Flutter Entertainment plc (FLUT) Stock

Flutter Entertainment plc (FLUT) is a Technology stock trading at $100.57 (as of 2026-09-11), with a market capitalization of $17.45B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Flutter Entertainment plc is a sports betting and gaming operator with businesses in the UK & Ireland, Australia, the United States, and internationally. It runs sportsbooks and exchange betting, daily fantasy and pari-mutuel wagering, fixed-odds games, online games and casinos, lottery, and peer-to-peer offerings, serving both individual customers and business partners.

Understand Flutter Entertainment plc: how it makes money

Flutter runs sports betting, daily fantasy, online casinos, and lotteries in the UK, Ireland, Australia, the US, and other markets, earning from customer wagering. International markets (UK-led) supply about 59% of revenue with dominant UK positions in sportsbook and iGaming, while the US at 41% is the emerging growth engine.

Flutter's profit engine is share of regulated wagering pools in each market: a mature UK franchise generates the recurring cash that subsidises a loss-leading US buildout, so group profitability is gated on when the US leg reaches breakeven.

Revenue by segment (latest quarter)
International$2.5B
United States$1.8B

Business quality (Weak): Operating margin at -3% and revenue growth of just 3% YoY mark a company in transition. The UK cash-generating base is structurally sound, but rising customer generosity in the US and tax headwinds are compressing group earnings until unit economics normalise.

Bull case

  • Structural cost reset ahead: Management targets more than $800 million of cumulative savings by 2029 through its cost-transformation programme, which directly addresses the current -3% operating margin and creates a clear path toward group-level profitability.
  • Growth beyond the US: International iGaming guidance was reiterated at high-teens growth, and prediction-market market making is projected to add approximately $50 million of 2026 revenue, giving investors a diversified growth vector that does not depend on US consumer behaviour.
  • Mature cash-generating base: The international franchise, representing $2.5B or 59% of revenue, sits in established regulated markets with high player engagement (14.4M monthly players group-wide), providing the stable cash flow that funds the US buildout without equity dilution.

Bear case

  • US losses deepening short-term: Management acknowledged that near-term US profitability will decline as customer generosity (promotions, odds boosts) increases to defend share, meaning the already-negative US P&L will worsen before it improves.
  • Tax and restructuring drag: Higher taxes and restructuring charges are explicitly weighing on both earnings and cash flow, adding a layer of headwind on top of the investment cycle that caps near-term free-cash-flow conversion.
  • Growth and margin both soft: Group revenue grew only 3% YoY to $4.3B while operating margin sat at -3%, meaning the company is expanding the top line slowly enough that the US investment gap is not being closed at a meaningful rate.
Valuation — source: SEC EDGAR (first-party)
Price$100.57
Market Cap$17.45B
EV / EBITDA27.1
Price / Book1.94
Price / Sales1.02
FCF Yield7.1%
DCF Value (model)$129.83
DCF Upside vs Price29.1%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$16.38B
Net Margin-2.5%
Return on Equity-9.6%
Debt / Equity1.33
Current Ratio0.89
Revenue Growth (YoY)3.3%
EPS Growth (YoY)-366.1%
FCF Growth (YoY)8.4%
Financial Health — source: SEC EDGAR
Altman Z-Score1.47 (distress)
Piotroski F-Score4/9 (moderate)
Valuation vs Sector & Industry
Sector P/E (Technology)29.5
Industry P/E (Business Services)24.7
Company
SectorTechnology
IndustryBusiness Services
CEOJeremy Peter Jackson
Employees27,345
CountryIE
IPO Date2002-10-04

Flutter Entertainment plc earnings call transcripts

  • FLUT Q2 FY26 earnings call transcript (reported 2026-08-05) · analysis
  • FLUT Q1 FY26 earnings call transcript (reported 2026-05-06) · analysis
  • FLUT Q2 FY25 earnings call transcript (reported 2025-08-07) · analysis

All FLUT earnings calls

FLUT earnings history · FLUT institutional & insider holders · FLUT KPIs & operating metrics · FLUT financials · FLUT filings, presentations & press releases · FLUT investor presentations & press releases · FLUT SEC filings · FLUT peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-11.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.