Flutter Entertainment

FLUT

Gambling, Resorts & Casinos · Consumer Cyclical

Price

$106.56

-1.74 (-1.61%)

Market Cap

$18.49B

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+1.7% over 4y

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

Diluted shares outstanding: 176.0M (2021) → 179.0M (2025)

Flutter Entertainment is one of the largest online sports betting and gambling companies in the world. It owns well-known brands like FanDuel in the United States, Paddy Power and Betfair in Europe, and PokerStars globally. These platforms let people bet on sports, play poker, and wager on casino-style games through apps and websites.

Flutter makes money by keeping a portion of every bet placed on its platforms, plus fees from poker and casino games. It operates across the US, UK, Ireland, Australia, and many other countries, giving it a broad geographic footprint that few competitors can match. FanDuel is currently the leading online sportsbook in the US by market share, which is a meaningful competitive advantage as American sports betting continues to expand state by state. The main risk is heavy regulation — governments can restrict or tax online gambling at any time, which could quickly cut into revenue.

Winston Score History

Politician Trades

6 trades / 12mo

4 Congressional buys and 2 sells on FLUT 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

+17.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-23.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$991M/ year

↑ Rising (+21% vs prior year)

6.0% of revenue

1.5x the sector average (4%)

R&D investment increasing — building for the future

Insider Activity

25.5%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$3.5B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Flutter Entertainment is a rare growth stock that's already generating positive cash flow while growing at 17%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

42.7%

Healthy — 42.7% gross margin

Operating Margin

1.8%

Thin — 1.8% operating margin

ROCE

0.4%

Weak — 0.4% 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

+18.9%

Fast-growing sales (18.9% YoY)

EPS YoY

-171.2%

Earnings shrinking (-171.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

4.3%

Thin free cash flow (4.3%)

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

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Stability

Debt / Equity

1.34

Elevated debt (1.34)

Interest Cover

1.14x

Dangerous — barely covers interest (1.1x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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