Brightstar Lottery PLC
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Brightstar Lottery PLC AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill of 2.7B is 200% of equity (1.35B) - single impairment could wipe out entire book value[Goodwill]
- Operating CFO negative (-438M TTM) despite 664M operating income - massive cash burn vs accrual profits[Cash Flow from Continuing Operating Activities]
- Debt/EBITDA of 4.3x with 184M interest expense consuming 60% of pretax income[Total Debt]
Watch Triggers
- Cash Flow from Continuing Operating Activities: Remains negative for Q1 2026 — Confirms structural cash conversion problem vs one-time working capital swing
- Goodwill: Any impairment charge announced — Would eliminate equity cushion and likely trigger debt covenant violations
- Total Debt: New debt issuance or equity raise — Signals liquidity crisis given 2.4B debt paydown depleted cash reserves
Bull Case
Operating margin 26.6% (664M/2.5B) is 11x industry median - core business highly profitable if cash conversion improves
EBITDA of 988M TTM provides 2.4x interest coverage - debt serviceable if operations stabilize
Bear Case
Negative operating cash flow (-438M) while reporting 304M profit signals aggressive accruals or receivables issues
Goodwill (2.7B) exceeds total equity - any impairment triggers technical insolvency and covenant breaches
Bull vs Bear Balance
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Forward Thesis
Cash flow crisis likely to force dilutive equity raise or asset sales within 12 months
- Operating cash flow -438M vs 304M net income
- 2.4B debt repayment depleting liquidity
- Current liabilities (3.4B) exceed current assets (2.5B)
Valuation Context
Caveats
Public Strategies Rankings
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BRSL Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
Beta 5Y (Monthly) | unknown | — |
BRSL Dividend History
BRSL Stock Splits
BRSL SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/24/26 | 12/31/25 | Unknown | |
11/04/25 | 09/30/25 | 6-K | |
07/29/25 | 06/30/25 | 6-K | |
05/13/25 | 03/31/25 | 6-K | |
02/25/25 | 12/31/24 | Unknown | |
11/04/25 | 09/30/24 | 6-K | |
11/12/24 | 09/30/24 | 6-K | |
07/29/25 | 06/30/24 | 6-K | |
07/30/24 | 06/30/24 | 6-K | |
05/13/25 | 03/31/24 | 6-K | |
05/14/24 | 03/31/24 | 6-K | |
03/12/24 | 12/31/23 | 20-F | |
10/31/23 | 09/30/23 | 6-K | |
08/01/23 | 06/30/23 | 6-K | |
05/09/23 | 03/31/23 | 6-K | |
02/28/23 | 12/31/22 | 20-F | |
10/31/23 | 09/30/22 | 6-K | |
11/08/22 | 09/30/22 | 6-K | |
08/01/23 | 06/30/22 | 6-K | |
08/02/22 | 06/30/22 | 6-K | |
05/10/22 | 03/31/22 | 6-K | |
03/03/22 | 12/31/21 | 20-F | |
11/09/21 | 09/30/21 | 6-K | |
08/03/21 | 06/30/21 | 6-K | |
05/10/22 | 03/31/21 | 6-K | |
05/11/21 | 03/31/21 | 6-K | |
03/02/21 | 12/31/20 | 20-F | |
11/12/20 | 09/30/20 | 6-K | |
11/09/21 | 09/30/20 | 6-K | |
08/06/20 | 06/30/20 | 6-K | |
05/18/20 | 03/31/20 | 6-K | |
03/03/20 | 12/31/19 | 20-F | |
11/14/19 | 09/30/19 | 6-K | |
11/12/20 | 09/30/19 | 6-K | |
09/06/19 | 06/30/19 | 6-K | |
06/10/19 | 03/31/19 | 6-K | |
03/08/19 | 12/31/18 | 20-F | |
10/31/18 | 09/30/18 | 6-K | |
09/17/18 | 06/30/18 | 6-K | |
05/21/18 | 03/31/18 | 6-K | |
03/15/18 | 12/31/17 | 20-F | |
11/14/17 | 09/30/17 | 6-K | |
08/01/17 | 06/30/17 | 6-K | |
05/22/18 | 03/31/17 | 6-K/A | |
05/25/17 | 03/31/17 | 6-K | |
04/20/17 | 12/31/16 | 20-F | |
11/21/16 | 09/30/16 | 6-K | |
07/28/16 | 06/30/16 | 6-K | |
05/26/16 | 03/31/16 | 6-K | |
04/29/16 | 12/31/15 | 20-F | |
11/12/15 | 09/30/15 | 6-K | |
08/11/15 | 06/30/15 | 6-K | |
05/13/15 | 03/31/15 | Quarterly | -- |
04/27/15 | 12/31/14 | NT 20-F | |
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03/19/12 | 12/31/10 | Annual | -- |
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05/12/10 | 03/31/10 | Quarterly | -- |
05/05/10 | 12/31/09 | Annual | -- |
11/12/10 | 09/30/09 | Quarterly | -- |
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05/12/10 | 03/31/09 | Quarterly | -- |