FLUTFlutter Entertainment plc

Services-Computer Programming, Data Processing, Etc.

Revenue: $16.4B; 17% YoY
Operating margin: 0.2%; 96% YoY
EBITDA: $1.6B; 21% YoY
Market cap: $14.3B
Employees: 28,518; $574K revenue each
Net debt / EBITDA: 6.7×; $10.4B net debt
AI in 10-K: 3.4; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 1 of 7

TSR below peersNo
2 of 2 years
3+ of last 5 years
High CEO pay despite TSRNo
$21M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
95% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
55% of assets
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$574K · 62nd pct
Bottom quartile of its SIC industry
Quiet on AINo
3.4 per 10K words · 74th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
6.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$14.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$2.2B net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$9.5B	$11.8B	$14.0B	$16.4B	17%
Operating income	−$88M	−$549M	$869M	$36M	96%
Operating cash flow	$1.2B	$937M	$1.6B	$1.2B	26%
Capex	$122M	$159M	$144M	$105M	27%
Stock-based comp	$132M	$180M	$196M	$246M	26%
Buybacks	$3M	$212M	$219M	$1.1B	413%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 5, 2020	Discover Key Investments Ltd	SC 13D/A	0.1%	Passive

Insider trading

Open-market buys, 12 mo: $1M · 8
Open-market sells, 12 mo: $3M · 22
Net: −$2M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$20M	$4M	105	143
FY2024	$22M	$38M	126	135