Accel Entertainment

ACEL

Gambling, Resorts & Casinos · Consumer Cyclical

Price

$12.15

-0.30 (-2.41%)

Market Cap

$988.9M

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−8.7% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 94.6M (2021) → 86.4M (2025)

Accel Entertainment installs and operates video gaming terminals (VGTs) — electronic slot-like machines — inside bars, restaurants, truck stops, and similar businesses across the United States. The company does not own casinos; instead, it partners with small local establishments that want to offer legal gaming to their customers without running it themselves. Accel is one of the largest terminal route operators in the country, primarily serving Illinois, which is the biggest regulated VGT market in the U.S.

Accel makes money by splitting gaming revenue with its location partners and the state government. The business operates mainly in Illinois, with smaller operations in a handful of other states like Georgia, Montana, and Nebraska. Its competitive moat comes from long-term contracts with thousands of local venues and the logistical difficulty of replacing an established operator. The key risk is heavy dependence on Illinois, meaning any change to that state's gaming regulations or tax rates could significantly hurt the business.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+8.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+5.9% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

46.1%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$274M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Accel Entertainment is growing revenue at 9% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

31.3%

Modest — 31.3% gross margin

Operating Margin

7.7%

Modest — 7.7% operating margin

ROCE

3.1%

Weak — 3.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+8.4%

Steady sales growth (8.4% YoY)

EPS YoY

+23.4%

Earnings growing fast (23.4% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

289%

Turns 289% of profit into real cash

FCF Margin

0.4%

Thin free cash flow (0.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

2.18

Heavy debt load (2.18)

Interest Cover

3.11x

Tight — interest eats into profit (3.1x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

19.7x

Fair value — P/E 19.7

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+1.7

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Not applicable for this business.

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