Flutter Entertainment plc (FLUT) 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

+46.7%

$128.72

vs $87.75 price

Levered DCF

$120.72

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.44

Distress zone

Rating

Overall 2 / 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
P/E	-124.3×	1,076.88×	-25.94×	-55.23×	-30.06×	514.75×	48.12×
P/B	4.26×	4.95×	3.15×	1.94×	2×	1.82×	1.75×
P/S	2.35×	3.27×	2.69×	2.52×	3.34×	4.53×	3.38×
EV / EBITDA	24.2×	31.16×	57.6×	28.56×	45.9×	25.57×	18.43×
Gross margin	45.2%	47.7%	47.4%	49.1%	53.3%	65.1%	57.6%
Operating margin	3.4%	6.2%	-4.7%	-0.9%	-5.4%	2.3%	7.9%
Net margin	-2.3%	0.8%	-10.4%	-4.6%	-11.1%	0.9%	6.7%
Current ratio	0.95×	0.95×	0.88×	0.87×	0.95×	0.74×	0.41×
Debt / equity	1.48×	0.8×	0.75×	0.59×	0.37×	0.3×	0.14×
Interest coverage	0.93×	1.74×	-1.28×	-0.4×	-2.02×	0.74×	10.83×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.6%	2.2%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	340.9%	111.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-4.2%	1.2%	-12.2%	-3.5%	-6.6%	0.3%	3.5%
Return on invested capital	2.3%	4.3%	-2.7%	-0.4%	-2.2%	-21.7%	2.8%
Return on assets	-1.3%	0.4%	-5.0%	-1.8%	-4.1%	0.2%	2.6%
Free cash flow yield	2.8%	2.0%	1.1%	3.1%	0.7%	3.9%	4.1%
Earnings yield	-1.0%	0.2%	-3.9%	-1.8%	-3.3%	0.2%	2.0%
Enterprise value	$48B	$49.9B	$35.9B	$28.5B	$30.7B	$30.2B	$9.6B
Net debt / EBITDA	4.8×	2.46×	6.83×	4.69×	4.47×	2.45×	0.62×
Cash conversion cycle (days)	-2	-0	-4	-8	-2	-11	-7