Flutter Entertainment PLC
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Flutter Entertainment PLC AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill of 15.8B is 171% of equity (9.2B) - tangible book value is -13.8B, creating material impairment risk if acquisitions underperform[Goodwill]
- Revenue TTM 15.4B is 15x industry median (1.0B) but net loss of -273M due to 517M interest expense on 12.7B debt[Total Revenue TTM]
- FCF TTM of 742M (4.8% margin) vs operating cash flow 1.4B - 666M capex consuming 47% of cash generation[Free Cash Flow TTM]
Watch Triggers
- Interest Expense TTM: Exceeds operating income (>574M) — Would signal structural unprofitability requiring equity raise or asset sales
- Goodwill: Any impairment charge announced — With goodwill at 171% of equity, even 10% writedown eliminates 17% of book value
- Free Cash Flow TTM: Turns negative for 2+ quarters — Would indicate growth investments not converting to cash, straining 12.7B debt load
Bull Case
Dominant scale (15.4B revenue, 15x median) in consolidating industry positions FLUT to absorb weaker competitors and leverage fixed costs as customer acquisition spending normalizes
FCF positive at 742M TTM despite growth investments - cash generation should accelerate as US market matures and promotional spending declines
Bear Case
Negative tangible equity (-13.8B) with goodwill 171% of book value - any impairment would devastate equity and potentially trigger debt covenants
Interest expense of 517M TTM consumes 90% of operating income (574M) - rising rates or refinancing challenges could eliminate path to profitability
Bull vs Bear Balance
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Forward Thesis
Path to profitability hinges on operating leverage as US sports betting market matures
- Revenue scale 15x industry enables fixed cost absorption
- Operating margin 3.7% vs 8.2% median suggests room for expansion
- Interest expense 517M is 90% of operating income - refinancing critical
Valuation Context
Caveats
Public Strategies Rankings
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FLUT Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$19.47B | — | ||
$28.58B | — | ||
0.00 | — | ||
$16.38B | +16.6% | — | |
$-1.75 | — | ||
3.38% | -2.8% | — | |
-2.32% | -3.1% | — | |
$407.0M | -56.7% | — | |
-4.15% | -5.3% | — | |
Beta 5Y (Monthly) | unknown | — |
FLUT Dividend History
FLUT Stock Splits
FLUT SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/26/26 | 12/31/25 | 10-K | |
11/12/25 | 09/30/25 | 10-Q | |
08/07/25 | 06/30/25 | Quarterly | |
05/07/25 | 03/31/25 | Quarterly | |
03/04/25 | 12/31/24 | 10-K | |
11/13/24 | 09/30/24 | 10-Q | |
08/14/24 | 06/30/24 | 10-Q | |
05/14/24 | 03/31/24 | 10-Q | |
03/26/24 | 12/31/23 | 10-K | |
11/13/24 | 09/30/23 | Quarterly | -- |
08/09/23 | 06/30/23 | Quarterly | -- |
05/14/24 | 03/31/23 | 10-Q | |
03/09/23 | 12/31/22 | Annual | -- |
06/30/22 | 06/30/22 | Unknown | -- |
03/15/22 | 12/31/21 | Annual | -- |
06/30/21 | 06/30/21 | Unknown | -- |
03/11/21 | 12/31/20 | Annual | -- |
06/30/20 | 06/30/20 | Unknown | -- |
02/28/20 | 12/31/19 | 40-F | |
06/30/19 | 06/30/19 | 6-K | |
03/27/19 | 12/31/18 | 40-F | |
06/30/18 | 06/30/18 | Unknown | -- |
04/03/18 | 12/31/17 | 40-F | |
06/30/17 | 06/30/17 | Unknown | -- |
03/30/17 | 12/31/16 | 40-F | |
06/30/16 | 06/30/16 | Unknown | -- |
03/07/16 | 12/31/15 | 40-F | |
06/30/15 | 06/30/15 | Unknown | -- |
03/02/15 | 12/31/14 | Annual | -- |
06/30/14 | 06/30/14 | Unknown | -- |
03/04/14 | 12/31/13 | Annual | -- |
06/30/13 | 06/30/13 | Unknown | -- |
03/04/13 | 12/31/12 | Annual | -- |
06/30/12 | 06/30/12 | Unknown | -- |
12/31/11 | 12/31/11 | Unknown | -- |
06/30/11 | 06/30/11 | Unknown | -- |
12/31/10 | 12/31/10 | Unknown | -- |
06/30/10 | 06/30/10 | Unknown | -- |
12/31/09 | 12/31/09 | Unknown | -- |
06/30/09 | 06/30/09 | Unknown | -- |