DraftKings (DKNG)
Market Price (12/11/2025): $34.665 | Market Cap: $17.2 BilSector: Consumer Discretionary | Industry: Casinos & Gaming
DraftKings (DKNG)
Market Price (12/11/2025): $34.665Market Cap: $17.2 BilSector: Consumer DiscretionaryIndustry: Casinos & Gaming
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 19% | Weak multi-year price returns2Y Excs Rtn is -55% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -307 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -5.6% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 28x | |
| Low stock price volatilityVol 12M is 49% | 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 -5.6% | |
| Megatrend and thematic driversMegatrends include Digital Content & Streaming, Markets & Betting, and Experience Economy & Premiumization. Themes include Gaming Content & Platforms, Show more. | Short seller report |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 19% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12% |
| Low stock price volatilityVol 12M is 49% |
| Megatrend and thematic driversMegatrends include Digital Content & Streaming, Markets & Betting, and Experience Economy & Premiumization. Themes include Gaming Content & Platforms, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -55% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -307 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -5.6% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 28x |
| 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 -5.6% |
| Short seller report |
Valuation, Metrics & Events
DKNG Stock
Why The Stock Moved
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DKNG Return | 335% | -41% | -59% | 209% | 6% | -7% | 224% |
| Peers Return | 67% | -4% | -43% | 18% | 35% | -6% | 38% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 17% | 113% |
Monthly Win Rates [3] | |||||||
| DKNG Win Rate | 67% | 33% | 33% | 67% | 50% | 70% | |
| Peers Win Rate | 65% | 45% | 33% | 53% | 50% | 58% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 70% | |
Max Drawdowns [4] | |||||||
| DKNG Max Drawdown | -0% | -43% | -63% | -3% | -15% | -25% | |
| Peers Max Drawdown | -57% | -32% | -56% | -14% | -26% | -31% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: FLUT, PENN, MGM, CZR, RSI. See DKNG Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/10/2025 (YTD)
How Low Can It Go
| Event | DKNG | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -85.7% | -25.4% |
| % Gain to Breakeven | 600.9% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -44.5% | -33.9% |
| % Gain to Breakeven | 80.2% | 51.3% |
| Time to Breakeven | 98 days | 148 days |
Compare to SCI, HRB, BFAM, MTN, DV
In The Past
DraftKings's stock fell -85.7% during the 2022 Inflation Shock from a high on 3/19/2021. A -85.7% loss requires a 600.9% 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 DKNG. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11302025 | BBWI | Bath & Body Works | Dip Buy | DB | Insider Buys | Low D/EDip Buy with Strong Insider BuyingBuying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 9.2% | 9.2% | 0.0% |
| 11262025 | HRB | H&R Block | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 1.3% | 1.3% | -0.1% |
| 11262025 | LRN | Stride | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -2.9% | -2.9% | -4.4% |
| 11212025 | ABNB | Airbnb | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 9.7% | 9.7% | 0.0% |
| 11212025 | MTN | Vail Resorts | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 6.1% | 6.1% | -1.6% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11302025 | BBWI | Bath & Body Works | Dip Buy | DB | Insider Buys | Low D/EDip Buy with Strong Insider BuyingBuying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 9.2% | 9.2% | 0.0% |
| 11262025 | HRB | H&R Block | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 1.3% | 1.3% | -0.1% |
| 11262025 | LRN | Stride | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -2.9% | -2.9% | -4.4% |
| 11212025 | ABNB | Airbnb | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 9.7% | 9.7% | 0.0% |
| 11212025 | MTN | Vail Resorts | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 6.1% | 6.1% | -1.6% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for DraftKings
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 29.05 |
| Mkt Cap | 7.5 |
| Rev LTM | 9,096 |
| Op Inc LTM | 399 |
| FCF LTM | 455 |
| FCF 3Y Avg | 78 |
| CFO LTM | 987 |
| CFO 3Y Avg | 445 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.0% |
| Rev Chg 3Y Avg | 11.5% |
| Rev Chg Q | 4.6% |
| QoQ Delta Rev Chg LTM | 1.0% |
| Op Mgn LTM | 5.2% |
| Op Mgn 3Y Avg | 4.9% |
| QoQ Delta Op Mgn LTM | -0.5% |
| CFO/Rev LTM | 11.5% |
| CFO/Rev 3Y Avg | 6.7% |
| FCF/Rev LTM | 6.4% |
| FCF/Rev 3Y Avg | 2.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 7.5 |
| P/S | 1.2 |
| P/EBIT | 7.1 |
| P/E | -13.1 |
| P/CFO | 10.8 |
| Total Yield | -1.1% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 0.2% |
| D/E | 1.8 |
| Net D/E | 1.6 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 11.7% |
| 3M Rtn | -16.6% |
| 6M Rtn | -12.2% |
| 12M Rtn | -18.7% |
| 3Y Rtn | 26.3% |
| 1M Excs Rtn | 10.9% |
| 3M Excs Rtn | -22.3% |
| 6M Excs Rtn | -26.6% |
| 12M Excs Rtn | -35.0% |
| 3Y Excs Rtn | -49.6% |
Comparison Analyses
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/7/2025 | 8.6% | 6.1% | |
| 8/7/2025 | -0.4% | -4.9% | 2.6% |
| 5/9/2025 | 2.5% | 3.6% | 2.4% |
| 2/14/2025 | 15.2% | -1.9% | -16.6% |
| 11/8/2024 | 3.0% | 5.5% | 9.0% |
| 8/1/2024 | -9.8% | -13.9% | -2.8% |
| 5/2/2024 | -2.8% | 2.3% | -17.5% |
| 2/15/2024 | 0.2% | -7.2% | -2.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 8 | 5 |
| # Negative | 5 | 7 | 10 |
| Median Positive | 9.2% | 5.8% | 9.0% |
| Median Negative | -8.9% | -7.5% | -5.3% |
| Max Positive | 16.5% | 20.1% | 28.3% |
| Max Negative | -27.8% | -21.3% | -17.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11072025 | 10-Q 9/30/2025 |
| 6302025 | 8072025 | 10-Q 6/30/2025 |
| 3312025 | 5092025 | 10-Q 3/31/2025 |
| 12312024 | 2142025 | 10-K 12/31/2024 |
| 9302024 | 11082024 | 10-Q 9/30/2024 |
| 6302024 | 8022024 | 10-Q 6/30/2024 |
| 3312024 | 5032024 | 10-Q 3/31/2024 |
| 12312023 | 2162024 | 10-K 12/31/2023 |
| 9302023 | 11032023 | 10-Q 9/30/2023 |
| 6302023 | 8042023 | 10-Q 6/30/2023 |
| 3312023 | 5052023 | 10-Q 3/31/2023 |
| 12312022 | 2172023 | 10-K 12/31/2022 |
| 9302022 | 11042022 | 10-Q 9/30/2022 |
| 6302022 | 8052022 | 10-Q 6/30/2022 |
| 3312022 | 5062022 | 10-Q 3/31/2022 |
| 12312021 | 2182022 | 10-K 12/31/2021 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |