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Runs and supplies government lotteries worldwide, providing lottery terminals, systems and instant ticket printing.
Runs and supplies government lotteries worldwide, providing lottery terminals, systems and instant ticket printing.
Earns from long-term contracts with state lotteries, either running a lottery for a government and taking a share of ticket sales, or selling terminals, software and instant (scratch) tickets and the services around them. It became a lottery-only company in 2025 after selling its slot-machine and digital betting businesses and taking the Brightstar name.
In one line: A global lottery-services operator, formerly part of IGT.
Moat: narrow (regulatory licence, installed base, switching costs). Long-term government lottery contracts and installed terminal networks create high switching costs.
Headquarters: London, UK · Founded: 2024 · Employees: 5,815
Size Brightstar Lottery (BRSL) is a United States Consumer Discretionary company (Casinos/Gaming) with a market value of $1.82B, the 1864th largest of 3,117 United States companies the cockpit tracks. Shares closed at $9.90 on 6 Nov 2026.
Performance Over six months the shares fell 24.1%, against -10.6% for the median peer and -1.1% for the United States market (cap-weighted) — 4th lowest of 20 in its peer set.
Growth Revenue grew 0.7% over the last twelve months (peer median +4.0%); the operating margin is 24.6% (peer median 14.7%).
Valuation It trades at 15.2× forward earnings against a peer median of 10.8× (4th most expensive of 17).
Capital Return on invested capital runs 0.6 points above its cost of capital (6.9% WACC).
Backlog Backlog (remaining performance obligations) was $774M at 31 Dec 2025, down 14% on a year earlier — 0.3 years of trailing revenue. Backlog detail →
Short interest Short interest is 5.4% of the free float (15 Oct 2026).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.47B | $2.50B | $2.51B | $2.53B | $4.22B |
| Revenue growth | — | 0% | -1% | -40% | — |
| Gross profit | $975M | $1.04B | $1.13B | $1.21B | $2.00B |
| EBITDA | $1.16B | $1.10B | $1.14B | $1.18B | $1.62B |
| Net income | $171M | $70.0M | $348M | $156M | $275M |
| Free cash flow | -$2.20B | -$415M | $901M | $893M | $582M |
| Capital expenditure | $377M | $316M | $149M | $147M | $317M |
| Total debt | $4.42B | $4.30B | $5.49B | $5.80B | $6.06B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Brightstar Lottery BRSL | $1.82B | -24% | +1% | 25% | 15.2× | n/a |
| Light & Wonder, Inc. Shs Chess Depository Interests Repr 1 Sh LNW.AX | $6.22B | +1% | 0% | 27% | 9.4× | -8.5% |
| Pollard Banknote PBL.TO | $315M | -10% | +4% | -1% | 8.9× | -7.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BRSL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.9% | +2.3% | 9th lowest of 20 |
| 6-month return | -24.1% | -10.6% | 4th lowest of 20 |
| Distance from 52-week high | -42.2% | -28.4% | 4th lowest of 20 |
| Revenue growth (TTM) | +0.7% | +4.0% | 6th lowest of 20 |
| Operating margin | 24.6% | 14.7% | 5th highest of 20 |
| Forward P/E | 15.2× | 10.8× | 4th most expensive of 17 |
| ROIC minus cost of capital | +0.6 pp | +6.6 pp | 8th lowest of 20 |
| EV / EBITDA | 5.9× | 8.0× | 2nd cheapest of 18 |
| Net debt / EBITDA | 3.3× | 2.9× | 7th most indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Brightstar Lottery BRSL | United States | $1.82B | -24% | +1% | 25% | 15.2× | n/a | n/a |
| Kangwonland 035250.KS | South Korea | $2.13B | -16% | +2% | 15% | 11.0× | n/a | n/a |
| PENN Entertainment PENN | United States | $2.34B | +4% | +6% | 6% | 12.3× | 15.2% | +14.2% |
| Betsson BETS-B.ST | Sweden | $1.34B | +10% | 0% | 14% | 10.4× | -18.0% | +15.7% |
| Rush Street Interactive RSI | United States | $2.83B | -56% | +39% | 11% | 16.9× | 13.5% | +32.4% |
| Wynn Macau 1128.HK | Hong Kong | $2.99B | -24% | +9% | 29% | 8.7× | -2.4% | +31.1% |
| Tokyotokeiba 9672.T | Japan | $868M | -11% | +3% | 37% | 11.7× | -10.8% | +7.7% |
| Entain ENT.L | United Kingdom | $4.05B | -11% | 0% | 11% | 8.9× | 3.2% | +8.1% |
| GENDA 9166.T | Japan | $754M | +20% | +47% | 3% | 16.4× | n/a | n/a |
| FDJ United FDJU.PA | France | $4.49B | -5% | +3% | 15% | 10.6× | -2.8% | +13.9% |
| Star Entertainment SGR.AX | Australia | $724M | +48% | -9% | -30% | n/a | n/a | n/a |
| Melco International Development 0200.HK | Hong Kong | $695M | -42% | +7% | 21% | 5.9× | -4.9% | +26.6% |
| MGM China 2282.HK | Hong Kong | $4.85B | -12% | +11% | 31% | 9.3× | -3.1% | +48.5% |
| Bally's BALY | United States | $625M | -4% | +20% | 0% | n/a | n/a | n/a |
| Paradise 034230.KS | South Korea | $620M | -39% | +8% | 11% | 11.5× | n/a | n/a |
| Boyd Gaming BYD | United States | $5.41B | -11% | 0% | 19% | 10.1× | n/a | n/a |
| Super Group (SGHC) SGHC | United States | $5.77B | -13% | +14% | 23% | 11.7× | -0.2% | +16.6% |
| Caesars Entertainment CZR | United States | $5.96B | +4% | +3% | 17% | n/a | 5.8% | +25.9% |
| Light & Wonder, Inc. Shs Chess Depository Interests Repr 1 Sh LNW.AX | Australia | $6.22B | +1% | 0% | 27% | 9.4× | -8.5% | +15.8% |
| Lottomatica LTMC.MI | Italy | $7.17B | +4% | +4% | 21% | 15.4× | -1.4% | +42.7% |
Brightstar Lottery reported $774M of remaining performance obligations at 31 Dec 2025, down 14% from a year earlier. That is 0.3 years of trailing revenue already under contract.