RSIRush Street Interactive, Inc.

Services-Miscellaneous Amusement & Recreation

Revenue: $1.1B; 23% YoY
Operating margin: 7.7%; 184% YoY
EBITDA: $127M; 123% YoY
Market cap: $2.5B
Employees: 912; $1M revenue each
Net debt / EBITDA: —
AI in 10-K: 5.3; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersYes
4 of 4 years
3+ of last 5 years
High CEO pay despite TSRNo
$8M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
495% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
5% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$1M · 80th pct
Bottom quartile of its SIC industry
Quiet on AINo
5.3 per 10K words · 83rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$364M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$488M	$592M	$691M	$924M	$1.1B	23%
Operating income	−$94M	−$125M	−$52M	$25M	$87M	249%
Net income	−$19M	−$39M	−$18M	$2M	$33M	1295%
Operating cash flow	−$48M	−$60M	−$6M	$106M	$165M	55%
Capex	$4M	$4M	$1M	$925K	$767K	17%
Stock-based comp	$25M	$19M	$30M	$35M	$26M	26%
Buybacks	$3M	$0	$0	$0	$8M

Deal filings

Filed	Form	Acquirer	Price	Premium
Dec 14, 2020	DEFM14A	dMY Sponsor, LLC	$10.00	100%
Oct 9, 2020	PREM14A	—	$0.00	100%

13D filers

Filed	Filer	Form	Stake	Intent
Aug 3, 2026	BLUHM NEIL	SCHEDULE 13D/A	1.0%	Passive
May 7, 2026	BLUHM NEIL	SCHEDULE 13D/A	77.0%	Passive
Dec 4, 2024	CARLIN GREGORY A	SC 13D/A	4.9%	Passive
Nov 27, 2024	CARLIN GREGORY A	SC 13D/A	5.3%	Passive
Nov 1, 2024	CARLIN GREGORY A	SC 13D/A	6.3%	Passive
Oct 11, 2024	CARLIN GREGORY A	SC 13D/A	7.5%	Passive
Aug 21, 2024	CARLIN GREGORY A	SC 13D/A	8.5%	Passive
Mar 6, 2023	CARLIN GREGORY A	SC 13D/A	7.1%	Passive
Mar 2, 2023	BLUHM NEIL	SC 13D/A	70.7%	Passive
Aug 3, 2022	CARLIN GREGORY A	SC 13D/A	15.0%	Passive

Insider trading

Open-market buys, 12 mo: $29K · 1
Open-market sells, 12 mo: $364M · 83
Net: −$364M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$7M	$30M	118	120
FY2024	$9M	$70M	83	114
FY2023	$7M	$11M	27	88
FY2022	$14M	$11M	22	62