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Employees: 6,800
Size Light & Wonder, Inc. Shs Chess Depository Interests Repr 1 Sh (LNW.AX) is an Australia Consumer Discretionary company (Casinos/Gaming) with a market value of $6.22B, the 57th largest of 316 Australia companies the cockpit tracks. Shares closed at A$116.46 on 6 Nov 2026.
Performance Over six months the shares gained 0.6%, against -13.2% for the median peer and +4.1% for the Australia market (cap-weighted) — 5th highest of 18 in its peer set.
Growth Revenue grew 0.2% over the last twelve months (peer median +6.1%); the operating margin is 27.1% (peer median 17.3%).
Valuation It trades at 9.4× forward earnings against a peer median of 12.6× (4th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -24 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.6 points above its cost of capital (5.8% WACC).
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | A$4.95B | A$5.14B | A$4.83B | A$4.37B | A$3.62B |
| Revenue growth | — | +6% | +11% | +21% | — |
| Gross profit | A$3.03B | A$3.14B | A$2.87B | A$2.48B | A$1.95B |
| EBITDA | A$1.99B | A$2.03B | A$1.70B | A$1.50B | A$1.21B |
| Net income | A$395M | A$428M | A$509M | A$246M | -A$1.81B |
| Free cash flow | A$797M | A$720M | A$506M | A$524M | -A$861M |
| Capital expenditure | A$484M | A$481M | A$446M | A$365M | A$312M |
| Total debt | A$7.47B | A$7.81B | A$6.33B | A$5.76B | A$5.82B |
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.
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 | LNW.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.9% | +3.5% | 9th highest of 18 |
| 6-month return | +0.6% | -13.2% | 5th highest of 18 |
| Distance from 52-week high | -39.7% | -36.8% | 7th lowest of 18 |
| Revenue growth (TTM) | +0.2% | +6.1% | lowest of 18 |
| Operating margin | 27.1% | 17.3% | 4th highest of 18 |
| Forward P/E | 9.4× | 12.6× | 4th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -8.5% | 2.6% | least demanding of 15 |
| Growth delivered (Del g) | +15.8% | +27.7% | 4th lowest of 15 |
| Hurdle (Req g minus delivered) | -24.3 pp | -19.5 pp | 7th least demanding of 15 |
| ROIC minus cost of capital | +6.6 pp | +4.0 pp | 8th highest of 18 |
| EV / EBITDA | 8.1× | 8.5× | 8th cheapest of 17 |
| Net debt / EBITDA | 3.6× | 2.8× | 7th most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Light & Wonder, Inc. Shs Chess Depository Interests Repr 1 Sh LNW.AX | Australia | $6.22B | +1% | 0% | 27% | 9.4× | -8.5% | +15.8% |
| Caesars Entertainment CZR | United States | $5.96B | +4% | +3% | 17% | n/a | 5.8% | +25.9% |
| Super Group (SGHC) SGHC | United States | $5.77B | -13% | +14% | 23% | 11.7× | -0.2% | +16.6% |
| Boyd Gaming BYD | United States | $5.41B | -11% | 0% | 19% | 10.1× | n/a | n/a |
| Lottomatica LTMC.MI | Italy | $7.17B | +4% | +4% | 21% | 15.4× | -1.4% | +42.7% |
| MGM China 2282.HK | Hong Kong | $4.85B | -12% | +11% | 31% | 9.3× | -3.1% | +48.5% |
| MGM Resorts MGM | United States | $8.18B | -17% | +3% | 6% | 24.0× | 16.0% | +27.7% |
| Wynn Resorts WYNN | United States | $8.56B | -19% | +6% | 16% | 20.8× | 1.7% | +27.8% |
| FDJ United FDJU.PA | France | $4.49B | -5% | +3% | 15% | 10.6× | -2.8% | +13.9% |
| Entain ENT.L | United Kingdom | $4.05B | -11% | 0% | 11% | 8.9× | 3.2% | +8.1% |
| Sands China 1928.HK | Hong Kong | $11.4B | -30% | +9% | 26% | 12.9× | 2.5% | +34.0% |
| Wynn Macau 1128.HK | Hong Kong | $2.99B | -24% | +9% | 29% | 8.7× | -2.4% | +31.1% |
| Rush Street Interactive RSI | United States | $2.83B | -56% | +39% | 11% | 16.9× | 13.5% | +32.4% |
| Flutter Entertainment FLUT | United States | $14.2B | -19% | +12% | 2% | 14.3× | 26.3% | +23.7% |
| PENN Entertainment PENN | United States | $2.34B | +4% | +6% | 6% | 12.3× | 15.2% | +14.2% |
| Kangwonland 035250.KS | South Korea | $2.13B | -16% | +2% | 15% | 11.0× | n/a | n/a |
| Galaxy Ent 0027.HK | Hong Kong | $19.4B | +8% | +8% | 32% | 14.2× | 2.8% | +28.7% |
| Brightstar Lottery BRSL | United States | $1.82B | -24% | +1% | 25% | 15.2× | n/a | n/a |