TakeoverPE & activists

RSIRush Street Interactive, Inc.

Services-Miscellaneous Amusement & Recreation · $2.5B market cap · 912 employees

0.4×

Less likely than average to be taken private

Top 38% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

3of 15 firedHow well they predict deals →
12 other checks
  • 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
  • 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
  • Recurring revenueNo
    3 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    0 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months

Deal filings

FiledFormAcquirerPricePremium
Dec 14, 2020DEFM14AdMY Sponsor, LLC$10.00100%
Oct 9, 2020PREM14AdMY Sponsor, LLC$0.00100%

Key numbers

Revenue
$1.1BFY2021: $488MFY2022: $592MFY2023: $691MFY2024: $924MFY2025: $1.1B
23% YoY
Operating margin
7.7%FY2021: -19.3%FY2022: -21.1%FY2023: -7.5%FY2024: 2.7%FY2025: 7.7%
184% YoY
EBITDA
$127MFY2021: −$90MFY2022: −$110MFY2023: −$22MFY2024: $57MFY2025: $127M
123% YoY
Net debt / EBITDA
—

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$488M$592M$691M$924M$1.1B 23% FY2021: $488MFY2022: $592MFY2023: $691MFY2024: $924MFY2025: $1.1B
Operating income−$94M−$125M−$52M$25M$87M 249% FY2021: −$94MFY2022: −$125MFY2023: −$52MFY2024: $25MFY2025: $87M
Net income−$19M−$39M−$18M$2M$33M 1295% FY2021: −$19MFY2022: −$39MFY2023: −$18MFY2024: $2MFY2025: $33M
Operating cash flow−$48M−$60M−$6M$106M$165M 55% FY2021: −$48MFY2022: −$60MFY2023: −$6MFY2024: $106MFY2025: $165M
Capex$4M$4M$1M$925K$767K 17% FY2021: $4MFY2022: $4MFY2023: $1MFY2024: $925KFY2025: $767K
Stock-based comp$25M$19M$30M$35M$26M 26% FY2021: $25MFY2022: $19MFY2023: $30MFY2024: $35MFY2025: $26M
Buybacks$3M$0$0$0$8MFY2021: $3MFY2022: $0FY2023: $0FY2024: $0FY2025: $8M

13D filers

FiledFilerFormStakeIntent
Aug 3, 2026BLUHM NEILSCHEDULE 13D/A1.0%Passive
May 7, 2026BLUHM NEILSCHEDULE 13D/A77.0%Passive
Dec 4, 2024CARLIN GREGORY ASC 13D/A4.9%Passive
Nov 27, 2024CARLIN GREGORY ASC 13D/A5.3%Passive
Nov 1, 2024CARLIN GREGORY ASC 13D/A6.3%Passive
Oct 11, 2024CARLIN GREGORY ASC 13D/A7.5%Passive
Aug 21, 2024CARLIN GREGORY ASC 13D/A8.5%Passive
Mar 6, 2023CARLIN GREGORY ASC 13D/A7.1%Passive
Mar 2, 2023BLUHM NEILSC 13D/A70.7%Passive
Aug 3, 2022CARLIN GREGORY ASC 13D/A15.0%Passive

Insider trading

−$364Mnet selling by insiders, open market, last 12 months
Bought $29K · 1 tradeSold $364M · 82 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025$7M$30M118120
FY2024$9M$70M83114
FY2023$7M$11M2788
FY2022$14M$11M2262