BRSLBrightstar Lottery PLC
Services-Miscellaneous Amusement & Recreation
- Revenue
- $2.5B
- 0.0% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $1.8B
- Employees
- —
- Net debt / EBITDA
- —
- $2.7B net debt
- AI in 10-K
- —
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes-67% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo-11× cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo30% of assetsOver 40% of assets
- Shareholder dissentNo—Any vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo—Bottom quartile of AI mentions in 10-Ks
- Net cashNo3.1× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$1.8B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $4.1B | $2.6B | $2.5B | $2.5B | $2.5B | 0.0% |
| Operating income | $902M | $743M | $752M | $686M | — | |
| Net income | $482M | $275M | $156M | $348M | $147M | 58% |
| Operating cash flow | $978M | $899M | $1.0B | $1.1B | −$99M | 109% |
| Capex | $238M | $162M | $147M | $149M | $316M | 112% |
| Stock-based comp | $35M | $34M | $34M | $38M | $15M | 61% |
| Buybacks | $41M | $115M | $0 | $0 | $271M | |
| Dividends | $41M | $161M | $160M | $161M | $770M | 378% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jul 1, 2025 | DE AGOSTINI SPA | SCHEDULE 13D/A | 42.1% | Passive |
| Jul 26, 2024 | DE AGOSTINI SPA | SC 13D/A | 42.3% | Passive |
| Feb 29, 2024 | DE AGOSTINI SPA | SC 13D/A | 42.6% | Passive |
| Nov 29, 2023 | DE AGOSTINI SPA | SC 13D/A | 42.6% | Passive |
| May 25, 2023 | DE AGOSTINI SPA | SC 13D/A | 45.0% | Passive |
| Nov 28, 2022 | DE AGOSTINI SPA | SC 13D/A | 47.4% | Passive |
| May 25, 2022 | DE AGOSTINI SPA | SC 13D/A | 48.7% | Passive |
| Mar 17, 2022 | DE AGOSTINI SPA | SC 13D/A | 50.8% | Passive |
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
No pay-versus-performance disclosure yet.