Bil | 16.69 Bil | 16.99 Bil | -3.3% | Lowered | Guidance: 17.26 Bil for 2025 | |
| 2025 Group Adjusted EBITDA | 2.77 Bil | 2.92 Bil | 3.06 Bil | -11.5% | Lowered | Guidance: 3.29 Bil for 2025 | |
| 2025 US Total Revenue | 7.01 Bil | 7.17 Bil | 7.33 Bil | ||||
| 2025 US Total Adjusted EBITDA | 855.00 Mil | 935.00 Mil | 1.01 Bil | ||||
| 2025 International Revenue | 9.38 Bil | 9.52 Bil | 9.66 Bil | ||||
| 2025 International Adjusted EBITDA | 2.17 Bil | 2.24 Bil | 2.31 Bil | ||||
Insider Activity
Updated 8/12/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Cruickshank, Nancy | Direct | Sell | 6012026 | 94.63 | 152 | 14,384 | 234,966 | Form | |
| 2 | McCarthy, Christine M | Direct | Sell | 5292026 | 94.63 | 135 | 12,775 | 119,423 | Form | |
| 3 | Lennon, Carolan | Direct | Sell | 5292026 | 94.63 | 439 | 41,543 | 159,735 | Form | |
| 4 | Bomhard, Stefan Andreas | Direct | Sell | 5292026 | 94.63 | 177 | 16,750 | 94,630 | Form | |
| 5 | Hurley, Alfred F JR | Direct | Sell | 5292026 | 94.63 | 135 | 12,775 | 399,433 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Cruickshank, Nancy | Direct | Sell | 6012026 | 94.63 | 152 | 14,384 | 234,966 | Form | |
| 2 | McCarthy, Christine M | Direct | Sell | 5292026 | 94.63 | 135 | 12,775 | 119,423 | Form | |
| 3 | Lennon, Carolan | Direct | Sell | 5292026 | 94.63 | 439 | 41,543 | 159,735 | Form | |
| 4 | Bomhard, Stefan Andreas | Direct | Sell | 5292026 | 94.63 | 177 | 16,750 | 94,630 | Form | |
| 5 | Hurley, Alfred F JR | Direct | Sell | 5292026 | 94.63 | 135 | 12,775 | 399,433 | Form | |
| 6 | Dubuc, Nancy | Direct | Sell | 5292026 | 94.63 | 135 | 12,775 | 119,328 | Form | |
| 7 | Bryant, John A | Direct | Sell | 5292026 | 94.63 | 214 | 20,251 | 853,657 | Form | |
| 8 | Koeppel, Holly K | Direct | Sell | 5292026 | 94.63 | 135 | 12,775 | 308,399 | Form | |
| 9 | Bennett, Robert R | Direct | Sell | 5292026 | 94.63 | 135 | 12,775 | 119,423 | Form | |
| 10 | Liu, Don H | Chief Legal Officer | Direct | Sell | 5142026 | 93.37 | 1,259 | 117,558 | 1,961,460 | Form |
| 11 | Bishop, James Philip | Chief Operating Officer | Direct | Buy | 5122026 | 99.75 | 1,000 | 99,751 | 1,756,111 | Form |
| 12 | Jackson, Jeremy Peter | Chief Executive Officer | Direct | Sell | 5122026 | 98.13 | 3,084 | 302,623 | 7,293,365 | Form |
| 13 | Bomhard, Stefan Andreas | Direct | Buy | 5122026 | 102.00 | 500 | 51,000 | 120,054 | Form | |
| 14 | Liu, Don H | Chief Legal Officer | Direct | Buy | 5122026 | 102.78 | 1,459 | 150,000 | 2,288,441 | Form |
| 15 | Bryant, John A | Direct | Buy | 5122026 | 102.86 | 1,950 | 200,586 | 949,954 | Form | |
| 16 | Coldrake, Robert | Chief Financial Officer | Direct | Sell | 5122026 | 101.40 | 129 | 13,080 | 2,381,608 | Form |
| 17 | Jackson, Jeremy Peter | Chief Executive Officer | Direct | Buy | 5122026 | 101.94 | 2,400 | 244,656 | 7,224,678 | Form |
| 18 | Jackson, Jeremy Peter | Chief Executive Officer | Direct | Sell | 3132026 | 108.00 | 4,326 | 467,208 | 3,973,104 | Form |
| 19 | Coldrake, Robert | Chief Financial Officer | Direct | Sell | 3132026 | 106.45 | 4,613 | 491,054 | 1,065,139 | Form |
| 20 | Howe, Amy | CEO & President - FanDuel | Direct | Sell | 3132026 | 105.91 | 8,895 | 942,099 | 8,355,396 | Form |
| 21 | Howe, Amy | CEO & President - FanDuel | Direct | Sell | 8292025 | 305.91 | 4,097 | 1,253,328 | 21,368,064 | Form |
| 22 | Jackson, Jeremy Peter | Chief Executive Officer | Direct | Sell | 8212025 | 292.42 | 2,112 | 617,591 | 9,341,064 | Form |
| 23 | Taylor, Daniel Mark | See Remarks | Direct | Sell | 8152025 | 292.24 | 2,076 | 606,693 | 4,847,989 | Form |
| 24 | Bishop, James Philip | See Remarks | Direct | Sell | 8132025 | 281.64 | 1,904 | 536,246 | 1,327,097 | Form |
| 25 | Taylor, Daniel Mark | See Remarks | Direct | Sell | 8132025 | 284.80 | 15,283 | 4,352,598 | 4,724,547 | Form |
Investor Activity (13F)
Updated Aug 13, 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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