DKNGDraftKings Inc.

Services-Miscellaneous Amusement & Recreation

Revenue: $6.1B; 27% YoY
Operating margin: -0.3%; 98% YoY
EBITDA: $3M; 101% YoY
Market cap: $10.4B
Employees: 5,500; $1M revenue each
Net debt / EBITDA: —
AI in 10-K: 3.1; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 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 cashNo
179× net income
Cash flow under 80% of net income
Dilutive SBCNo
6% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
86% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
37% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$1M · 67th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.1 per 10K words · 71st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$10.4B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$17M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.3B	$2.2B	$3.7B	$4.8B	$6.1B	27%
Operating income	−$1.6B	−$1.5B	−$789M	−$609M	−$16M	97%
Net income	−$1.5B	−$1.4B	−$802M	−$507M	$4M	101%
Operating cash flow	−$420M	−$626M	−$2M	$418M	$663M	59%
Capex	$16M	$32M	$21M	$10M	$15M	51%
Stock-based comp	$683M	$579M	$398M	$381M	$339M	11%
Buybacks	$18M	$0	$0	$48M	$572M	1089%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $3M · 3
Open-market sells, 12 mo: $21M · 17
Net: −$17M

Pay vs performance

No pay-versus-performance disclosure yet.