DraftKings

DKNG

Gambling, Resorts & Casinos · Consumer Cyclical

Price

$24.94

+0.10 (+0.40%)

Market Cap

$12.37B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+23.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 402.5M (2021) → 495.9M (2025)

DraftKings Inc. operates a digital sports entertainment and gaming company. It offers multi-channel sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. The company operates iGaming through its DraftKings brand in 5 states, as well as operates Golden Nugget Online Gaming, an iGaming product and gaming brand in 3 states. Its Sportsbook is live with mobile and/or retail betting operations in the United States pursuant to regulations in 18

Winston Score History

Politician Trades

4 trades / 12mo

1 Congressional buy and 3 sells on DKNG in the last 12 months.

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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

+42.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+200.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$460M/ year

↑ Rising (+16% vs prior year)

7.6% of revenue

1.9x the sector average (4%)

R&D investment increasing — building for the future

Insider Activity

4.0%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$1.6B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

DraftKings grew revenue 43% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

46.0%

Healthy — 46.0% gross margin

Operating Margin

7.9%

Modest — 7.9% operating margin

ROCE

6.3%

Weak — 6.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+27.0%

Fast-growing sales (27.0% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

17867%

Turns 17867% of profit into real cash

FCF Margin

10.1%

Modest free cash flow (10.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

2.99

Heavy debt load (2.99)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

204.6x

Expensive — P/E 204.6

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+188.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (204.6 → 15.7)

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Dividends

Not applicable for this business.

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