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US online sports betting and iGaming operator, also offering daily fantasy sports contests.
US online sports betting and iGaming operator, also offering daily fantasy sports contests.
Keeps the share of each wager the sportsbook holds after paying winners, a take that varies game to game and shrinks when it gives bonuses to attract or keep players. Taxes are set state by state as a share of revenue. Online casino carries less promotional spending and higher margins. Its 2022 purchase of Golden Nugget Online Gaming expanded its casino business.
Moat: narrow (brand, scale, network effects). Leading US sports-betting brand with strong customer-acquisition scale, though FanDuel remains a larger-share rival.
Headquarters: Boston, Massachusetts, USA · Founded: 2012 · Employees: 5,500
Size DraftKings (DKNG) is a United States Communication Services company (Movies/Entertainment) with a market value of $9.19B, the 816th largest of 3,117 United States companies the cockpit tracks. Shares closed at $18.51 on 6 Nov 2026.
Performance Over six months the shares fell 27.5%, against +11.1% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 20 in its peer set.
Growth Revenue grew 15.0% over the last twelve months (peer median +4.2%); the operating margin is -2.8% (peer median 13.6%).
Valuation It trades at 55.1× forward earnings against a peer median of 28.2× (4th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 10% a year for seven years (Req g). Recent delivered growth is +58%, so the hurdle is -48 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 21.1 points below its cost of capital (11.8% WACC).
Credit DraftKings has 1 bond outstanding ($945M), rated BB+ by the agencies.
Short interest Short interest is 8.0% of the free float (15 Oct 2026).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $6.22B | $6.05B | $4.77B | $3.67B | $2.24B |
| Revenue growth | — | +27% | +30% | +64% | — |
| Gross profit | $2.52B | $2.50B | $1.82B | $1.37B | $756M |
| EBITDA | $116M | $273M | -$231M | -$550M | -$1.34B |
| Net income | -$167M | $3.71M | -$507M | -$802M | -$1.38B |
| Free cash flow | $651M | $648M | $408M | -$22.7M | -$658M |
| Capital expenditure | $174M | $154M | $121M | $113M | $104M |
| Total debt | $1.92B | $1.89B | $1.34B | $1.35B | $1.32B |
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 |
|---|---|---|---|---|---|---|
| DraftKings DKNG | $9.19B | -27% | +15% | -3% | 55.1× | 9.7% |
| MGM Resorts MGM | $8.18B | -17% | +3% | 6% | 24.0× | 16.0% |
| Caesars Entertainment CZR | $5.96B | +4% | +3% | 17% | n/a | 5.8% |
| PENN Entertainment PENN | $2.34B | +4% | +6% | 6% | 12.3× | 15.2% |
| Rush Street Interactive RSI | $2.83B | -56% | +39% | 11% | 16.9× | 13.5% |
| Bally's BALY | $625M | -4% | +20% | 0% | n/a | n/a |
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 | DKNG | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.8% | +10.7% | 2nd lowest of 20 |
| 6-month return | -27.5% | +11.1% | lowest of 20 |
| Distance from 52-week high | -50.0% | -14.8% | 2nd lowest of 20 |
| Revenue growth (TTM) | +15.0% | +4.2% | 3rd highest of 20 |
| Operating margin | -2.8% | 13.6% | 5th lowest of 21 |
| Forward P/E | 55.1× | 28.2× | 4th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 9.7% | 5.8% | 6th most demanding of 17 |
| Growth delivered (Del g) | +58.0% | +16.7% | 3rd highest of 17 |
| Hurdle (Req g minus delivered) | -48.3 pp | -14.8 pp | 3rd least demanding of 17 |
| ROIC minus cost of capital | -21.1 pp | +1.7 pp | lowest of 21 |
| Net debt / EBITDA | 8.0× | 2.8× | 4th most indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| DraftKings DKNG | United States | $9.19B | -27% | +15% | -3% | 55.1× | 9.7% | +58.0% |
| Toho 9602.T | Japan | $9.44B | +22% | +4% | 16% | 28.4× | 7.9% | +13.4% |
| Liberty Live Holdings, Inc. Registered Series -A- LLYVA | United States | $9.64B | +9% | n/a | -13% | n/a | n/a | n/a |
| Lottery TLC.AX | Australia | $8.47B | +4% | -5% | 16% | 33.3× | 9.9% | +3.8% |
| MSG Knickerbockers MSGK | United States | $7.51B | n/a | +11% | 3% | n/a | 61.1% | +22.6% |
| Churchill Downs CHDN | United States | $6.71B | +11% | +4% | 26% | 13.6× | 2.3% | +22.7% |
| CTS Eventim AG & Co. KGaA EVD.DE | Germany | $6.68B | +11% | +14% | 15% | 18.4× | 6.8% | +64.3% |
| Genting Singapore G13.SI | Singapore | $5.76B | -10% | +2% | 15% | 19.1× | -5.0% | +18.2% |
| Beijing Enlight Media 300251.SZ | China | $5.49B | -16% | -71% | -57% | 179.5× | n/a | n/a |
| Benefit Systems BFT.WA | Poland | $5.18B | +54% | +40% | 19% | 23.7× | 13.4% | +34.3% |
| Cinemark CNK | United States | $4.51B | +44% | +13% | 15% | 14.8× | 2.4% | +35.3% |
| China Film 600977.SS | China | $4.48B | +16% | 0% | -9% | 141.5× | -7.1% | +10.4% |
| Lionsgate Studios LION | United States | $4.24B | +16% | -8% | 6% | 52.8× | 18.6% | -8.0% |
| Toei Animation 4816.T | Japan | $4.17B | +23% | -2% | 31% | 27.9× | 0.5% | +12.7% |
| Manchester United MANU | United States | $3.90B | +15% | +5% | -2% | 142.1× | 18.3% | +6.5% |
| Banijay BNJ.AS | Netherlands | $3.83B | -13% | +7% | 14% | 8.0× | -4.5% | +18.1% |
| Madison Square Garden Entertainment MSGE | United States | $3.65B | +18% | +16% | 17% | 32.1× | 5.0% | +66.9% |
| Atlanta Braves BATRA | United States | $3.23B | +1% | +6% | -9% | n/a | n/a | n/a |
| Itv ITV.L | United Kingdom | $3.23B | -16% | +2% | 13% | 8.3× | -2.8% | +4.8% |
| Ruyi Film Entertainment 002739.SZ | China | $2.94B | -9% | -8% | 3% | 34.1× | 6.7% | +15.4% |
| AMC Entertainment AMC | United States | $2.80B | +109% | +6% | 5% | n/a | n/a | n/a |
DraftKings has 1 bond outstanding with $945M face value. The agencies rate it BB+.