Accel Entertainment, Inc. (ACEL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-3.3%

$11.55

vs $11.95 price

Levered DCF

$11.29

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.81

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	18.7×	25.43×	19.38×	9.39×	38.29×	-2,061.22×	-50×	52.63×
P/B	3.6×	3.51×	4.45×	3.91×	7.71×	6.56×	-17.98×	1.31×
P/S	0.73×	0.73×	0.75×	0.72×	1.66×	2.65×	1.8×	1.72×
EV / EBITDA	6.96×	7.74×	7.37×	6.22×	12.87×	26.28×	21.34×	12.18×
Gross margin	31.8%	30.2%	30.2%	30.8%	32.8%	33.3%	34.2%	35.1%
Operating margin	8.2%	7.4%	9.2%	10.0%	9.6%	-7.8%	3.1%	7.4%
Net margin	3.9%	2.9%	3.9%	7.6%	4.3%	-0.1%	-8.6%	3.2%
Current ratio	2.61×	2.76×	2.85×	3.33×	3.45×	2.9×	2.76×	404.05×
Debt / equity	2.33×	2.33×	2.73×	3.04×	2.16×	2.7×	-8.13×	0.57×
Interest coverage	2.93×	2.53×	3.24×	4.48×	5.53×	-1.8×	1.04×	2.58×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	19.1%	13.8%	23.0%	41.5%	19.9%	-0.3%	85.5%	2.4%
Return on invested capital	7.5%	6.2%	9.0%	9.5%	8.5%	-0.1%	2.8%	3.2%
Return on assets	4.6%	3.4%	5.0%	8.6%	5.1%	-0.1%	-7.2%	2.4%
Free cash flow yield	6.4%	6.1%	5.8%	8.7%	6.6%	-3.5%	3.2%	-4.0%
Earnings yield	5.3%	3.9%	5.2%	10.6%	2.6%	-0.0%	-4.8%	1.9%
Enterprise value	$1.3B	$1.2B	$1.2B	$1B	$1.4B	$1.1B	$997.4M	$734.7M
Net debt / EBITDA	1.78×	2.01×	1.78×	1.95×	1.35×	5.29×	4.8×	2.63×
Cash conversion cycle (days)	-10	-11	-7	-4	-8	-37	-19	-19